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US regulators cautions banks over cryptocurrency risks

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Cryptocurrency

Banks were also warned about the industry’s contagion danger. US regulators have warned banks for the first time ever in a joint statement. It happens just two months after the bankruptcy of FTX. US regulators have warned banks about the risks linked with the cryptocurrency market for the first time ever in a joint statement. … Read more

Blackstone claims soaring inflows but economic slowdown

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Blackstone
  • Blackstone recorded a 38 percent rise in assets under management to a record-breaking $941 billion.
  •  The New York-based investment firm anticipates a prolonged decline in dealmaking activity.
  • Fee-based earnings and cash flows remained at record levels as a result of rising assets.

The world’s largest manager of alternative assets, Blackstone Group, is warning of a protracted downturn in economic activity as persistently rising inflation drives the Federal Reserve to continue hiking interest rates.

“The economy today on the ground is still pretty healthy, but we’re definitely seeing some signs of a slowdown,” Blackstone’s president Jonathan Gray told the Financial Times. “Because we see inflation as stickier, in labour and housing markets, in particular, I think it will mean the Fed will try to do more and slow the economy further.”

As a result of an increasingly active central bank, Blackstone anticipates a prolonged decline in dealmaking activity from last year’s record levels, with Gray warning that they have “seen a material reduction in deal activity.”

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Stocks and oil rally

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Stocks and oil

Global stock markets and oil prices rise on fears of a global recession. Analysts say investors now believe central banks may need to issue fewer severe interest rate hikes. Wall Street kept on rising on Friday, with all three major indices up over two percent in late morning trading. Following recent hefty losses, global Stocks … Read more

Norway increases its interest rates by half a percentage point

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Norway

Norway’s Norges Bank raises interest rates by 0.5 percentage points to 1.25 percent. First hike since July 2002, warning of the danger of inflation rising further in a robust economy. US Federal Reserve raised rates last week in its largest rise since 1994. Norway joined the club of central banks raising interest rates by exceptionally … Read more

Jay Powell tries to calm recession fears but warns about inflation

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US recession

Jay Powell attempted to allay fears and concerns about an oncoming recession. The chairman of the US Federal Reserve warned that inflation could continue to surprise to the upside. Inflation numbers have been worse than anticipated over the past few weeks. Jay Powell attempted to allay fears and concerns about an oncoming recession while cautioning … Read more

European stocks surge despite major weekly loss in global stocks

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London’s FTSE 100 and Germany’s Xetra Dax climbed by 0.9% and 0.4%, respectively. Last week, global share prices experienced worst weekly fall since March 2020’s pandemic-induced turmoil. European stocks markets rose slightly on Monday, following the worst weekly fall for global stocks since March 2020’s pandemic-induced turmoil. As traders expected economic data and a congressional … Read more

US recession not ‘inevitable,’ Treasury secretary says

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US

Treasury Secretary Janet Yellen says a recession is not “inevitable”. The comments come after the US Federal Reserve raised interest rates, stoking worries. Skyrocketing prices and supply-chain bottlenecks made worse by the conflict in Ukraine A US recession is not “inevitable,” Treasury Secretary Janet Yellen said on Sunday, only days after the US Federal Reserve … Read more

Canadian stock suffer worst week since pandemic crash

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Canadian stock

S&P TSX Composite Index declined 0.4% on Friday, bringing its weekly decline to 6.6%. Investors fled riskier assets out of growing concern that soaring inflation could trigger a recession. Canada’s benchmark index has avoided steep losses of many other indexes. During the worst week for the Canadian stock market in more than two years, investors … Read more

Yen slides to 24-year low against dollar

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Yen

The yen fell to its lowest level versus the dollar since 1998 on Monday. Sky-high US inflation drives a growing monetary policy divide between Japan and the US. The Bank of Japan has said it will stick with its long-standing monetary easing programme. On Monday, the yen fell to its lowest level versus the dollar … Read more

Treasury Secretary Janet Yellen believes that inflation will “remain high”

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Janet Yellen

“Treasury Secretary Janet Yellen admitted on Tuesday that she and Federal Reserve Chair Jerome Powell “could have used a better word” than “transitory” to describe the predicted run of inflation in the United States. “I do expect inflation to remain high although I very much hope that it will be coming down now,” Yellen told … Read more

As per Summers Group, US inflation is closer to 1980 peak than previously

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US inflation

According to the analysis, the core CPI in June 1980 was 9.1 percent, not 13.6 percent. According to the paper, more pain may be required to stop inflation now. Fresh analysis of historical price data suggests that US inflation is running much closer to its 1980 peak, implying that the Federal Reserve’s mission of bringing … Read more

Asian markets up after China cuts key interest rate

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Asian markets

Asian markets saw a sustained bump Friday following China’s selection to lower a key benchmark rate, injecting optimism amongst traders that it is able to improve the arena’s 2nd-largest economy from its Covid-battered knees. Downcast income reviews from outlets this week have heightened uncertainty in the international markets at a time of growing hobby costs, … Read more

Negative interest rates ‘thing of the past’: German central bank chief

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central bank

Soaring inflation within the eurozone intended the European Central Bank might soon need to deliver a cease to its long-status coverage of bad interest rates, the top of the German important bank said Friday. “It’s for sure that negative interest rates are a thing of the past,” Joachim Nagel said after a meeting of G7 … Read more

Chinese currency to remain safe haven for investors

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chinese currency

BEIJING: The Chinese yuan is likely to hold its strength as a safe haven for global investors seeking shelter against geopolitical conflicts, leaving more policy space for China’s central bank to support the economy, experts said on Thursday. The currency is expected to stay appealing even amid the looming interest rate hikes by the US … Read more

Fed formally adopts investment rules for officials after outcry

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fed

WASHINGTON: Top officials at the US Federal Reserve will be banned from holding individual stocks, bonds, cryptocurrencies and certain other investments under new rules adopted on Friday, after controversial trading activity led to high-profile resignations last year. Under the regulations adopted unanimously by the policy setting Federal Open Market Committee (FOMC), central bank leaders including … Read more

IMF warns developing countries of ‘economic turbulence’

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IMF

WASHINGTON: Emerging economies should gird for possible rough times as the US Federal Reserve prepares to raise interest rates and world economic growth slows because of the Omicron variant of Covid-19, the IMF warned on Monday. The International Monetary Fund, which is scheduled to release updated economic forecasts on January 25, said that for now global … Read more

BoE torn between red hot inflation and rampant Omicron

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Bank of England

LONDON: The Bank of England (BoE) will likely hold interest rates at their record lows on Thursday, as policymakers balance decade-high inflation against the economic fallout of the Covid-19 Omicron variant. The BoE’s monetary policy committee will announce its latest decision at 1200 GMT, in a whirlwind 24 hours that includes interest rate calls from both … Read more

Asia stocks steady after Wall St rally

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HONG KONG – Asia stocks held steady on Monday, despite a record-smashing lead from Wall Street, ahead of a week of major monetary policy announcements around the world. In Hong Kong, the Hang Seng Index was down 0.17 percent at the close, while Tokyo’s benchmark Nikkei 225 index closed up by 0.71 percent. Friday’s gains … Read more

IMF chief warns Omicron could slow global growth

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IMF

WASHINGTON: The new Omicron variant of Covid-19 could slow the global economic recovery, just as the Delta strain did, IMF chief Kristalina Georgieva said on Friday. “A new variant that may spread very rapidly can dent confidence and in that sense, we are likely to see some downgrades of our October projections for global growth,” she … Read more

BoE holds interest rate despite soaring inflation

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LONDON – The Bank of England on Thursday kept its key interest rate at a record-low 0.1 percent, but signalled a probable hike in the coming months to dampen soaring UK inflation. Following a regular meeting, the BoE added in a statement that it was maintaining its vast stimulus programme supporting the pandemic-hit UK economy … Read more

WEF leader urges countries to pay attention to digital currency

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WEF

DUBAI: Digital currency is going to play a big role in the global economy, a World Economic Forum (WEF) committee leader said, and nations need to pay attention to its unprecedented progress. “Somebody needs to be paying close attention to this space, and assessing on a weekly basis, what the national policy ought to be … Read more

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