Singapore’s MAS will tighten bank control issues
Singapore’s central bank is investigating whether banks involved in a S$2.4 billion ($1.75 billion) money laundering scandal have mitigated risks. The Monetary Authority of Singapore (MAS) will act if its findings show bank control issues. The issue has raised doubts about whether banks are obeying the city-state’s strict anti-money laundering rules. Singapore has seen large…
Oil prices rose as US Dollar hit 10-month high
Oil prices rose after a two-week low, with Brent crude prices rising 43 cents to $93.72 a barrel. The US Federal Reserve and European Central Bank have emphasized their commitment to fighting inflation, suggesting restrictive monetary policy may last longer than expected. High interest rates reduce oil demand by slowing economic growth. The US dollar…
The Fed may raise rate to drop inflation
Minneapolis Federal Reserve Bank President Neel Kashkari predicts a “soft landing” for the US economy, but may need to hike interest rates to combat inflation. The Fed may raise rates by a quarter of a percentage point and hold borrowing costs steady to bring inflation back to target. The US unemployment rate has only increased…
Cryptocurrencies facing hard weeks of macroeconomic events
Bitcoin and other cryptocurrencies fell on Monday, reaching important price levels due to a decline in risk-sensitive assets ahead of macroeconomic events. Bitcoin has plummeted 2% in 24 hours to around $26,100, indicating investor fading interest in the price action market. Crypto traders are still waiting for an SEC verdict on spot Bitcoin ETFs, which…
Russia take off its fuel ban making oil prices remain steady
Oil prices remained steady on Monday as Russia lifted its fuel ban, easing previous gains due to a tighter supply outlook and concern over interest rates. Brent crude futures rose by 0.29% to $93.54 a barrel, while West Texas Intermediate crude rose by 24 cents to $90.27. The Federal Reserve’s hawkish message that rates will…
The Fed decision has made gold slipped even more
Gold dropped 0.1% to $1,923.94 per ounce on Monday as the US currency remained stable amid Federal Reserve policymakers’ announcement that interest rates will remain higher for longer. Gold is consolidating and could fall to $1,900 if the Fed raises rates. The dollar reached a six-month high and 10-year Treasury yields were near a 16-year…
China’s will give a huge funding on emerging industries
China Reform Holdings Corp. plans to raise at least 100 billion yuan ($13.70 billion) for an emerging industry fund, following investment from over 20 central government-owned firms, local governments, and private investors. The fund will begin operations by the end of the year.
Powell speech will be threatening markets stock investors
Real-world borrowing costs have increased across Corporate America, threatening stock investors for much of this year. Wall Street is worried about the monetary threat after Jerome Powell signaled his commitment to tightening policy again, prompting a panic in Big Tech and beyond. Powell’s strategy to chill the US economy is to ensure inflation-adjusted interest rates,…