US dollar weakened while Treasury rose
The US dollar weakened following data showing unchanged monthly inflation in May, while Treasury yields rose. Global stock indexes retraced their early gains, with the Nasdaq, S&P 500, and MSCI world stock index reaching new highs before declining. The PCE price index grew 2.6% in the year ending in May, following a 2.7% gain in…
Inflation remained within Swiss National Bank range
The Swiss National Bank (SNBN.S) has announced a new tab for foreign currency purchases in Q1 2024, totaling 281 million Swiss francs ($312.47 million). This move contrasts with the 22.7 billion francs sold between October and December. The SNB has been selling foreign exchange to support the franc and lessen inflation caused by more expensive…
FTX will pay back all customer claim
FTX, a bankrupt cryptocurrency exchange, has been granted permission by a court to ask creditors to vote on a liquidation plan that would reimburse customers in cash. The company has settled with US government agencies and sold off assets acquired with improperly obtained customer funds, including investments in real estate, venture capital funds, and cryptocurrency…
Canada CPI slip with increases of petrol
Canada’s retail sales increased by 0.7% in April, despite a downward trend in the previous three months, thanks to increases at petrol stations. Monthly retail sales reached C$66.80 billion ($48.78 billion), with sales of automobiles, apparel, furniture, food, and beverages. Gas station sales increased by 4.5%, while food and beverage shops saw a 1.9% gain.…
Singapore Bank became haven to money laundry case last year
Singapore’s banking industry, including wealth management, poses the biggest risk of money laundering in the city-state, according to a money laundering risk assessment analysis released by the government. The home affairs, central bank, and finance ministries highlighted the vulnerability of banks due to the volume of transactions they handle and their interaction with clients from…
Blackstone acquisition Infocom Japanese digital comics
Infocom, a Japanese digital comics distributor, has been bought by Blackstone for 275.8 billion yen ($1.74 billion), including a tender offer for 141.4 billion yen. The company’s parent, Teijin, will sell its 58% holding in Infocom for 134.4 billion yen in a share repurchase. The Infocom transaction is the largest private equity deal made in…
China’s cooper scrap demand have spike to 25%
China’s imports of copper scrap have surged due to a shortage of concentrate, a crucial component in building and power industries. The country’s top copper consumers are smelters, and the shortage has led to a 25% increase in copper waste and scrap imports in the first four months of 2023. The US-sourced copper scrap is…
Chinese Yuan strength depend on rate policy next Monday
China’s central bank will maintain a key policy rate when rolling over medium-term loans due to worsening interest margins and a declining Chinese yuan. 97% of respondents anticipate the People’s Bank of China (PBOC) will maintain the interest rate on the one-year medium-term lending facility (MLF) loan at 2.50%. However, 65% believe the central bank…