Minister: Pakistan is paying the price for the climate crisis caused by other countries
Thanks in part to the actions of the developed world, Pakistan is facing the worst consequences of the climate crisis, Finance Minister Muftah Ismail said, as the country grapples with the worst floods in its history.
Ismail joins the chorus of supporters from the flooded country in saying that despite his small carbon footprint, he has suffered the brunt of climate change.
“Pakistan is one of the countries most affected by climate change. We have, you know, a very small carbon footprint, and we do not produce carbon dioxide and other harmful gases,” Ismail told CNBC.street signs asia” on Monday.
– So Lin Tan
Yen could break 150, 160 in ‘next two months’ says Jesper Koll
The Japanese yen could weaken further, Jesper Cole, director of the Monex Group, said in an interview with CNBC’s Street Science Asia.
“I think overtaking in the parabola is still on the right track, so I expect we’ll see 150, 160 sometime in the next couple of months,” Cole said, citing the country’s trade and current account deficits as “strong” drivers that will push the yen weak. .
japan trade The deficit deepened And official data showed last month, last July, that the volume of imports exceeded exports by a record amount.
– Jihee Lee, Charmaine Jacob
Goldman Sachs says “moderate” US-led regulations are likely to boost China’s trade surplus
Goldman Sachs’ chief China economist Hui Shan told CNBC’s “Squawk Box Asia” that the “moderate amount of controls” by the US government on exports to China is likely to stimulate China rather than hurt the market.
Pointing to the weaker import data as a driver of the country’s persistent trade surplus, she said the latest regulations from the United States require Nvidia to restrict chip sales to China could instead act as a catalyst.
“In a sense, that will stimulate China to produce more domestically, so the production side of it, especially the trade surplus side of it, could get a boost,” she said.
She added that Chinese officials “underestimated” the 5.5% GDP growth target and were no longer trying to defend the Chinese yuan from reaching 7.
“Seven is just a number, if you just look at the surface, it doesn’t sound very interesting, but I think policy makers are giving a message where they are trying to be pragmatic,” she said.
– Jie Lee
Barkin says it tends to ‘move more quickly’: Financial Times
Richmond Federal Reserve Chairman Thomas Barkin said in a statement Interview with the Financial Times He has a tendency to “move more quickly” rather than slowly.
“I generally have a bias toward moving more quickly, rather than slower, as long as you don’t inadvertently break something along the way,” he told the newspaper, adding that policymakers are likely to keep raising prices until they are satisfied that “inflation is under control.” .
“The destination is real rates in positive territory and I intend to keep them there until such time as we are convinced we are putting inflation to bed,” he told the Financial Times.
The probability of a 75 basis point lift at the September Federal Open Market Committee meeting rose to 74.0% as of early Wednesday morning US time, according to the CME’s FedWatch Tool. FedWatch showed that the chance of a 50 basis point lift now stands at 26%.
– Jie Lee
The Japanese yen weakens further, slowly approaching 145
The Japanese yen weakened further to 144.35, the weakest since mid-1998 – as the US dollar index strengthened, Reaching a new peak for 24 years against the Japanese currency.
The offshore Chinese yuan also weakened to 6.99, slightly approaching the 7 mark, after weaker-than-expected trade data.
The South Korean won has also weakened, surpassing the 1,380 level for the first time in more than 13 years.
Nomura cuts China’s GDP forecast – again
Nomura cut its full-year Chinese GDP forecast to 2.7%, another drop from its previous estimate of 2.8% set in August.
The new forecast is based on Nomura’s analysis that found 12% of Chinese GDP to be affected by Covid controls on a weighted basis, up from 5.3% last week.
Several cities, including the tech hub of Shenzhen, have tightened Covid controls in the past few weeks after new local infections were reported. Chengdu also ordered people to stay home while authorities conduct mass virus testing.
Read the The full story is here.
China’s August exports missed expectations. Recorded a trade surplus over weak imports
China Exports rose 7.1% in August Compared to the same period last year, official data showed, it was missing estimates of 12.8% after rising 18% in July.
Imports rose 0.3%, less than expectations for a 1.1% gain in a Reuters poll and a 2.3% increase in July.
The country saw a trade surplus of $79.39 billion in August, driven by weak import numbers, after it posted a record trade surplus of $101.26 billion in July.
Oil prices fall amid expectations of higher interest rates and lower demand growth
oil prices Drops On Wednesday after more Covid restrictions in China and expectations of further interest rate hikes globally.
The West Texas Intermediate US While futures fell 1.45% to $85.62 a barrel Brent crude Futures fell 1.14% to $91.77 a barrel, giving up earlier gains after the latest OPEC+ meeting and its decision to cut production.
Reuters forecasts expect WTI to extend its downtrend to $83.17 per barrel.
– Lee Ying Shan
CNBC Pro: Tensions between Russia and Europe could trigger a “bullish shock” for oil markets
Oil and gas stocks are set to get a boost from rising tensions surrounding Russian gas supplies to Europe, according to an analyst.
Kenny Polkari, chief market strategist at SlateStone Wealth, told CNBC’s “Street Signs Asia” that investors should focus on big US energy names that are also good earnings drivers.
One stock he named is up 125% this year, and he says there is “more room to run.”
Professional subscribers can read more here.
– Weezin Tan
Australia’s economy grows 0.9% in the second quarter
Official data showed that Australia’s real GDP grew 0.9% in the second quarter after rising 0.7% in the previous period.
The Australian Bureau of Statistics said Continued growth was supported by the first full quarter of the reopening of the border.
The data also showed that the Australian economy grew by 3.6% over the past year. ABS said strong domestic demand as well as increased travel were supporting overall growth.
– Jie Lee
CNBC Pro: This chip stock has convincingly outperformed its peers this year — and analysts think it could rise
After years of strong market returns, semiconductor stocks have sold out heavily this year. But one stock came out relatively unscathed from the market carnage. Not only did it outperform its peers, it beat the S&P 500 by a diagonal mile.
Analysts believe that the stock can still rise.
Professional subscribers can Read more here.
– Xavier Ong
US Treasury yields are at their highest since mid-June
The bond sale boosted US Treasury yields to their highest levels since mid-June as investors weigh what strong economic data means for future interest rate hikes for the Federal Reserve.
The 10-year US Treasury yield rose 3.353%, the highest since June 16, when the yield was 3.495%. Yield is opposite to price.
The 30-year US Treasury yield was 3.484% and the 5-year US Treasury yield was 3.334%, both the highest levels seen since mid-June.
The two-year yield also rose to a daily high of 3.535%, but it is the highest note yield since Friday.
– Carmen Renick
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