October 1, 2023

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Wall Street, Reserve Bank of Australia, interest rates

Wall Street, Reserve Bank of Australia, interest rates

Beijing announces further covid easing measures

Beijing city announce Negative Covid tests will not be required to enter most public areas, shopping malls or residential areas, while bars and so-called KTV lounges or karaoke bars.

Separately, Reuters reported on Monday that China may announce further easing of Covid restrictions as early as Wednesday, Citing two sources with knowledge of the subject.

There will be 10 new measures in addition to the 20 introduced in November, the report said.

several cities in China Covid testing rules have relaxed in recent days.

– Evelyn Cheng, Abigail Ng

Foxconn reports a slump in revenue after Covid-related disruptions at its China factory

Apple supplier Foxconn, also known as Hon Hai Precision IndustryAnd the mentioned Its monthly revenue for the month of November decreased by more than 11% compared to the same period last year.

Revenue for the month totaled NT$551.1 billion ($18 billion), down more than 29% compared to October.

The Taiwanese company said the decline was due to “gradually entering production in the off-peak season and part of shipments being affected by the epidemic in Zhengzhou,” where the company operates the world’s largest iPhone assembly plant.

Shares of the company fell 1.48% in Sabah Asia.

– Arjun Kharpal

Chinese markets pause trading for 3 minutes on Tuesday as the nation mourns the former leader

Australia expected to raise interest rates by 25 basis points: Reuters poll

Australia’s central bank is expected to raise its cash rate by 25 basis points to 3.1% on Tuesday, according to economists polled by Reuters.

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This would be the RBA’s eighth hike this year, and the third consecutive 25 basis point hike since October.

The Reserve Bank of Australia said in a statement after its meeting in November.full effect A series of monetary hikes in future interest rates.

Meanwhile, Matt Simpson, chief market analyst at City Index, said there is a possibility that interest rate increases will stall in the future.

“The downtime issue is definitely growing,” he said. “Some measures of inflation expectations are moving lower, and monthly inflation data indicates that inflation has peaked.”

However, inflation in Australia remains well above the RBA’s target of between 2% and 3%. decreased slightly in October. According to the monthly consumer price index of the central bank.

Charmaine Jacob

Stocks end lower to start the week

Stocks closed lower on Monday as concerns mounted that the Federal Reserve will continue to raise interest rates.

The Dow Jones Industrial Average fell by 482.78 points, or 1.4%, to close at 33,947.10 points. The S&P 500 fell 1.79% to settle at 3,998.84, while the Nasdaq Composite fell 1.93%, closing at 11,239.94.

– Samantha Sobin