These currencies have tanked this year — and one is down over 75% against the dollar

Zimbabweans queue to withdraw money from a bank on June 21, 2008 in Bulawayo, Zimbabwe. Sky-high inflation continues to affect the Zimbabwean economy. John Moore | Getty Images News | Getty Images Foreign exchange markets have endured a rocky ride in 2022, but in some countries, a combination of geopolitical pressures and central bank missteps … Read more

Hong Kong stocks up 3% as tech stocks rise; China’s activity data disappoints

There is tremendous value in some Chinese tech stocks, says Primavera Capital Shares of large Chinese tech companies are currently “just so depressed” and “dirt cheap,” said Fred Hu, founder and chairman of Primavera Capital. The Hang Seng Tech index in Hong Kong is down more than 30% since the beginning of the year, although … Read more

Hong Kong stocks up 3% as tech stocks rise; China’s activity data disappoints

Hong Kong-listed Chinese technology stocks jumped early in the session Hong Kong-listed shares of Chinese technology companies rose significantly in the first hour of trade. Tencent rose 7.6%, Meituan gained 5.9%, and Alibaba rose 9% The Hang Seng Tech index was up around 4%. The moves come despite disappointing activity and retail sales data from … Read more

Businesses ‘running out of fight’; UK recession fears mount as GDP contracts

UK businesses are bracing for a difficult winter amid soaring inflation and higher energy bills. Andrew Matthews – Pa Images | Pa Images | Getty Images LONDON — The doors to The 25, a Torquay-based boutique bed and breakfast on the UK’s southwest coast, are now closed for the winter period. But this season, they … Read more

Businesses ‘running out of fight’; UK recession fears mount as GDP contracts

UK businesses are bracing for a difficult winter amid soaring inflation and higher energy bills. Andrew Matthews – Pa Images | Pa Images | Getty Images LONDON — The doors to The 25, a Torquay-based boutique bed and breakfast on the UK’s southwest coast, are now closed for the winter period. But this season, they … Read more

Turkey slashes interest rates by 150 basis points despite inflation at 83%

Turkey’s President Recep Tayyip Erdogan attends a press conference after his meeting with the Venezuelan President in Ankara on June 8, 2022. Adem Altan AFP | Getty Images Turkey’s central bank on Thursday slashed its key interest rate by 150 basis points for the third consecutive month of cuts, from 12% to 10.5% — despite … Read more

China, ‘factory of the world,’ is losing its manufacturing dominance

The container ship Emma Mærsk docked at the Dapukou container terminal of Ningbo-Zhoushan Port on August 21, 2022 in Zhoushan, Zhejiang Province. Vcg | Visual China Group | Getty Images China is losing more manufacturing and export market share in key sectors to Asian neighbors, with recent “Zero Covid” policies a significant factor leading to … Read more

UK’s new finance minister scraps almost all planned tax cuts in bid to appease markets

Jeremy Hunt is interviewed for Sophie Raworth’s ‘Sunday Morning’ at BBC Broadcasting House in London. Tejas Sandhu | Lightrocket | Getty Images LONDON – UK Finance Minister Jeremy Hunt used his first Monday on the job to announce that almost all of the controversial tax measures announced by his predecessor would be reversed. The major … Read more

UK cliff edge arrives as Bank of England prepares to end bond buying

The Bank’s Financial Stability Committee on Sep. 28 announced a two-week emergency purchase program for long-dated UK government bonds. Bloomberg | Bloomberg | Getty Images LONDON — The Bank of England’s emergency bond-buying program draws to a close on Friday, with traders remaining on edge as volatility in the UK bond market looks set to … Read more

China is no longer just any emerging market

A worker disinfects the Sanlitun shopping complex in Beijing in June as stores in the area were closed for three days after a Covid outbreak. There’s greater caution on China this year, as strict Covid controls drag on and as growth takes a backseat. Analysts note longer-term trends of China’s reduced dependence on foreign investment … Read more