WORLDWIDE: HEADLINES
TOKYO, Aug 30 (Reuters) – The dollar languished on Tuesday after being beaten back from a two-decade high versus major peers by a reinvigorated euro.
The tables turned for the two currencies as traders began ramping up bets for a super-sized 75 basis-point rate hike by the European Central Bank, while paring the odds for one by the U.S. Federal Reserve.
Full coverage: REUTERS
S.Korea Reins In Stimulus With First Spending Cut In 13 Years
SEOUL, Aug 30 (Reuters) – South Korea said on Tuesday it would cut annual government spending for the first time in more than a decade next year, as it strives to cut back on pandemic-era stimulus and help the central bank temper inflationary pressures.
Unveiling the first budget proposal under right-leaning President Yoon Suk-yeol, the finance ministry said government expenditure will be 639 trillion won ($473 billion) in 2023.
Full coverage: REUTERS
Japan’s Jobless Rate Flat At 2.6% In July – Govt
TOKYO, Aug 30 (Reuters) – Japan’s jobless rate was steady at 2.6% in July, while the availability of jobs grew for the seventh straight month to a more than two-year high, government data showed on Tuesday.
Full coverage: REUTERS
Oil Edges Down As Inflation Expected To Impact Fuel
Aug 30 (Reuters) – Oil prices dipped on Tuesday, paring some gains from the previous session, as the market feared that more aggressive interest rates hikes from central banks may lead to a global economic slowdown and soften fuel demand.
Brent crude futures for October settlement dropped 81 cents, or 0.7%, to $104.28 a barrel by 0359 GMT after climbing 4.1% on Monday, the biggest increase in more than a month.
Full coverage: REUTERS
Top China Bank ICBC, World’s Largest, Reports Jump In Property Bad Debt
BEIJING, Aug 30 (Reuters) – Industrial and Commercial Bank of China Ltd (ICBC) (601398.SS), the world’s largest commercial lender by assets, said soured lending to the real estate sector in the first half of this year rose 15%.
The lender reported 38.8 billion yuan of non-performing loans (NPL) at the end of June, compared with 33.8 billion yuan at the end of last year, according to its first-half earnings report on Tuesday.
This means that the NPL ratio for the real estate sector stood at 5.47%, compared to an average for the bank of 1.41%.
Full coverage: REUTERS
