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Philippines 2022 GDP Growth Quickest In Over 4 Decades, But Outlook Challenging

MANILA, Jan 26 (Reuters) – The Philippine economy ended 2022 with the fastest growth in over four decades underpinned by a robust final quarter, but analysts and policymakers warn that a global slowdown and soaring inflation will make for a difficult year ahead.

Manila’s fourth quarter forecast-beating annual growth of 7.2% reported by the statistics agency compared with the 6.5% pace expected in a Reuters poll, and brought full-year expansion to 7.6%, the fastest since 1976 and above the government’s target of 6.5 to 7.5%.

Full coverage: REUTERS

Musk Outlines Tesla’s Recession Playbook: Claw Back Costs

Jan 26 (Reuters) – Elon Musk has a playbook for Tesla (TSLA.O) headed into what he believes will be a “serious” recession: cut costs on everything from parts to logistics, while keeping the pressure on competitors with discounted sticker prices.

In a conference call to discuss Tesla’s fourth-quarter results, Musk and other executives outlined plans to reshape the electric vehicle (EV) maker’s cost base after slashing prices up to 20%, a move some analysts see as the first shot in a price war.

Full coverage: REUTERS

Strong U.S. Economic Growth Expected In Fourth Quarter, Outlook Darkening

WASHINGTON, Jan 26 (Reuters) – The U.S. economy likely maintained a strong pace of growth in the fourth quarter as consumers boosted spending on goods, but momentum appears to have slowed considerably towards the end of the year, with higher interest rates eroding demand.

The Commerce Department’s advance fourth-quarter gross domestic product report on Thursday could mark the last quarter of solid growth before the lagged effects of the Federal Reserve’s fastest monetary policy tightening cycle since the 1980s kick in. Most economists expect a recession by the second half of the year, though mild compared to previous downturns.

Full coverage: REUTERS

Toyota Names Lexus Chief Koji Sato CEO As Akio Toyoda Takes Chairman Role

TOKYO, Jan 26 (Reuters) – Toyota Motor Corp (7203.T) said on Thursday that Akio Toyoda will step down as president and chief executive to become chairman from April 1, and hand over the helm of Japan’s biggest automaker to the company’s top branding officer.

Koji Sato, a 53-year-old who is also president of Toyota’s luxury brand Lexus, will become the new CEO, the company said. The current chairman Takeshi Uchiyamada will drop his chairman title but remain on the board.

Full coverage: REUTERS

Morning Bid: Heading For A Soft Landing?

A look at the day ahead in European and global markets from Ankur Banerjee.

While the European corporate earnings season still has a way to go, results so far have left investors hopeful that the region may well be able to weather the storm that’s combining inflationary pressure and economic slowdown. Things are not as bad as some had feared, with the region’s prospects boosted by China’s reopening, an unexpectedly mild winter and resilient activity data.

Full coverage: REUTERS

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Industry Dynamics

UK Inflation Rate Unexpectedly Rises To 10.4% In February

LONDON, March 22 (Reuters) – British inflation unexpectedly rose to 10.4% in February, pushed up by higher food prices and pricier drinks in pubs and restaurants, official data showed on Wednesday, a day before the Bank of England announces its latest interest rate decision. Economists polled by Reuters had forecast that the annual CPI rate […]

2023-3-22 | Industry Dynamics

Dollar Pauses, Sterling Drops Ahead Of Fed, BoE

LONDON/SINGAPORE, March 21 (Reuters) – The dollar steadied and sterling fell on Tuesday as traders reckoned banking stress would keep the Federal Reserve and the Bank of England from hiking rates much further, or at all, later in the week. Investors remained concerned over the fate of the banking sector after U.S. lender First Republic shares tumbled […]

2023-3-21 | Industry Dynamics

Analysis: UBS Swallows Doomed Credit Suisse, Casting Shadow Over Switzerland

LONDON, March 20 (Reuters) – UBS Group (UBSG.S) emerged as Switzerland’s one and only global bank with a state-backed rescue of its smaller peer Credit Suisse, a risky bet that makes the Swiss economy more dependent on a single lender. The unprecedented move announced late on Sunday in Zurich capped a race against time by regulators to avert a […]

2023-3-20 | Industry Dynamics