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Sri Lanka To Announce Debt Restructuring Strategy In April – Cenbank Chief

COLOMBO, March 9 (Reuters) – Sri Lanka aims to announce a debt-restructuring strategy in April and step up talks with commercial creditors ahead of an International Monetary Fund review of a bailout package in six months, the nation’s central bank governor told Reuters.

The crisis-hit island has secured financing assurances from all its major bilateral creditors, including India and China, and so has set the stage for the IMF to give its final approval for a $2.9 billion, four-year bailout package on March 20, the multilateral lender said on Tuesday.

Full coverage: REUTERS

Frontier Countries To Suffer Most If Fed Rate Gets To 6% – Analysts

NEW YORK, March 9 (Reuters) – Emerging markets are facing their demons as traders mull whether U.S. Federal Reserve interest rates will rise as high as 6%, a level that could kick weaker countries when they’re down, while diverging global growth paths and China’s reopening might cushion some of the blow for the bigger ones.

Expectations for where the Fed’s terminal rate would peak have been rising at breakneck speed: Markets are pricing in a 5.5%-5.75% range for September, while the CME FedWatch toolshows a near 50% chance for the band to hit 6% that month.

Full coverage: REUTERS

Oil Slips For Third Day As Recession Fears Mount

LONDON, March 9 (Reuters) – Oil fell for a third day on Thursday as fears over the economic impact of rising interest rates offset a surprise drop in U.S. crude inventories and hopes for Chinese demand.

U.S. Federal Reserve Chair Jerome Powell’s comments this week on the likelihood that interest rates will need to be raised more than previously expected in response to recent strong data continued to weigh on oil and other risk assets because of the potential impact on economic and demand growth.

Full coverage: REUTERS

Stocks And Dollar Nudge Lower Ahead Of Crucial Few Days

LONDON, March 9 (Reuters) – Global markets were in a rare lull on Thursday ahead of U.S. jobs data at the end of the week that could easily whip up more cross-asset storms.

Europe’s share markets began fractionally lower though there was little movement from either the dollar /FRX or in bond markets, where recessionary warnings having been becoming increasingly shrill again. /US

U.S. Federal Reserve chief Jerome Powell had stuck to his message of higher and potentially faster interest rate hikes during a hearing on Wednesday, but emphasised too that the decision would hinge on the strength of incoming data.

Full coverage: REUTERS

Morning Bid: Is China Exporting Deflation?

A look at the day ahead in European and global markets from Tom Westbrook.

Factory-gate prices stopped falling in China last month, but did not rise and in annual terms remain negative – a welcome piece of news on Thursday for Western central bankers who are starting to run into difficulty in heading off sticky inflation.

Relief wasn’t immediate, as the figures were tinged by doubt on the robustness of China’s consumption rebound, with inflation in the country also at its slowest in a year.

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