Putin, who started the full-scale invasion of Ukraine in February 2022 and has suffered recent setbacks on battlefield, last week ordered the mobilization of 300,000 troops. The decision triggered sporadic protests throughout the country, amid fears the government will close the border for draft-aged men.
West Texas Intermediate was steady near $84 a barrel, and down almost 2% for the week. The Federal Reserve gave its clearest signal yet that it’s willing to tolerate a US recession as the necessary trade-off for regaining control of inflation, while the UK, Norway and South Africa also followed with hikes.
For starters, China is now the biggest trading partner of the US, Japan and countries across Europe. An agreement without Beijing’s participation would likely be an ineffective deal and while the yuan is under pressure versus the dollar and the government there is leaning against weakness with its fixings, it’s far from distressed levels that … Read more
(Bloomberg) — A US visa program that attracted $37 billion in foreign investments since 2008 for projects including New York’s Hudson Yards and Trump Bay Street in Jersey City is making a comeback — and the queue of wealthy applicants from China to India is growing. The revived EB-5 program is poised to fund undertakings from a golf resort in … Read more
“What Ankara is doing is not pursuing alternatives to the West, but establishing balanced relations with all over the world,” Cagri Erhan, a professor of international relations who is also a member of the Turkish president’s security advisory board, said on Twitter. “It also aims to help the West to see more clearly who its … Read more
The capital of Sichuan province, Chengdu is the biggest city to have shut since Shanghai’s bruising two-month lockdown earlier this year. The lockdown in Chengdu followed that of Shenzhen and Zhengzhou, which deployed seven-day citywide restrictions. Strict, quick action to stamp out Covid is key to China’s zero-tolerance approach to the virus, which President Xi … Read more
“We expect the Fed to continue hiking until realized inflation prints come down, with the August CPI release adding substantial urgency to the Fed’s task,” said Robert Dent, senior US economist at Nomura Securities International Inc. “The longer inflation stays elevated, the more concerns of a wage price spiral and/or inflation expectations unanchoring rise.”