The US Federal Reserve on Wednesday again raised the benchmark interest rate by three-quarters of a percentage point and said more hikes will be needed in its ongoing battle to tamp down raging price pressures.
As for its outlook, the chemicals manufacturer will continue with its international expansion and is also in the process of reviewing underperforming businesses. He added that one of the highlights of his career was bringing the group's international business under one brand. "Mark’s quality leadership is evident in the expansive international story that is the AECI group. We appreciate the tremendous contribution he has made in building a strong and resilient business."De Beers latest diamond sales cycle rakes in more than R10bn
The selling followed a steep drop on Wall Street fuelled by concerns that four-decade high inflation and rising borrowing costs were keeping Americans from spending, and pushing the economy towards a recession. But observers warned there was still a lot of volatility to come as the bank was still hiking, prices were soaring, Russia's war in Ukraine showed no sign of ending and China was still battling Covid with lockdowns.
While officials are widely tipped to announce a second successive three-quarter point increase, the main focus will be their outlook for the economy and clues about future moves as it begins to falter. Oil prices fluctuated as recession worries were offset by data showing a big drop in US stockpiles, which pointed to strong demand at a time when supplies remain weak.In a trading update for the six months to end-June, Curro said its headline earnings will increase by between 33.5% and 50%.
Adding to the unease on trading floors was news that Russia's Gazprom will cut back gas deliveries to Germany, citing a faulty turbine, less than a week after restarting flows following 10 days of maintenance work.But Hong Kong was given a much-needed lift by news that market heavyweight Alibaba will seek a primary listing in the city, allowing it to be traded by mainland Chinese investors.
"This is most likely a bear market rally and there are significant risks still facing this market," Katerina Simonetti, at Morgan Stanley Private Wealth Management, told Bloomberg Television.
Source: News Formal (newsformal.com)
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