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The economy would likely grow above the government's 6.5%-7.5% growth target for 2022, Economic Planning Secretary Arsenio Balisacan told a media briefing. On a quarterly basis, gross domestic product (GDP) rose 2.9% versus a 0.1% contraction in April-June and an expected 1% rise, the data showed. "While these developments are remarkable, I want to underscore that our nation still faces a considerable burden in the form of high inflation," Balisacan said. Balisacan said the government remained committed to fighting inflation to protect people's purchasing power, including by tightening monetary policy. "In the face of surging prices, that's a big upside surprise," said ING economist Nicholas Mapa.

☆ Fact Check-Room of euro banknotes is an art installation
▼ + stars: | 2022-11-09 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

A video of a room containing piles of euro banknotes has been falsely linked on social media to a Nigerian politician. In the 30-second clip, a camera pans around a small room containing a pallet topped with piles of euro notes, as well as a separate ceiling-high mound, some of which appear to be burned (here). It is part of an art installation called ‘European Dream’ by Spanish artist Alejandro Monge (here). Photos from February 2018 reveal the banknotes in the installation are not real. The video shows an art installation.

☆ It'll be 'very difficult' for Asian firms to produce chips without U.S. tech, says economist
▼ + stars: | 2022-11-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt'll be 'very difficult' for Asian firms to produce chips without U.S. tech, says economistGary Ng of Natixis says the pressure between U.S. and China will continue to grow and discusses what could happen if the Republicans win the midterm elections.

☆ Fact Check-No evidence drug overdose was main cause of death for George Floyd in 2020
▼ + stars: | 2022-11-08 | by ( Reuters Fact Check | ) www.reuters.com time to read: +8 min

The Hennepin County Medical Examiner ruled Floyd’s death a homicide with the cause of death as “cardiopulmonary arrest complicating law enforcement subdual, restraint and neck compression” (here). Under cross examination by Chauvin’s lead lawyer, Baker said that certain heart diseases or use of opioids can be fatal but that neither directly caused Floyd’s death. Reuters reporting on additional expert testimony during the trial that countered the defense’s claim that opioid use caused Floyd’s death can be found (here), (here), (here) and (here). But the fentanyl levels in Floyd’s blood should not be the sole factor in determining his cause of death. Available evidence about George Floyd’s death and toxicology test results do not show that his main cause of death was a drug overdose and toxicology results alone cannot identify a lethal level of fentanyl or other drugs in the body.

☆ Stocks in Asia rise on China reopening hopes
▼ + stars: | 2022-11-04 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

The Hong Kong index was set for its biggest weekly gain in over a decade. European stock futures indicated stocks were set to gain, with the Eurostoxx 50 futures up 0.67%, German DAX futures up 0.45% and FTSE futures up 0.63%. Hong Kong and China stocks have moved sharply through the week. Rumours based on an unverified note circulated on social media on Tuesday that China was planning a reopening from strict COVID curbs in March. Additional reporting by Summer Zhen in Hong Kong; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Philippines October inflation at highest since December 2008
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +1 min

MANILA, Nov 4 (Reuters) - Philippine annual inflation accelerated to 7.7% in October (PHCPI=ECI), the highest since December 2008 and up from the previous month's 6.9%, the statistics agency said on Friday. Last month's inflation rate was above the 7.1% median forecast in a Reuters poll, and near the top end of the central bank's 7.1% to 7.9% forecast for the month. Inflation in January-October averaged 5.4%, well outside the official full-year target range of 2% to 4%. Core inflation, which strips out volatile food and fuel items, increased to 5.9% in October from an upwardly revised 5.0% in September, the Philippine Statistics Authority said. Reporting by Neil Jerome Morales; Writing by Enrico Dela Cruz Editing by Ed DaviesOur Standards: The Thomson Reuters Trust Principles.

"(The Fed hike) supports the BSP's stance to hike its policy rate by the same amount in its next policy meeting on Nov. 17," Bangko Sentral ng Pilipinas Governor Felipe Medalla said in a statement. "The BSP deems it necessary to maintain the interest rate differential prevailing before the most recent Fed rate hike, in line with its price stability mandate and the need to temper any impact on the country's exchange rate of the most recent Fed rate hike," he said. Ruling out an off-cycle policy move, Medalla said the hike would be effective after the Nov. 17 meeting. Economists welcomed the rate hike signal, viewing it as intended to reassure markets. Roces expects rate increases of 75 bps this month and 50 bps on Dec. 15, the last policy meeting this year.

☆ Australia shares down 2% in negative Asia session after Fed signals more hikes ahead
▼ + stars: | 2022-11-03 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

A man looks at an electronic board displaying stock information at the Australian Securities Exchange, operated by ASX Ltd. on March 16, 2020 in Sydney, Australia. Shares in the Asia-Pacific dropped on Thursday after the U.S. Federal Reserve Chairman Jerome Powell signaled further hikes ahead after raising rates by 75 basis points as expected, saying it was "premature" to talk about pausing the tightening cycle. "We still have some ways to go and incoming data since our last meeting suggests that the ultimate level of interest rates will be higher than previously expected," he said. In Australia, the S&P/ASX 200 was last down 2.23%. The MSCI's broadest index of Asia-Pacific shares outside Japan slipped around 1%.

☆ Philippines central bank deputy governor discusses digital asset regulation
▼ + stars: | 2022-11-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPhilippines central bank deputy governor discusses digital asset regulationChuchi Fonacier of the Bangko Sentral ng Pilipinas says regulators have to strike the right balance in creating an environment that allows innovation while ensuring the safety of the financial system.

☆ Asia-Pacific markets set to trade mixed ahead of Fed rate decision
▼ + stars: | 2022-11-02 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

Pedestrians cross a road in front of an electronic quotation board displaying the numbers of company stock prices on the Tokyo Stock Exchange in Tokyo on May 13, 2021. Shares in the Asia-Pacific poised for a mixed session on Wednesday as the Federal Reserve is expected to raise interest rates by 75 basis points. The Bank of Japan is expected to release its September meeting minutes and Fast Retailing is set to report sales for Uniqlo in Japan. In Australia, the S&P/ASX 200 traded 0.31% higher. South Korea's inflation inched higher to 5.7% in October, higher than 5.6% forecasted by analysts in a Reuters poll.

☆ China's economy could rebound soon, but longer-term growth will be 'deeply challenging'
▼ + stars: | 2022-11-01 | by ( Abigail Ng | ) www.cnbc.com time to read: +1 min

China previously "sailed on" economically while other countries struggled, but the world's second largest economy may have a difficult path ahead, according to one strategist. "China has reached that level of its development where a lot of emerging markets typically find the going getting tougher," said Mark Jolley of CCB International Securities. He pointed to the trend of deglobalization, friction between the U.S. and China as well as the weak global economy. "On both sides of the Pacific we hear a lot of wishful thinking that decoupling will promote rather than hurt domestic growth. We disagree," Ethan Harris wrote in a BofA Global Research note published Friday.

☆ Asia-Pacific markets mixed ahead of RBA decision, private survey on China's factory activity
▼ + stars: | 2022-11-01 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

Office employees walk in front of the Reserve Bank of Australia in Sydney on September 4, 2018. Shares in the Asia-Pacific set to inch higher on Tuesday ahead of Australia's central bank decision and the results of a private survey on Chinese factory activity. The Fed's meeting also begins on Tuesday stateside. The Nikkei 225 in Japan gained 0.15% while the Topix also rose 0.23%.The Kospi in South Korea also rose 0.28%. In Australia, the S&P/ASX 200 was fractionally lower as analysts expect the Reserve Bank of Australia to raise interest rates by 25 basis points, according a Reuters poll.

☆ Hong Kong economy shrinks 4.5% yr/yr in Q3, outlook remains weak
▼ + stars: | 2022-10-31 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

HONG KONG (Reuters) - Hong Kong’s economy shrank faster in the third quarter, contracting 4.5% from the same period a year earlier, the third straight quarter of downturn, advance government data showed on Monday, as external demand remained weak. Hong Kong, China June 29, 2020. The city’s economy shrank by 4.0% and 1.3% in the first and second quarters respectively. It was the deepest contraction since the second quarter of 2020 when gross domestic product shrank 9.4% as COVID-19 took its toll around the world. In his first policy address earlier this month, Hong Kong Chief Executive John Lee prioritised improving international competitiveness and attracting more overseas talent.

HONG KONG, Oct 31 (Reuters) - Hong Kong aims to restore its reputation as a global financial hub by playing host to a bevy of top Wall Street executives this week, defying critics who say a talent crunch and geopolitical tension will hobble its ambition. Alongside the main theme of "navigating through uncertainty", the summit is widely expected to focus on whether Hong Kong can remain a global financial centre after almost three years of border controls and pandemic restrictions. COVID-19 CONTROLSThe two-day summit, organised by the Hong Kong Monetary Authority (HKMA) - the de-facto central bank - has suffered at least two marquee participants dropping out after contracting COVID-19. Those who make it will look for reassurances of the city returning to pre-pandemic normalcy, making it easier for them to move talent to Hong Kong. Reporting by Scott Murdoch in Sydney and Kane Wu and Selena Li in Hong Kong; Editing by Sumeet Chatterjee and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Asia-Pacific markets set to rise ahead of China factory activity data
▼ + stars: | 2022-10-31 | by ( Abigail Ng | ) www.cnbc.com time to read: +1 min

Pedestrians cross a street in front of the Tokyo Stock Exchange, operated by Japan Exchange Group, in Tokyo, Japan. Shares in the Asia-Pacific are set to rise on Monday ahead of China's factory activity data that's slated to be released, and as markets look ahead to the U.S. Fed meeting later this week. On Friday in the U.S., major stock indexes jumped 2% each on optimism that inflation may be slowing. Later this week, the Federal Reserve will hold its policy meeting and announce its interest rate decision. Several countries will report inflation data this week.

☆ Asia-Pacific markets fall; Bank of Japan expected to keep rates unchanged
▼ + stars: | 2022-10-28 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

The Bank of Japan (BOJ) headquarters in Tokyo, Japan, on Monday, April 25, 2022. Shares in the Asia-Pacific fell ahead of the Bank of Japan's interest rate decision and a slew of companies in the region reporting earnings. The Nikkei 225 in Japan fell 0.89% in early trade, while the Topix dipped 0.51%. The Bank of Japan is expected to keep rates at ultra-low levels, according to forecasts in a Reuters poll. Some Chinese airlines listed in Hong Kong will report earnings, along with electric vehicle maker BYD.

☆ Singapore's mortgage costs are rising — but some buyers are shrugging off higher rates
▼ + stars: | 2022-10-27 | by ( Abigail Ng | ) www.cnbc.com time to read: +6 min

The rising cost of borrowing is unlikely to have a major impact on Singapore's property market, analysts told CNBC. Ore Huiying | Bloomberg | Getty ImagesSINGAPORE — The rising cost of borrowing is unlikely to have a major impact on Singapore's property market, analysts told CNBC. Singapore's real estate market is backed by wealth, according to Christine Li, head of Asia-Pacific research at Knight Frank. Demand driversHowever, it doesn't mean the residential property market ignores rising rates and looming risks, said Alan Cheong, executive director of research and consultancy at Savills. "However, past trends indicate that our property market is highly resilient and usually rebounds within six months of a cooling measure," she said.

☆ Asia-Pacific markets mixed; South Korea economy grows slowest in year
▼ + stars: | 2022-10-27 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

Shoppers at the shopping street in Hongdae district in Seoul, South Korea, on Saturday, July 2, 2022. Shares in the Asia-Pacific were mixed Thursday as investors digest economic data in the region. The MSCI's broadest index of Asia-Pacific shares outside Japan was 0.51% higher. South Korea's third-quarter GDP grew 0.3% from the previous quarter, according to official advance data – the slowest growth since the third quarter of 2021. China is due to report industrial profits for September and the Bank of Japan begins its two-day meeting on monetary policy Thursday.

☆ Australia inflation hits highest in 32 years; Asia-Pacific markets rise
▼ + stars: | 2022-10-26 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

Shares in the Asia-Pacific rose Wednesday as sentiment overnight improved over the Fed potentially turning less aggressive. In Australia, the S&P/ASX 200 rose 0.34% ahead of the report before trading almost flat. The Nikkei 225 in Japan rose 0.87% in early trade, and the Topix gained 0.79%. MSCI's broadest index of Asia-Pacific shares outside Japan ticked marginally higher. In corporate news, Standard Chartered, Ping An , and SK Hynix are among the companies slated to report earnings Wednesday.

☆ Asia stocks struggle as Xi's leadership team spooks markets
▼ + stars: | 2022-10-25 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares (.MIAP00000PUS) fell to the lowest since April 2020 before an attempted rebound in beaten-down Hong Kong tech shares dragged it back to flat. "A short-term technical rebound is the main factor for today's rise," said Kenny Ng, a strategist at China Everbright Securities in Hong Kong. "(The) cumulative decline of Hong Kong stocks is deep." CHINA FLIGHTChinese markets remained volatile and jittery following Monday's withering selloff in Hong Kong. Xi Jinping's new leadership team has raised worries that China will increasingly prioritise the state at the cost of the private sector.

☆ Asia-Pacific markets mostly rise after Wall Street's second positive session
▼ + stars: | 2022-10-25 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

A man walks past the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Monday, Nov. 30, 2020. Stocks in the Asia-Pacific rose in early trade Tuesday after Wall Street's second straight positive session. South Korea's Kospi was just above the flatline, while the Kosdaq gained 0.44%. The MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.14%. Singapore is due to release inflation data on Tuesday, while HSBC is reporting earnings.

☆ Analyst says he's not expecting any near-term changes to the Bank of Japan's monetary policy
▼ + stars: | 2022-10-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAnalyst says he's not expecting any near-term changes to the Bank of Japan's monetary policyJeff Ng of the bank says if the Bank of Japan's new governor is less dovish, it could help the yen rebound by the end of 2022.

☆ Wave of LNG tankers is overwhelming Europe in energy crisis and hitting natural gas prices
▼ + stars: | 2022-10-24 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +2 min

Two LNG vessels that came from the U.S. are underway to Spain's Huelva port. The underlying infrastructure issue is a lack of European regasification capacity due to a shortage of regasification plants and pipelines connecting countries that have regasification facilities. As a result, the amount of LNG on the water — floating storage — increases and in turn drives down the price of natural gas . Energy experts tell CNBC they are keeping an eye on an EU LNG price cap. Russia, which supplies a large portion of natural gas to Europe, cut gas supplies as a response to sanctions after the country's war with Ukraine.

☆ Asia-Pacific markets rise; Japan's yen weakens despite reports of intervention
▼ + stars: | 2022-10-24 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

The Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Thursday, Oct. 29, 2020. Shares in the Asia-Pacific climbed Monday after U.S. stocks soared on Friday following a Wall Street Journal report that some Fed officials are concerned about tightening policy too much. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.7% higher. Authorities in Japan reportedly intervened in the forex market on Friday, causing the yen to strengthen sharply. On Monday in Asia, the currency briefly strengthened to 145-levels but was last at 148.27 per dollar.

☆ Reaction to China's 20th Communist Party Congress
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +2 min

Oct 23 (Reuters) - China's Xi Jinping secured a precedent-breaking third leadership term on Sunday and introduced a new Politburo Standing Committee stacked with loyalists, cementing his place as the country's most powerful ruler since Mao Zedong. I can imagine that zero-COVID policy is likely more entrenched and there’s going to be further push on this issue of common prosperity and the like.”CHRIS MILLER, PROFESSOR AT TUFTS UNIVERSITY, MASSACHUSETTS“The party congress has reaffirmed Xi's decisive role in ruling the Communist Party, marking a continued shift away from collective leadership of party elites toward a personalized dictatorship. It also appears to have confirmed the downgrading of economic growth as a key party goal, relative to other agenda items such as zero-COVID and the party's political and ideological control. On tech, the key theme was self-sufficiency in science and technology, which is to be expected given the increasing decoupling of the U.S. and Chinese tech sectors.”GARY NG, SENIOR ECONOMIST, ASIA PACIFIC, NATIXIS, HONG KONG“The new inner circle will extend and heighten the current policy stance, and generally it seems that most of the newly appointed officials seem to be Xi’s key allies. So I guess this is also a move of the further consolidation of power, or maybe in the future, of course, performance is important, but also loyalty is increasingly a key concern when picking officials.”Register now for FREE unlimited access to Reuters.com RegisterReporting by Rae Wee in Singapore and Xie Yu in Hong Kong; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

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