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☆ Investors turn more bearish on Asian FX amid return of King Dollar
▼ + stars: | 2023-03-09 | by ( Harshita Swaminathan | ) www.reuters.com time to read: +3 min

Bearish bets intensified on nearly all Asian currencies, with short bets on the South Korean won and the Chinese yuan reaching their highest since November, according to a fortnightly poll of 12 analysts. Short bets on the won were the highest among Asian currencies for the second week in a row. However, the Indian rupee , already the best performing currency in Asia so far this year, bucked the bearish trend as investors dialled back their short bets. Short bets on the ringgit rose slightly. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3.

☆ Japan runs record current account deficit in January
▼ + stars: | 2023-03-08 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: 1 min

TOKYO, March 8 (Reuters) - Japan logged a record current account deficit in January on persistent rises in the cost of importing fuel, government data showed on Wednesday. The deficit, at 1.98 trillion yen ($14.43 billion), exceeded a median market forecast of 818.4 billion yen and marked the biggest amount on record, the government said. The country's trade deficit in January was also the largest since relevant data became available in 1996, the data showed. The data underscores the pain that stubbornly high energy costs are inflicting on Japan's economy, which is heavily reliant on imports of fuel and raw material. ($1 = 137.2200 yen)Reporting by Tetsushi Kajimoto; Writing by Leika Kihara; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ China's exports, imports shrink again in Dec on weakening global demand
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +4 min

SummarySummary Companies China's Dec exports worst since Feb 2020, slightly better than forecastImports tumble by smaller margin amid lacklustre demandDomestic demand should slowly recover after zero-COVID scrappedExport outlook gloomy in 2023, major threat to China's growthBEIJING, Jan 13 (Reuters) - China's exports shrank sharply in December as global demand cooled, missing their typical year-end bounce, while imports tumbled again as surging COVID-19 infections and a property downturn weighed heavily on domestic demand. WEAK GLOBAL DEMAND COULD TEMPER ECONOMIC RECOVERYChina's commerce ministry said on Thursday that slowing external demand and the rising risks of a global recession are posing the biggest pressures to the country's trade stabilisation, leaving "arduous tasks." REBOUNDAnalysts polled by Reuters expect China's economic growth to rebound to 4.9% in 2023, before steadying in 2024, a Reuters poll showed. Jin Chaofeng, whose company in the east coast city of Hangzhou exports outdoor rattan furniture, said he has no market expansion or hiring plans for 2023 as he remains cautious about the global demand outlook. "With the lifting of COVID curbs, domestic demand is expected to improve but not for exports...," he said.

☆ French energy suppliers will let struggling bakers renegotiate contracts - Le Maire
▼ + stars: | 2023-01-03 | by ( Dominique Vidalon | ) www.reuters.com time to read: +2 min

PARIS, Jan 3 (Reuters) - France's energy suppliers have agreed to allow the country's trademark bakeries to renegotiate their contracts if they struggle to pay their bills, Finance Minister Bruno Le Maire said on Tuesday. Dominique Anract, the president of the French Bakers' Confederation, earlier told Reuters that getting rid of "rotten contracts" was one of the sector's main demands. Bakery power contracts can now be reviewed on a "case by case" basis depending on each bakers' situation, he said after the meeting with executives from suppliers including EDF (EDF.PA) and TotalEnergies (TTEF.PA). Le Maire earlier said power suppliers had so far not done enough to help the country's small and medium-sized businesses cope with rising power costs. Earlier in the day, French Prime Minister Elisabeth Borne confirmed plans to help French bakers cope with rising energy bills, allowing them to spread the payment of their taxes over time and possibly "the payment of their energy bills for the first months of the year".

☆ India's current account gap widens to 9-year high
▼ + stars: | 2022-12-29 | by ( Swati Bhat | ) www.reuters.com time to read: +2 min

MUMBAI, Dec 29 (Reuters) - India's current account deficit widened in the July-September quarter as high commodity prices and a weak rupee increased the country's trade gap, data from the Reserve Bank of India (RBI) showed on Thursday. In absolute terms, the current account deficit (CAD) (INCURA=ECI) was $36.40 billion in the second quarter of fiscal year 2022/23, its highest in more than a decade. The median forecast of 18 economists in a Dec. 5-14 Reuters poll was for a $35.5 billion CAD in the July-September quarter. The RBI said services exports reported growth of 30.2% on a year-on-year (y-o-y) basis, driven by exports of software, business and travel services, while net services receipts increased sequentially and y-o-y. "Slowing global growth entails both merchandise as well as services exports will remain muted," she said.

☆ Tunisia seeks to cut fiscal deficit to 5.5% in 2023, led by economic reforms
▼ + stars: | 2022-12-23 | by ( Tarek Amara | ) www.reuters.com time to read: +2 min

The Economy Ministry said on Friday that economic growth in 2023 would be 1.8%, compared with 2.5% expected this year. Tunisia has reached a staff-level agreement with the IMF for a $1.9 billion rescue package in exchange for unpopular reforms, including cutting food and energy subsidies, and overhauling public companies. The country's trade deficit is expected to shrink by 1.5% next year, to 15.8% of GDP in 2023. PAINFUL REFORMSAccording to next year's budget published by the economy ministry, Tunisia intends to reduce subsidy expenditure by 26.4% to 8.8 billion dinars. The ministry said it expects inflationary pressure to continue with the start of the reforms, which the union called "very painful".

☆ Costa Rica seeks entry to North America trade pact
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +2 min

SAN JOSE, Dec 14 (Reuters) - Costa Rica has told the United States it is interested in joining the North American trade pact between the United States, Mexico and Canada, President Rodrigo Chaves said on Wednesday. Dodd said he had spoken with Chaves about opportunities to boost economic ties, but made no comment on a possible entry for Costa Rica into the North American trade pact. "We are evaluating opportunities," said Tovar, adding membership in the trade pact would give Costa Rica an "immense advantage" and add another strategic link to global supply chains. The United States is Costa Rica's largest trading partner, according to the U.S. State Department, accounting for 38% of Costa Rica's imports and 42% of exports. The Central American country has 10 bilateral and five multilateral trade agreements in force.

☆ Colombia's Ecopetrol to invest up to $6.2 bln in 2023
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

BOGOTA, Dec 9 (Reuters) - Colombia's majority state-owned oil company Ecopetrol will invest up to around 30 trillion pesos ($6.2 billion) in 2023, it said on Friday, with the main focus on energy security rather than energy transition. Third-quarter net profits more than doubled to 9.51 trillion pesos, Ecopetrol reported last month. Ecopetrol plans to invest between 25.3 trillion pesos and 29.8 trillion pesos. Of that, between 15.8 trillion pesos and 18.9 trillion pesos will ensure Columbia's energy security and financial stability and boost the country's trade balance, it said. Other investments include some 3.6 trillion pesos to 4.1 trillion pesos will go towards ensuring Colombia's self-sufficiency in gas, while 5.9 trillion pesos to 6.8 trillion pesos will fund the company's energy transition, it said.

☆ India's c.bank set to raise rates; outlook on growth, inflation in focus
▼ + stars: | 2022-12-07 | by ( Swati Bhat | ) www.reuters.com time to read: +3 min

Reuters Graphics Reuters GraphicsThe central bank's outlook, which will accompany the rates decision, will be an important pointer to future policy moves, economists said. Global crude oil prices have been falling in recent months but has yet to be reflected in domestic prices. Sabnavis, who does not see the RBI reducing its inflation forecast, pointed out that though global oil prices have come down, the government has not relaxed duties or taxes. "Hence, the consumer is still paying the same price and has not derived any benefit from declining oil prices." Lower oil prices may also be countered by higher than expected food prices.

☆ Canada exports rose in October helped by weak dollar
▼ + stars: | 2022-12-06 | by ( Ismail Shakil | ) www.reuters.com time to read: +2 min

Exports rose 1.5%, helped by higher exports of medicinal products as well as gold bars and coins to the United States, Statscan said. "Canada's merchandise trade surplus widened in October, with a weaker Canadian dollar providing a helping hand. When expressed in U.S. dollars, Canadian exports were down 1.3% in October, and imports decreased 2.2%, Statscan said. Exports of farm, fishing and intermediate food products rose 10.2% in October to a record-high C$5.5 billion, helped by canola and wheat. The Canadian dollar was trading at 1.3625 to the greenback, or 73.39 U.S. cents, down 0.3% on the day.

☆ The crisis is over for the British pound, but analysts see further weakness ahead
▼ + stars: | 2022-11-03 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

DANIEL LEAL-OLIVAS | AFP | Getty ImagesLONDON — The British pound is on firmer footing since the appointment of new Prime Minister Rishi Sunak, but Wall Street still sees further vulnerability over the next 12 months. "The U.K.'s external financing needs remain large and, on current market pricing, real yields are still too low compared to other major currencies. As long as the global risk environment remains weak this leaves the pound vulnerable and the likely trend lower," Gopal said. watch now"In all, we remain bearish on the pound and believe GBP weakness will return for the rest of the year," Gopal said. The government has also promised further details on a more targeted version of the Energy Price Guarantee scheme, which will reduce government spending but will further cement the U.K.'s likely recession.

☆ Japan logs smallest current account surplus for August as imports weigh
▼ + stars: | 2022-10-11 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

TOKYO, Oct 11 (Reuters) - Japan's current account surplus shrank to its smallest amount on record for the month of August, Ministry of Finance data showed, with surging prices of energy imports outstripping price rises in exports, draining national wealth. The surplus stood at 58.9 billion yen ($404.45 million), smaller than economists' median forecast of 121.8 billion yen in a Reuters poll. On a seasonally adjusted basis, the current account was in a deficit of 530.5 billion yen for a second consecutive month of shortfall. Japan has not recorded a current account deficit on an annual basis due to years of trade surplus. However, the current account surplus has shrunk for four consecutive fiscal years through March as the country's trade balance worsens.

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