Business

Live news: Argentina’s central bank raises key interest rate to 40%

What to see in Asia today

Hong Kong: Certain public activities will be banned in the country from today, for at least the next two weeks as Hong Kong prepares for the spread of the Omicron variant.

Data: Japan releases monthly consumer spending data for November and India releases annual estimates of gross domestic product for 2022. IMF expects the country’s economy to grow 9, 5% for the year ending March.

Income: Japanese convenience store operators Lawson and Ryohin Keikaku, the company behind household goods company Muji, both announced results today.

GameStop Stock Soars As Retailer Reportedly Entering the NFT, Cryptocurrency Market

Video game retailer GameStop, whose stock kicked off the meme stock trading craze last January, is also poised to get into the NFT and crypto game.

Gamestop will launch divisions focused on cryptocurrency business development and the irreplaceable token market as part of its turnaround plan. The move was first reported by the Wall Street Journal.

GameStop shares rose 22% in after-hours trading to $159.

Gamestop plans to establish crypto partnerships as well as develop games using blockchain and NFT technology, the WSJ reported.

The retailer’s share price is up more than 600% from a year ago, but down 62% from last January’s high. Despite its popularity among retail investors, the company has struggled as the pandemic continues to hit brick-and-mortar retailers.

US tech shares waver as investors assess Fed minutes and mixed data

Tech shares slipped at the end of a wild trading day on Thursday, in which a spate of mixed economic data coupled with a hawkish tilt from the Federal Reserve dimmed the investment outlook for with US stocks.

Wall Street’s index of tech-heavy Nasdaq Composite shares fell 3.3% on Wednesday. worst session since February, has fallen 0.1%.

But this small drop proves to be a volatile session, with the index falling as much as 1.2% at one point before recovering as much as 0.7%.

The whipsaw moves were followed by weak services data, signaling continued supply chain disruptions and higher-than-expected initial jobless numbers. The early data led to a pause in the diversion from overvalued tech stocks, seen as short-term damage to a resurgent economy and higher Treasury yields.

However, weaker data on Thursday contrasted with Wednesday’s numbers showing an increase in private payrolls and higher than forecast manufacturing data. Also on Wednesday, minutes from the Fed’s latest meeting suggested the Fed could raise interest rates and tighten financial conditions faster than expected, boosting shares of tech-sensitive companies. interest rates out of the market.

Read more about Thursday’s market moves here.

Argentina’s central bank raises key interest rate to 40%

Argentina’s central bank raised its benchmark interest rate for the first time this year as the country sought to combat high inflation and forged a new debt repayment agreement with the IMF.

Primary Leliq rate will increase to 40%, from 38% before. Annual inflation in Argentina is around 50%.

The bank’s decision to raise interest rates comes as the leftist Peronist government faces growing pressure from IMF officials to tighten monetary policy and come up with a credible plan to restructuring about $40 billion of debt to international lenders, as part of a record $57 billion bailout in 2018.

In December, fund officials specifically called for interest rates to exceed inflation.

The roughly $2.8 billion Argentina owes to the IMF is due by the end of March, which analysts see as the deadline to secure terms for a new debt repayment program for the country, which owes 18.8 times. billion USD this year and then in 2022.

Martín Guzmán, Argentina’s finance minister and chief negotiator for the IMF, said this week that the government and the IMF have yet to reach an agreement on how to reduce the fiscal deficit soon after 18 months of fruitless negotiations.

Argentinian dollar bonds fell by the most since September in early trading on Thursday after Guzmán’s speech suggested that a March deal would not happen. Credit-default swaps meanwhile extended the most in five weeks.

Source link

news7h

News7h: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button