Page 64 - Eco News Today

A look at the day ahead in European and global markets from Ankur Banerjee

Indonesian President Joko Widodo on Thursday called for better collaboration with neighbouring Malaysia to fight what he called "discrimination" against their countries' palm oil products, as a new European Union law threatens to dent exports of the commodity.

Asian shares slid on Thursday after a surprise interest rate hike by Bank of Canada brought back fears that U.S. rates could stay higher for longer and the Federal Reserve could remain hawkish when it meets next week.

The South African rand was little changed in early trade on Thursday, holding onto gains made since the start of the week.

The euro zone economy was in a technical recession in the first three months of 2023, data from European statistics agency Eurostat showed on Thursday, after downward revisions of growth in both the first quarter and the final quarter of 2022.

India's currency in circulation dropped for a second consecutive week after the central bank withdrew the country's highest value currency note in May, advising people to deposit those with various banks and hoping to help lender deposits in the process.

South Korea's central bank warned on Thursday that an early shift in its monetary policy stance could pile more pressure on the local currency, a risk that needs to be properly addressed.

The Indian rupee is poised to open lower on Thursday, pressured by the Chinese yuan-led fall in Asian currencies, while awaiting the Reserve Bank of India's decision on interest rates.

Indonesia sees the European Union as conducting "regulatory imperialism" with its new deforestation law, but both sides would still engage in talks on a free trade deal, an Indonesian minister said on Thursday.

An ongoing heatwave in China is boosting power demand for cooling, but tepid industrial demand and record high coal inventories are keeping prices at two-year lows and limiting spot liquefied natural gas (LNG) imports.