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  • Draghi urges Italy to 'calm down'; dismisses ECB support

    October 15, 2018 12:59 PM

    Mubasher: President of European Central Bank (ECB) Mario Draghi told Italy ahead of its official budget presentation to rule out the possibility that the central bank would act to save the day. Italy would submit its budget for the next year before the European Commission for analysis on Monday. All parties would certainly reach an agreement on the budget

  • Bank of America logs $7.16bn profit in Q3

    October 15, 2018 12:37 PM

    Mubasher: Bank of America Merrill Lynch on Monday posted a 32% year-on-year profit hike during the third quarter of 2018, logging $7.16 billion from $5.42 billion. The US lender attributed the third-quarter profit growth to a large rise in assets and the benefit from the country's tax reforms, Bank of America said in a statement. Year-on-year, the bank's

  • UK to see low GDP growth over next 3 yrs-EY

    October 15, 2018 10:16 AM

    Mubasher: The UK is expected to witness low economic growth over the next three years, while the failure to reach a divorce deal with the European Union (EU) could be one more turn of the screw on the British government, the EY Item Club has said. The leading economic forecaster expects Britain’s gross domestic product (GDP) growth to register 1.3% this year and 1.5% in 2019, down from 1.4% and 1.6%, respectively

  • Indonesia posts $230m trade surplus in September

    October 15, 2018 8:55 AM

    Mubasher: Indonesia’s trade balance turned to be positive after achieving a surplus in September against expectations. Both imports and exports witnessed a growth last month, but much slower than expected, according to the statistics bureau’s recent data on Monday. The trade surplus of Southeast Asia's largest economy recorded $230 million in September

  • Trade war could bite BMW 2019 results by $579m-CFO

    October 12, 2018 1:51 PM

    Mubasher: BMW expected its earnings for the next year to be slashed by up to EUR 500 billion ($579 million) next year, should US-Sino trade tariffs remain in effect, CFO Nicholas Peter said. Tariffs between the US and China have already hit China-bound shipments of sports utility vehicles (SUV) from its US plant in South Carolina, which impacted earnings

  • US Treasury finds no grounds to label China currency manipulator

    October 12, 2018 1:31 PM

    Mubasher: Officials in the US Treasury told Secretary Steven Mnuchin that China was not manipulating the yuan (CNY) as the US administration prepared to issue a report on foreign currencies, according to news reports. US President Donald Trump has publicly and privately exerted pressure on Secretary Mnuchin to designate China as a currency manipulator

  • China trade surplus expands in September, posts record with US

    October 12, 2018 9:02 AM

    Mubasher: The world’s second largest economy saw a trade surplus of $31.69 billion in September, compared with $27.89 billion in August, official data showed on Friday. China’s US dollar-denominated exports jumped 14.5% year-on-year in September, compared to an annual gain of 9.8% in the previous month. Imports incoming to China grew 14.3% last month

  • US jobless claims rise 7,000 in early October

    October 11, 2018 1:06 PM

    Mubasher: US jobless claims rose 7,000 week-on-week to 214,000 claims in the week ended 6 October, data released on Thursday revealed. The more stable monthly average of claims advanced 2,500 to 209,500 claims for the week from the previous week's unrevised average of 207,000. The preliminary seasonally adjusted insured unemployment rate for the week ended

  • Mnuchin sees US stock market rout as ‘not surprising correction’

    October 11, 2018 12:01 PM

    Mubasher: A day of turbulence on Wall Street was merely a correction, not an indication of a broader “systematic issue,” US Treasury Secretary Steven Mnuchin said. “Markets are not efficient and markets move in both directions and at times they overshoot in both directions,” Secretary Mnuchin told Bloomberg on Thursday in an interview on the sidelines

  • World’s billionaires lose $100bn on stock market rout

    October 11, 2018 11:26 AM

    Mubasher: The world’s wealthiest people had lost roughly $100 billion of their fortunes in one day due to the global stock market rout which was triggered by Wall Street. US stocks endured far-reaching losses on Wednesday, with steep decline in tech shares and worries of rapid rate hikes sending Wall Street on track for its worst day in eight months