Overseas Headlines – April 21, 2023

April 21, 2023


United States:

US Inflation Seen Coming Down Much Faster Due to Tighter Credit After Bank Failures

US inflation is now expected to come down faster than originally projected thanks to tighter credit conditions in the aftermath of several bank failures.

Economists lowered their projections for the consumer price index as well as the personal consumption expenditures price index for every quarter through the first half of 2024, according to the latest Bloomberg monthly survey of economists. The poll was conducted April 14-19.




ECB Must Heed Contagion Risks and Credit Slowdown, Visco Says

The European Central Bank should proceed cautiously with any future interest-rate hike as credit growth slows and financial-stability risks persist, Governing Council member Ignazio Visco said.

The Bank of Italy governor told Francine Lacqua on Bloomberg Television that policymakers should stick with their “meeting-by-meeting” approach as the impact of tightening until now seeps through into the economy.




China Delists Two Firms on IPO Fraud, Vows ‘Zero Tolerance’

China’s securities regulator said it will delist two firms after finding fraud in their initial public offerings, pledging “zero tolerance” for violations or crimes in its capital markets.

Essence Information Technology Co. and Amethystum Storage Technology Co. will be delisted from the Star board on Shanghai Stock Exchange, the China Securities Regulatory Commission said in a statement late Friday. Some executives deemed accountable for the IPO fraud will be banned from the securities market. The regulator will also refer suspects in this case to the police.




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