Overseas Headlines – December 5, 2022

December 5, 2022


United States:

US Dollar Erases More Than Half of This Year’s Gains on Fed Bets

The US dollar has erased more than half of this year’s gains amid growing expectations the Federal Reserve will temper its aggressive rate hikes, and as optimism grows over China’s reopening plans.

The Bloomberg Dollar Spot Index has pared its 2022 advance to about 7%, after gaining as much as 16% earlier, as slower-than-expected gains in consumer prices and comments by Fed Chair Jerome Powell stoked speculation the US central bank will slow its pace of rate hikes next week.



UK Two-Year Mortgage Rate Falls Below 6% in Fresh Sign of Relief for Housing Market

The cost of a two-year fixed-rate mortgage has fallen below 6% for the first time in almost nine weeks, as the UK’s home loans crunch eases off.

The average two-year fixed-rate mortgage fell to 5.99% Monday, according to Moneyfacts Group Plc. That’s the first time it has dropped below the threshold since Oct. 4 when key home loan rates were spiraling in the aftermath of then-Prime Minister Liz Truss’s mini-budget. The average five-year fixed-rate deal also fell to 5.78%, after dropping below 6% almost a fortnight ago.



India Trade Ministry Seeks to Cut Gold Tariff to Curb Smuggling

India’s trade ministry is discussing a reduction in import taxes on gold to rein in illegal shipments, according to people familiar with the matter.

The world’s second-largest consumer of the precious metal, almost all of which is purchased from abroad, has asked the Finance Ministry to consider reducing the tariff to about 10% from 12.5%, two of the people said, asking not to be identified as the deliberations are private. It’s as yet unclear if the recommendation will be accepted and a decision could be announced at or before the budget presentation due early next year, they added.




Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.