Overseas Headlines – May 10, 2023

May 10, 2023

United States:

US Inflation Shows Signs of Moderating, Giving Fed Room to Pause

US inflation showed signs of moderating in April, giving the Federal Reserve room to pause interest-rate increases soon.

The consumer price index rose by 4.9% from a year earlier, the first sub-5% reading in two years, a Bureau of Labor Statistics report showed Wednesday. Excluding food and energy, the so-called core consumer price index also cooled slightly.




Russian Central Bank Has $8.3 Billion Held in Switzerland

Russian central bank assets worth 7.4 billion Swiss francs ($8.3 billion) are held across Switzerland, the government said following new reporting obligations introduced as part of the latest European Union sanctions package.

The 7.4 billion-franc figure represents all central bank reserves and assets reported in Switzerland to date and those funds have been immobilized, the government specified in a statement on Wednesday. It shouldn’t be confused with the 7.5 billion francs worth of assets that have been frozen as they belonged to sanctioned Russians or Russian companies, it said.




China State-Linked Stock Rally Sputters Further on Profit Taking

A scorching stock rally in China’s state-linked companies lost further momentum Wednesday, as investors cashed in on the robust gains recorded by financial behemoths and infrastructure builders.

An onshore index of central government-owned firms ended 1.5% lower, extending Tuesday’s 0.9% decline. A gauge of Hong Kong-listed state companies slid 1%. Bank of China Ltd. and China CITIC Bank Corp. both lost more than 5% in Shanghai, with China Galaxy Securities Co. down by the 10% trading limit.




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