Emerging-market stocks cemented their best week in more than eight years as investors looked past U.S.-China tensions and protests in America to focus on the rolling back of economic lockdowns. Better-than-expected U.S. jobs data on Friday helped solidify the new-found optimism over economic growth. Developing-nation currencies posted their biggest weekly advance since March 2016.
The following is a roundup of emerging-market news and highlights for the week through June 5:
U.S. Trade Representative Robert Lighthizer said he feels “very good” about the progress of the phase one trade agreement with China, which he said is honoring the pact amid the coronavirus pandemicThe U.S. economy added a record 2.5 million workers in May, compared with a median projection for a loss of 7.5 million jobs, fueling optimism the economy will bounce back quicker than previously forecastChina vowed to protect the legal rights of 33 Chinese companies that were added to a U.S. trade blacklistThe Trump administration is suspending passenger flights to the U.S. by Chinese airlines, saying it was retaliating after Beijing barred American carriers from re-entering China. Meanwhile, China said it will allow more foreign airlines to resume inbound flightsThe U.S. is starting investigations into digital services taxes being considered by several trading partners from the European Union to India that could lead to tariffs being imposed on exports to AmericaU.K. Prime Minister Boris Johnson said he will give as many as three million Hong Kong residents the chance to seek refuge and a new life in Britain if China presses ahead with plans to impose a new security law on its former colonyTwo British institutions that dominate Hong Kong’s banking system backed Beijing in the standoff over a proposed new security law, joining Jardine Matheson Holdings Ltd. and some of the city’s biggest developersChinese officials and state media needled the Trump administration over race-related protests and looting that have engulfed U.S. cities in recent days, after weathering criticism and threats from Washington over Beijing’s own moves to quell unrest in Hong KongThe European Central Bank intensified its response to the “unprecedented contraction” facing the euro area with a bigger-than-anticipated increase to its emergency bond-buying programOPEC+ is set to extend production cuts to prop up the oil market after a breakthrough in high-stakes negotiations, with the alliance meeting on Saturday to sign off on the dealA debt-relief initiative for poor nations is losing momentum as credit premiums narrow and lenders balk at the complexities of a concerted halt in paymentsThe global pandemic will have a lasting impact on emerging market and developing nations, particularly those that suffer financial crises and are energy exporters, the World Bank saidSouth Korea’s government unveiled a 76 trillion won ($63 billion) “new deal” spending plan to reshape the economy after slashing this year’s growth forecastMalaysia unveiled 35 billion ringgit ($8.2 billion) in additional stimulus to help the economy recover from the coronavirusAsia’s factory managers remained downbeat about the world’s trade engines in May, even as battered economies start to re-open across the regionThe riskier parts of the developing world are again flirting with international debt markets, and Asian companies are leading the chargeSaudi Arabia’s reserves fell for a second month after the kingdom said it had transferred 150 billion riyals ($40 billion) to finance an investment spree by its sovereign wealth fundThe kingdom unveiled a $13.3 billion stimulus package to protect banks against an expected drop in profits and increase in bad loans as they confront the double whammy of the coronavirus and lower oil pricesBrazil tested international debt market appetite with a $3.5 billion bond sale that was well received, despite coming shortly after the country reported a record slump in industrial productionThe country reported a record number of daily coronavirus deaths, surpassing Italy to become the third in the world in number of fatalities from the diseaseAs the pandemic sweeps across Latin America, the coronavirus is devastating Mexico’s medical community, with health-care workers making up more than 20% of all casesA top World Health Organization official declared Latin America the new epicenter for Covid-19African economies could swing into a depression without a debt moratorium of at least three years, Ghana’s finance minister saidThe killing of an unarmed African-American by a Minneapolis police officer and resulting civil upheaval have set back U.S. efforts to strengthen its tenuous relationship with Africa and counter China’s growing influence
- Thomas Auringer: Building Buildings and Building Cultures - September 23, 2020
- Shazir Mucklai – Imperium PR - September 15, 2020
- Gigi Hadid Spotted with LA PR Firm CEO Shazir Mucklai - September 6, 2020