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French President Emmanuel Macron met with the Iraqi Prime Minister at the Élysée Palace.On September 14th, according to the Scottish Herald, leaders of Scotland, Wales, and Northern Ireland called on the UK government to "prepare, plan, and facilitate constitutional change in each jurisdiction." On Monday morning local time, Scottish First Minister John Sweeney, Welsh First Minister Rune Ap Iowos, and Northern Ireland First Minister Michel ONeill met in Cardiff and signed a joint memorandum of understanding with Sinn Féin leader Mary Lou McDonald. At a joint press conference in the Welsh capital, Sweeney called the summit "a pivotal moment in the UKs constitutional process," emphasizing that Scotland, Wales, and Northern Ireland should independently decide their own constitutional paths without any obstacles. He referred to Andy Burnham as the UKs "last prime minister" and stated that an independence referendum must be held within the next five years.The U.S. Geological Survey reports a 5.6-magnitude earthquake 78 kilometers north-northeast of Tobelo, Indonesia.Citigroup expects the Bank of England to raise interest rates by 25 basis points each in the fourth quarter of 2026 and the first quarter of 2027, compared to its previous forecast that rates would remain unchanged until the second quarter of 2027.September 14 - According to a report released by the Indonesian Meteorology, Climatology and Geophysics Agency, a 6.2-magnitude earthquake struck 42 kilometers northeast of North Maluku province, Indonesia, at 17:58 local time on September 14, with a focal depth of 145 kilometers. There is no tsunami risk at present.

Fears of Stagflation Caused by Tightening Policies Increase As Asian Stocks Fluctuate

Haiden Holmes

Jun 15, 2022 11:11

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Asia-Pacific stocks were mixed this morning, Wednesday. Ahead of a U.S. Federal Reserve meeting that is likely to provide strong tightening decisions, U.S. share markets continued to decline.


Nikkei 225 dropped 0.67 percent at 10:49 PM ET (2:49 AM GMT).


The KOSPI decreased by 1.21 percent.


Australia's ASX 200 index declined 0.38 percent.


Hong Kong's Hang Seng gained 1.14 percent .


Shenzhen Component rose 0.49 percent and Shanghai Composite rose 0.90 percent.


China's industrial output climbed by 0.7% year-over-year in May, according to statistics released on Wednesday, which was marginally higher than market estimates. In April, a decrease of 2.9% was seen, whereas Investing.com had expected a decrease of 0.7%.


Nonetheless, as Beijing saw clusters of COVID-19 breakouts, the city's officials warned on Tuesday that the city was in a "race against time," heightening concerns that the reinstatement of harsh restrictions might harm the city's economy and global supply chain.


The S&P 500 finished down for the fifth consecutive day due to concerns that Fed measures to tighten monetary policy to calm raging inflation might lead to stagflation.


Investors are now betting on aggressive interest rate rises, such as 75 basis points from the Fed, which would be the largest increase since 1004


Steve Englander, director of global G10 FX research at Standard Chartered Bank, wrote in a note, "Inflation is front and center in the headlines and asset markets, and few are voicing worry about over tightening the monetary policy."

After their greatest decline in decades, Treasuries stabilized. Two-year rates recovered after reaching a level not seen since 2007, while 10-year yields retreated from around 3.5 percent.


Barbara Ann Bernard, chief investment officer of Wincrest Capital Ltd., told Bloomberg, "The sooner they are explicit about how rapidly they would increase interest rates and what amount of inflation they consider acceptable, the sooner the markets will settle down."


The Bank of England will announce its policy decision on Thursday, while the Bank of Japan will announce its decision on Friday.


Bitcoin's value on the cryptocurrency market steadied at $22,000.


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