Business News Asia
- Chinese President Xi Jinping will not travel to the G20 meeting in Italy, which will take place later this month, for security reasons. COVID-19 is still widely used and China is aiming for a zero COVID policy.
- Western investors began to pull out of Chinese companies due to political concerns. Representatives of several companies expressed concern about the outlook for Chinese stocks traded on the New York Stock Exchange and in Asia. After the Chinese government continued to crack down on companies in many industries and pushed shared prosperity.
- Chairman of the U.S. Securities and Exchange Commission (SEC) announced that the U.S. will not ban the use of cryptocurrencies like China. Instead, it will focus on ensuring that the crypto industry complies with investor and consumer protection rules, anti-money laundering regulations, and tax regulations.
- U.S. Treasury Secretary anticipates a recession in the U.S. economy if Congress does not extend the debt ceiling to prevent the U.S. from defaulting on its debt for the first time in history.
- Director of the International Monetary Fund (IMF) said recently that the IMF may lower its forecast for global economic growth this year as the spread of the COVID-19 virus continues to affect the economic recovery. The IMF is expected to release its new World Economic Outlook (WEO) next week.
- Today, economic data for South Korean inflation for September, German factory orders for August, EU retail sales for August, September private payroll figures from ADP in the U.S., and weekly oil inventories from the U.S. Energy Information Administration (EIA) will be released.