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Dubai International Airport (DISA) reported on August 26 that passenger traffic fell by nearly a third in the first half of the year due to disruptions caused by the war in Iran, but expects demand to recover in the second half. DISA stated that passenger traffic reached 13 million in the second quarter, bringing the total for the first half of the year to 31.5 million. Despite a rebound in traffic in May and June, first-half traffic was still 31% lower than the record level set in the same period last year. The war in Iran has led to a global readjustment of air routes, repeatedly disrupting DISA. In May, the airport announced it had postponed its target of 100 million annual passengers by one year due to the significant drop in passenger traffic. Major Middle Eastern airlines Emirates, Qatar Airways, and Etihad Airways have all reduced operations and adjusted their international route networks to accommodate increased travel demand during the war. Several European airlines have also suspended flights to multiple destinations in the region and avoided the airspace of several Gulf states.August 26th - According to the Guangdong Branch of the General Administration of Customs, in the first seven months of this year, the import and export volume of comprehensive bonded zones (including cross-border industrial zones and bonded areas) in Guangdong Province reached 1.05 trillion yuan, a year-on-year increase of 32.3%, setting a new record for the same period in history and surpassing the trillion-yuan mark two months earlier than last year. While Guangdongs foreign trade has exceeded one trillion yuan for two consecutive months, the provinces comprehensive bonded zones continue to play a driving role, contributing 23.3% to Guangdongs foreign trade growth in the first seven months of this year.Slovakian power company said that Unit 3 of the Mohawkwice nuclear power plant has been reconnected to the grid after a shutdown for fuel replacement.On August 26th, Citigroup predicted that South Korean companies will issue a record amount of money in global bond and stock markets in 2026. Companies are raising growth funds through international investors, most notably SK Hynixs $26.5 billion US IPO. Jangho Park, CEO of Citigroup Global Markets Korea, said on Wednesday that South Korea has a growing number of "world-class companies and emerging industry leaders who are increasingly leveraging capital markets with competitive financing terms to raise funds for their growth goals." Citigroups optimistic outlook comes as South Koreas two largest chipmakers are becoming major beneficiaries of global artificial intelligence infrastructure development. South Korea is seeking to encourage companies, including Samsung Electronics and SK Hynix, to invest at least 1350 trillion won ($975 billion) in chip and data center construction, although many projects are still in the early planning stages.Hyundai CEO: Hybrid vehicles are the biggest opportunity in the US market.

AUDNZD recovers over 1.0900 as bets on RBA hawkishness surge

Alina Haynes

Nov 08, 2022 16:27

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After dipping below 1.0884 in the early Asian session, the AUDNZD pair has received renewed interest. The asset has reclaimed the round-level barrier of 1.0900 as wagers on the Reserve Bank of Australia's (RBA) continued rate hike soared. In the absence of a substantial stimulus that could move the cross in a certain direction, the cross is predominantly trading in a sideways fashion.

 

In the meantime, Goldman Sachs analysts have offered a pessimistic prognosis for future RBA interest rate decisions. We were stunned by the RBA's October decision to suspend the pace of rate hikes, especially before the policy rate had reached the lower bound of their estimate for the nominal 'neutral rate,' which is between 3.00 and 4.50%.

 

Concerning forward guidance, the investment banking industry asserts that RBA's more frequent board meetings provide RBA Governor Philip Lowe with a possible opportunity to synchronize with the worldwide policy tightening pace.

 

Last week, the RBA's monetary policy statement issued gloomy forecasts for Gross Domestic Product (GDP). In addition, short-term inflation expectations remained elevated, hovering around 8%, as inflationary pressures in the Australian region showed no signs of abating.

 

On the front of New Zealand, investors anticipate the release of Business NZ PMI data on Thursday. The expected economic data is 52.7, up from 52.0 in the previous release. Nonetheless, inflation forecasts for the following two years will be constantly reviewed beforehand. In CY2023, it is anticipated that rising service and commodity prices will continue to exert considerable price pressures worldwide. A rise in inflation projections over the long run could exacerbate market volatility.


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