LONDON, Sept 7 (Reuters) – Even though fears of another “sterling crisis” have been wide of the mark for decades, they are harder to bat away this time around as a fourth British prime minister in six years takes the helm.
In an interview last month, Bank of England chief Andrew Bailey testily dismissed the notion of a UK currency or balance of payments crisis brewing, blaming global U.S. dollar strength for the pound’s 20% plunge against the greenback over the past year to within a whisker of levels not seen since the mid-1980s.
Full coverage: REUTERS
China’s Trade Falters As Demand Wanes At Home And Abroad
BEIJING, Sept 7 (Reuters) – China’s exports and imports lost momentum in August with growth significantly missing forecasts as surging inflation crippled overseas demand and fresh COVID curbs and heatwaves disrupted output, reviving downside risks for the shaky economy.
Exports rose 7.1% in August from a year earlier, slowing from an 18.0% gain in July and marking the first slowdown since April, official data showed on Wednesday, well below analysts’ expectations for a 12.8% increase.
Full coverage: REUTERS
Stocks Slide As Data Rattles Market, Yen Squashed
HONG KONG, Sept 7 (Reuters) – Asian stocks fell to a two-year low on Wednesday on the back of disappointing Chinese trade numbers, while the dollar surged as U.S. data reinforced expectations for aggressive Federal Reserve rate hikes.
The greenback flew past 144 Japanese yen and was up more than 1% at one point to 144.38 yen, while the Chinese yuan extended a slide, nearing the psychologically important 7 per dollar level.
European futures were last down 1% and FTSE futures fell 0.8%. S&P 500 futures dropped 0.2%.
Full coverage: REUTERS
China Trade Surplus With U.S. Narrows To $36.77 Bln In August
BEIJING, Sept 7 (Reuters) – China’s trade surplus with the United States narrowed to $36.77 billion in August, from $41.5 billion in July, according to Reuters calculations based on customs data on Wednesday.
Full coverage: REUTERS
Tesla Cuts Waiting Time For Model 3, Model Y Deliveries In China – Website
SHANGHAI, Sept 7 (Reuters) – Tesla Inc (TSLA.O) has shortened delivery waiting times for Model 3 and Model Y cars in China to a maximum of 14 weeks, according to its Chinese website.
The U.S. automaker slashed the waiting times for most of the Model 3 and Model Y cars to six to 10 weeks, the website showed.
Buyers of the long-range version of Model Y still need to wait for 10 to 14 weeks after placing the orders, compared to 16 to 20 weeks previously.
Full coverage: REUTERS
