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US allies to impose sanctions amid emergency talks 

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Russian President Vladimir Putin has ordered troops into eastern Ukraine’s two breakaway regions, with fears a full-scale war could begin at any time

Under decrees, Putin says troops will perform so-called “peacekeeping functions” in the rebel areas.

It’s unclear exactly what this will involve at this stage.

The UN Security Council is set to hold an emergency meeting on the Russia-Ukraine crisis

US President Biden has just wrapped up a phone call with his Ukrainian counterpart, Zelenskyy.

During the call, Biden reaffirmed the United States’ commitment to Ukraine’s sovereignty and territorial integrity.

Biden has condemned Putin’s decision to recognise the independence of two breakaway regions in the east.

Journalist Ben Arvis, says that the crisis is beginning to dangerously escalate.

“This crisis is now starting to reach the scale of the Cuban Missile Crisis,” he says.

The United States is standing ready to enact sanctions and respond decisively to Russia’s actions if required in lockstep with its Allies.

The White House says it is ready to order fresh sanctions against two separatist Ukraine regions, following Putin’s decision to formally recognise the areas.

This comes as the United Nations addresses the crisis, noting Russia is violating Ukraine’s sovereignty.

US, EU and UK to impose sanction

It’s also been confirmed the European Union and the United Kingdom will move to impose coordinated sanctions against Russia following Moscow’s deployment of troops to eastern Ukraine’s breakaway regions.

It’s expected these sanctions will be economic and financial in nature, essentially cutting Russia off from international financial markets.

The Donetsk and Luhansk have long been contested by Ukraine and Russian-backed Rebels.

World leaders react

Biden, Macron and Scholz say Putin’s recognition of the independence of breakaway regions ‘will not go unanswered’.

US Pentagon Press Secretary John Kirby warns if a war does occur, the result will be nothing short of devastating.

The West has been preparing for a Russian invasion of Ukraine for days and while war does seem imminent, the US says it will continue to push for diplomacy.

Concerns with Nord Stream 2

While the diplomatic path is narrowing, a lot of focus is now turning to the $11 billion gas pipeline that is set to run between Russia and Germany.

The Nord Stream 2 is of huge significance because it would make Europe heavily reliant on Russia’s energy supplies.

However, threatening the future of the pipeline could be an important political bargaining chip to deter Putin from invading Ukraine.

Also contributed by Savannah Pocock

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Powell warns against further December interest rate cuts

Powell warns against assumptions of further rate cuts, highlighting divisions within the Fed amid ongoing economic uncertainties

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Powell warns against assumptions of further rate cuts, highlighting divisions within the Fed amid ongoing economic uncertainties

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In Short:
– Jerome Powell stated further interest rate cuts are uncertain after recent decreases, aiming to manage market expectations.
– The Fed ended its balance sheet reduction due to lending market disruptions and mixed views on future rate cuts among officials.

Federal Reserve chairman Jerome Powell indicated that further interest rate cuts are not guaranteed following the recent decrease. In a press conference, he stated that a further reduction in December is “far from” certain. His comments aimed to temper market expectations, where the likelihood of another cut was previously estimated at over 90 per cent.In response to Powell’s remarks, yields on the two-year treasury rose, and traders adjusted their expectations, now estimating a 60 per cent chance of a December reduction. Recently, the Federal Open Market Committee voted 10-2 to lower the federal funds rate target range to 3.75-4 per cent, in response to concerns about the labour market.

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The Fed has also announced an end to its balance sheet reduction efforts due to disruptions in short-term lending markets. Since 2022, the bank has reduced its asset holdings by over $US2 trillion following aggressive purchases aimed at stabilising the economy after the pandemic.

Policy Divisions

Recent post-meeting statements highlighted mixed views among Fed officials about the pace of future rate cuts. Powell remarked that uncertainty surrounding economic conditions necessitates a cautious approach. Ongoing government shutdowns have limited policymakers’ access to crucial economic data, complicating decision-making.

Recent labour market developments show slowed job gains, raising concerns about employment. The Fed is also cautious about reducing rates too quickly due to inflation remaining above their 2 per cent target, reflecting a complex economic landscape. Policymakers have struggled with decisions amid data limitations from the government shutdown, impacting their assessments of inflation and economic indicators.


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Trump finalises trade deal with South Korea at summit

Trump and South Korea finalise trade deal as he prepares for vital summit with Xi Jinping in Busan

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Trump and South Korea finalise trade deal as he prepares for vital summit with Xi Jinping in Busan

<iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/GB4FDyAt_a4?si=lN5bO3Upkyr75zAa” title=”YouTube video player” frameborder=”0″ allow=”accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share” referrerpolicy=”strict-origin-when-cross-origin” allowfullscreen></iframe>
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In Short:
– Trump and South Korea’s Lee finalised a trade deal requiring $350 billion in U.S. investments.
– Trump anticipates favourable talks with China to reduce tariffs and improve relations.

Donald Trump and South Korean President Lee Jae Myung finalised a contentious trade deal at a summit in South Korea on Wednesday. The U.S. President expressed optimism about an upcoming summit with China’s Xi Jinping.The agreement, unveiled in late July, stipulated that South Korea would make $350 billion in new investments in the U.S. to avoid significant tariffs on imports. However, negotiations on the investment structure had stalled.

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Trump and Lee reached a compromise allowing Seoul to divide its $350 billion investment into $200 billion in cash, paid in $20 billion instalments. The remaining $150 billion will be allocated to shipbuilding investments.

Upon arrival from Tokyo, following a North Korea missile test, President Trump received an extravagant welcome in the historic city of Gyeongju, the venue for this year’s Asia-Pacific Economic Cooperation forum.

His discussions with Xi are scheduled for Thursday in Busan. Trump downplayed the North Korea missile test and focused on his meeting with Xi, the leader of the world’s second-largest economy.

“I think we’re going to have a very good outcome for our country and for the world,” Trump stated. He anticipates reducing U.S. tariffs on Chinese imports in exchange for China agreeing to control the export of fentanyl precursor chemicals. The Wall Street Journal reported that tariffs could be halved from the current 20%.

China’s foreign ministry indicated that the upcoming meeting would foster positive developments in U.S.-China relations.

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December rate cut all but locked in

Australia’s economy struggles; rate cut impending but signals deeper issues, not recovery. #RBA #InterestRates #FinanceNews

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Australia’s economy struggles; rate cut impending but signals deeper issues, not recovery. #RBA #InterestRates #FinanceNews


Australia’s economy is losing steam, with weak consumer confidence, falling job ads, and a struggling construction sector, a December rate cut now seems inevitable. But it won’t be a win, it’ll be a warning.

#RBA #InterestRates #AustraliaEconomy #Inflation #Growth #Recession #FinanceNews #CPI #Economy #RateCut


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