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EMERGING MARKETS: Global news: October 02

EMERGING MARKETS
BulletEM BulletEmerging Market News
  • MIDEAST (MNI) – The volley of rockets from Iran to Israel hurt risk appetite in Tuesday trade, but markets have adopted the view that broader risk remains regionally contained - albeit with the still-elevated oil price. Israel's ground incursion and air strikes in Lebanon continue this morning, as do Hezbollah rocket launches into Israel. However, regional and international focus will remain squarely on the actions of Israel with regard to Iran.
  • JAPAN – New Prime Minister Shigeru Ishiba doesn’t unconditionally support the raising of interest rates, one of his closest allies said, underscoring the view that the new cabinet is unlikely to want the BoJ to rush into further rate hikes. “It’s not necessarily accurate to say Prime Minister Ishiba is pro-rate hikes,” Ryosei Akazawa, the minister for economic revitalization in Ishiba’s new cabinet, told reporters in Tokyo on Wednesday. “There are various conditions that need to be met for a hike. The top priority is overcoming deflation.”
  • OIL – The Saudi oil minister has said that prices could drop to as low as $50 per barrel if so-called cheaters within OPEC+ don’t stick to agreed-upon production limits, according to delegates in the cartel. The statements were interpreted by other producers as a veiled threat from the kingdom that it is willing to launch a price war to keep its market share if other countries don’t abide by the group’s agreements, they said.
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  • MIDEAST (MNI) – The volley of rockets from Iran to Israel hurt risk appetite in Tuesday trade, but markets have adopted the view that broader risk remains regionally contained - albeit with the still-elevated oil price. Israel's ground incursion and air strikes in Lebanon continue this morning, as do Hezbollah rocket launches into Israel. However, regional and international focus will remain squarely on the actions of Israel with regard to Iran.
  • JAPAN – New Prime Minister Shigeru Ishiba doesn’t unconditionally support the raising of interest rates, one of his closest allies said, underscoring the view that the new cabinet is unlikely to want the BoJ to rush into further rate hikes. “It’s not necessarily accurate to say Prime Minister Ishiba is pro-rate hikes,” Ryosei Akazawa, the minister for economic revitalization in Ishiba’s new cabinet, told reporters in Tokyo on Wednesday. “There are various conditions that need to be met for a hike. The top priority is overcoming deflation.”
  • OIL – The Saudi oil minister has said that prices could drop to as low as $50 per barrel if so-called cheaters within OPEC+ don’t stick to agreed-upon production limits, according to delegates in the cartel. The statements were interpreted by other producers as a veiled threat from the kingdom that it is willing to launch a price war to keep its market share if other countries don’t abide by the group’s agreements, they said.