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EMERGING MARKETS: Global news: October 04

EMERGING MARKETS
BulletEM BulletEmerging Market News
  • US (MNI) – In a somewhat unexpected development overnight, the International Longshoremen’s Association representing dockworkers along the eastern seaboard reached an agreement with port operators to end a three-day strike that, if extended, would risk a notable hit to the US economy. WSJ reports that according to people familiar with the matter the offer of a 62% increase in wages over six years was enough to clinch a deal.
  • EU / CHINA – The EU voted on Friday to impose tariffs as high as 45% on electric vehicles from China in a move set to increase trade tensions with Beijing, according to people familiar with the process. The European Commission can now proceed with implementing the duties, which would last for five years, the people said. A number of countries abstained in the ballot.
  • JAPAN (MNI) – Recent dovish remarks made by the Japanese Prime Minister will not impact the BoJ’s policy-rate strategy, with officials not ruling out a December hike should fundamental conditions hold, MNI understands. PM Ishiba said recently he doubted whether conditions warranted further interest-rate hikes, which saw the yen weaken to a one month low of JPY147, an about-face from comments made in August that supported policy normalisation.
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  • US (MNI) – In a somewhat unexpected development overnight, the International Longshoremen’s Association representing dockworkers along the eastern seaboard reached an agreement with port operators to end a three-day strike that, if extended, would risk a notable hit to the US economy. WSJ reports that according to people familiar with the matter the offer of a 62% increase in wages over six years was enough to clinch a deal.
  • EU / CHINA – The EU voted on Friday to impose tariffs as high as 45% on electric vehicles from China in a move set to increase trade tensions with Beijing, according to people familiar with the process. The European Commission can now proceed with implementing the duties, which would last for five years, the people said. A number of countries abstained in the ballot.
  • JAPAN (MNI) – Recent dovish remarks made by the Japanese Prime Minister will not impact the BoJ’s policy-rate strategy, with officials not ruling out a December hike should fundamental conditions hold, MNI understands. PM Ishiba said recently he doubted whether conditions warranted further interest-rate hikes, which saw the yen weaken to a one month low of JPY147, an about-face from comments made in August that supported policy normalisation.