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EMERGING MARKETS: Global news: September 26

EMERGING MARKETS
BulletEM BulletEmerging Market News
  • ISRAEL – There is a green light from Israel for a cease-fire for the purpose of conducting talks, Channel 12 news reports, citing an unnamed person in the Prime Minister’s office. Meanwhile, Hezbollah has shown flexibility with regards to a proposal for a cease-fire with Israel, according to Lebanon’s economy minister. The US, European and Arab countries are calling for a three-week truce between Israel and Hezbollah in a deal that could prevent an Israeli ground offensive of southern Lebanon and potentially help end the Israel-Hamas war in Gaza.
  • SNB (MNI) – The Swiss National Bank cut its policy rate by 25bp to 1.0% on Thursday, as anticipated, with the threshold-adjusted sight deposit rate cut to 0.5%. SNB policymakers also stressed their willingness to be active in the foreign exchange market as necessary. According to the policy statement, the rate cut reflected both the strength of the Swiss franc and the continued decline of inflationary pressures throughout the domestic economy.
  • OIL (MNI) – Oil has extended its sharp drop over prospects of more Libyan supply as factions within the country reached a compromise on appointing new leadership for the OPEC member’s central bank, the UN said, an initial step toward eventually resolving a crisis that’s slashed oil output.
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  • ISRAEL – There is a green light from Israel for a cease-fire for the purpose of conducting talks, Channel 12 news reports, citing an unnamed person in the Prime Minister’s office. Meanwhile, Hezbollah has shown flexibility with regards to a proposal for a cease-fire with Israel, according to Lebanon’s economy minister. The US, European and Arab countries are calling for a three-week truce between Israel and Hezbollah in a deal that could prevent an Israeli ground offensive of southern Lebanon and potentially help end the Israel-Hamas war in Gaza.
  • SNB (MNI) – The Swiss National Bank cut its policy rate by 25bp to 1.0% on Thursday, as anticipated, with the threshold-adjusted sight deposit rate cut to 0.5%. SNB policymakers also stressed their willingness to be active in the foreign exchange market as necessary. According to the policy statement, the rate cut reflected both the strength of the Swiss franc and the continued decline of inflationary pressures throughout the domestic economy.
  • OIL (MNI) – Oil has extended its sharp drop over prospects of more Libyan supply as factions within the country reached a compromise on appointing new leadership for the OPEC member’s central bank, the UN said, an initial step toward eventually resolving a crisis that’s slashed oil output.