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EMERGING MARKETS: Global News: December 19

EMERGING MARKETS
BulletEM BulletEmerging Market News
  • JAPAN (MNI) – The BoJ Board decided 8-to-1 to keep the unsecured overnight call loan rate at 0.25% on Thursday, increasing chances of a January hike after ascertaining wage data and the outlook for the US economy. Naoki Tamura, former bank executive, proposed to hike the rate to 0.50%, citing the increasing upside risk to prices, but his proposal was defeated by a majority vote.
  • SWEDEN (MNI) - The Riksbank cut the policy rate by 25bp to 2.5% at its December meeting and said that if the economic outlook remained unchanged it may cut again during the first half of 2025. The Riksbank Executive Board's guidance, leaving the timing of the H1 cut open, was unchanged and analysts had fully anticipated the 25bp cut. The central bank highlighted its concerns over the weakness of the economic recovery with inflation having stabilised around target.
  • NORWAY (MNI) – Norges Bank left its policy rate on hold at 4.5%, a move ensuring the bank's policy rate was unchanged throughout 2024. The central bank has stayed out of step with its peers and is yet to start the easing cycle, but the first cut is coming closer. The policy committee saying that the policy rate was most likely to be lowered in March next year.
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  • JAPAN (MNI) – The BoJ Board decided 8-to-1 to keep the unsecured overnight call loan rate at 0.25% on Thursday, increasing chances of a January hike after ascertaining wage data and the outlook for the US economy. Naoki Tamura, former bank executive, proposed to hike the rate to 0.50%, citing the increasing upside risk to prices, but his proposal was defeated by a majority vote.
  • SWEDEN (MNI) - The Riksbank cut the policy rate by 25bp to 2.5% at its December meeting and said that if the economic outlook remained unchanged it may cut again during the first half of 2025. The Riksbank Executive Board's guidance, leaving the timing of the H1 cut open, was unchanged and analysts had fully anticipated the 25bp cut. The central bank highlighted its concerns over the weakness of the economic recovery with inflation having stabilised around target.
  • NORWAY (MNI) – Norges Bank left its policy rate on hold at 4.5%, a move ensuring the bank's policy rate was unchanged throughout 2024. The central bank has stayed out of step with its peers and is yet to start the easing cycle, but the first cut is coming closer. The policy committee saying that the policy rate was most likely to be lowered in March next year.