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June 7th Financial News
Summary:
The RBA unexpectedly raises its benchmark interest rate by 25bps; the World Bank projects the world's economy will grow 2.1% in 2023; the Kakhovka dam in Kherson, Ukraine is damaged...
[Quick Facts]
1. The RBA unexpectedly raises its benchmark interest rate by 25bps.
2. The World Bank projects the world's economy will grow 2.1% in 2023.
3. Goldman Sachs lowers the probability of a U.S. recession and expects the terminal interest rates at 5.25%-5.5%.
4. The U.S. SEC asks to freeze the assets of Binance's U.S. subsidiary.
5. Kakhovka dam in Kherson, Ukraine has been damaged.
[News Details]
The RBA unexpectedly raises its benchmark interest rate by 25bps
The Reserve Bank of Australia unexpectedly raised its benchmark interest rate by 25 basis points to 4.10%, a new high since 2012. The market expected it would keep rates unchanged. In addition, the RBA reiterated the possible need to further tighten monetary policy, depending on the development of inflation and the economy. It showed determination to restore CPI to the target level and will take the necessary measures to do that.
The World Bank projects the world's economy will grow 2.1% in 2023
The World Bank raised its forecast for global growth in 2023 as the U.S. and other major economies are more resilient than expected. But the Bank said the drag on the economy from higher interest rates next year will be worse than expected. The real global GDP is set to grow 2.1% this year, the World Bank said in its latest Global Economic Prospects report. That's higher than the 1.7% forecast released in January, but well below the 3.1% growth rate in 2022.
Goldman Sachs lowers the probability of a U.S. recession and expects the terminal interest rates at 5.25%-5.5%
Goldman Sachs cut the probability of a U.S. recession in the next 12 months from 35% to 25% and said the Federal Reserve is "very likely" to raise interest rates by 25 basis points in July. Earlier, the pressure on the U.S. banking sector was reduced, and U.S. President Joe Biden signed a bill to suspend the U.S. government's debt ceiling, avoiding a possible default. Goldman Sachs said the new debt ceiling will only lead to "small spending" cuts, which should make the overall fiscal momentum "roughly neutral" over the next two years. The pressure on the banking sector will only reduce this year's real GDP growth by 0.4%. The bank now expects that the Fed's terminal rate will be around 5.25%-5.5%, similar to the expectations of Deutsche Bank, UBS, and other peers.
The U.S. SEC asks to freeze the assets of Binance's U.S. subsidiary
The U.S. Securities and Exchange Commission (SEC) filed an emergency motion in federal court in Washington, D.C., on the evening of June 6 ET, asking a judge to freeze the assets of Binance's U.S. subsidiary and require the company to return funds on its U.S. trading platform to customers. The SEC wanted the freeze order to apply only to Binance's two holding companies in the U.S., while other international exchanges that are not regulated by the U.S. are not affected by the order.
Kakhovka dam in Kherson, Ukraine has been damaged
Kakhovka dam in Kherson, eastern Ukraine, was damaged on Tuesday, and parts of the area are being flooded. A state of emergency has been declared in the city of Nova Kakhovka due to the dam explosion. Both Russia and Ukraine accused each other of committing the dam destruction, increasing tensions in the region.
[Focus of the Day]
UTC+8 09:30 Australia GDP YoY (SA) (Q1)
UTC+8 10:00 China Trade Balance (May)
UTC+8 13:45 Switzerland Unemployment Rate (SA) (May)
UTC+8 14:00 Germany Industrial Output MoM (SA) (Apr)
UTC+8 14:00 U.K. Halifax House Price Index MoM (SA) (May)
UTC+8 14:45 France Trade Balance (SA) (Apr)
UTC+8 15:00 The OECD released its economic outlook report
UTC+8 20:30 U.S. Trade Balance (Apr)
UTC+8 22:00 The Bank of Canada announces its interest rate decision
UTC+8 22:30 U.S. EIA Crude Stocks for the Week Ended June 2
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