REUTERS WORLD NEWS: Rus Deadly Ukraine Attack, Hurricane Ian’s Destructive Path, Finland Closing Russian Border, More

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Reuters
The Reuters Daily Briefing

Friday, September 30, 2022

by Linda Noakes

Hello

Here’s what you need to know.

Ukraine’s advance challenges Putin’s grip on the Donbas region, Hurricane Ian veers toward the Carolinas, and euro zone inflation hits a record high of 10%

Today’s biggest stories

Russian President Vladimir Putin attends a meeting with members of the Security Council via a video link in Moscow, September 29, 2022

RUSSIA-UKRAINE WAR

An aerial view of damaged boats and buildings after Hurricane Ian caused widespread destruction in Fort Myers, Florida, September 29, 2022

U.S.

European Commissioner for Energy Kadri Simson speaks to the media as she attends a European Union energy ministers meeting in Brussels, September 30, 2022

BUSINESS & MARKETS

  • European Union countries agreed to impose emergency levies on energy firms’ windfall profits, and began talks on their next move to tackle Europe’s energy crunch – possibly a bloc-wide gas price cap. The energy crisis is siring a new European order: a strong Italy and ailing Germany.
  • Euro zone inflation zoomed past forecasts to hit 10.0% in September, a new record high that will reinforce expectations for another jumbo interest rate hike next month from the European Central Bank.
  • UK Prime Minister Liz Truss and her finance minister Kwasi Kwarteng met the head of Britain’s independent fiscal watchdog, whose analysis they previously spurned, in a bid to reassure markets after chaos triggered by planned tax cuts. The Bank of England is in murky waters with its qualified ‘whatever it takes’ intervention, says Reuters columnist Mike Dolan.
  • Japan’s government spent up to $19.7 billion intervening in the foreign exchange market last week to prop up the yen, Ministry of Finance data showed, draining nearly 15% of funds it has readily available for intervention.
  • The Reserve Bank of India raised its benchmark repo rate by 50 basis points, the fourth straight increase, as policymakers extended their battle to tame stubbornly high inflation and analysts said further tightening is on the cards.
  • Global M&A shrank for the third consecutive quarter as rising interest rates forced lenders to pull back from financing large deals and the soaring dollar failed to spur U.S. companies into snapping up foreign targets amid persisting geopolitical tensions.

 

 

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