China’s exports to the rest of the world shrank unexpectedly in October, a sign that global trade is in sharp retreat as consumers and businesses cut back spending in response to central banks’ aggressive moves to tame inflation, the Wall Street Journal reported. The slide in exports from the world’s factory floor adds to the gloom surrounding the global economy as leaders from the Group of 20 advanced and developing countries prepare to gather in Indonesia next week. A buoyant U.S.

China's exports and imports unexpectedly contracted in October, the first simultaneous slump since May 2020, as surging inflation and rising interest rates hammered global demand while new COVID-19 curbs at home disrupted output and consumption, Reuters reported. Outbound shipments in October shrank 0.3% from a year earlier, a sharp turnaround from a 5.7% gain in September, official data showed on Monday, and well below analysts' expectations for a 4.3% increase. It was the worst performance since May 2020.

Turkey should tighten monetary policy and give its central bank more independence, a mission from the International Monetary Fund (IMF) said on Friday, Reuters reported. "To address (Turkey's) challenges, the mission recommended early policy rate hikes accompanied by moves to strengthen the central bank's independence," said the IMF in a press release. "Such moves would help reduce inflation more durably and allow reserve buffers to be rebuilt over time." Forex reserves have dropped sharply in recent years due to market interventions and in the wake of a currency crisis in December.

A mansion belonging to embattled China Evergrande Group's chairman in Hong Kong's prestigious The Peak residential enclave has been seized by lender China Construction Bank (Asia), records from the Land Registry show, Reuters reported. The bank appointed receivers to take over the 5,000 sq ft (465 sq m) mansion on Nov. 1, according to a filing.

Debt-laden property developer China Evergrande Group said on Tuesday its unit received a notice of enforcement for unrecoverable funds from Shengjing Bank Co Ltd, Reuters reported. The bank said it failed to recover funds totalling 32.595 billion yuan ($4.48 billion), which was provided to the unit from 2020 to 2021, according to Evergrande. In early September, state-owned companies of the Chinese northestern city of Shenyang bought Evergrande's shareholding in Shengjing Bank in an auction for 7.3 billion yuan.

A bankruptcy court in Mumbai has admitted listed infrastructure firm Valecha Engineering under the Corporate Insolvency Resolution Process (CIRP) and has appointed Anurag Kumar Sinha as the interim resolution professional of the company, the Economic Times of India reported. The State Bank of India (SBI) had filed an application in the Mumbai bench of the National Company Law Tribunal (NCLT) after the company failed to repay its dues exceeding Rs 347 crore.

South Korea’s five major financial holding companies pledged a total of 95 trillion won ($67 billion) by the end of this year to help stabilize the credit market, responding to a request of the regulator, Bloomberg News reported. The heads of KB Financial Group Inc., Hana Financial Group Inc., Shinhan Financial Group Co., Woori Financial Group Inc. and NongHyup Financial Group Inc. made the commitment when they met with Financial Services Commission Chairman Kim Joo-hyun, the regulator said in a statement on Tuesday.

China's property market continued its slump in October, with private data showing home prices and sales falling, suggesting lacklustre sentiment and a bleak outlook amid strict COVID curbs that have rattled consumer confidence, Reuters reported. China's property sector, once a pillar of growth, has slowed sharply in the past year as a result of a government clampdown on excessive borrowing by developers, and a COVID-19-induced economic slump.

The Reserve Bank of India's central bank-backed digital rupee was used to settle secondary market transactions in Indian government bonds worth 2.75 billion Indian rupees ($33.29 million) as part of a pilot, data on Tuesday showed, Reuters reported. Trades in a total of three securities –– five-year 7.38% 2027 former benchmark 6.54% 2032 and the current benchmark 7.26% 2032 bonds –– were settled under the new route, data as of 4 p.m. IST (1030 GMT) showed. "Since this was the first day, some deals only in liquid bonds were settled using CBDC," a trader with a state-run bank said.