Headlines

The French government unveiled a budget for next year that aims to deliver a €60.6 billion ($66.2 billion) remedy for its creaking public finances and rebuild investor confidence even as it risks eviction by a hostile parliament, Bloomberg News reported. Spending cuts will account for just over two thirds of what Finance Minister Antoine Armand called an unheard-of fiscal effort, with the rest coming from higher taxes on businesses, the wealthy and energy.

The Chinese government’s flurry of stimulus measures has upended the country’s stock markets. It has also brought potential home buyers back into the marketplace, raising hopes that official attempts at boosting confidence can rekindle a sector critical to any lasting rebound, the Wall Street Journal reported. Home viewings and sales of new and previously owned homes jumped in China’s biggest cities during the recently concluded weeklong National Day holiday, state media reported, while rising more modestly in lower-income cities.

China’s exports slowed sharply in September as global demand weakened, adding to worries over how to recharge growth in the world’s second-largest economy, the Associated Press reported. Exports rose 2.4% in dollar terms from a year earlier last month, down from 8.7% year-on-year growth in August, the Chinese customs office reported Monday. Imports rose just 0.3% in September. China recorded a trade surplus of $81.7 billion in September, down from $91 billion in August. China’s leaders have been struggling to rev up the economy since the COVID-19 pandemic ended. The U.S.

The South Korean Financial Services Commission (FSC) is set to probe Upbit, a prominent cryptocurrency exchange, for alleged anti-monopoly crimes. The investigation began when legislators expressed worries about Upbit's market dominance and ties with online bank K-Bank, TheStreet.com reported. During a parliamentary audit, MP Lee Kang-il emphasized Upbit's considerable market share and K-Bank deposits' impact. Upbit controls more than half of the South Korean cryptocurrency market, with a 24-hour trading volume topping $1.18B.

The Bank of Canada’s business and consumer surveys showed inflation expectations normalizing and few firms planning to hire or invest in the face of weak demand, Bloomberg News reported. The central bank’s business outlook indicator rose slightly to minus 2.3 in the third quarter, from minus 2.9 previously. Firms’ outlook for future sales also improved as fewer saw their orders, advanced bookings and sales inquiries decrease.

The U.S. Treasury's top economic diplomat on Friday called on the International Monetary Fund and multilateral development banks to work on new ways to provide short-term liquidity support to low- and middle-income countries to head off debt crises, Reuters reported. Jay Shambaugh, the Treasury's undersecretary for international finance, told an Atlantic Council event that the Treasury was working with these institutions "to find a better path" for countries with high but sustainable debts that face liquidity pressures. Shambaugh, who oversees the dominant U.S.

Zimbabwe sought to assure citizens that its gold-backed currency would not suffer another steep devaluation and steps were being taken to assure its defence, Bloomberg News reported. “It was a once-off,” Reserve Bank of Zimbabwe Governor John Mushayavanhu told the state-owned Zimbabwe Broadcasting Corporation in an interview posted on X. “We expect things to stabilize going forward and should start to see prices fall.” The ZiG — short for Zimbabwe Gold – was devalued by 43% on Sept. 27 to 24.4 per dollar after a wide gap emerged between the official and unofficial exchange rate.

Credit stress among European industrial companies rose during the third quarter to the most since the depths of the pandemic as weaker demand and investment pressures weigh on the sector, Bloomberg News reported. Those companies are facing the highest level of distress since September 2020, according to the Weil European Distress Index, which tracks financial market conditions and company performance. Manufacturing powerhouse Germany remained the country experiencing the most distress among the continent’s major economies, the study by law firm Weil, Gotshal & Manges also said.

A recent study from Intrum indicates that while the number of businesses experiencing payment delays has slightly decreased compared to last year, the wave of bankruptcies is expected to persist through the fall. The accommodation and food service sectors remain among the hardest hit, but public administration, defense, and mining industries have seen the steepest rise in payment delays. Regionally, the highest concentration of businesses facing financial difficulties is in Northern Savonia and North Karelia.

Holders of billions of dollars in Venezuelan bonds and notes have emerged as last-minute protagonists in a U.S. court case set to decide the ownership of oil refiner Citgo Petroleum, threatening to derail an auction to compensate more than a dozen companies for unpaid debts and expropriations by the country, Reuters reported. At least two groups of holders have resorted to other U.S. courts to enforce their claims, pursuing the same Citgo assets that industrial conglomerates, mining and oil firms have been pursuing for years.