world economic news

World Economic News – Tuesday 06/09/2022



The Reserve Bank of Australia raised the cash rate by 50bps to 2.35% on Tuesday, as expected. The move followed a 50-bps hike each in the prior three months and a 25-bps rise in May, bringing the cash rate to a level not seen since January 2015.


Russian payment system Mir, an analog to Visa and Master Card, to be adopted by China, Southeast Asia, Middle East and Latin America, the country’s Deputy Prime Minister Dmitry Chernyshenko told RIA Novosti on Tuesday during an annual Eastern Economic Forum.


The annual inflation rate in Turkey rose for the 15th consecutive month to 80.2% in August of 2022, in line with market expectations and compared to 20 percent from the corresponding period of the previous year. It was the highest rate since September of 1998, figures from the Turkish Statistical Institute showed.


The services Purchasing Managers’ Index rose to 57.2 in August from 55.5 July, led by strong rises in new orders, output and employment, survey results from S&P Global showed. A score above 50 indicates expansion in the sector.


Seasonally and price-adjusted new factory orders in Germany decreased by 1.1% in July compared to the previous month. On an annual basis, calendar-adjusted new factory orders tumbled 13.6%, the country’s Federal Statistical Office Destatis said in a report published on Tuesday.