Key business sentiment index plunged to -23.4, landing at the lowest reading since the financial crisis in 2009, according to a report published on Thursday by the Institute of Chartered Accountants in England and Wales (ICAEW). Per the data gathered, all regions and company types saw similar trends, however, UK-listed firms appeared to be less confident than non-UK listed companies.
The Korean central bank estimated the country’s economic growth at 2.6% in 2022, significantly lower compared to 2021’s increase of 4.1% but still slightly above market estimates.
The Central Bank of the Republic of Turkiye, or CBRT, said on Thursday that it will provide an incentive for the conversion of firms’ foreign exchange obtained from abroad into Turkish liras to support the “liraization” in commercial activities.
The Bank of Canada increased its target for the overnight rate by 25 basis points to 4.5 percent, in line with expectations. The bank noted that it is prepared to increase rates further if needed to return inflation to the 2% target and remains resolute in its commitment to restoring price stability for Canadians.
Producer prices in Japan were up 1.5% on year in December, the Bank of Japan said on Thursday – shy of expectations for an increase of 1.6 percent and slowing from 1.7 % in November. On a monthly basis, producer prices rose 0.1 percent, easing from 0.2 percent in the previous month.