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Japan’s Oct factory activity growth picks up – PMI

TOKYO (Reuters) – Japan’s factory activity expanded at the fastest pace in six months in October, an encouraging sign for the world’s third-largest economy as it navigates the challenges posed by persistent global raw material and chips shortages.

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Japan's Oct factory activity growth picks up - PMI
© Reuters. FILE PHOTO: Nissan Motor Co., Ltd’s Universal Powertrain Mounting System with a two-layer pallet structure, compatible with EV, e-POWER (HV) and gasoline vehicles is pictured in Kawachi-gun, in Tochigi prefecture, Japan October 8, 2021. REUTERS/Maki Shira

TOKYO (Reuters) – Japan’s factory activity expanded at the fastest pace in six months in October, an encouraging sign for the world’s third-largest economy as it navigates the challenges posed by persistent global raw material and chips shortages.

Manufacturers said the material shortages and delivery disruptions continued to affect their operations, resulting in the sharpest jump of input prices in more than 13 years, a private-sector survey showed.

The final au Jibun Bank Japan Manufacturing Purchasing Managers’ Index (PMI) in October rose to 53.2 on a seasonally adjusted basis from 51.5 in the previous month, expanding for the ninth consecutive month.

The headline figure, which was slightly better than a 53.0 flash reading, was helped by a return to growth in output and overall orders, though their rate of expansion was modest and supply problems remained a drag.

“Manufacturers continued to note concern regarding significant supply chain disruption which dampened output and demand,” said Usamah Bhatti, economist at IHS Markit, which compiled the survey.

“Material shortages and delivery delays induced sharp rises in input prices… This contributed to higher charges for clients in attempts to cover margins, with factory gate inflation quickening to a 13-year high.”

Data last week Japan’s factory output shrank for the third straight month in September as the auto sector was hit by a persistent global supply shortage, raising the risk of an economic contraction in the third quarter and throwing the recovery into doubt showed Japan’s factory output shrank for the third straight month in September as the auto sector was hit by the global supply shortage, raising the risk of an economic contraction in the third quarter and throwing the recovery into doubt.

On the brighter side for consumption, the PMI survey’s the headline figure for consumer goods rose to its highest since May 2019, HIS Markit said, as firms were helped by the waning impact of the coronavirus pandemic at home.

Manufacturers also remained optimistic regarding the outlook for production for the 12 months ahead, suggesting firms had high hopes of better conditions.

The overall level of positive sentiment came in at its highest since the data was first collected in July 2012.

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Economy

RCB Bank Cyprus latest news: Bank will stop providing banking services to its clients from October 8

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rcb bank cyprus latest news

RCB Bank Cyprus latest news: As of October 8, the bank will cease to provide banking services to its customers. The bank has warned its customers that within two months it will close their accounts. The last day of banking services – October 7, 2022.

In March, RCB Bank, which had close ties with clients from Russia, said it would give up its banking license and transform itself into a management company. In an agreement with the ECB, it stopped attracting new clients.

RCB Bank news today

The bank was planning to negotiate with clients whose liabilities mature after June 2022 about the terms of early repayment with payment of the full amount of the deposit and interest for the period during which the amount was held by the bank.

After all liabilities were fully repaid, RCB planned to transform itself into an asset management company, which would continue to manage the remaining loan portfolio and specialize in providing other services.

At the end of 2020, it had €2.75 billion in deposits, of which €769 million came from retail customers. The Cypriot bank had a combined loan portfolio of 3.5 billion euros. The bank indicated in reports that the most part of the credits were given to organizations which work in Russia and CIS countries.

RCB said in June that it had sold a portfolio of corporate loans worth €356 million to Hellenic Bank. The sale of the loan portfolio will strengthen RCB Bank’s capital and liquidity reserves and create additional reserves that will enable the bank to meet its obligations to all of its clients in full. It was expected that the bank would get more than 500 million euros from the deal.

Earlier we reported that Markets get restless ahead of weekend.

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Economy

Stainless steel market news: EC to impose five-year duties on stainless steel from Russia and Turkey

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stainless steel market

Stainless steel market news: The European Commission, after completing an anti-dumping investigation that covered the period from January 1 to December 31, 2020, decided to impose duties on the supply of corrosion-resistant steel from Russia and Turkey, says the materials EC. 

How will the situation affect steel market prices? 

The investigation was carried out at the request of the European Association of the Steel Industry (Eurofer). The subject of the investigation was rolled steel with galvanized, magnesium, and aluminum coatings. Transformers and high-speed steel were not included in the investigation.

The anti-dumping duty on steel from Magnitogorsk Iron and Steel Works is 36.6%; from Novolipetsk Steel – 10.3%; from Severstal – 31.3% and from all other mills – 37.4%.

For the Turkish asset MMK (MMK Metalurji) the duty is 10.5%; for other Turkish steel producers – from 2.4% to 11%.

Imports of corrosion-resistant steel from Russia and Turkey increased more than fivefold – from 196,643 tons in 2017 to more than 1 million tons during the investigation period; the share of such metal from these countries increased from 2.2% to 13.1%. At the same time, the EC draws attention to the materials to implement supplies at prices below the average market prices in the EU.

The European Commission recalls that the sanctions imposed against Russia affect the supply of steel products in the region or directly to companies producing and exporting metal during the investigation, and since mid-March a complete ban on the supply of stainless steel to the EU was introduced.

Earlier we reported that Germany’s economic outlook for the second half of the year has deteriorated significantly.

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Economy

German Ministry of Economics news: Economic outlook for the second half of the year significantly worsened

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German Ministry of Economics

German Ministry of Economics news: The ministry said in its monthly report published this Friday that the economy is facing a “considerably worsened outlook” in the second half of the year due to shrinking gas supplies, rising energy prices, supply chain problems, and general uncertainty.

Despite the gloomy economic outlook, Germany’s 10-year bond yield, the benchmark for the eurozone, rose above 1% for the first time since July 28.

Meanwhile, money markets continue to price in a 100% chance of a 50bp rate hike in September.

Now, EUR/USD is trading at 1.0296, down 0.19% for the day.

Earlier we reported that Chip makers fear worst recession in a decade.

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