Argentina Doubles China Currency Swap Access to $10 Bln
Argentina has signed a deal to renew its currency swap line with China and double the amount it can access to near $10 billion, the South American country's central bank said in a statement on Friday, a boost to its dwindling foreign currency reserves.
Signs of De-dollarisation Emerging, Wall Street Giant JPMorgan Says
Signs of de-dollarisation are unfolding in the global economy, strategists at the biggest U.S. bank JPMorgan said on Monday, although the currency should maintain its long-held dominance for the foreseeable future.
The Fraying of the Liberal International Order
The BRICS grouping of emerging market economies (Brazil, Russia, India, China, South Africa) now accounts for a larger share of the world’s economic output in PPP dollars than the G7 group of industrialised countries (Canada, France, Germany, Italy, Japan, UK, USA). Their respective shares of global output have fallen and risen between 1982 and 2022 from 50.4 percent and 10.7 percent, to 30.7 percent and 31.5 percent. No wonder another dozen countries are eager to join the BRICS, prompting Alec Russell to proclaim recently in The Financial Times: “This is the hour of the global south.”
A Multipolar World Is Emerging
A new world order is evidently well underway with BRICS and Shanghai Cooperation Organization (SCO) nations offering ample alternatives to the hegemonic Collective West.
Morgan Stanley Expects a Shock 16% US Profit Drop to Kill Rally
Morgan Stanley strategists anticipate a sudden pullback in corporate earnings will slam the brakes on a US equity rally, a call at odds with Wall Street estimates.