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ExxonMobil is suing the EU over its oil and gas windfall tax
FT
ExxonMobil is suing the EU in a bid to force it to scrap the bloc's new windfall tax on oil groups, arguing Brussels exceeded its legal authority by imposing the levy.
The lawsuit is the most significant response yet against the tax from the oil industry, which has been targeted by western governments amid a surge in energy prices following Russia's invasion of Ukraine. The action threatens the viability of a levy the European Commission said would raise €25bn "to help bring down energy bills".
Vietnamese economy outperforms Asia with 2022 GDP growth over 8%
Bloomberg
Vietnam's economy grew at the fastest pace in Asia this year, signaling momentum just before risks from a global slowdown began to materialize. Gross domestic product rose 8.02% in the year to December, according to official data reported Thursday. That was faster than the government's initial target of 6%-6.5% growth and was aided by a quicker-than-expected 5.92% expansion in the final quarter.
USA and India among countries re-imposing covid test requirements for Chinese tourists
Bloomberg
China may be reopening, allowing its 1.4 billion people to come and go largely without restrictions, but just as it is, a slew of other countries are tightening measures for travelers from the world's second-biggest economy, concerned the tsunami of virus cases there may spawn new Covid variants.
In a complete and surprising reversal of its Covid Zero policy, China did away with almost all pandemic restrictions virtually overnight. That's seen the virus run wild and unchecked through its population, with almost 37 million people possibly having been infected on a single day last week.
Foreign investors bought smallest amount of Chinese stocks on record in 2022
Bloomberg
Foreigners bought the least amount of Chinese domestic shares this year after a selloff in the world's second-largest stock market amid stringent Covid curbs and a housing slump.
Overseas investors have purchased a net 87 billion yuan ($12.5 billion) of stocks in Shanghai and Shenzhen so far this year through trading links with Hong Kong. That's about a fifth of last year's total and the smallest amount since 2017, when Bloomberg started compiling annual data for both bourses.
Australia 10Y bond yields hit 3.98% on Weds as China opening risks boosting inflation
TEM
The yield on 10-year Australian debt rose about 15 basis points to 3.98% in early Asia trading Wednesday after a two-day holiday.
China will soon no longer subject inbound travellers to quarantine and has downgraded the management of Covid from its highest level. An end to self-imposed global isolation that battered the world's second-largest economy could help spur global economic growth and fuel price increases. That risks lessening the appeal of fixed income even after a year of historic losses.
Credit Suisse reckons crude oil will hit a US$60 floor
TEM
Brent crude oil prices, which have been on a decline for several months now, have not witnessed the end of the decline, according to strategists at Credit Suisse.
In a report on Wednesday (Dec 28), they said, "The market remains well below its 55-Day Moving Average and 200DMA at US$89.01 and US$100.67, and with medium-term momentum declining and global growth concerns looming, we think further weakness is likely to follow.
WHO policymaker says there are over 500 Covid-19 variants in circulation
TEM
American infectious disease epidemiologist and the World Health Organization's (WHO) Covid-19 technical lead Dr Maria Van Kerkhove said there are a lot of reasons for the Covid-19 surge being witnessed not just in China but also elsewhere.
In a brief video on her Twitter feed on Wednesday (Dec 28), she said that a lot of the restrictions around the world have been eased, and Omicron, the latest variant of concern, is the most transmissible variant seen so far.
Van Kerkhove said that including all the subvariants that are in circulation, more than 500 of them, there will continue to be surges of infections around the world.
Crypto accounts tied to disgraced FTX CEO withdraw cash days after his bail approval
TEM
Crypto wallets associated with now-bankrupt trading firm Alameda Research, the sister company of FTX, were seen transferring out funds just days after former FTX chief executive officer Sam Bankman-Fried was released on a US$250 million bond.
NASDAQ hits 2022 record low, adding weight to fears 2023 stocks will get worse
TEM
Wall Street's main indexes ended weaker on Wednesday, with the Nasdaq hitting a 2022 closing low, as investors grappled with mixed economic data, rising Covid cases in China, and geopolitical tensions heading into 2023.
[Editor's note: consider trading volumes were somewhat lower, exacerbating price action.]
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