JAKARTA (Reuters) – Indonesia's foreign exchange reserves fell by $1.4 bln last month to $130.8 bln due to payments of foreign debt and the central bank's effort to stabilise the rupiah currency, Bank Indonesia (BI) said on Friday.
BI said in a statement said the reserves were "affected by…the need for rupiah stabilisation amid global financial market uncertainty."
The reserve level was equal to imports for 5.9 months, above an international standard of 3 months of imports, and was adequate to maintain Indonesia’s external and financial system stability, BI said.
The central bank previously said its strategy to defend excessive falls in the rupiah by focusing on intervention in the domestic nondeliverable forward market would limits the use of FX reserves.
(Reporting by Stefanno Sulaiman; Editing by Ed Davies)
Leaders of European Union countries will debate whether and how to cap gas prices on Friday, after member states increased the pressure on Brussels to limit fuel costs. European Commission President Ursula von der Leyen on Wednesday suggested gas price cap options for the EU leaders to discuss, after France, Italy, Poland and 12 other countries urged Brussels to propose an EU-wide gas price cap as a way to contain inflation. Other countries are opposed – among them Germany, Europe's biggest gas buyer, and the Netherlands – and say capping prices could cause demand for gas to rise, or leave countries struggling to attract supply from global markets.
U.S. job growth slowed moderately in September while the unemployment rate dropped to 3.5%, pointing to a tight labor market which keeps the Federal Reserve on its aggressive monetary policy tightening campaign for a while. Though the decline in the jobless rate from 3.7% in August was partly because of people leaving the workforce, fewer Americans worked part-time for economic reasons last month, the Labor Department's closely watched employment report showed on Friday. The labor market continues to show resilience despite the Fed's stiff interest rate hikes, which are slowing demand.
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Everyone knows that you should buy low and sell high if you want to turn a profit in the markets. The trick is finding the bottom, to know when to buy. Jim Cramer, the well-known host of CNBC’s ‘Mad Money’ program, sees the market bottom hitting in the next couple of weeks, making the end of October the right time for investors to buy in. Referring to some recent predictions by market technician Larry Williams, Cramer says, “The bear market is more or less… toast and, even if the current rally s
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(Bloomberg) — The conventional wisdom with stock bulls is that prices will take off when the Federal Reserve wins its fight against inflation. But the end of surging consumer costs could unleash another round of bad news.A small chorus of researchers has for months warned of a potential hazard to earnings should the campaign to tamp down inflation succeed. Specifically, the squeeze on margins that could occur should an indicator known as corporate operating leverage suffer in an environment whe
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A market rally attempt is reeling as the indexes plunged on Friday's jobs report. Tesla, AMD and On Semi sold off.
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In Musk v. Twitter, a part of the business life of the richest man in the world is revealed. Private messages exchanged with his inner circle immerse us into his process when he conceives an idea. The messages were released by the Delaware Chancery Court as part of the proceedings between the two parties.
The right answer likely hinges on whether or not the Federal Reserve follows through with plans to raise its benchmark interest rate to 4.5% or higher, as market-based indicators and the Fed’s latest batch of projections anticipate. Global markets are on edge about the possibility of an emerging-markets crisis resulting from higher interest rates and a U.S. dollar at a 20 year high, or a slump in the housing market due to rising mortgage rates, or the collapse of a financial institution due to the worst bond market chaos in a generation. Fears that the Fed could cause something in the global economy or financial system to “break” have inspired some to question whether the Fed can successfully whip inflation by hiking interest rates by the most aggressive pace in decades without causing collateral damage.
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