Putin turns screws on Western businesses trying to exit Russia Business

Thanks for joining me. Western companies trying to exit Russia will effectively face capital controls that could mean they face long delays or losses on the sales of assets in the country.

Businesses will either have to agree for a sale price in roubles or be hit with long waits or losses on the amounts that can be transferred abroad, according to the Financial Times.

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What happened overnight 

Asian equities slid as disappointing activity data from China revived some worries over the world’s second-largest economy, while the yen weakened past 150 per dollar after the Bank of Japan tweaked its bond yield control policy.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.9pc lower, hovering close to the one-year low it touched last week. The index is down 4pc in October and on course for third straight month in the red.

The yen fell 0.8pc against the dollar to touch a session low of 150.25 after the central bank said the 1pc ceiling on benchmark 10-year yields would be an upper bound rather than a rigid cap. It maintained the 0pc target for the yield under its yield curve control (YCC) policy.

Japan’s benchmark Nikkei 225 reversed course and added 0.3pc in afternoon trading to 30,796.81. 

Australia’s S&P/ASX 200 gained 0.1pc to 6,780.70. South Korea’s Kospi lost 1.3pc to 2,280.48. Hong Kong’s Hang Seng shed 1pc to 17,059.78, while the Shanghai Composite declined 0.4pc to 3,008.37.

Wall Street stocks ended higher ahead of the Federal Reserve’s two-day monetary policy meeting and subsequent interest rate decision.

The S&P 500 rose 49.45 points or 1.2pc to close at 4,166.82, in the first trading session after the benchmark index dropped more than 10pc below its high point for the year.

The Dow Jones Industrial Average rose 511.37 or 1.6pc to 32,928.96 points. The tech-heavy Nasdaq Composite rose 146.47 or 1.2pc to 12,789.48.

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This notice was published: 2023-10-31 07:07:19

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