What do you see in Asia today
Events: Bank Negara Malaysia kicks off the two-day Monetary Policy Committee meeting. The Central Bank of Kazakhstan announces its decision on the interest rate. Foreign Minister of Uzbekistan Bakhtiar Saidov arrived in Azerbaijan.
economic data: In China, Caixin released the June Services PMI as well as the Composite Index. The monthly services PMI is released in Australia, as are the AIG construction and manufacturing indices for June, the ANZ commodity price index and the latest retail sales data. Japan publishes services PMI for June while Hong Kong releases manufacturing PMI. The Nikkei India Services Index was announced. Singapore also releases retail sales figures for the month of May.
Markets: Futures fell in Hong Kong and Tokyo on Wednesday. European stocks rose the previous day while US markets were closed.
Zelensky claims that Russia has mined a nuclear plant
Ukrainian President Volodymyr Zelensky warned on Tuesday that Russia may be preparing to launch an attack on the Zaporizhia nuclear power plant, the largest facility of its kind in Europe.
“The Russian military placed explosive-like objects on the roof of several power units at the Zaporizhia Nuclear Power Plant,” he said, citing Ukrainian intelligence agencies. “Maybe to simulate an attack on the factory. Maybe they have another scenario.”
Russian forces have controlled the factory since the early days of the invasion last year. Rockets and mortar bombs landed near the factory and gun battles broke out around it.
A judge limits US officials’ connections to social media groups
A US judge has barred federal government officials from contacting social media companies about removing certain communications from their platforms, in a politically charged case that addresses tensions between freedom of expression and efforts to curb misinformation online.
Judge Terry Doty, in the Western District of Louisiana, on Tuesday issued a preliminary injunction banning agencies such as the US Department of Justice and the FBI as well as officials including senior White House staff from meeting with social media companies to urge them to remove or reduce content “that contains protected freedom of speech” from their platforms.
Read more about the injunction here.
The Bank of England is considering forcing foreign banks to replace branches with their own
Tourists gather outside the Bank of England. The central bank may force foreign banks to set up subsidiaries with their own capital and liquidity. © Hollie Adams / Bloomberg
People familiar with the situation said the Bank of England is looking into controversial plans to force more international banks to set up subsidiaries in the UK.
The move could lower the thresholds that require foreign banks doing business in the country to set up subsidiaries with their own capital and liquidity. People said the Bank of England is considering this as part of a review of the Silicon Valley bank meltdown.
Subsidiaries – such as the existing SVB – enable local regulators to take control of failing banks rather than leaving their fate to the discretion of their parent supervisors.
Read more about the Bank of England’s plans here.
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