សប្តាហ៍នេះធនាគារកណ្តាលបានធ្វើឱ្យទីផ្សារភ្ញាក់ផ្អើល

ល្ងាចដ៏ល្អ

Global stock markets today were on track for their worst week since the depths of the pandemic after central banks across the world took a hawkish shift in their battle against inflation.

នេះ ធនាគារអង់គ្លេស និង ធនាគារជាតិស្វ៊ីស both increased rates yesterday, following Wednesday’s announcement by the បំរុងសហព័ន្ធសហរដ្ឋអាមេរិក of a 0.75 percentage points rise, its biggest in decades.

The Fed decision and renewed fears of a global downturn have led investors to pull billions of dollars out of corporate bond funds in what has also been a bruising week for fund managers.

នេះ ធនាគារកណ្តាលអ៊ឺរ៉ុប meanwhile said it would speed up work on a new “anti-fragmentation instrument” to help address surging borrowing costs in the eurozone’s weaker economies. The news helped Italy’s debt rebound after a heavy-sell off.

ប្រទេស​ជប៉ុន remains an outlier. The country’s central bank today announced it would stick to its ultra-loose monetary policy and leave rates on hold, keeping bond yields at zero. The yen sank in response.

The Bank of Japan, unlike its counterparts in Europe and the US, believes the current surge in inflation is transitory. The BoE by contrast yesterday increased its forecast, suggesting CPI would top 11 per cent by the end of the year.

It has however been accused of “going soft” on its core mandate after adopting a less aggressive stance than the Fed. This reflects its view that the UK economy will barely grow at all in the next three years, says economics editor Chris Giles.

Traders meanwhile are braced for more volatility ahead.

“The more aggressive line by central banks adds to headwinds for both economic growth and equities,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “The risks of a recession are rising, while achieving a soft landing for the US economy appears increasingly challenging.”

ដំណឹងថ្មីបំផុត

For up-to-the-minute news updates, visit our កំណត់ហេតុបណ្ដាញការផ្សាយបន្តផ្ទាល់

Need to know: the economy

The second and final voting round in France’s parliamentary elections takes place on Sunday and will determine whether freshly re-elected ប្រធានាធិបតី Macron has the backing to continue with his reform agenda. Paris bureau chief Victor Mallet’s Big Read outlines how French politics has put personality ahead of party.

Latest for the UK and Europe

UK airlines will have to cancel hundreds of flights this summer after ទីក្រុង London Gatwick, the UK’s second-busiest airport, said it needed to limit operations because of staff shortages. Budget carrier easyJet is likely to suffer the most disruption. Rail strikes next week were labelled as an ‘incredible act of self-harm’ by transport minister Grant Shapps, risking thousands of job losses.

Almost half a million fewer people were in paid work in the UK in the first quarter of 2022 than before the pandemic struck, according to a ការសិក្សាថ្មី. The drop has been mainly due to older workers retiring early, and mostly as a lifestyle choice, rather than through redundancy or ill health.

សមុទ្រ​ខាងជើង oil and gas producers upped their protests against the UK’s new ពន្ធខ្យល់ on their profits, calling it “anti-investment” and “anti-business”. The US has urged European governments to ease the impact of their ban on insuring Russian oil cargoes to avoid driving up global crude prices.

នេះ វិស័យទឹកដោះគោ, worth £1.5bn a year to Northern Ireland, is set to be a big loser if the UK government goes ahead with plans to rip up Brexit trading rules. Proposals for a dual regulatory regime, where goods entering the region could be produced either to UK or to EU standards, could mean farmers suddenly saddled with unsellable products if guidelines diverged. Legal commentator David Allen Green in this video explains why the Northern Ireland Protocol Bill breaches international law.

The European Commission recommended អ៊ុយក្រែន for candidate status to join the EU. The decision must be endorsed by each of the 27 EU member states at a summit next Thursday and Friday.

Global latest

នេះ អង្គការពាណិជ្ជកម្មពិភពលោក agreed a partial waiver for Covid-19 vaccine patents as well as announcing deals in other contentious areas such as fishing subsidies and food export constrictions. The vaccine deal however fell short of demands from India and South Africa to exempt all Covid-related medicines, disappointing campaigners.

Two weeks of tense កិច្ចពិភាក្សាស្តីពីអាកាសធាតុរបស់អង្គការសហប្រជាជាតិ ended with rich countries accused of betraying poor nations over finance to combat climate change. The outcome puts extra pressure on Egypt to find a consensus when it hosts COP27 in five months’ time.

ចិន។ Winter Olympics villages have been turned into Covid quarantine camps. The latest outbreak in Beijing has closed entertainment venues and forced millions to queue daily for Covid testing and thousands to go into isolation.

នេះ រដ្ឋាភិបាលអាល្លឺម៉ង់ appealed to the public to រក្សាថាមពល after Russia cut flows through the critical Nord Stream pipeline. Italy, Austria and Slovakia also reported more reductions in supply. Separately, ប្រទេស​អូ​ស្រ្តា​លី urged people to save energy as it invoked emergency powers to block coal exports បើចាំបាច់។

Soaring costs of food staples are having a big effect on Latin American culinary habits and driving a rise in the number of people experiencing hunger. While LatAm economies are generally self-sufficient in food, net exporters face inflationary pressures for produce when prices for goods such as grain are set internationally.

Academic Arvind Subramanian outlines the ការផ្លាស់ប្តូរសំខាន់ៗចំនួនប្រាំ នោះគឺជា transforming the world economy, from the end of cheap finance and trade hyperglobalisation to the stalling of economic convergence, weakening co-operation among countries and the idea that global integration was good for peace.

តើគួរធ្វើដូចម្តេច personal investors react to these changes and the turmoil in financial markets? FT Money unpicks the arguments of the bulls and the bears while columnist Merryn Somerset Webb offers a guide through the chaos (she’s not a fan of bitcoin btw).

Need to know: business

ចិន។ Big Tech groups have suffered under Beijing’s strict pandemic restrictions, losing trillions of dollars in market value and ការបណ្តេញចេញដ៏ធំ of workers. The phrase bailan, roughly meaning “let it rot”, has become popular among the country’s youth to describe how they have given up trying to find a job.

Online clothing retailer មូលដ្ឋាននេះ issued another profit warning, blaming rising inflation for the growing number of ផលិតផលត្រឡប់មកវិញ, a problem also reported by rival Boohoo. Tesco too highlighted changing consumer behaviour as inflation begins to bite.

រថយន្ត Ferrari said 40 per cent of its car sales would be fully electric by 2030 after launching its first such model in 2025. Hybrids would take up another 40 per cent and traditional combustion engines would fall to just 20 per cent.

អ្នករករ៉ែ Bitcoin have been dragged into the “bloodbath” collapse in តម្លៃរូបិយប័ណ្ណ. The crypto market has shrunk from a high of $3.2tn in November to under $1tn and has left buyers of bitcoin, the world’s most popular digital asset, នៅក្នុងពណ៌ក្រហម.

Science round up

Omicron sub-variants are fuelling a rise in Covid hospitalisations across Europe, most notably in Portugal, Germany, France and the UK. Scientists are still unsure whether it is because they are more transmissible or because immunity is waning.

The FT revealed that the World Health Organization was set to back the use of variant-specific Covid jabs as a third shot, a significant shift in thinking and the first move to back their use since Omicron emerged late last year.

Advisors to US regulators have backed វ៉ាក់សាំង​ការពារ covid សម្រាប់ children under five, the last age group without access to jabs. The child-sized shots from Moderna and BioNTech/Pfizer could be rolled out from next week if final approval is granted.

ក្រុមហ៊ុន Sanofi និង GSK, which so far have lagged their rivals in producing Covid vaccines, reported positive test results from their “next-generation” booster which produced a strong immune response against the Omicron variant.

ជីអូអិលធីច is ploughing profits from its Covid vaccine into oncology using its mRNA technology. Our Big Read មានព័ត៌មានលម្អិត។

Get the latest worldwide picture with our vaccine tracker

ជា​ចុងក្រោយ…

Why do we fall for ការបោកប្រាស់? Dan McCrum, the FT reporter who led the investigation into payments company Wirecard, analyses the dark magic employed by fraudsters in the FT Weekend Essay.