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According to Federal Reserve head Jerome Powell, taming United States (US) inflation will cause "pain" to American families and businesses, but failing to force prices down from their current 40-year high would be even more harmful. Powell made the remarks in a highly-anticipated speech to international policymakers on Friday.&nbsp;

Powell did not hold back or leave any space for doubt when he spoke to the annual meeting of central bankers at Jackson Hole, Wyoming, promising to act "forcefully."&nbsp;

The strong US employment market will suffer as a result of the world's greatest economy possibly slowing for an extended period, he warned. He referred to these repercussions as the "unfortunate costs of reducing inflation."

This year, the Fed aggressively campaigned to raise interest rates, and Powell made it clear in his unusually brief and very forthright speech that the struggle against inflation is far from done.&nbsp;

In front of the breathtaking Grand Teton mountains, he said, "Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance."&nbsp;

Inflation will be reduced by higher interest rates, slower growth, and softer labour market conditions, but Powell warned that this will hurt both households and companies.&nbsp;

Also Read:<a href="https://www.wionews.com/world/jihadist-ambush-on-gold-mine-vehicle-convoy-kills-seven-in-burkina-faso-510503">&nbsp;Jihadist ambush on gold mine vehicle convoy kills seven in Burkina Faso</a>

But failing to bring back price stability will cause even more suffering.

The US economy is showing modest indications of slowing down, and price pressures are lessening, which has given financial markets hope that the central bank may scale down its aggressive rate hikes and possibly start to reverse course next year.&nbsp;

Powell, however, put an end to expectations of a change in policy by emphasising that the Fed's monetary policy and the benchmark borrowing rate would need to stay "sufficiently restrictive" in order to bring inflation back down to the goal rate of 2 per cent.&nbsp;

The announcement caused a downturn in the US stock market, with all three major stock indices falling three per cent or more, with the Dow shedding 1,000 points.

(with inputs from agencies)

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According to Federal Reserve head Jerome Powell, taming United States (US) inflation will cause "pain" to American families and businesses, but failing to force prices down from their current 40-year high would be even more harmful.

According to Federal Reserve head Jerome Powell, taming United States (US) inflation will cause "pain" to American families and businesses, but failing to force prices down from their current 40-year high would be even more harmful. Powell made the remarks in a highly-anticipated speech to international policymakers on Friday. Powell did not hold back or leave any space for doubt when he spoke to the annual meeting of central bankers at Jackson Hole, Wyoming, promising to act "forcefully." The strong US employment market will suffer as a result of the world's greatest economy possibly slowing for an extended period, he warned. He referred to these repercussions as the "unfortunate costs of reducing inflation." This year, the Fed aggressively campaigned to raise interest rates, and Powell made it clear in his unusually brief and very forthright speech that the struggle against inflation is far from done. In front of the breathtaking Grand Teton mountains, he said, "Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance." Inflation will be reduced by higher interest rates, slower growth, and softer labour market conditions, but Powell warned that this will hurt both households and companies. Also Read: Jihadist ambush on gold mine vehicle convoy kills seven in Burkina Faso But failing to bring back price stability will cause even more suffering. The US economy is showing modest indications of slowing down, and price pressures are lessening, which has given financial markets hope that the central bank may scale down its aggressive rate hikes and possibly start to reverse course next year. Powell, however, put an end to expectations of a change in policy by emphasising that the Fed's monetary policy and the benchmark borrowing rate would need to stay "sufficiently restrictive" in order to bring inflation back down to the goal rate of 2 per cent. The announcement caused a downturn in the US stock market, with all three major stock indices falling three per cent or more, with the Dow shedding 1,000 points. (with inputs from agencies)

Fed's Powell says higher interest rates will bring down inflation, but also inflict 'pain' on Americans

Beijing and Washington signed a deal on Friday that will let US authorities inspect accounting firms in China and Hong Kong, marking a significant step toward resolving a dispute that threatened to bar Chinese corporations from the US stock exchanges, including Alibaba.&nbsp;

For more than a decade, US regulators have wanted access to the audit records of Chinese companies that are listed on US exchanges, but Beijing has been reluctant to allow foreign regulators to check out its accounting firms due to national security concerns.&nbsp;

The agreement, which comes as a relief to hundreds of Chinese businesses, investors, and US exchanges, signals a partial thawing in US-China relations amid tensions over Taiwan. If it goes through as planned, China will have the opportunity to continue accessing the deepest capital markets in the world.

Gary Gensler, the chair of the US Securities and Exchange Commission (SEC), warned that 200 Chinese companies would face a ban from US markets in the absence of this. Alibaba Group, JD.Com Inc., and NIO INC. were among entities previously named by the government as being in danger.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/jihadist-ambush-on-gold-mine-vehicle-convoy-kills-seven-in-burkina-faso-510503">Jihadist ambush on gold mine vehicle convoy kills seven in Burkina Faso</a>

When announcing the agreement, US officials were circumspect, stressing that it was only the beginning and that their assessment of China's compliance would depend on whether they could carry out their inspections without interference, as the agreement provides.&nbsp;

The deal, according to the China Securities Regulatory Commission (CSRC), was beneficial to investors, businesses, and both countries in resolving the auditing issue.

In theory, the agreement appears to grant the PCAOB what it has long requested, including complete access to Chinese audit working papers with no redactions, the opportunity to interview employees of audit organisations in China, and complete control over which businesses it inspects.&nbsp;

The selected companies were informed on Friday morning, according to US authorities, and they anticipate arriving in Hong Kong, where the inspections will take place, by mid-September.

(with inputs from agencies)

&nbsp;

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Beijing and Washington signed a deal on Friday that will let US authorities inspect accounting firms in China and Hong Kong, marking a significant step toward resolving a dispute that threatened to bar Chinese corporations from the US stock exchanges, including Alibaba.

Beijing and Washington signed a deal on Friday that will let US authorities inspect accounting firms in China and Hong Kong, marking a significant step toward resolving a dispute that threatened to bar Chinese corporations from the US stock exchanges, including Alibaba. For more than a decade, US regulators have wanted access to the audit records of Chinese companies that are listed on US exchanges, but Beijing has been reluctant to allow foreign regulators to check out its accounting firms due to national security concerns. The agreement, which comes as a relief to hundreds of Chinese businesses, investors, and US exchanges, signals a partial thawing in US-China relations amid tensions over Taiwan. If it goes through as planned, China will have the opportunity to continue accessing the deepest capital markets in the world. Gary Gensler, the chair of the US Securities and Exchange Commission (SEC), warned that 200 Chinese companies would face a ban from US markets in the absence of this. Alibaba Group, JD.Com Inc., and NIO INC. were among entities previously named by the government as being in danger. Also Read: Jihadist ambush on gold mine vehicle convoy kills seven in Burkina Faso When announcing the agreement, US officials were circumspect, stressing that it was only the beginning and that their assessment of China's compliance would depend on whether they could carry out their inspections without interference, as the agreement provides. The deal, according to the China Securities Regulatory Commission (CSRC), was beneficial to investors, businesses, and both countries in resolving the auditing issue. In theory, the agreement appears to grant the PCAOB what it has long requested, including complete access to Chinese audit working papers with no redactions, the opportunity to interview employees of audit organisations in China, and complete control over which businesses it inspects. The selected companies were informed on Friday morning, according to US authorities, and they anticipate arriving in Hong Kong, where the inspections will take place, by mid-September. (with inputs from agencies)

Beijing and Washington sign pact allowing regulators to vet US-listed Chinese companies

As per the workers' group Starbucks Workers United, more than 85 workers at Starbucks have been fired over the past several months, The Guardian reported. What's alarming is that the report mentioned that these workers were heavily involved in union organising efforts at the giant coffee chain.&nbsp;

Multiple unfair labour practice charges have been filed, the report mentioned. It also says that seven workers in Memphis and Tennessee were reinstated after a federal judge recently ordered. Reportedly, those workers were fired in February.&nbsp;

US media reported that those seven workers were fired following an in-store media interview about the store's organising. Starbucks Workers United claimed that this was all in retaliation for the union drive.&nbsp;

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On the contrary, Starbucks said the incident violated company policy.&nbsp;

NPR report published on August 18 stated US District Judge Sheryl Lipman said that Starbucks failed to prove that it enforced similar company policies elsewhere and in similar situations.&nbsp;

The Guardian quoted a worker who worked at Starbucks in Augusta, Georgia. Jaysin Saxton, who was fired on August 16, described the treatment.&nbsp;

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As quoted by the report, Saxton said that workers received intense scrutiny and disciplinary measures after a new manager was brought into the store a couple of months ago.&nbsp;

"That's when everything went downhill. They started writing people up a lot, ranging from documented coachings and final written warnings so workers couldn’t transfer or be promoted," said Saxton as quoted by the report.&nbsp;

“They surveil us. It's insane. They just created this intense culture of fear in the store and are trying to push us all out. I expressed to my district manager that I was being treated as the stereotypical angry black man,” said Saxton over how he was treated by managers for trying to address issues and grievances workers were experiencing in the store," he added.&nbsp;

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As per the workers' group Starbucks Workers United, more than 85 workers at Starbucks have been fired over the past several months, The Guardian reported. What's alarming is that the report mentioned that these workers were heavily involved in union organising efforts at the giant coffee chain.

As per the workers' group Starbucks Workers United, more than 85 workers at Starbucks have been fired over the past several months, The Guardian reported. What's alarming is that the report mentioned that these workers were heavily involved in union organising efforts at the giant coffee chain. Multiple unfair labour practice charges have been filed, the report mentioned. It also says that seven workers in Memphis and Tennessee were reinstated after a federal judge recently ordered. Reportedly, those workers were fired in February. US media reported that those seven workers were fired following an in-store media interview about the store's organising. Starbucks Workers United claimed that this was all in retaliation for the union drive. ALSO READ | Shinzo Abe's assassination: Japan police chief Itaru Nakamura to resign, cites 'fresh start' On the contrary, Starbucks said the incident violated company policy. NPR report published on August 18 stated US District Judge Sheryl Lipman said that Starbucks failed to prove that it enforced similar company policies elsewhere and in similar situations. The Guardian quoted a worker who worked at Starbucks in Augusta, Georgia. Jaysin Saxton, who was fired on August 16, described the treatment. ALSO READ | South Korea may face 'age quake' as fertility rate hits record low in 2021 As quoted by the report, Saxton said that workers received intense scrutiny and disciplinary measures after a new manager was brought into the store a couple of months ago. "That's when everything went downhill. They started writing people up a lot, ranging from documented coachings and final written warnings so workers couldn’t transfer or be promoted," said Saxton as quoted by the report. “They surveil us. It's insane. They just created this intense culture of fear in the store and are trying to push us all out. I expressed to my district manager that I was being treated as the stereotypical angry black man,” said Saxton over how he was treated by managers for trying to address issues and grievances workers were experiencing in the store," he added. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

'Intense culture of fear': Starbucks reportedly fires workers involved in union efforts

Novartis plans to spin off its underperforming generics unit Sandoz to sharpen its focus on its patented prescription medicines, the Swiss group said on Thursday.

Novartis plans to separate Sandoz business

Citigroup will close its consumer and commercial banking businesses in Russia starting this quarter and expects to incur about $170 million in charges over the next 18 months.

Citigroup Inc to pull out from Russia

India's top IT services firms are now freezing and cutting staff bonuses. These companies are worried that tightening budgets at US and European clients who are bracing for recession will sharply hit their own profits.

Indian IT firms cut staff bonuses as US, European clients tighten budgets

Tesla has been criticized on various occasions for the lack of safeguards in its autopilot system. The effectiveness of Tesla's self-driving feature has been questioned for failing to detect child sized objects.

Report: Tesla's self-driving tech fails to detect kids on road

Air travel is fast recovering from the hit that it took during the covid-19 pandemic and nearly about four thousand flights took off every single hour. India alone has seen a tremendous growth in its aviation sector.

India's sustainable aviation mission: What does carbon neutral airport mean?

We are entering a new era, an era of 5G, which started with a spectrum auction. Recently India's biggest spectrum auction summed up on August 1, in which Mukesh Ambani's Reliance Jio made the highest bid.

We are entering a new era, an era of 5G, which started with a spectrum auction. Recently India's biggest spectrum auction summed up on August 1, in which Mukesh Ambani's Reliance Jio made the highest bid. A record sale of 5G telecom spectrum worth more than US$ 20 billion (Rs 1.5 lakh crore) took place in this seven-day auction. But as excited as we are, have we ever thought about its advantages and disadvantages? Let's take a look What is 5G? 5G is the fifth generation technology that will work on fast mobile broadband networks. These networks will deliver speeds of 20 Gb per second. This fifth generation of cellular networks brings new capabilities that will create opportunities for people, businesses and society. Blessing - 1. 5G users will be able to download a 3-hour HD movie in less than 1 second, whereas in 4G it takes about 7-10 minutes for this task. These networks will deliver data in less than 1 millisecond, whereas 4G networks currently take about 70 milliseconds. 2. Experts believe that 5G technology will open the way to becoming a fully connected society. This will expand services ranging from Machine-to-Machine Communications (M2M), Internet of Things (IoT), Connected Smart Cities, Automated Cars, and Remote Control Surgery to Virtual Reality. 3. With 5G, people can connect their homes to wireless networks by equipping their homes with electronics, software or sensor technology. 4. Today, when education has also moved towards online, it will prove to be a boon for education as well. 5. The speed of 5G is 1000 times more than that of 4G, so the work done from the Internet will speed up. Curse 1. Researchers say that walls of houses can block 5G frequencies, which will also reduce their density over long distances, which will weaken the network. 2. 5G infrastructure development will incur high costs. 3. If you want to enjoy 5g then you have to change your 4g phone because they will be of no use to you. 4. Cyber security can also be a big curse, because now when the speed in the network is fast, the risk of hacking will also increase. The expansion in bandwidth enables criminals to steal databases with ease. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

5G in India: Is 5G a blessing or a curse?

Qantas Australian airline is buying back over 276 million dollar worth of shares after lifting of Covid-19 curbs. It has spurred a strong rebound in travel demand across the globe specifically in Asia pacific region.

Qantas shares soar on surprise buyback after lifting of Covid-19 curbs

Japan's government described its economy as "moderately picking up" in its monthly economic report, keeping the overall assessment unchanged from the previous month, while noting an upward revision to factory output.

Japan sees economy picking up modestly, flags looming risks

Germany has been criticised by a global watchdog for failing to do enough to tackle money laundering, such as by prosecuting very few for the crime despite being one of the globe's biggest cash centres.

The report by the Financial Action Task Force (FATF), a global body that groups countries from the United States to China to tackle financial crime, deals a blow to the standing of Germany, which prides itself on a reputation for probity.

The assessment highlights a series of failings, including a lack of control of those who handle large sums of money, such as estate agents, adding that while Germany understood the risks, it had not done enough to tackle them.

The FATF criticised, for instance, the disjointed nature of supervision, with more than 300 regional authorities responsible for monitoring such players, as well as a shortage of personnel.

Germany's score lags far behind France, which the FATF also recently assessed. The poor ranking means Germany will now have to report annually to the body in the coming years about its progress in tackling shortcomings.

Germany's finance minister, Christian Lindner, has acknowledged the problem and pledged to centralise control, install additional staff and modernise the authorities' technology.

"We deal with the small fish, while the big fish get away," he told journalists earlier this week before the report's publication, adding that he would step up efforts to "follow the money".

The FATF said Germany prosecuted about 1,000 people for money laundering in 2020, despite opening more than 37,000 inquiries, a level of convictions it considered "very small".

Germany has more banks than other countries in the European Union while many Germans prefer using cash, which the FATF said made up three-quarters of transactions. There is no upper limit on the size of cash transactions.

The FATF also flagged money laundering risks from hawala payments, which means 'transfer' in Arabic. The system is widely used in the Middle East, moving payments through a trusted network of agents who operate outside banks.

Germany has 11 million international migrants, the third-largest globally, according to the report.

The FATF urged Germany to take "additional measures ... to more effectively mitigate the risks in relation to cash and hawala services".

Konrad Duffy of Finanzwende, a group that lobbies for financial transparency, said German authorities needed more powers to tackle money laundering and that rules should be tightened to prevent buying properties in cash.

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Germany has been criticised by a global watchdog for failing to do enough to tackle money laundering, such as by prosecuting very few for the crime despite being one of the globe's biggest cash centres.

Germany has been criticised by a global watchdog for failing to do enough to tackle money laundering, such as by prosecuting very few for the crime despite being one of the globe's biggest cash centres. The report by the Financial Action Task Force (FATF), a global body that groups countries from the United States to China to tackle financial crime, deals a blow to the standing of Germany, which prides itself on a reputation for probity. The assessment highlights a series of failings, including a lack of control of those who handle large sums of money, such as estate agents, adding that while Germany understood the risks, it had not done enough to tackle them. The FATF criticised, for instance, the disjointed nature of supervision, with more than 300 regional authorities responsible for monitoring such players, as well as a shortage of personnel. Germany's score lags far behind France, which the FATF also recently assessed. The poor ranking means Germany will now have to report annually to the body in the coming years about its progress in tackling shortcomings. Germany's finance minister, Christian Lindner, has acknowledged the problem and pledged to centralise control, install additional staff and modernise the authorities' technology. "We deal with the small fish, while the big fish get away," he told journalists earlier this week before the report's publication, adding that he would step up efforts to "follow the money". The FATF said Germany prosecuted about 1,000 people for money laundering in 2020, despite opening more than 37,000 inquiries, a level of convictions it considered "very small". Germany has more banks than other countries in the European Union while many Germans prefer using cash, which the FATF said made up three-quarters of transactions. There is no upper limit on the size of cash transactions. The FATF also flagged money laundering risks from hawala payments, which means 'transfer' in Arabic. The system is widely used in the Middle East, moving payments through a trusted network of agents who operate outside banks. Germany has 11 million international migrants, the third-largest globally, according to the report. The FATF urged Germany to take "additional measures ... to more effectively mitigate the risks in relation to cash and hawala services". Konrad Duffy of Finanzwende, a group that lobbies for financial transparency, said German authorities needed more powers to tackle money laundering and that rules should be tightened to prevent buying properties in cash. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Cash-rich Germany criticised by watchdog over money laundering

Despite posting annual losses for a third year in a row, the national carriers of Australia and New Zealand say that the worst of the coronavirus crisis is now behind them. Australian airline Qantas said that "the existential crisis posed by the pandemic is now over" and they are seeing a rise in demand, BBC reported. On the other hand, Air New Zealand also said that the airline has seen a "strong recovery in bookings and revenues" since March.

In a statement released on Thursday, Qantas said that the "underlying loss before tax had widened to A$1.86bn in the year to the end of June, from the previous year". It had also lowered its net debt to a better than expected A$3.94bn. The airline has also launched a $400 million share buyback amid recovery.

Qantas chief executive Alan Joyce said, "The recovery has been exceptional. Our teams have done an amazing job through the restart and our customers have been extremely patient as the whole industry has dealt with sick leave and labour shortages in the past few months."

The Covid pandemic had led to many countries imposing strict travel restrictions for almost two years, leading to losses&nbsp;for airlines and the travel industry.&nbsp;

Talking about the losses during the pandemic, Joyce said the Covid cost them more money in the past three years than what they made in the five years before that.

(With inputs from agencies)

&nbsp;

&nbsp;

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Despite posting annual losses for a third year in a row, the national carriers of Australia and New Zealand say that the worst of the coronavirus crisis is now behind them.

Despite posting annual losses for a third year in a row, the national carriers of Australia and New Zealand say that the worst of the coronavirus crisis is now behind them. Australian airline Qantas said that "the existential crisis posed by the pandemic is now over" and they are seeing a rise in demand, BBC reported. On the other hand, Air New Zealand also said that the airline has seen a "strong recovery in bookings and revenues" since March. In a statement released on Thursday, Qantas said that the "underlying loss before tax had widened to A$1.86bn in the year to the end of June, from the previous year". It had also lowered its net debt to a better than expected A$3.94bn. The airline has also launched a $400 million share buyback amid recovery. Qantas chief executive Alan Joyce said, "The recovery has been exceptional. Our teams have done an amazing job through the restart and our customers have been extremely patient as the whole industry has dealt with sick leave and labour shortages in the past few months." The Covid pandemic had led to many countries imposing strict travel restrictions for almost two years, leading to losses for airlines and the travel industry. Talking about the losses during the pandemic, Joyce said the Covid cost them more money in the past three years than what they made in the five years before that. (With inputs from agencies)

Qantas says pandemic 'existential crisis' is over, Air New Zealand also reports 'strong recovery'

HSBC took pride in being the world's local bank at one point of time but in reality it may get more localized if the proposal for bank to restructure itself and breaking up its business goes through.

HSBC's Breakup: Cites costs, risks in opposing calls to break up

HSBC management opposes idea of splitting bank, support for proposed split widens

HSBC's Breakup Debate: Cites costs, risks in opposing calls to break up

Eurozone is sinking. The euro is Europe's de facto currency and it has dropped to a two-decade low. European economies are in dire straits of global recession.

Energy Crisis, High inflation- Europe slips towards recession

India's consumer inflation was 6.7% last month and the month before it was 7% which reflects that inflation appears to be cooling down. The Reserve Bank of India states that it may have peaked in April already, if so, the worst is behind us.

Has India escaped the global financial gloom?

The ongoing conflict between Russia and Ukraine is affecting the global economies. The war in Ukraine has caused the prices of all sorts of products to rise. Not just gas, oil and fuel, but also foodstuffs. The conflict is also pushing European countries towards recession.

Fallout of Russia-Ukraine war: How the conflict is impacting global economies

On Monday, the dollar rose and US and European markets plummeted as concerns grew that efforts by central banks to rein in increasing consumer prices through inflation-busting interest rate hikes would undermine the world economy and trigger a recession.&nbsp;

The benchmark European STOXX index closed down 1%, and each of the three major Wall Street indices fell roughly 2% as a result of Russia's Gazprom announcing that it would stop supplying natural gas to Europe for three days at the end of the month.

As traders feared demand would be harmed by a slowdown, oil initially dropped 4%. Following hawkish indications from European Central Bank policymakers, the most recent disruption to the continent's energy supply heightened worries about the future of the continent's economy. Russian natural gas exports to Europe have decreased by over 75% since last year.&nbsp;

As the market prepared for a speech on Friday from Federal Reserve Chair Jerome Powell, who will address the Fed's goal to keep inflation low in Jackson Hole, Wyoming, the inversion of the yield curve on U.S. Treasuries widened—a recession indication.

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The Canadian dollar was pushed over 1.30 versus the dollar as a result of the strengthening of the dollar, which also caused the euro to go below parity at 0.9932. Gold prices dropped to their lowest point in over four weeks as a result of the dollar's surge.&nbsp;

Instead of the larger likelihood of a modest 50 basis point boost, which was the market's estimate heading into the weekend, Fed funds futures are now pricing in a 54.5% chance of a 75 basis point hike by the Fed in September.&nbsp;

China stands out as an exception to the tightening trend, as the central bank cut certain key lending rates on Monday by 5 to 15 basis points in an effort to stabilise a faltering economy and a pressured property market.

(with inputs from agencies) 
&nbsp;

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On Monday, the dollar rose and US and European markets plummeted as concerns grew that efforts by central banks to rein in increasing consumer prices through inflation-busting interest rate hikes would undermine the world economy and trigger a recession.

On Monday, the dollar rose and US and European markets plummeted as concerns grew that efforts by central banks to rein in increasing consumer prices through inflation-busting interest rate hikes would undermine the world economy and trigger a recession. The benchmark European STOXX index closed down 1%, and each of the three major Wall Street indices fell roughly 2% as a result of Russia's Gazprom announcing that it would stop supplying natural gas to Europe for three days at the end of the month. As traders feared demand would be harmed by a slowdown, oil initially dropped 4%. Following hawkish indications from European Central Bank policymakers, the most recent disruption to the continent's energy supply heightened worries about the future of the continent's economy. Russian natural gas exports to Europe have decreased by over 75% since last year. As the market prepared for a speech on Friday from Federal Reserve Chair Jerome Powell, who will address the Fed's goal to keep inflation low in Jackson Hole, Wyoming, the inversion of the yield curve on U.S. Treasuries widened—a recession indication. Also Read: In pics: NASA's gigantic SLS moon rocket, a 'practice' for future Mars mission The Canadian dollar was pushed over 1.30 versus the dollar as a result of the strengthening of the dollar, which also caused the euro to go below parity at 0.9932. Gold prices dropped to their lowest point in over four weeks as a result of the dollar's surge. Instead of the larger likelihood of a modest 50 basis point boost, which was the market's estimate heading into the weekend, Fed funds futures are now pricing in a 54.5% chance of a 75 basis point hike by the Fed in September. China stands out as an exception to the tightening trend, as the central bank cut certain key lending rates on Monday by 5 to 15 basis points in an effort to stabilise a faltering economy and a pressured property market. (with inputs from agencies)

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