In August, auto sales in China increased by 32% on a year-on-year basis, as demand for electric vehicles has boosted total sales.
The Japanese car maker Honda Motor Company has revealed that due to issues with supply it would decrease its output in Japan's plants by up to 40.00%.
Reuters has revealed that its poll results indicate that the Japanese August trade deficit is set to reach a nine-year high.
At the start of the week's trading, risk on sentiment dominated. The US Dollar plummeted, as stocks, commodities and various currency pairs surged by up to 1.50 %.
The Governor of Bank of Japan Haruhiko Kuroda has stated after meeting with the Prime Minister of Japan Fumio Kishida that high currency movements are undesirable due to their impact on business plans. Namely, 2-3 Yen moves against the Dollar were identified as too high.
The Japanese government has reaffirmed its view that it would take action to deal with major moves of the Japanese Yen. The repeating of the statement occurred, as the USD/JPY jumped from 140.00 up to 145.00.
Chinese authorities have announced that Biden's decisions on tariffs are set to hurt US consumers and companies. The Commerce Ministry would prefer the US President to dump Trump-era tariffs on Chinese imports.
GS have increased their US Federal Reserve Rate hike expectations for September from 0.50% up to 0.75% and in November from 0.25% up to 0.50%.
The South Korean central bank has stated that it intends to stabilise prices as quickly as possible with unusually large rate hikes.
The New York Federal Reserve has announced that in August global supply pressures had continued to decrease.
In July, the trade deficit of the United States had decreased, as exports reached a record high of $259.3 billion and imports fell to $329.9 billion.
United Airlines announced this week that the company would increase its third quarter revenue and profit forecasts.
The Bank of England's Chief Economist Huw Pill has revealed that the new UK Prime Minister Liz Truss might slow down inflation by helping businesses and households with energy costs.
This week, the Chief Executive Officers of UniCredit and Deutsche Bank stated that they expect a shallow recession, which could be triggered by risks in China.
The Russian gas giant Gazprom has stated that the resumption of gas exports via Nord Stream 1 pipeline depends on Siemens Energy.
Despite the OPEC+ production decrease, crude oil price benchmarks eventually started a decline. By the middle of Wednesday's trading, the commodity traded at levels not seen since January. US Light Crude reached the $83.00 mark and UK's Brent Crude oil traded at $89.00.
The Bank of Canada increased its Overnight Rate from 2.50% up to 3.25% at 14:00 GMT. The market reaction was minor, as the hike was expected by the markets due to the central bankers already communicating their intentions with the public.
The Chief Financial Officer of Volkswagen has revealed that the Porsche IPO would go forwards, unless severe geopolitical issues stop it.
The German airline Lufthansa has announced that by the end of 2023 it would hire 20,000 new employees.
As the Bank of Japan has continued its easy monetary policy, the Japanese Yen has reached a new 24 year low level.
This week, Lufthansa pilot union announced that they would once again go on strike to escalate a wage dispute.
August Purchasing Managers Index survey results have revealed that in the Euro Zone business activity has continued to decline.
Volkswagen has announced that the company has continued to make plans for an Initial Public Offering of Porsche. However, no final decision for a listing has been made.
Monthly Purchasing Managers Index survey results in Japan have revealed that in August the country's services sector activity declined.