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Overview of Top weekly news

Overview of Top weekly news

News from a Chinese developer

China Evergrande has become the world’s most indebted developer with a debt of about $ 300 billion. According to a former adviser to the Chinese central bank, the crisis caused by the developer would slow down China’s economic growth, but it is likely to have minimal impact on the country’s financial system. On the other hand, the current company came with a positive news. The main division of the real estate company announced that it will pay timely interest on domestic bonds due on Thursday, which are worth 232 million yuan ($ 35.88 million).

 

Performance of China Evergrande Group over for 5 years. (Source: Investing.com)

Support for energy suppliers

The UK could approve emergency bailouts to hold energy suppliers during the ongoing gas price crisis. The British government has said that not every company will be eligible for support because it does not want to support unsuccessful companies. Wholesale gas prices in the EU are rising, which is why British energy suppliers believe they will have difficulty maintaining positive results.

The carmakers will go to court

BMW and Daimler / Mercedes-Benz are being sued in Germany for emissions targets. Deutsche Umwelthilfe, an environmental and consumer protection association, has brought an action against BMW and Daimler / Mercedes-Benz. They have refused to tighten their targets to reduce their carbon footprint by 2030. Deutsche Umwelthilfe wants to “force” automakers to stop producing internal combustion engines by 2030.

The IEA has called on Russia to increase gas supplies

 To alleviate the energy crisis, it is necessary to increase gas supplies. The International Energy Agency is therefore asking Russia to send more gas to Europe. Russia should reaffirm its position as a reliable gas supplier and support Europe. Before the winter season, according to the IEA, it is very important to do more to increase gas availability in Europe and ensure that stocks are filled at adequate levels.

Watch this week:

On Thursday, Frank Elderson, member of the Executive Board and Vice-Chair of the Supervisory Board of the European Central Bank, is set to speak.

On Friday, Federal Reserve Chair Jerome Powell is to speak. As head of the Fed, which controls short term interest rates, he has more influence over the U.S. dollar’s value than any other person.

Disclaimer: The content of the Reports constitutes Marketing Communication and does not constitute Investment Advice or Investment Research or an offer for any transactions in financial instrument. The content of the Reports represents the view of our experts on a generic basis, and does not take into consideration individual readers personal circumstances, investment experience or current financial situation. In addition, the Reports have not been prepared in accordance with legal requirements designed to promote the independence of Investment Research, and are not subject to any prohibition on dealing ahead of the dissemination of Investment Research. Readers using the Reports should consider the possibility of encountering substantial losses. The past performance is not a guarantee of future results. Therefore, Goldenburg Group Limited shall not accept any responsibility for any losses of traders due to the use and the content of its Reports.
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83.12% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.