The US central bank is mulling a pause after raising interest rates at its last 10 meetings. In this Exchange podcast, Morgan Stanley chief economist Seth Carpenter lays out the calculus behind the Federal Reserve’s next move, and why it’s so hard for policymakers to pivot.
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The Exchange: Fed’s rate hike habit will be hard to kick on Apple PodcastsPodcast 🔊: MorganStanley Chief Economist Seth Carpenter joins BenWinck on The Exchange to explain why the US Federal Reserve’s rate hike habit will be hard to kick. Listen here 👉
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Breakingviews - Shipping tax could yield $100 bln climate windfallThe shipping industry emits 2.9% of the world's greenhouse gases. It has also largely escaped taxation because what happens on the high seas is not in the jurisdiction of any single government.
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Breakingviews - China IPOs are uncoupling from Wall Street tooChina’s primary capital market has never been strongly connected to local economic performance thanks to Beijing’s micromanagement of initial public offerings. Increasingly it is detaching from Wall Street too. Despite a weak stock market and doubts about the vigour of China’s post-pandemic recovery, seeds-to-pesticides maker Syngenta is edging closer to a $9 billion debut, the mainland’s largest since Agricultural Bank of China’s in 2010. It’s a suboptimal time to list. Nonetheless, the Shanghai Stock Exchange will hold a hearing for the deal on Friday, per Refinitiv’s IFR. Syngenta is a pillar in Beijing’s strategy to shore up food security and will use the deal to pay down debt. It is also an example of how state-owned Chinese giants can acquire and successfully run overseas companies.
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Breakingviews - Berlusconi invented the entrepreneur as politicianFlamboyant tycoon-turned-Italian premier Silvio Berlusconi has bowed out, aged 86. The self-made billionaire pioneered the use of wealth and media to achieve political power. Though his Forza Italia party and business empire are already weakened and unlikely to regain much prominence after his death, his unorthodox political methods spawned imitators across the West.
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Breakingviews - Glencore’s Teck coal approach sends two signalsAt first sight, the latest Teck Resources chess move by Glencore is slightly confusing. Back in April the $22 billion Canadian miner rejected the $68 billion Swiss commodity giant’s merger offer, which planned to split the resulting entity into a separately listed coal company and a standalone metals company. While that approach still stands, Glencore on Monday said it has now also submitted a cash offer to buy only Teck’s coal unit.
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Breakingviews - Stellantis SPAC deal has suitably decent airbagsCarmakers are in a race to lock in battery metals like lithium. For shareholders, the risk is that they tie up capital in expensive supply deals, or mines in far-flung locations with poor governance. Stellantis’s investment in a London-based special purpose acquisition company deal looks like a neat fix to those challenges.
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