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European Midday Briefing: Markets Steady But -2-

Iran's nationwide crackdown on antigovernment protests has been especially severe against its Kurdish minority, with drone and artillery strikes against separatist groups and deadly clashes in Kurdish-dominated cities and towns where the unrest first arose, residents say.

Iranian authorities have blamed Kurdish activists and separatists based in neighboring countries for fomenting protests that erupted in Iran's Kurdish region following the death in police custody of Mahsa Amini, a 22-year-old Kurd arrested in Tehran for allegedly violating the country's strict Islamic dress code.



Global Bonds Take a Breather Amid Biggest Rout in 70 Years

Bond yields worldwide stabilized Tuesday after extending the biggest gains in seven decades.

The U.K. 10-year yield, which has skyrocketed since Friday when the new British government announced a series of big tax cuts, pulled back to 4.052%, down from as high as 4.282% on Monday. The U.S. 10-year Treasury yield was little changed at 3.838%. German and Japanese 10-year bonds also were little changed.


'Financial markets are throwing in the towel': Recession fears escalate as Fed slams brakes on the economy

The likelihood of sharply higher interest rates has tilted the odds toward another recession within a year, economists say. Yet some still hold out hope the U.S. can muddle through with a period of slow growth instead of outright decline.

In a move widely expected by financial markets, the Federal Reserve orchestrated another jumbo-size hike in U.S. interest rates last week. What was unexpected was the central's bank aggressive forecast for even higher rates in the year ahead.


Senate Democrats Release Text of Proposal to Avert Government Shutdown

Senate Democrats on Monday night released the text of the proposal that lawmakers could pass to avoid a government shutdown after federal funding runs out on Friday.

The 237-page continuing resolution, which was made public minutes before midnight by the Senate Committee on Appropriations, would extend current funding levels until Dec. 16.


World Bank Cuts China Growth Forecast as Covid-19, Real-Estate Crunch Take Toll

SINGAPORE-The World Bank said it expects developing economies in East Asia to grow faster than China this year for the first time since 1990, as the world's second-largest economy struggles with a real-estate crunch and the government's zero-tolerance approach to Covid-19.

The Washington, D.C.-based lender cut its forecast for Chinese growth this year but said it expects growth among 22 neighboring economies to more than double in 2022 compared with the pace they notched last year, as countries benefit from dismantling most Covid-19 restrictions and a revival in tourism.


China's Industrial Profits Drop Further

China's industrial profits fell 2.1% in January-August, widening from the 1.1% drop recorded in the first seven months of the year, data from the National Bureau of Statistics bureau showed.

The bigger year-over-year decline comes after China reported improved factory production, which rose 4.2% on year in August compared with July's 3.8% growth.


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This article is a text version of a Wall Street Journal newsletter published earlier today.


(END) Dow Jones Newswires

September 27, 2022 05:53 ET (09:53 GMT)

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