China's manufacturing and services activities shrank further in November to seven-month lows, official data showed, stung by the country's strict COVID-19 restrictions and rising infections that analysts said will hurt the economy well into 2023. As the coronavirus has spread in China, Beijing has imposed prolonged lockdowns in several places. The clampdowns have hit production at the world's biggest iPhone factory of Apple Inc in China, and, according to an analyst's estimate, now impact about a quarter of the country's gross domestic product.
The Houston-based company, formerly known as Cabot Oil and Gas, will also make 75 years of water bills payments for the impacted residents, who were exposed to drinking water polluted with metals and high levels of methane. "Under this historic settlement, Coterra will now pay to build a new public water line that will provide clean, reliable drinking water for generations to come," said Attorney General Josh Shapiro.
The U.S. dollar stuck close to a one-week high on Wednesday, holding on to gains from a three-day rally, as investors braced for comments from Federal Reserve Chair Jerome Powell later and a crucial monthly jobs report at the end of the week. The euro hovered near a one-week low after German and Spanish consumer price figures came in weaker than expected, triggering a lowering of rate hike bets for the European Central Bank and pointing a spotlight at euro zone inflation due later Wednesday. The Aussie dollar, which often functions as a proxy trade on China's economic outlook, was steady after shaking off downward pressure from lower than forecast local inflation data and worse-than-expected Chinese manufacturer surveys.
The proposal, which would see the sector regulated by a government-appointed federal agency, will now pass to outgoing President Jair Bolsonaro for approval. The new rules would apply to legal entities that exchange virtual currencies for local or foreign currencies, exchange virtual assets, conduct transfers or are involved in financial services connected to issuers or vendors of virtual assets. The move follows this month's collapse of Bahamas-based crypto exchange FTX, which prompted investigations by Bahamian and U.S. authorities.
Asian shares wobbled on Wednesday as investors remain cautious about China's path to reopening its economy after it released disappointing manufacturing data, with China and Hong Kong stocks wiping out strong gains from the previous day. Hong Kong's Hang Seng Index and China's benchmark CSI300 Index, though, opened down 0.4% and 0.3% respectively, with China's factory activity contracting at a faster-than-expected pace in November. China's factory activity deepened this month, an official survey showed on Wednesday, weighed down by softening global demand and COVID-19 restrictions.
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