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Economy Ministry: General Motors Adds 5,000 Jobs in Northern Mexico via Reuters

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© Reuters. The General Motors logo is seen on a water tank at the General Motors assembly plant in Ramos Arizpe, in Coahuila state, Mexico, February 11, 2021. REUTERS/Daniel Pesril

MEXICO CITY (Reuters) – Mexico’s economy ministry said on Tuesday that General Motors (NYSE) will add 5,000 jobs to its plant in the northern Mexican town of Ramos Arizpe, following a meeting with the automaker.

The ministry said in a tweet that GM also discussed plans to produce electric-only cars at the factory by 2024.

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Ease of landing and reopening by Reuters

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© Reuters. FILE PHOTO: FILE PHOTO: People walk past a screen showing a Hang Seng stock ticker outside the Hong Kong stock exchanges, in Hong Kong, China July 19, 2022. REUTERS/Lam Yik // File Photo

Written by Jimmy MacGyver

(Reuters) – A look at the day ahead in Asian markets from Jamie MacGyver.

Asian markets are set to open the week with spring in stride Monday, bolstered by a rally on Wall Street on Friday, mounting hopes for a soft landing in the US, and optimism surrounding China’s reopening after the ‘zero Covid’ policy came to pass. End of this week.

Investors took Friday’s ‘Goldilocks’ US employment report as a sign that the Fed may win its battle against inflation without doing too much damage to the economy – US and global stocks, assets and risky bonds rose, which is likely. To set the tone in Asia on Monday.

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MSCI Global Equities – https://fingfx.thomsonreuters.com/gfx/mkt/lbvggorymvq/MSCIGlobal.png

The relatively bland US backdrop — economic activity and inflation slowing enough to allow the Fed to end its rate hike cycle soon, and perhaps even reverse it later this year — is enough to spur investors’ appetite for risk.

Throw in increasingly positive signals from China, and the bulls could lead the charge on Monday.

Travelers (NYSE: ) began flocking to mainland China by air, land and sea on Sunday, as Beijing opened borders that have been virtually closed since the start of the COVID-19 pandemic.

Beijing’s sudden shift has led to huge waves of infections, but investors are hopeful that reopening will eventually pay off economically. China is in talks with Pfizer (NYSE:) is on a vaccine, and economists at several major banks are revising their GDP growth forecasts for the second half of this year.

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– Out and Wild – https://fingfx.thomsonreuters.com/gfx/mkt/byvrlroneve/CNY.jpg

The increasing upward trend is reflected in China’s exchange rate. The yuan is its strongest since mid-August, as it moved further away from the 7.00 level for the dollar.

Hong Kong tech stocks have been on a tear lately – up a staggering 65% from an October low – but could open on a more cautious note Monday after news that Ant Group founder Jack Ma will relinquish control of the fintech giant. .

Analysts are divided on whether this clears the way for the company to revive its IPO plans, or will lead to further delays.

There is little economic data out of Asia on Monday, but the flow picks up later in the week. Among the key events to watch: new loans, consumer and producer price inflation, and trade data from China. Australian and Indian inflation and current account and Tokyo inflation figures from Japan.

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The South Korean central bank is also expected to raise interest rates by 25 basis points on Thursday, to 3.50%. Policymakers are divided on where the final interest rate should be – three out of six in November saw 3.50%, and two saw probability at 3.75%.

Three key developments could provide more direction to the markets on Monday:

Federal Reserve Chairman Bostic speaks

— Japanese Prime Minister Kishida meets French President Macron

Unemployment in the Eurozone (November)

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Pakistan’s Finance Minister Meets IMF in Geneva as Bailout Stalls By Reuters

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© Reuters. FILE PHOTO: The logo of the International Monetary Fund is seen outside the headquarters building in Washington, US, on September 4, 2018. REUTERS/Yuri Gribas/File Photo

Written by Gibran Nayyar Bashimam

ISLAMABAD (Reuters) – An International Monetary Fund (IMF) delegation will meet Pakistan’s finance minister on the sidelines of a conference in Geneva starting on January 9, as Pakistan struggles to restart its bailout programme, an International Monetary Fund spokesman said on Sunday.

The lender has yet to agree to release $1.1 billion that was due to be disbursed in November last year, leaving Pakistan with only enough foreign exchange reserves to cover one month’s imports.

“The IMF delegation is expected to meet Finance Minister (Isaac) Dar on the sidelines of the Geneva conference to discuss outstanding issues and the path forward,” an IMF spokesman said in a message to Reuters.

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The conference in Geneva, co-hosted by Prime Minister Shahbaz Sharif and UN Secretary-General Antonio Guterres, will seek to galvanize international support for the country in the wake of last year’s devastating floods.

The floods killed at least 1,700 people and caused billions of dollars in damage to critical infrastructure.

The plan setting out a timeline and funding for the rebuilding effort has been a sticking point in talks to articulate a ninth review that would unlock $1.1 billion in IMF money and unlock other international financing as well.

Dar recently criticized the International Monetary Fund, saying publicly that the bank was acting “abnormally” in its dealings with Pakistan, which entered its $7 billion bailout program in 2019.

An IMF spokeswoman also said that its managing director, Kristalina Georgieva, had a “constructive conversation” with Sharif regarding the Geneva conference and supported Pakistan’s efforts to rebuild.

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White House Says It Doesn’t Want to “Round Congress” on Debt Ceiling By Reuters

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© Reuters. White House Press Secretary Karen Jean-Pierre holds the daily news conference at the White House in Washington, December 7, 2022. REUTERS/Jonathan Ernst

WASHINGTON (Reuters) – The White House said on Sunday that it does not plan to circumvent Congress in order to raise the U.S. debt ceiling, a regular flashpoint in times of divided government.

“We are not considering any measures that would circumvent Congress,” White House press secretary Karen Jean-Pierre told reporters, calling on lawmakers to raise the cap without preconditions.

The Republicans, who recently assumed control of the US House of Representatives, have promised to fight without question over any move to increase the cap. They say they plan to extract concessions to prevent the US government from defaulting.

Jean-Pierre told reporters aboard Air Force One that the White House under Democratic President Joe Biden will not make any concessions on the debt ceiling.

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“Attempts to use the debt ceiling as leverage will not work,” she said. There will be no hostage-taking.”

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