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Live news: Two-year Treasury yield tops 5% for first time since 2007

What to observe in Asia at the moment

Jakarta: China and the Affiliation of Southeast Asian Nations will meet within the Indonesian capital to debate the South China Sea, the place tensions have risen amid overlapping territorial claims between various Asean member states and Beijing.

Earnings: Cathay Pacific releases earnings. Visitors at Hong Kong’s airport has rebounded from its pandemic lows however numbers passing by means of nonetheless stay considerably down on 2019 ranges.

Markets: Shares declined in Japan and futures in Hong Kong pointed decrease. Wall Avenue shares fell after Federal Reserve chair Jay Powell warned that the central financial institution might elevate rates of interest extra aggressively if the economic system grows too shortly.

Elon Musk says Twitter might attain optimistic money circulate by second quarter

Price-cutting means Twitter’s prices are projected to run at about $3bn a yr, says Elon Musk © REUTERS

Elon Musk mentioned Twitter might return to posting optimistic money circulate subsequent quarter, because the chief govt makes an attempt to chop prices, lure again advertisers and navigate the platform’s tech woes.

Talking at a Morgan Stanley investor convention on Tuesday, Musk mentioned that money circulate on the firm he purchased for $44bn final yr would break even within the second quarter, including that it would even grow to be optimistic in that interval.

He mentioned Twitter’s prices have been projected to run at about $3bn a yr, down from the $4.5bn he mentioned the corporate would have in any other case incurred in 2023.

Learn extra about Musk’s price chopping plans right here.

Senators introduce bipartisan invoice paving means for doable US TikTok ban

Senate Democrats and Republicans have launched a invoice that may give the administration new powers to ban Chinese language apps that pose safety threats, together with the favored video-sharing platform TikTok.

Mark Warner, the Democratic head of the intelligence committee, introduced the invoice on Tuesday as a part of an effort to create a extra co-ordinated method throughout the federal government to deal with threats from nations together with China, Russia and Iran.

The Limit Act would require the commerce secretary to determine a course of to establish threats associated to communications and data expertise and create options to deal with them.

Learn extra on the proposed invoice right here.

Two-year Treasury yield tops 5% for the primary time since 2007

The 2-year Treasury yield, which strikes with rate of interest expectations, topped 5 per cent for the primary time since 2007.

The yield reached a peak of 5.01 per cent — up 0.13 share factors on the day — following remarks on Tuesday by Federal Reserve chair Jay Powell, who indicated that the US central financial institution could also be ready to speed up the tempo of rate of interest will increase in response to hotter-than-expected financial information.

Traders now count on rates of interest to peak at 5.6 per cent in September, with some likelihood of a single reduce by December.

Ukraine denies any involvement in Nordstream pipeline explosions

The gas leak at the Nord Stream 2 pipeline as seen in late September 2022
The gasoline leak on the Nord Stream 2 pipeline as seen in late September 2022 © Danish Defence/AFP by way of Getty Photographs

Ukraine has denied involvement in final yr’s explosions that broken the Nordstream gasoline pipelines connecting Russia and western Europe, after media studies within the US and Germany recommended that pro-Ukrainian operatives might have been behind the assaults.

“Though I take pleasure in accumulating amusing conspiracy theories about Ukraine’s authorities, I’ve to say: Ukraine has nothing to do with the Baltic Sea mishap and has no details about ‘pro-Ukrainian sabotage teams’,” Mykhailo Podolyak, an adviser to President Volodymyr Zelenskyy, wrote.

Podolyak was reacting to a report in The New York Occasions that mentioned US officers had reviewed new intelligence suggesting a “pro-Ukrainian group” had carried out the underwater bombings hitting each the Nordstream 1 and a pair of pipelines.

Learn extra concerning the alleged perpetrators right here.