Commercial banks in the U.S. have amassed $90 billion of Treasuries and non-mortgage debt from federal agencies this year alone, bringing the total to $754 billion. Including federally guaranteed mortgage-backed securities, banks now own $2.4 trillion of government bonds, which would be the most since the central bank began compiling data in 1973. Source: Bloomberg
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There are signs of UE recovery,with Eurostat reporting 2.2% euro-area growth over the second quarter of 2017, up from last year’s 0.6%. Central/Eastern Europe was growing fastest: Romania (5.7%), Latvia (4.8%), Czech Republic (4.5%) and Poland (4.4%). The weakest growth was in Belgium (1.4%), Italy (1.5%), Finland and UK (1,7). Source: Euobserver
Singapore stands ready to partner China to jointly build the Belt and Road Initiative, Singapore’s Minister for National Development and Second Minister for Finance Lawrence Wong said on Tuesday. Source: China Daily
Cambodian authorities have signed an $880 million contract with Chinese companies, allowing the latter to build a new international airport in Siem Reap next year. Source: People’s Daily