China and Uruguay elevated bilateral ties on Wednesday during a meeting between Chinese President Xi Jinping held and Uruguayan President Luis Alberto Lacalle Pou on Wednesday.

The two announced the elevation of bilateral relations to a comprehensive strategic partnership.

Xi said China is ready to work with Uruguay to take the establishment of the comprehensive strategic partnership as a new starting point to upgrade bilateral relations and enrich bilateral cooperation.
 

China kept benchmark lending rates unchanged on Monday.

The one-year loan prime rate (LPR) was kept at 3.45% and the five-year LPR was unchanged at 4.2%.

The one-year LPR serves as the pricing reference for bank landing while the five-year rate influences the pricing of mortgages.

China will continue to relax market access and provide a level playing field for foreign investors in an effort to boost foreign investment.

The country will shorten its negative list for foreign investment and scrap all restrictions for foreign investors entering the manufacturing industry, said Li Chao of the National Development and Reform Commission.

It also promises to step up policy support for major projects funded by foreign companies.

China’s carbon emissions are set to peak before 2030, according to a poll of of experts published on Tuesday.

In a polled by the Center for Research on Energy and Clean Air, a Helsinki-based think tank, more than 70% of the 89 experts said China will be able to meet the target while two responded that its emissions has already peaked.

But experts are still concerned about how high the peak emissions would reach, according to the think tank.

The balance sheets of eurozone banks are showing early signs of stress after a rise in loan defaults and late repayments, the European Central Bank (ECB) warned on Wednesday.

In its latest financial stability review, the ECB warned that banks are facing higher funding costs, deteriorating asset quality and lower lending volumes.

The central bank said a longer period of high interest rates is likely to be a drag on banks’ profitability further down the line though bank profitability has benefited so far from higher interest rates. 

US existing home sales dropped to the lowest level since August 2010.

Existing home sales fell 4.1% to a seasonally adjusted annual rate of 3.79 million units, according to report from the National Association of Realtors on Tuesday.
 

The German government has suspended all new spending on Tuesday following a court ruling that punched a 60 billion euro hole in its finances.

Germany’s highest court last week blocked the government from transferring 60 billion euros in unused funds from the pandemic towards green initiatives.

The ruling coalition on Wednesday shelved talks on next year’s budget as the budget crisis deepens. 
 

UK’s Chancellor Jeremy Hunt on Wednesday announced tax cuts in his Autumn Statement which sets out the government’s tax and spending plans for the year ahead.

Hunt also offered rises in welfare payments and the state pension alongside the 2% decrease in the rate of social security contributions for employees and a smaller reduction for self-employed workers.

The budget plan also includes 110 measures aimed at boosting economic growth.

Real household income in South Korea grew 3.4% from a year earlier in the third quarter, official data showed on Thursday.

Income earned from wages rose 3.5% while that from business operations dipped 0.8% in the July-September quarter.

Monthly household spending, meanwhile, increased 4% year on year in the period.
 

The Australian government will ramp up spending on renewable energy projects in a bid to meet 2030 renewable target, Energy Minister Chris Bowen said on Thursday.

The Australian government aims to generate 82% of its energy from renewables by 2030.

“We're doing well, but not well enough, we need to do better to reach that target," Bowen told Australian broadcaster ABC television.