FT News Briefing Wagner head downplays attack on Russia
Jun 27, 2023
The Wagner militia's leader dismisses claims of a coup attempt while touting a recent march on Moscow. Tensions rise as Western banks might miss out on a significant Shanghai IPO. Interest rate hikes from the Federal Reserve are impacting short-term bond yields, complicating asset management. Additionally, a corruption trial involving Benjamin Netanyahu reveals intriguing testimonies that could have far-reaching effects.
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Wagner Uprising
- Wagner group head, Yevgeny Prigozhin, led an armed uprising in Russia, taking control of a southern city and marching towards Moscow.
- He later retreated and denied attempting a coup, claiming his aim was to address grievances with the Ministry of Defense.
Syngenta's IPO Dilemma
- Syngenta's $9 billion Shanghai IPO presents a dilemma for Western banks eager to participate.
- Their involvement could attract international investors but risks scrutiny due to Syngenta's ownership by ChemChina, a company on a US watchlist.
Impact of Rate Hikes
- The Federal Reserve's interest rate hikes have impacted short-term bond yields, causing pain for asset managers who bet on rate cuts.
- Despite the decrease in bond values, many managers hold, hoping for an eventual recession and subsequent rate cuts.