Today's financial news

TUESDAY 9th April

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Will the Fed cut interest rates this year?

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Hong Kong busts the largest gold smuggling case 

Hong Kong authorities have made their largest gold smuggling bust to date, seizing around 146 kg of gold worth over $10 million. The gold was disguised as parts of two air compressors and was on its way to Japan. This is at least the third major gold smuggling case in the city this year amidst record-high gold prices.

HSBC Sells Argentina Business for $550 Million 

HSBC Holdings, the UK-based bank, has agreed to sell its business in Argentina to Grupo Financiero Galicia for $550 million. This move is part of the bank's strategic overhaul, which involves focusing on its operations in Asia. The sale is expected to result in a $1 billion pre-tax loss for HSBC in the first quarter of this year. 

Will the Fed cut interest rates this year?

There are doubts about whether the US Federal Reserve will lower interest rates today. Jobs data, price increases, and the health of the US economy have raised concerns among analysts, prompting questions about the Fed's projection of three quarter-point rate cuts this year. Last week, Minneapolis Fed President Neel Kashkari mentioned that if inflation remains stagnant, it is possible that the Fed may not cut rates.


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