Paskutinį kartą tai padarė Kinijos valiuta, rinkos žlugo


Kinijos juanis per pastarąją savaitę nukrito daugiau nei 3%.

Kodėl jums turėtų rūpėti tai, kas vyksta su valiutų kursais, jau nekalbant apie santykinai nedidelės valiutos (pasaulio rezervo sąlygomis), pvz., juanio (arba ženminbi) kainą?

Na, nes paskutinį kartą tai nutiko, rinkos žlugo. Iš anksto įspėtas yra ginkluotas, ir viskas.

Kinijos valiuta ką tik patyrė didžiausią kritimą nuo 2015 m

Užsienio valiutų kursai yra geras rodiklis, nurodantis, kur kapitalas teka ir iš kur jis teka. Galiausiai turto kainas lemia kapitalo srautų pokyčiai. Kalbant apie tai, kas skatina kapitalo srautus – gera nykščio taisyklė yra ta, kad kapitalas patenka ten, kur su juo elgiamasi geriausiai. Ir šiuo metu tai ne Kinija.

Paskutinį kartą juanis taip susilpnėjo 2015 m. rugpjūtį, kai Kinija išgyveno dar vieną ekonomikos sulėtėjimą. Dabar tikriausiai neprisimenate 2015 m. panikos, nes jos tikrai nebuvo daug, o nuo to laiko praėjo įtempti keleri metai.

Tačiau verta paminėti, kad 2015 m. Kinijos sulėtėjimas buvo vienas iš veiksnių, neleidusių išsivysčiusių pasaulio šalių centriniams bankams kelti palūkanų normų.

Taigi kas vyksta?

Akivaizdu, kad yra Covid. Dabar tai lengva pamiršti, bet maždaug tuo metu prieš dvejus metus, kai JK buvo užblokuota, visi ieškojome Kinijos, kad pabandytume išsiaiškinti, kaip atrodys atidarymas iš naujo, nes karantinai tik pradėjo baigtis. ten. Dabar Panašu, kad Kinija grįžo į pradinę padėtį, taikydama itin griežtus užraktus.

Antra, tai vyksta tuo metu, kai Kinijos ekonomika jau kurį laiką buvo ant netvirtos žemės. Tai tikriausiai geriausiai iliustruoja nekilnojamojo turto rinkos sulėtėjimas, kuris sukėlė visas kalbas „Kinijos Lehmano akimirka“ prieš kelis mėnesius.

Trečia, dėl viso to Kinija dabar atsidūrė neteisingoje centrinio banko palūkanų kėlimo ciklo pusėje. Kinijos sulėtėjimas reiškia, kad ji nekels palūkanų normų – tačiau JAV yra, o visa kita yra vienoda (taip niekada nėra, bet palūkanos yra svarbiau nei dauguma dalykų), didesnės normos pritrauks daugiau pinigų nei mažesnės.

Šiaip ar taip, praėjusį kartą, kai taip atsitiko, rinkos labai svyravo, o tai yra viena iš priežasčių, kodėl centriniai bankai nusprendė nekelti palūkanų.

Kaip tikriausiai pastebėjote, rinkos šiuo metu taip pat yra gana nestabilios. Taigi iš viso to kyla keletas klausimų.

Kinijos sulėtėjimas apsunkina reikalus

Panašu, kad šis sulėtėjimas Kinijoje pasiliks.

Kaip Billas Bishopas, kuris rašo apie Kiniją Sinocizmo naujienlaiškispažymi: „sunku pozityviai vertinti ekonomiką ar rinkas, kai didėja neribotos trukmės ir intensyvumo karantinas… net jei politikos formuotojai paskelbtų apie didesnes skatinimo priemones ir palūkanų mažinimą, kaip poveikis pasiskirstytų per ekonominė sistema vis labiau laikoma dabartinės kovos su epidemija politikos įkaite?

Tai nauja situacija pasauliui. Rinkos buvo pripratusios prie minties, kad Kinija negali leisti lėtėti ekonomikos augimui, nes tai reikštų socialinius neramumus ir nepasiekti savo BVP tikslo, o tai sukeltų gėdą komunistų partijai.

Tai iš dalies buvo tiesa – Kinija išgelbėjo pasaulį 2008 m. ir 2015 m. sulėtėjus; tai taip pat sušvelnino pinigų politiką. Pasaulis nėra pripratęs prie scenarijaus, kai Kinija neveikia kaip paskutinė išeitis augimo jėga.

Tačiau Kinija meta musę į tepalą, kai kalbama apie idėją išsivysčiusių pasaulio šalių centriniams bankams pasitraukti nuo griežtesnės pinigų politikos.

Nulinių Covid priemonių problema Kinijoje yra ta, kad jos reikš, kad pasaulinių tiekimo grandinių sukelta netvarka tęsis. Visai įmanoma, kad tam tikru momentu tai gali reikšti, kad mes pamatysime dideles atsargų krūvas, išmestas tiksliai netinkamu momentu.

Tačiau, atsižvelgiant į tai, kaip ilgai tai tęsiasi, įtariu, kad tai iš tikrųjų reiškia tik didesnį spaudimą ieškoti pastovesnių sprendimų ir daugiau postūmio „atkurti“ – apskritai tolesnį judėjimą link „tik tuo atveju“, o ne „laiku“. “ (tai reiškia, kad įmonės standartiškai turi didesnes atsargas).

Visa tai padidina infliacinį spaudimą, net jei Kinijos ekonomika gali sumažinti prekių kainų spaudimą.

Ką visa tai reiškia jums, kaip investuotojui? Manau, kad jūs tiesiog turite suprasti, kad mūsų laukia nepastovesnis laikotarpis ir kad turite tai galvoti apie savo portfelį.

Baisi klišė sakyti, kad rinkos nekenčia netikrumo. Tačiau tiesa pasakyti, kad vienas dalykas, kurį ilgą laiką galėjome laikyti savaime suprantamu dalyku – kad centriniai bankai visada atidarydavo užtvankus, kai tik kiltų ekonomikos ar rinkos sutrikimo ženklas – dabar pasikeitė. Tai gana reikšmingas pokytis, prie kurio reikės šiek tiek prisitaikyti.

Aš pasilikčiau su jūsų statymais dėl infliacijos; norėčiau turėti šiek tiek aukso (tai naudinga panikuoti); ir norėčiau, kad gryniesiems skirtumėte daugiau nei įprastai, kad galėtumėte jų turėti, jei jums jų prireiktų arba norėtumėte, kad jie pasinaudotų bet kokiomis galimybėmis.

O ir užsiprenumeruokite žurnalą „MoneyWeek“. Šiuo metu nemokamai gausite šešis numerius.

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And with a slowing economy, it won’t be raising interest rates. John Stepek explains how that will affect the global economy, the markets, and you.”,”authors”:[{“__ref”:”Author:600117″}],”label”:”Analysis”,”categories”:[{“__typename”:”TaxonomyTerm”,”name”:”Chinese economy”,”url”:”https://news.google.com/economy/asian-economy/chinese-economy”},{“__typename”:”TaxonomyTerm”,”name”:”Global Economy”,”url”:”https://news.google.com/economy/global-economy”},{“__typename”:”TaxonomyTerm”,”name”:”Currencies”,”url”:”https://news.google.com/currencies”}],”belowBodyTerms”:[{“__typename”:”TaxonomyTerm”,”name”:”Chinese economy”,”url”:”https://news.google.com/economy/asian-economy/chinese-economy”},{“__typename”:”TaxonomyTerm”,”name”:”Global Economy”,”url”:”https://news.google.com/economy/global-economy”},{“__typename”:”TaxonomyTerm”,”name”:”Currencies”,”url”:”https://news.google.com/currencies”},{“__typename”:”TaxonomyTerm”,”name”:”Money Morning”,”url”:”https://news.google.com/money-morning-email”},{“__typename”:”TaxonomyTerm”,”name”:”Latest News”,”url”:”https://news.google.com/latest-news”}],”body”:[{“__typename”:”DataBlock”,”type”:”RELATED_CONTENT”,”data”:”[{“url”:”/economy/asian-economy/chinese-economy/604761/surge-in-covid-cases-in-china”,”title”:”Surge in Covid cases in China rattles markets. What is going on?”,”label”:”Surge in Covid cases in China rattles markets. What is going on?”,”primaryMediaType”:”IMAGE”,”image”:{“id”:”49262″,”publicId”:”editorial/2022/220426-china-covid”,”format”:”jpg”,”version”:1650961491,”url”:”http://media.moneyweek.com/image/private/s–B8Rsy1Aa–/v1650961491/editorial/2022/220426-china-covid.jpg”,”secureUrl”:”https://media.moneyweek.com/image/private/s–B8Rsy1Aa–/v1650961491/editorial/2022/220426-china-covid.jpg”,”width”:1408,”height”:792,”size”:360066,”tags”:[“blue”,”city”,”community”,”drum”,”event”,”fun”,”hat”,”human settlement”,”infrastructure”,”jacket”,”leisure”,”musician”,”pedestrian”,”road”,”street”,”tent”],”created”:”2022-04-26T08:24:51Z”,”credit”:”© Kevin Frayer/Getty Images”,”alt”:”Covid testing in Beijing “,”src”:”https://media.moneyweek.com/image/private/s–B8Rsy1Aa–/v1650961491/editorial/2022/220426-china-covid.jpg”,”fullDistributionRights”:true,”__typename”:”Image”},”summary”:”The resurgence of Covid in China has led to fears that lockdowns could derail the global economic recovery. Saloni Sardana explains what is going on and how it affects the global economy.”,”rating”:0,”priceMin”:0,”priceMinPrefix”:””,”priceMinSuffix”:””,”priceMax”:0,”priceMaxPrefix”:””,”priceMaxSuffix”:””}]”,”wordCount”:null},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>The Chinese yuan has fallen by more than 3% over the past week.u003c/p>\n””,”wordCount”:13},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Why should you care about what’s happening with exchange rates, let alone the price of a relatively minor currency (in global reserve terms) like the yuan (or renminbi)?u003c/p>\n””,”wordCount”:28},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Well, because the last time this happened markets crashed. Forewarned is forearmed, and all that.u003c/p>\n””,”wordCount”:15},{“__typename”:”DataBlock”,”type”:”HEADER”,”data”:”{“text”:”China’s currency just saw its biggest drop since 2015″,”size”:”3″}”,”wordCount”:null},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Foreign exchange rates are good indicators of where capital is flowing to and where it’s flowing from. Ultimately, asset prices are driven by changes in capital flows. As for what drives capital flows – a good rule of thumb is that capital flows to where it is treated best. And right now, that’s not China.u003c/p>\n””,”wordCount”:55},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>The last time the yuan weakened like this was in August 2015 when China was in the midst of another economic slowdown. Now, you probably don’t remember the panic of 2015 because it didn’t really end up amounting to much and it’s been a hectic few years since then.u003c/p>\n””,”wordCount”:49},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>But it’s worth noting that China’s 2015 slowdown was one factor that prevented central banks in the developed world from raising interest rates.u003c/p>\n””,”wordCount”:23},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>So what’s going on?u003c/p>\n””,”wordCount”:4},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Most obviously, there’s Covid. It’s easy to forget now, but around this time two years ago, when the UK was in the depths of lockdown, we were all looking to China to try to figure out what re-opening would look like, as lockdowns were just starting to end there. Now u003ca href=\”https://moneyweek.com/economy/asian-economy/chinese-economy/604761/surge-in-covid-cases-in-china\”>China appears to have gone back to square one with extremely severe lockdownsu003c/a>.u003c/p>\n””,”wordCount”:64},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Secondly, this is happening at a time when u003ca href=\”https://moneyweek.com/economy/asian-economy/chinese-economy\”>China’s economyu003c/a> has been on shaky ground for quite a while. This is probably best exemplified by the slowdown in the property market which caused all the talk of u003ca href=\”https://moneyweek.com/economy/asian-economy/chinese-economy/603825/is-evergrande-chinas-lehman-brothers-moment\”>“China’s Lehman moment”u003c/a> a few months ago.u003c/p>\n””,”wordCount”:44},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Thirdly, as a result of all this, China is now on the wrong side of the central bank rate-raising cycle. China’s slowdown means it’s not going to raise interest rates – but the US is, and, all else being equal (it never is, but rates matter more than most things) higher rates will attract more money than lower rates.u003c/p>\n””,”wordCount”:59},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Anyway, last time this happened markets got very wobbly, which is one reason why central banks decided against raising rates.u003c/p>\n””,”wordCount”:20},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>As you may well have noticed, markets are pretty wobbly right now as well. So a few questions arise from all this.u003c/p>\n””,”wordCount”:22},{“__typename”:”DataBlock”,”type”:”HEADER”,”data”:”{“text”:”The Chinese slowdown complicates matters”,”size”:”3″}”,”wordCount”:null},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>This slowdown in China appears to be here to stay.u003c/p>\n””,”wordCount”:10},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>As Bill Bishop, who writes the China-focused u003ca href=\”https://sinocism.com/\”>Sinocism newsletteru003c/a>, notes: “it is hard to be positive about the economy or the markets in the face of increasing lockdowns of indeterminate length and intensity… even if policymakers were to announce bigger stimulus measures and rate cuts, how would the effects transmit through an economic system increasingly held hostage to the current anti-epidemic policies?”u003c/p>\n””,”wordCount”:63},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>This is a new situation for the world. Markets have been used to the idea that China cannot allow economic growth to slow, because that would mean social unrest and not hitting its GDP target, which would embarrass the Communist party.u003c/p>\n””,”wordCount”:41},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>This was true to an extent – China bailed the world out in 2008 and when the 2015 slowdown hit; it also eased monetary policy. The world is not used to a scenario in which China is not operating as the growth powerhouse of last resort.u003c/p>\n””,”wordCount”:46},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>However, China is throwing a fly in the ointment when it comes to the idea of developed-world central banks stepping back from tightening monetary policy.u003c/p>\n””,”wordCount”:25},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>The problem with zero-Covid measures in China is that they are going to mean that the mess made of global supply chains will continue. It’s quite possible that at some point down the line this might mean we see great piles of inventory dumped at exactly the wrong moment.u003c/p>\n””,”wordCount”:49},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>But, given how long it’s gone on for, I suspect this really just means more pressure for more permanent solutions and more of a drive towards “reshoring” – in all, a further move towards “just in case” rather than “just in time” (which implies companies carrying higher inventories as standard).u003c/p>\n””,”wordCount”:50},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>All of that adds to inflationary pressure, even as a struggling Chinese economy might take some pressure off commodity prices.u003c/p>\n””,”wordCount”:20},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>What does it all mean for you as an investor? I think you just have to understand that we’re going to be in for a more volatile period generally, and that you need to approach your portfolio with that in mind.u003c/p>\n””,”wordCount”:41},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>It’s a terrible cliche to say that markets hate uncertainty. But it is true to say that one thing we’ve been able to take for granted for a long time – that central banks would always open the floodgates at any sign of economic or market disruption – has now changed. That’s a pretty significant shift and one that will take some adapting to.u003c/p>\n””,”wordCount”:64},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>I’d stick with your bets on inflation; I’d u003ca href=\”https://moneyweek.com/2342/a-beginners-guide-to-investing-in-gold\”>hold some goldu003c/a> (it’s handy to have in a panic); and I’d make sure you allocate more to cash than usual simply to have it around in case you need it or want it to take advantage of any opportunities.u003c/p>\n””,”wordCount”:48},{“__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Oh and subscribe to MoneyWeek magazine. u003ca href=\”https://subscription.moneyweek.co.uk/\”>You get six issues free right now.u003c/a>u003c/p>\n””,”wordCount”:13}],”primaryMedia”:{“__typename”:”Image”,”src”:”https://media.moneyweek.com/image/private/s–rgLgOaga–/v1650970385/editorial/2022/220426-chinas-currency-falling.jpg”,”caption”:null,”credit”:”© Nelson Ching/Bloomberg via Getty Images”,”alt”:”Chines yuan banknote”},”isSponsored”:false,”monetising”:[{“__typename”:”Monetising”,”service”:”digiteka”,”enabled”:true,”config”:[{“__typename”:”KVP”,”key”:”id”,”value”:”02314201″},{“__typename”:”KVP”,”key”:”zone”,”value”:”2″}]}],”sponsor”:null,”resources”:{“__typename”:”Resources”,”whitepaper”:{“__typename”:”Whitepaper”,”whitepaperAssetId”:””,”formName”:””,”locale”:””}},”teaserImage”:{“__typename”:”Image”,”src”:”https://media.moneyweek.com/image/private/s–rgLgOaga–/v1650970385/editorial/2022/220426-chinas-currency-falling.jpg”,”width”:1408,”height”:792,”caption”:null,”credit”:”© Nelson Ching/Bloomberg via Getty Images”,”alt”:”Chines yuan banknote”}},”pagination”:{“__typename”:”Pagination”,”currentPage”:1,”totalPages”:0}}},”Article:604758″:{“id”:”604758″,”__typename”:”Article”,”title”:”The pound is falling hard – is a UK recession on the cards?”,”altTitle”:null,”subtitle”:”The pound has tanked against the US dollar as markets grow increasingly concerned about a recession in the UK. John Stepek asks if anything can save us.”,”url”:”https://news.google.com/economy/uk-economy/604758/uk-recession-on-the-cards-pound-falling”,”teaserLabel”:”UK Economy”,”teaserImage”:{“__typename”:”Image”,”src”:”https://media.moneyweek.com/image/private/s–BV45AyF0–/v1650883173/editorial/2022/220425-uk-recession.jpg”,”width”:1408,”height”:792,”caption”:null,”credit”:”© Nathan Stirk/Getty Images”,”alt”:”Shop going out of business”},”updated”:”2022-04-25T11:41:11+01:00″,”isSponsored”:false,”sponsor”:null},”Article:604726″:{“id”:”604726″,”__typename”:”Article”,”title”:”Will house prices crash in 2026? This surprisingly reliable cycle theory suggests so “,”altTitle”:null,”subtitle”:”An 18-year cycle in the UK property market says house prices will crash in 2026. Dominic Frisby explains how it works.”,”url”:”https://news.google.com/investments/property/house-prices/604726/will-house-prices-crash-in-2026-18-year-cycle”,”teaserLabel”:”House prices”,”teaserImage”:{“__typename”:”Image”,”src”:”https://media.moneyweek.com/image/private/s–K8CxVxpJ–/v1650447887/editorial/2022/220420-house-price-crash.jpg”,”width”:1408,”height”:792,”caption”:null,”credit”:”© Nathan Stirk/Getty Images”,”alt”:”Man looking in an estate agent's window”},”updated”:”2022-04-20T10:45:58+01:00″,”isSponsored”:false,”sponsor”:null},”Article:604753″:{“id”:”604753″,”__typename”:”Article”,”title”:”GlaxoSmithKline is set to cut its dividend – should you sell your shares? “,”altTitle”:null,”subtitle”:”GlaxoSmithKline, a top pick for UK income investors, will reduce its dividend after spinning out its consumer healthcare business. So should you sell? Rupert Hargreaves looks over the business’s prospects.”,”url”:”https://news.google.com/investments/stocks-and-shares/biotech-stocks/604753/glaxosmithkline-is-set-to-cut-its-dividend”,”teaserLabel”:”Biotech stocks”,”teaserImage”:{“__typename”:”Image”,”src”:”https://media.moneyweek.com/image/private/s–GhzFCkhA–/v1650623894/editorial/2022/220422-gsk-split.jpg”,”width”:1408,”height”:792,”caption”:null,”credit”:”© FRANCOIS LO PRESTI/AFP via Getty Images”,”alt”:”Glaxo drug production line”},”updated”:”2022-04-22T11:40:22+01:00″,”isSponsored”:false,”sponsor”:null},”Article:604722″:{“id”:”604722″,”__typename”:”Article”,”title”:”UK house prices will fall – but not for a few years”,”altTitle”:null,”subtitle”:”UK house prices look out of reach for many. But the truth is that British property is surprisingly affordable, says Merryn Somerset Webb. Prices will fall at some point – but not yet.”,”url”:”/investments/property/house-prices/604722/uk-house-prices-will-fall-but-not-for-a-few-years”,”teaserLabel”:”House prices”,”teaserImage”:{“__typename”:”Image”,”src”:”https://media.moneyweek.com/image/private/s–rIXpYBXW–/v1650379000/editorial/2022/220419-uk-house-prices.jpg”,”width”:1408,”height”:792,”caption”:null,”credit”:”© Dinendra Haria/SOPA Images/LightRocket via Getty Images”,”alt”:”House for sale”},”updated”:”2022-04-19T15:40:09+01:00″,”isSponsored”:false,”sponsor”:null},”Article:604764″:{“id”:”604764″,”__typename”:”Article”,”title”:”Should you buy HSBC shares? It could be a cheap way to invest in Asia”,”altTitle”:”Should you buy HSBC shares? It could be a cheap way to invest in Asia”,”subtitle”:”HSBC has refocused its business towards Asia, and China in particular. If it can increase earnings, the bank looks cheap, says Rupert Hargreaves. So should you buy HSBC shares?”,”url”:”https://news.google.com/investments/stocks-and-shares/bank-stocks/604764/should-you-buy-hsbc-shares-a-cheap-way-to-invest-in-asia”,”teaserLabel”:”Bank stocks”,”teaserImage”:{“__typename”:”Image”,”src”:”https://media.moneyweek.com/image/private/s–4xURBzDv–/v1650982746/editorial/2022/220426-should-you-buy-HSBC-shares.jpg”,”width”:1408,”height”:792,”caption”:null,”credit”:”© ISAAC LAWRENCE/AFP via Getty Images”,”alt”:”HSBC logo”},”updated”:”2022-04-26T15:22:40+01:00″,”isSponsored”:false,”sponsor”:null},”Article:604761″:{“id”:”604761″,”__typename”:”Article”,”title”:”Surge in Covid cases in China rattles markets. What is going on?”,”altTitle”:null,”subtitle”:”The resurgence of Covid in China has led to fears that lockdowns could derail the global economic recovery. Saloni Sardana explains what is going on and how it affects the global economy.”,”url”:”https://news.google.com/economy/asian-economy/chinese-economy/604761/surge-in-covid-cases-in-china”,”teaserLabel”:”Chinese economy”,”teaserImage”:{“__typename”:”Image”,”src”:”https://media.moneyweek.com/image/private/s–B8Rsy1Aa–/v1650961491/editorial/2022/220426-china-covid.jpg”,”width”:1408,”height”:792,”caption”:null,”credit”:”© Kevin Frayer/Getty Images”,”alt”:”Covid testing in Beijing “},”updated”:”2022-04-26T10:23:00+00:00″,”isSponsored”:false,”sponsor”:null},”Article:604748″:{“id”:”604748″,”__typename”:”Article”,”title”:”Small business owners: don’t duck the need to raise prices”,”altTitle”:null,”subtitle”:”Many small businesses worry about passing on costs, but soaring inflation makes it a matter of survival, says David Prosser.”,”url”:”https://news.google.com/economy/small-business/604748/small-business-raising-prices”,”teaserLabel”:”Small business”,”teaserImage”:{“__typename”:”Image”,”src”:”https://media.moneyweek.com/image/private/s–kxW49Vpn–/v1650550384/editorial/2022/MWE1100.small_business.main_2HMND8H.jpg”,”width”:1408,”height”:792,”caption”:null,”credit”:”© Elena Shishkina / Alamy”,”alt”:”Woman looking at a till receipt”},”updated”:”2022-04-26T06:01:05+00:00″,”isSponsored”:false,”sponsor”:null},”Article:604727″:{“id”:”604727″,”__typename”:”Article”,”title”:”Raytheon Technologies: a safe stock for an unsafe world”,”altTitle”:null,”subtitle”:”Defence spending is set to soar – that should be good news for aerospace heavyweight Raytheon Technologies.”,”url”:”https://news.google.com/investments/stocks-and-shares/share-tips/604727/raytheon-technologies-shares-defence-stock”,”teaserLabel”:”Share tips”,”teaserImage”:{“__typename”:”Image”,”src”:”https://media.moneyweek.com/image/private/s–5zRDBMpg–/v1650451085/editorial/2022/MWE1100.companies.main.jpg”,”width”:1408,”height”:792,”caption”:null,”credit”:” © Raytheon Technologies”,”alt”:”Raytheon Sentinel aircraft being worked on”},”updated”:”2022-04-26T06:01:03+00:00″,”isSponsored”:false,”sponsor”:null},”Author:600117″:{“id”:”600117″,”__typename”:”Author”,”name”:”John Stepek”,”url”:”https://news.google.com/authors/john-stepek”,”image”:{“__typename”:”Image”,”src”:”https://media.moneyweek.com/image/private/s–W4t389B0–/v1572010393/MoneyWeek/2013/02/john-stepek-188.png”,”width”:150,”height”:188,”caption”:null,”credit”:null,”alt”:null}}};