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Insight Weekly: Elections to shape recession response; Companies increase efficiencies; UAE's bad loans

Today is Tuesday, November 01, 2022, and here’s your weekly selection of essential intelligence on financial markets and the global economy from S&P Global Market Intelligence. Subscribe to be notified of each new Insight Weekly

In this edition of Insight Weekly, we take a look at how the U.S. midterm elections could shape the government's response to a looming recession. In the upcoming elections, the Republicans are poised to take control of the House of Representatives while the Democrats are likely to hold the Senate. This scenario will see a divided government, limiting President Biden’s ability to pass new laws to support the economy. According to new S&P Global PMI data, the economic downturn gathered significant momentum in October, led by a downward lurch in services activity and a near-stalled manufacturing sector. Consumer spending remains strong, but major U.S. credit card issuers report a continued rise in delinquency rates.

The median ratio of operating expenses to total revenue for U.S. nonfinancial, investment grade-rated companies fell to 82.9% in the second quarter from 83.1% in the previous quarter, according to data from S&P Global Market Intelligence. The lower ratio indicates that companies are achieving returns more efficiently even as expenses continue to rise.

Sales of nonperforming loan portfolios, or NPLs, in the United Arab Emirates may become more common as lenders clean up their books and regulatory improvements make such deals attractive to buyers. Currently, Abu Dhabi Commercial Bank is selling $1.1 billion of bad debt, the largest NPL sale of its kind in the country.

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Written and compiled by Alex Virtucio

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