Market expert Adam Turnquist believes that the current overbought market is due for near-term pains, but will see positive results in 2024, as similar market conditions in the past have shown a flat performance over the next 1 to 3 months.
Argentina's consumer prices likely rose by around 12% in November, the first monthly inflation data under new President Javier Milei, who has vowed to fight inflation and avoid hyperinflation. The country already faces triple-digit annual inflation and analysts expect even sharper price rises in the coming months.
The world economy is at risk of entering a second cold war between the US and China, which could erase the progress made since the collapse of the Soviet Union and result in trillions of dollars in global output losses, warns Gita Gopinath, the IMF's first deputy managing director. She urges governments to work together on shared economic priorities to prevent this scenario.
An increasing number of Americans are turning to food banks due to soaring grocery prices, causing widespread concern for the future and the ability to adequately provide for their families.
The world in 2024 will be shaped by significant events such as a global election extravaganza, geopolitical volatility, the rise of intelligent assistants, milestones in green energy, the transformation of meetings and office real estate, advancements in space commerce, shift from crude to chemicals, AI ethics and legislation, chip shortages, augmented reality development, autonomous driving, personalized medicine, a two-speed world economy, the rise of meta cities, the digital marketplace revolution, and the overall transformation of our world.
Despite claims on TikTok of a "silent depression," economists and historians assert that the US is not currently in a depression but rather experiencing economic growth, low unemployment rates, and access to federal assistance programs, highlighting the stark differences between the present economic situation and the Great Depression of the 1930s.
Mortgage interest rates could fall in 2024, with predictions suggesting rates around 6-6.5%, but the extent of the drop and the future trajectory of rates remain uncertain.
Pork prices in China fell to their lowest level since April 2022, indicating the country's ongoing struggle with deflation and sluggish economic growth.
The Indian government has disbursed around Rs60,104 crore in interest-free loans to states as part of a capital expenditure scheme to stimulate the economy and support specific reforms.
Investors are hoping for a tame consumer price index (CPI) report that will increase the Federal Reserve's comfort level with holding interest rates steady, but economists predict that an underlying measure closely watched by the Fed will tick up, potentially leading officials to keep the option of rate hikes open.
The average mortgage interest rates for a 30-year fixed mortgage, 15-year fixed mortgage, and 5/1 adjustable rate mortgage (ARM) are 7.45%, 6.78%, and 6.70% respectively, with the 30-year fixed mortgage having the lowest monthly payment but the highest interest rate.
US commercial banks are initiating a bank credit sell-off that could lead to a bigger crash than 2008, according to leading financial analysts, and author Robert Kiyosaki warns that people should get their money out of banks before the crash occurs, with BRICS benefiting from the market crash by cutting ties with the dollar.
The forecast for housing in 2023 is optimistic as mortgage rates are expected to decline, improving affordability and enticing more buyers into the market, although challenges such as limited supply and inflation still remain, according to economists.
Soho House, the popular chain of private clubs for creatives, is temporarily halting new member admissions in New York, Los Angeles, and London due to complaints of overcrowding and a focus on improving service.
Despite pessimistic predictions of an "inevitable" recession in 2023, the U.S. economy has shown resilience and surpassed growth forecasts, causing some to continue doubting the strength of the economy in 2024, while others maintain a more optimistic stance.
A new report from Infrastructure Australia warns of workforce shortages and a lack of construction materials, putting at risk infrastructure, housing, and energy projects in the country. The agency highlights the need for a greater emphasis on using recycled materials and recommends changes to immigration settings to address the labor shortage.
Two young brothers found unconscious in a Scarborough apartment are being investigated as possible homicides by Toronto police, while the federal government plans to offer dental care for uninsured Canadians, beginning with seniors over 87, and 80,000 Quebec nurses join public sector strikes as they negotiate a new contract with the province. Meanwhile, the whereabouts of Russian opposition leader Alexei Navalny are unknown, and all major industry players need to sign a grocery code of conduct for it to be successful, according to Metro Inc.'s CEO, and the question of whether anti-Zionism is always antisemitic is being debated, and the Las Vegas Raiders' interim coach vows to evaluate everyone in the organization after a deflating 3-0 loss to the Minnesota Vikings.
China should aim for an inflation rate of 4 to 6 percent in order to revive household wealth and stimulate its economy, according to an economist, as the country faces deflationary concerns and weak domestic demand due to declining consumer prices and contracting producer prices.
Inflation is down nationwide, with the Consumer Price Index increasing by 3.2% from October 2022 to October 2023; in particular, food prices in the San Francisco region rose by 2.8% and energy prices dropped by 2.5%.
Russia's economy, fueled by rising government spending, tight supply, and inflation, may not be sustainable in the long term, despite solid current growth rates.
President Erdogan's new economic team in Turkey has made progress in stabilizing the economy through measures such as raising interest rates and cracking down on organized crime, but challenges remain in improving relations with the West, particularly with Sweden, the far-right Nationalist Movement Party, Israel, and Russia.
U.S. stock markets closed higher on Friday as strong economic data, including a resilient labor market and increasing consumer sentiment, boosted expectations of a soft landing for the economy.
Despite positive economic indicators such as job growth and lower inflation, public sentiment surrounding the U.S. economy remains negative, posing a challenge for President Joe Biden's reelection prospects; dissatisfaction with the economy is being seized upon by Republicans and the White House's attempts to highlight progress have had limited success.
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Federal Reserve Chair Jerome Powell's handling of monetary policy, along with positive jobs data, suggests that he has successfully achieved a soft landing for the U.S. economy, contradicting gloomy predictions and leading to speculation that interest rates may not be lowered as expected.
Wall Street's main indexes opened subdued as investors await the Federal Reserve's policy meeting and inflation data, which will impact expectations for future interest rate cuts.
The Federal Reserve is facing pressure to cut interest rates next year as inflation approaches its target, but Fed Chair Jerome Powell has downplayed the idea, stating it would be premature to conclude that rate reductions are imminent. The economy is moving in the desired direction, with slowing consumer price increases and declining job openings, indicating progress toward a "soft landing" of inflation reaching the Fed's target without recession. However, there is still the risk of a miscalculation leading to recession, and the timing of rate cuts will depend on economic health and the level of inflation. Wall Street's expectations for rate cuts may be too optimistic, as the Fed will want to ensure inflation is under control before making such a move.
Miami ranks No. 1 in the US for the least sustainable credit card debt, with an estimated payoff time of nearly 111 months, due to high median credit card debt and relatively low median earnings for workers.
Chinese markets are losing ground as inflation data indicates further deflation, while upcoming US CPI data is expected to shape market sentiment, and the recent US jobs report suggests a reduced likelihood of a rate cut in March.
Argentina's new president, Javier Milei, warned his country of the need for aggressive fiscal cuts and a shock adjustment in order to tackle high inflation and prevent hyperinflation.
China's real borrowing costs are expected to remain high in 2024 due to deflation pressures, posing a threat to economic growth, as consumer and producer prices have fallen faster than the average loan rate, leading to increased savings and weak business confidence.
Companies are experimenting with pricing strategies and raising prices more frequently to protect profits, even as costs come down, with many focusing on profit margins instead of market share; however, as demand cools and inflation abates, they are considering whether they can further increase prices in order to maintain profitability.
China and Singapore have teamed up to allow tourists the option of paying in digital Chinese Yuan instead of the US dollar, reducing the usage of the dollar for transactions in both countries and enhancing convenience for travelers.
Mortgage lending is projected to decrease in 2024, leading to an increase in repossessions and households in arrears, as affordability pressures and high mortgage rates continue to impact the market, according to UK Finance. However, the trade body also stated that the majority of customers will eventually recover their positions, and the number of possessions is not expected to significantly rise during the forecast period.
Western business newspapers that portray the Chinese economy as on the verge of collapse are not only wrong but also risk undermining their own credibility and the ability of policymakers to make rational decisions. Despite some structural problems, recent data points show robust growth in the Chinese services sector and a broad-based expansion of the Chinese economy, consistent with IMF projections. The obsession with bearishness about China is discrediting and may prompt businesspeople and policymakers to seek information from other sources.
African countries with the lowest debts to the IMF include Sao Tome & Principe, Djibouti, Lesotho, Guinea-Bissau, Cabo Verde, Equatorial Guinea, Eswatini, Gambia, Seychelles, and Burundi, according to data from the IMF.
The number of UK residential property mortgage arrears is expected to reach its highest level in eight years due to higher interest rates, with an increase of 30% compared to last year, according to UK Finance. Repossessions are also predicted to rise, and fewer mortgages are expected to be granted in the next year, particularly for landlords. However, the outlook for mortgage lending is expected to improve by 2025.
Chinese stocks rebounded as trading volumes of a state-owned institution's favored exchange-traded fund increased, while concerns over deflation and the economic recovery persisted.
Russia, a BRICS member, asserts that the US's dominance in global banks and financial institutions will soon be undermined as BRICS ushers in a new era and replaces the traditional financial system with a new world order using technologies such as blockchain.
Bitcoin and crypto markets are starting to decline as the Federal Reserve's policy meeting and core CPI data approach, with Bitcoin dropping 3.2% and total market capitalization falling by $80 billion.
The euro zone is predicted to enter a recession in the last quarter of the year, with the economy contracting for a second consecutive quarter, primarily driven by Germany's struggling manufacturing sector and a significant increase in interest rates, according to a Bloomberg poll of analysts.
Cordlife management was aware of irregular temperature exposure in one of its cord blood tanks, which led to damage of around 2,200 cord blood units belonging to approximately 2,150 clients, and investigations into the other six affected tanks are ongoing.
China's consumer prices fell at their fastest rate in three years in November, raising concerns about the country's economy, while weak business activity and overseas demand caused producer prices to remain in contraction for a fourteenth consecutive month.
Mumbai, Varanasi, Surat, and Visakhapatnam have been chosen as four cities to be developed as part of the Growth Hub programme, with the goal of turning India into a $30 trillion economy by 2047.
Construction activity in Ireland has experienced a five-month decline, with both the housing and commercial markets weakening, attributed to a slowdown in the economy, completion of projects, and delays in decision-making by clients.
Industries dependent on imported raw materials in Nigeria may shut down as imports become more difficult due to high import duty, leading to a decline in Nigeria Customs Service revenue and an increase in smuggling, according to a new report by the Centre for Promotion of Private Enterprise. Chief Executive Officer of CPPE, Dr. Muda Yusuf, called for a review of the exchange rate increase for cargo clearance to protect the economy and citizens from inflationary pressures.
Most Asian stocks rose marginally as investors prepared for central bank meetings, while Chinese shares plummeted due to signs of disinflation, and Indian stocks were set to retreat from record highs.
Argentina's new President Javier Milei warns of painful austerity measures, including spending cuts and a switch to the US dollar, as he aims to address the country's economic crisis and decades of decline.
The recovery of international flights from mainland China is slower than expected due to difficulties securing visas, strong demand for domestic flights, and weaker economic growth, which may affect the full recovery of airlines in the Asia-Pacific region.
Nigeria's external reserves have decreased by $520.22 million in five weeks, reaching $33.004 billion as of December 7, 2023, due to a decline in government revenue, inadequate economic diversification, and other challenges such as high inflation and limited foreign exchange supply.