U.S. consumer sentiment fell for the fourth consecutive month in November, with households' expectations for inflation reaching the highest level in over a decade, according to a survey from the University of Michigan.
Consumer sentiment in the US has fallen for the fourth consecutive month, largely due to expected effects of higher interest rates and ongoing wars in Gaza and Ukraine, with inflation expectations also worsening, raising concerns for the Federal Reserve.
Egypt's struggling economy, already hit by a foreign currency shortage, faces further risks from the war in Gaza disrupting tourism and natural gas imports. However, analysts and bankers suggest that Gulf states may step up their assistance to Egypt once again.
The top 10 African countries with the highest GDP projection for 2023 are Mozambique, Democratic Republic of Congo, Côte d’Ivoire, Rwanda, Ethiopia, Guinea, The Gambia, Benin, Togo, and Tanzania.
Consumer sentiment in the US fell for the fourth consecutive month in November due to concerns about higher interest rates and ongoing conflicts in the Middle East, with younger and lower-income Americans being the most affected; this decline was also reflected in measurements of the current state of the economy and expectations for the next six months, while inflation expectations increased to 4.4% for the next year, indicating a general pessimism about the future economic outlook.
The Bank of England is planning to test the resilience of Britain's financial system by simulating a major bond market crash in response to rising volatility and concerns about high borrowing costs and hidden risks in the system. Over 50 institutions will participate in the stress scenario and will have to demonstrate how they would respond to a hypothetical crisis resembling the severity of the 2007/08 global financial crisis.
Euro zone inflation could increase in the coming months, but European Central Bank interest rates are expected to remain unchanged for several quarters as the bank aims to achieve a 2% price growth, according to ECB President Christine Lagarde. However, she noted that even if inflation rises, another rate hike may not be necessary, and she emphasized the need for a new fiscal framework for European Union countries.
BRICS is actively working on de-dollarization initiatives through various strategies such as accepting local currencies for oil and gas trade, convincing other countries to use local currencies for transactions, and strengthening their own GDP to decrease the influence of the U.S. dollar.
Germany's parliament has approved a global minimum corporate tax, requiring multinational companies to pay a minimum tax rate of 15% on all profits made worldwide, in an effort to prevent tax avoidance.
China's ageing population will not hinder its economic development but instead give rise to a "silver-hair economy," boosting competitiveness and driving technological innovation, according to economist Justin Lin Yifu.
The UK economy experienced zero growth in the third quarter of 2023, the weakest performance in a year, due to a drop in the services sector and high interest rates, raising concerns of a recession and 40-year high inflation.
The cost of Thanksgiving meals is expected to slightly increase this year, with turkey prices decreasing but side dishes becoming more expensive.
A new report from the Gardner Policy Institute finds that Utah's life science industry is experiencing rapid job growth, contributing billions of dollars to the state's economy, and paying higher wages compared to other industries.
Climate change is impacting the economy and household finances, with a record high of $617 billion spent on weather disasters between 2018 and 2022, causing economic hardship for 13% of Americans in the past year.
Germany's economy, once known for its miraculous recovery, is now facing challenges including an aging population, a struggling industrial model, and a lack of digital adaptation, leading to a decline in industrial production and the IMF predicting it to be the weakest economy in the G7 this year.
The United Auto Workers union successfully fought to reopen an assembly plant in Belvidere, Illinois, which was closed in February, marking a rare instance of reviving a plant that had been shut down. The plant will resume operations in 2027, manufacturing a new midsize pickup truck, and in the meantime, it will produce batteries for electric vehicles and function as a parts depot. The success in reopening the plant during labor negotiations with Stellantis prompted UAW President Shawn Fain and US President Joe Biden to attend a rally in Belvidere. The union employed a unique strike strategy and benefited from the automakers' strong profits.
China is shifting its lending strategy by providing more yuan-denominated emergency loans to ensure repayment for old projects and address default risks in debt-beset nations, marking a departure from Western countries' pressure for debt relief, while still being the world's largest source of international development finance.
The market reacted negatively to Federal Reserve Chair Jerome Powell's remarks suggesting the possibility of further interest rate hikes, resulting in the S&P500 closing lower, while the Treasury market experienced increased volatility due to poor demand at a bond auction, a ransomware attack, and concerns about system liquidity.
India's economy needs to expand at a rate of over 8% to generate enough jobs for its population, which is currently experiencing an unemployment rate of 10.05%, according to former Reserve Bank of India Governor Raghuram Rajan.
The US economy's strong performance this year could usher in a new era of growth resembling the "roaring '20s," with higher GDP growth, inflation, interest rates, and volatility, according to UBS.
The British economy stagnated in the third quarter, entering a period of stagnation and on the brink of a recession, with housing and manufacturing sectors being impacted by higher interest rates, while the rest of Europe experiences similar economic struggles; despite this, the Bank of England predicts that the economy will not enter a recession but will experience minimal growth due to the continued effects of high interest rates.
China's e-commerce retailers are engaged in a fierce price war during the "Singles Day" shopping event, which is highlighting weaknesses in household consumption and raising concerns about the country's economic slowdown.
China is expected to increase its headline deficit to 3.5% or higher of GDP next year, indicating a shift in fiscal policy to boost economic growth amid weak housing and export markets.
Kenya's economy is facing distress as rising inflation from increased gasoline costs and a record-low value of the shilling against the dollar impact the country, while reduced fuel consumption and high pump prices cause economic strain. The Purchasing Managers Index (PMI) also hit a low point, indicating weak business confidence in several sectors. However, there is a glimmer of hope as the economy's size increased in the second quarter due to favorable weather conditions.
India's economy needs to grow at a rate of over 8% in order to generate enough jobs for its large population, according to former Reserve Bank of India governor Raghuram Rajan, who also highlighted the challenge of high unemployment rates and the need to train the workforce to compete in manufacturing.
According to PwC, Northern Ireland's economy is expected to grow at a rate of 0.6% in 2023, making it the second fastest-growing region in the UK after London. However, PwC highlights the need for further investment and support for long-term economic growth to be sustained.
The UK's Gross Domestic Product (GDP) grew at a rate of 0.6% in the third quarter, matching the second quarter's growth and exceeding market expectations, while other data showed increases in industrial and manufacturing production, but a contraction in total business investment.
The owners of over 11,500 rental properties in the UK are struggling to make their mortgage payments due to rising interest rates, leading to financial difficulties for landlords and an exodus from the rental market.
Japan's Economy Ministry is preparing a ¥2 trillion ($13 billion) subsidy to revive its chip industry and regain its status as a major semiconductor power.
European and global markets are expected to open lower after Fed Chair Jerome Powell emphasized that tackling inflation is the central bank's main concern and hinted at possible rate hikes, causing a sell-off in risk assets. ECB President Christine Lagarde's speech later in the day will be closely monitored.
San Francisco is hosting the Asia-Pacific Economic Cooperation (APEC) summit in an effort to reverse the city's declining image and showcase its resilience and vibrancy post-pandemic, despite ongoing challenges such as crime and homelessness.
The Reserve Bank of Australia's decision to raise interest rates is affecting borrowers differently based on their debt levels, assets, incomes, and age, with lower income borrowers being hit the hardest and some forced to sell investment properties; however, a significant portion of borrowers still have savings buffers, although there is a risk of depletion within six months for some.
China can increase its budget deficit ratio next year to support economic recovery, as there is still room for the central government to issue more debt, according to Wang Yiming, a policy advisor to the central bank.
The caretaker government and the International Monetary Fund (IMF) have agreed on backup measures to be implemented by the end of the year if fiscal and monetary targets deviate significantly from objectives, including the introduction of a fixed tax on retailers and realtors.
Florida has experienced a high number of hit-and-run accidents in recent years, leading to significant emotional and financial consequences for victims, as well as a rise in uninsured motorists.
Pakistan's exports to European nations have decreased by 12.13% in the first quarter of the current fiscal year, primarily due to reduced demand in Western and Northern Europe, despite the preferential access provided by the Generalised System of Preferences Plus (GSP+) scheme.
India's goods exports have increased by around 3% in October, driven by pharma and engineering exports, after a nine-month period of falling exports.
Investors abandon hopes of a rally in risk assets as Federal Reserve Chair Jerome Powell reaffirms that tackling inflation remains the central bank's primary concern, leading to a decline in stock markets and a boost in US Treasury yields.
China's natural resources minister, Wang Guanghua, has emphasized the urgent need for increased strategic mineral mining exploration to ensure the country's supply chain security and self-reliance, particularly amid global competition for dominance in the supply chain and growing uncertainties in trade and conflicts. China's push for self-reliance comes as it faces increasing geopolitical risks and a tech rivalry with the United States, where critical minerals are key components in weapon and semiconductor manufacturing. Despite China's dominance in rare earth reserves, diversification efforts are underway, prompting the need for intensified mineral exploration.
During times of crisis and uncertainty, having a "Plan B" residency in a safe and stable country becomes increasingly important, and countries like Ireland, Norway, and Uruguay offer attractive options due to their political stability, low crime rates, and high standard of living.
The economist Kit Juckes predicts a decline in the US dollar in the rest of 2023 and a weaker state as it enters 2024, due to the de-dollarization efforts of the BRICS bloc and a growing international desire to lessen the dollar's prominence.
The upcoming holiday shopping season in America is expected to proceed despite high levels of credit card debt, as educated consumers will weigh factors such as price, quality, selection, and specific items when deciding where to shop.
Mortgage rates decrease to 7.5% in the largest weekly decline in almost a year, potentially motivating current homeowners to list their properties and increase housing inventories.
China's consumer prices in October were hit by food-price deflation, particularly a decrease in pork prices, but it does not indicate deflation in the overall economy, as weak domestic demand is keeping underlying inflation low, according to analysts. Additionally, factory-gate prices fell for the first time in four months, and core inflation declined, suggesting a broader economic slowdown. However, analysts expect headline CPI to rise in the coming months and foresee inflation remaining low but avoiding deflation.
Federal Reserve Chair Jerome Powell has stated that it is premature to declare victory in the fight against inflation and that additional rate hikes may be necessary, as policymakers remain committed to returning inflation to the 2% target but are not confident that they have achieved it.
Federal Reserve Chair Jerome Powell's comments on inflation and the possibility of a rate hike, the release of the IRS tax brackets for 2024, and a decline in fixed mortgage rates are among Thursday's top headlines.
A Reuters poll of economists suggests that Americans will continue to face high interest rates until at least the middle of next year, with 87 percent of economists believing that the Federal Reserve is done hiking rates, although 58 percent expect rates to start falling by mid-2024.
Investments in electric vehicle and semiconductor production, as well as population growth, are driving economic prosperity in the Sunbelt and Mountain West states amid an expected economic slowdown, providing a hedge against risk and boosting local economies.
The US Federal Reserve is prepared to raise interest rates further in order to bring inflation down to its long-term target, according to Fed Chair Jerome Powell, although he also stated that the Fed is probably at a point where its monetary policy is significantly restrictive.
Climate protesters interrupted a speech by Federal Reserve Chair Jerome Powell on monetary policy, calling for an end to fossil fuel extractions on federal lands and waters. This is the second time in a month that this group has disrupted an event attended by Powell.