Canada's trade surplus with the world increased more than expected in September, reaching $2.04 billion, driven by higher crude oil prices and a rise in exports.
Canada's trade surplus with the world increased more than expected in September, driven by higher crude oil prices and a rise in wheat exports, while exports and imports both saw modest gains.
The US trade deficit increased in September, but it remains near a three-year low and is on track to have the smallest increase since 2020, with imports rising and exports remaining high. However, a slowing economy and rising borrowing costs could moderate import growth in the future.
Inflation is a top concern for American voters according to Kevin O'Leary, who warns that it is leading to downsizing in housing, cars, and lifestyles.
A growing number of Americans are making emergency withdrawals from their 401(k) retirement plans to cover financial emergencies amid high inflation, according to a report by Bank of America.
The International Downtown Association Canada is calling on Ottawa to extend the repayment deadline for federally-backed pandemic loans to help revive downtown businesses facing rising costs, labor shortages, operational issues, and high office vacancy rates.
Mitch Landrieu, senior advisor to President Joe Biden and former mayor of New Orleans, is leading efforts to distribute $1.2 trillion from the Infrastructure Investment and Jobs Act to rebuild America's infrastructure, focusing on collaboration with local communities to address disparities in resources and improve infrastructure to promote community healing, safety, and economic growth.
Workers' fear of layoffs may be driving a surge in productivity, according to Professor Jeremy Siegel, leading to strong GDP growth; however, the Fed's lack of attention to this factor is disappointing, and a possible interest rate decrease may be on the horizon.
Economist Professor Jeremy Siegel suggests that fear of being laid off has led to a surge in worker productivity, which he believes will continue and be supported by advances in artificial intelligence, despite disappointment that the Fed is not prioritizing productivity in the macroeconomic environment.
The IMF has revised up its forecasts for China's GDP growth in 2023 and 2024, citing stronger consumption, but urges action to fix the property sector and expects growth to slow next year.
The World Economic Output report by the International Monetary Fund predicts that the world's current account balances will decrease in 2023, and here are the top 10 African countries with the highest current account balances.
China's financial and property sectors pose risks to the growing economy, according to the International Monetary Fund, despite the organization raising its economic growth forecasts for the country. The IMF emphasized concerns about China's weakening housing sector, including falling prices and loan defaults by major developers.
The U.S. economy experienced robust growth in the third quarter of 2022, driven by consumer spending, leading to a decline in inflation and improvements in wages and livelihoods for working and middle-class individuals under Bidenomics, despite public pessimism about economic conditions.
Chinese financial institutions have shifted from infrastructure lending to rescue lending, committing around $1.34 trillion to developing countries from 2000 to 2021, with lending commitments peaking in 2016 at $136 billion, according to a report by U.S. researchers. The shift in China's overseas financing has also seen a change in lenders, with the People's Bank of China and the State Administration of Foreign Exchange accounting for over half of lending in 2021, primarily for bailout lending.
Food price inflation in the UK has dropped to single digits for the first time in 18 months, with grocery price inflation slowing to 9.7% in the past four weeks, according to data from Kantar; however, people are still experiencing rising prices as certain categories continue to see year-on-year price increases. Retailers are attempting to mitigate the impact on consumers through increased promotions, with consumer spending on promotions reaching its highest level since Christmas last year. Shoppers are also opting for more own-label products to save money, although the gap between own-label and branded goods is narrowing. Lidl was the fastest-growing retailer, while Sainsbury’s was the fastest-growing traditional supermarket.
China's economy is expected to grow 5.4% this year, higher than previously forecasted, but the IMF warns that continued weakness in the property sector and subdued external demand could result in slower growth next year.
Chinese officials have reassured global financiers that China's economy remains on track for growth despite challenges such as a weakening property market, with the government implementing measures to stabilize the industry and boost demand. The officials emphasized China's potential for long-term stability and dismissed concerns about government debt. The International Monetary Fund raised its outlook for China's economy, projecting stronger growth in 2023 and 2024. China also plans to make it easier for mainland Chinese companies to list shares in Hong Kong and expand access for international investors.
British grocery inflation fell below 10% for the first time since July 2022, providing some relief for consumers as they enter the Christmas shopping period, with prices falling in butter, dried pasta, and milk, according to market researcher Kantar.
Oil prices fell below $80 a barrel for the first time in over two months as doubts about the Federal Reserve's stance on tightening monetary policy outweighed supply cuts by Saudi Arabia and Russia.
Japan's stock market, which had gained favor with global investors as a "safe haven" due to the Bank of Japan's easing policies and Warren Buffett's investments, now faces headwinds as Prime Minister Fumio Kishida fails to deliver on promised reforms and the economy faces challenges from rising inflation and slowing trading partners. The government's lack of action and complacency could lead to a loss of investor confidence and a decline in Japan's competitive position.
German industrial production fell more than expected in September, indicating a slowdown in production due to a slump in incoming orders, and raising concerns that the country may end the year in a technical recession.
Despite economic challenges, Kenya's retail industry is expected to grow steadily in the upcoming year, driven by evolving consumer preferences and changing strategies, although concerns about depleted savings and increasing commodity prices remain.
A new data analysis shows that developing countries owe Chinese lenders at least $1.1 trillion, with over 55% of China's loans to developing countries currently in their repayment periods during a challenging financial climate, leading China to become the world's largest official debt collector.
The pace of grocery inflation in the UK has slowed down to single digits for the first time since July 2021, driven by increased discounting by supermarkets ahead of the Christmas season. However, shoppers are still feeling the impact of rising prices, with own label sales surpassing branded products in demand.
China's imports unexpectedly grew in October while exports contracted at a faster rate, indicating ongoing risks despite a recent improvement in domestic demand and supportive measures from Beijing.
Italian stocks are currently trading at their largest discount in 35 years compared to global shares, due to concerns over the fiscal outlook, but some investors believe the shares are undervalued and present a buying opportunity.
Global bankers gathering in Hong Kong expressed concerns about potential market blowups and geopolitical escalations, highlighting shadow banking, interest rate tightening, deglobalization, and deficits as factors contributing to a complex and challenging financial landscape.
The annualized interest payments on the US government debt pile have surpassed $1 trillion, doubling in the past 19 months, which could lead to renewed selling pressure on US Treasuries in the new year.
China has implemented stricter controls on the export of rare earth metals and the import of key commodities such as crude oil and iron ore, requiring exporters and importers to report transactions and shipments for the next two years. The move highlights China's focus on economic security and its dominance in the production of rare earths.
The Reserve Bank of Australia has raised its cash rate target by a quarter of a percentage point to 4.35%, marking the highest level in 12 years, leading to increased mortgage costs and financial stress for some borrowers.
Real median income in Singapore declined by 4.5% in the first half of 2023 due to elevated inflation and a weaker economic outlook, but the government expects inflation to moderate for the rest of the year.
The Reserve Bank has raised interest rates in order to combat persistently high inflation and bring it back within its target range, which may result in higher monthly repayments on home loans.
China's exports continued to decline in October, highlighting weak external demand and economic uncertainty, while imports rebounded and exceeded expectations, possibly indicating a moderate recovery in domestic demand.
Aussies are facing a cost-of-living crisis due to rising inflation, and expert David Koch explains the concept, its impact on jobs and wages, and potential strategies to control it.
The Pakistani rupee continues to weaken against the US dollar despite smooth IMF talks, with the dollar surging by Rs2 in the open market and currency experts attributing the decline to a short supply of dollars and future uncertainty.
Real wages in Japan declined for the 18th consecutive month in September, contributing to a continued decline in consumer spending and putting pressure on labor groups to demand higher wages. The decrease in purchasing power is concerning for the Bank of Japan, which sees sustainable wage increases as essential for ending its monetary stimulus.
Federal Reserve Bank of Minneapolis President Neel Kashkari believes that the U.S. central bank still has more work to do in order to control inflation, suggesting that he is leaning towards raising interest rates again.
UK fears recession this winter as households cut spending due to higher fuel bills and dearer mortgages, leading to lower sales volumes and weaker consumer confidence in the retail sector, as well as a contraction in the housebuilding industry.
China has shifted its focus from lending money for infrastructure projects to providing emergency rescues for countries struggling to repay their previous loans, with rescue loans increasing to 58% of China's lending to low- and middle-income countries in 2021; this shift comes as the United States aims to establish stronger ties with developing countries through initiatives like the United States International Development Finance Corporation.
China has become the world's largest debt collector, with an estimated $1.1tn to $1.5tn owed to them from developing countries, as their overseas lending portfolio increasingly supports financially distressed nations and raises concerns about defaults and project suspensions.
The baht is expected to remain strong until the end of the year due to speculation that the Federal Reserve might cut interest rates earlier than previously forecast, according to analysts.
Subprime bonds backed by Flagship Credit Acceptance and CarFinance Capital loans have been placed on negative outlook by S&P Global Ratings due to their underperformance and higher-than-expected cumulative gross losses.
More young Americans are turning to debt to cover emergency expenses as household budgets are squeezed by inflation and the resumption of student loan payments, according to a survey by Morning Consult and Bloomberg News. The ability of adults aged 26 and under to cover unexpected expenses of $200 to $600 in cash has fallen from 66% to 52% since the beginning of the year.
Banks tightened lending standards in the third quarter, leading to a decrease in demand for loans and impacting businesses and households, as higher interest rates continue to affect the economy.
Banks tightened lending standards for U.S. businesses and households in Q3, indicating the impact of higher interest rates on the economy as demand for loans fell.
Home Depot co-founder Bernie Marcus criticizes President Biden's economic policies for contributing to inflation, which is putting significant financial strain on American consumers and Home Depot customers.
The stability of the US economy is being supported by a robust labor market, with women, especially mothers, experiencing increased workforce participation, thanks to the availability of remote job opportunities.
The S&P 500 had a strong week, but underlying details suggest the economy is weakening, potentially signaling a recession in the near future.
Americans are accumulating more credit card debt due to high inflation and steep interest rates, reversing the trend of paying off debt during the pandemic, according to the New York Federal Reserve Bank's Quarterly Report on Household Debt and Credit. The average credit card APR has reached a record high of 20.72%, potentially leading to higher costs in the long run for consumers who rely on debt to compensate for rising prices. The burden of inflation is disproportionately affecting low-income individuals, and the increase in credit card debt is seen as a sign of financial struggle rather than confidence in the economy.
Banks have tightened lending standards for business loans and consumer loans, with weaker demand reported for both, due to a less favorable economic outlook and concerns about credit quality and funding costs; economists worry about a potential credit crunch that could lead to a recession next year.