Higher interest rates and soaring inflation in the US have led to financial strain for many Americans, with increased borrowing costs impacting major milestones such as buying a home or a car, and credit card balances rising. Despite a strong labor market and increased pay gains, the possibility of a recession looms if high interest rates persist.
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The World Series is expected to bring a significant boost to Arizona's economy, with previous major sporting events in the state generating millions of dollars in economic impact.
Argentinian drivers face severe petrol shortages due to domestic refining problems and a lack of dollars for imports, leading to long queues and frustration among the population.
Germany's GDP fell 0.1% in the last quarter, bringing the country halfway into a technical recession, but it avoided a winter recession as previously predicted.
Consumer spending in the U.S. continues to surge, defying predictions of a recession and demonstrating resilience amidst rising costs and depleted savings, driven by factors such as sturdy hiring, low unemployment, and healthy finances for households.
The real median household income in the United States has been declining since 2019, but the wealth of the top one percent has soared, with this group collectively owning $45.7 trillion compared to the $3.6 trillion owned by the bottom fifty percent of households, leading to devastating impacts and significant inequalities in life expectancy.
The Bank of England is expected to maintain its high interest rates despite grappling with soaring inflation that is exceeding its target, resulting in strains in the economy.
China's Belt and Road Initiative has faced criticism for the large increase in emergency loans to countries struggling to repay debt, with concerns raised about loan conditions and transparency practices.
HSBC CEO Noel Quinn believes that China's property crisis has passed its worst phase and expects the market to stabilize, although recovery will be gradual due to a "huge policy correction"; however, HSBC has set aside $500 million to cover potential losses from the troubled sector and has cut its growth forecasts for China's economy. Meanwhile, Evergrande, China's heavily indebted property developer, has been given another chance to avoid liquidation. Despite challenges in China, HSBC reported strong profits for Q3 2022 and upgraded its forecasts for the UK economy and housing market.
Major reforms are needed to revive South Africa's struggling economy, according to the DA finance spokesperson Dion George, who presented an alternative medium-term budget policy statement including measures to stimulate economic growth, address power outages, achieve fiscal stability, protect vulnerable citizens, and combat corruption.
The Bank of Japan is considering adjusting its yield curve control framework to allow 10-year Japanese government bond yields to rise above 1%.
The average mortgage interest rates for 30-year fixed, 15-year fixed, and 5/1 adjustable rate mortgages have increased slightly from the previous week.
UK mortgage approvals decreased in September, with net borrowing decreasing and remortgaging approvals at their lowest level since 1999, reflecting the impact of rising borrowing costs; however, the Bank of England is expected to leave interest rates unchanged amidst concerns about the strength of the economy and high inflation. The impact of previous rate increases has yet to be fully felt, and many borrowers are expected to face significant repayment increases in the coming year, potentially leading to a recession and further declines in house prices.
Treasury Secretary Janet Yellen is set to outline the Biden administration's economic strategy for the Indo-Pacific region, emphasizing deeper economic ties with the region and discussing the management of relations with China, ahead of the APEC finance ministers' meeting and a potential summit between President Biden and Chinese President Xi Jinping.
The supply of new private homes in Hong Kong is at a record high of 107,000 units, as hesitant buyers and high interest rates affect the market, according to the Housing Bureau. The potential supply increased by 2,000 units compared to the previous estimate in June, bringing the total to the highest level since 2004. However, analysts caution that the increase in potential supply may not translate into actual completions due to the current downward cycle in the property market.
Baystreet TSX index rises, Wall Street recovers from losses, bus mix-up leaves students stranded, second Khalistan vote in B.C., U.S. consumer spending remains strong, calls for updated COVID-19 shot, Air Canada profits surge.
China's Vice Premier He Lifeng has been appointed director of the Central Finance and Economic Affairs Commission, consolidating his power in economic policy, the financial sector, and trade ties with Washington, in a surprising move that some analysts did not anticipate.
The State Bank of Pakistan has decided to maintain the key policy rate unchanged at 22% despite September's consumer inflation hitting a high of 31.4%, as the central bank anticipates inflation to decrease in the coming months.
Consumer spending in the U.S. has continued to surge, defying expectations of an impending recession and confounding economists and Federal Reserve officials, although economists warn that this level of spending is unlikely to be sustained in the coming months as households deplete their savings and turn to credit cards.
Germany's economy contracted by 0.1% in the third quarter, highlighting weak purchasing power and higher interest rates as contributing factors, and suggesting that the economy will continue to struggle between minor contraction and stagnation in the near future.
Despite ongoing strikes and supply shortages, new-vehicle sales in the U.S. are expected to increase by nearly 4% compared to the previous year, driven by growing inventory levels and sustained demand, according to analysts from Kelley Blue Book parent company Cox Automotive.
China's leaders are holding a secretive meeting to address challenges in the country's property market, create jobs, and stimulate economic growth, with a focus on long-term reforms and the real estate sector's immediate problems.
China's leaders are convening for the National Financial Work Conference to address challenges in the country's property market, create jobs for unemployed youths, and stimulate economic growth, particularly through infrastructure projects and disaster prevention, in order to counteract the slowdown in housing construction and address the issue of massive debt held by real estate developers, local governments, and regional banks.
New York City's economic recovery from the pandemic is not benefiting all residents equally, with lower-quality jobs and declining household incomes, particularly among Black and Latino workers, highlighting systemic barriers and income disparities.
Niger, Senegal, and Libya are among the top 10 African countries projected to have the highest economic growth in 2024, according to the International Monetary Fund (IMF).
China's Vice-Premier He Lifeng has taken over a key economic policymaking position, gradually transitioning power from his predecessor Liu He, to aid in reducing market uncertainties and addressing economic challenges such as a property crisis and local government debt, although analysts do not expect significant policy changes in the near term.
Investors are cautious in Asian markets due to the ground assault in northern Gaza, but oil prices have slipped and U.S. equity futures are firmer, suggesting that the conflict may not widen or disrupt oil supplies; analysts are divided on whether the Bank of Japan will adjust its yield curve control policy, and there is pressure for the central bank to raise the cap on 10-year bond yields; the Treasury market is concerned about the amount of new issuance that will be announced this week; the Federal Reserve is expected to maintain rates at its policy meeting this week; and the earnings season continues with several major companies reporting.
Economists predict headwinds for the US economy as sales slow and profit margins decline, but do not forecast a full-blown recession.
A study by the Center for Global Development suggests that African countries are unlikely to follow the development model of East Asia and expand manufacturing to alleviate poverty, as the share of factory jobs is projected to decline globally by 2050, even in poor countries with cheap labor. Instead, many countries are expected to transition directly from agriculture to services, driven by new technologies.
The Bank of Japan is facing a difficult decision on whether to adjust its yield control program or risk sending the yen to a multi-decade low and facing speculative attacks in the market.
Nigeria's debt to China has increased by $800 million, reaching $4.73 billion as of June 30, 2023, with varying interest rates and terms for different projects, despite assurances that the loans are largely concessional and no national assets are used as collateral.
Chinese President Xi Jinping is expected to tighten his control over China's financial industry during the closed-door Financial Work Conference, prioritizing centralized leadership, increased scrutiny, and financial stability.
The International Monetary Fund's (IMF) loans to countries in financial crises have been criticized for imposing controversial structural programs, as seen in cases such as the Asian Financial Crisis in the late 1990s and Pakistan's ongoing economic struggles.
Australian retail sales rise at the fastest pace in eight months in September, suggesting resilience in consumer spending, which may lead to an interest rate hike as soon as next week.
‘Skimpflation’, or ‘shrinkflation,’ refers to companies reducing the quantity of products to maintain the appearance of low or stable prices, resulting in consumers getting less value for the same amount of money and straining their budgets, especially for low-income individuals, who have fewer alternatives.
The financial services industry in New York is at risk as high-income residents leave due to high taxes and rising housing costs, potentially threatening the state's position as a leader in finance.
Britain's job market is cooling down, as online vacancies and pay offers decrease, a phenomenon that the Bank of England will consider before making an interest rate decision this week.
The recent rise in interest rates in Britain has caused a significant drop in household wealth, with house prices and pension pots being the main contributors, leading to a decrease in total wealth by a quarter since the Covid-19 pandemic.
China's future economic growth depends on achieving decade-old reform goals that have yet to be realized, according to the president of a prominent think tank, who calls for bolder changes and further economic reforms to address concerns about the state-led economy and lackluster post-Covid growth.
The Nigeria Labour Congress has called for urgent stabilization of the naira, expressing concern about the devastating impact of the forex crisis on the economy and blaming government officials' love for foreign luxury products for the currency's decline.
Some restaurant owners in Johor Baru have stopped offering their affordable food option, Menu Rahmah, due to rising ingredient costs, while others are continuing to provide it despite the challenges.
A Hong Kong court grants China Evergrande Group a five-week extension to present a revised debt restructuring plan to its creditors or face liquidation.
Shangri-La Asia is poised to benefit from the Middle East's economic rebound, with its expansion in the region positioning it to ride the wave of growth and explore new business opportunities in the high-demand hospitality sector. Occupancy rates and average daily rates at its hotels in the Middle East are surpassing pre-Covid levels, and the group recorded strong rebound in revenues and profits that exceeded market expectations. With ambitious economic initiatives and a race to develop hotel rooms and tourist facilities, the Middle East presents significant prospects for Shangri-La, particularly among Asian travelers, as it aims to leverage its brand recognition and provide Asian hospitality.
The Monetary Authority of Singapore (MAS) is cautious about declaring victory against inflation and says it is premature to discuss looser monetary policy, despite price pressures in the country easing. MAS Managing Director Ravi Menon also stated that while global economic uncertainties exist, a global recession in 2024 is unlikely.
China's economy is stabilizing but at a slower pace, potentially leading to an L-shaped recovery that may not engage investors.
Asian markets face a potentially volatile week with various economic events, including a U.S.-Sino summit, monetary policy decisions, economic reports, and corporate earnings, while China's positive economic signals could indicate a period of relative outperformance for Asian and emerging market assets.
Asian and Pacific markets await a potentially volatile week ahead, with key events including monetary policy decisions, PMI reports, inflation data, GDP growth figures, and the U.S.-Sino summit, all while investors navigate the Federal Reserve's interest rate decision and month-end flows.
The Bank of Japan's upcoming quarterly update to economic projections will provide insight into the central bank's view on inflation durability, as it convenes for a two-day policy meeting that could impact the Japanese yen and trigger intervention by the Ministry of Finance.
India is estimated to become a $30 trillion developed economy by 2047, according to a vision document being prepared by the government, which will outline the necessary reforms and strategies to achieve this goal, including global engagement, structural changes, and avoiding the middle-income trap.