US factory production increased more than expected in September, despite strikes in the automobile industry, indicating that the economy ended the third quarter with momentum.
Production at U.S. factories increased more than expected in September, suggesting strong momentum for the economy despite strikes in the automobile industry curbing motor vehicle output.
Canada's inflation rate decelerated to 3.8% in September, lower than economists were expecting, due to lower prices for various goods and services, including travel, durable goods, and some grocery items.
Canada's annual inflation rate falls to 3.8% in September, grocery prices rise more slowly.
Ireland's membership in the EU for the past 50 years has led to significant economic and social progress, as reflected in various indicators such as house prices, earnings, and car preferences.
Donald Trump returns to his civil fraud trial as an employee and an appraiser testify against him, while Wall Street has a mixed finish and yields rise as U.S. shoppers continue to spend, an eastern Ontario plant breaks ground to create battery components and hundreds of jobs, Ferrari expands with new models and begins accepting cryptocurrency, the dollar is mixed after a strong boost from U.S. retail sales, oil steadies as the U.S. commits to contain the crisis in Gaza, CIBC Innovation Banking provides financing for DealMaker's expansion, and Finance Minister Chrystia Freeland takes steps to make banking more affordable in Canada.
September retail sales exceeded expectations for the third month in a row, indicating that consumer spending is still robust.
Poverty has surged in California and the US, particularly among Black and Latino residents and children, due to the expiration of pandemic relief programs and rising inflation rates, according to new studies. However, some experts dismissed the findings, arguing that government data do not fully account for the aid and benefits received by poorer families. Efforts are being made at both the state and local level to address the issue, including experimenting with monthly cash payments to individuals living near or below the poverty line.
Exit polls suggest that Poland's liberal opposition party may form the next government, offering hope for a shift towards cleaner energy policies; however, the pace of Poland's clean energy growth may not meet expectations due to factors such as grid connection delays, rising costs, and the priority of reducing power costs for businesses.
The United Nations has given approval for the construction of a $5 billion hydroelectric dam near Victoria Falls, despite environmental concerns about its impact on the waterfall.
Average earnings excluding bonuses in the UK rose by 7.8% annually, the fastest growth rate since 2001, alongside a cooling in inflation, but experts warn that declining job markets could slow down future pay growth.
JPMorgan Chase CEO Jamie Dimon warns that the world is experiencing one of the most dangerous times in decades and highlights the potential impact of geopolitical tensions on the global economy; here are four ways to hedge your portfolio against inflation and a possible recession: consider high-yield savings accounts, invest in treasury bonds, explore real estate opportunities, and consider alternative assets such as fine art or precious metals.
The Parisian bedbug panic is causing financial strain on hotels as they attempt to contain the spread of the insects, with fears also spreading to neighboring countries.
Shares and bonds of Chinese property developer Gemdale plunged after the resignation of its chairman, raising concerns over the company's financial condition amid China's real estate debt crisis.
Canada's inflation rate dropped to 3.8% in September, allowing the Bank of Canada to maintain its current interest rate.
Ghana's sovereign dollar bonds experienced a sharp decline after the government proposed debt rework scenarios that would involve a 30% to 40% haircut on the principal, disappointing investors. However, the bonds later recovered slightly, though they remained down on the dollar; Ghana is in talks with creditors to restructure its debts during its severe economic crisis, aiming for a coupon of no more than 5% and a final maturity of not more than 20 years on new bonds.
India may shut down three government-owned companies, including MMTC, STC, and PEC, as they were denotified as canalising agencies for trade and deemed unnecessary by the Commerce Ministry.
Indian wheat prices reached an eight-month high due to strong festival demand, limited supplies, and high import duties, leading to a potential release of government inventories and elimination of import duties to control prices ahead of upcoming elections.
The Chinese Communist Party is effectively recruiting new members through the use of rap music, while the children's TV show "Bluey" has gained significant popularity; meanwhile, global concerns persist over America's ongoing fiscal issues and their impact on bond markets and the rest of the world.
Approximately 25% of adults in Syracuse have overdue medical bills, the highest rate among major cities in New York state, according to a study conducted by a Washington D.C.-based think tank.
The U.S. economy is facing risks in 2024 as inflation remains high and interest rates are historically high, leading to concerns about a potential recession; however, the Federal Reserve is optimistic about achieving a soft landing and maintaining economic growth. Economists are divided on whether the Fed's measures will be effective in avoiding a severe recession, and investors are advised to proceed cautiously in their financial decisions.
Two major companies in China's property debt crisis, Country Garden Holdings and China Evergrande Group, are facing potential defaults and asset liquidation, which could exacerbate the turmoil in the country's housing sector and pose a threat to financial stability.
Bank of England policymaker Swati Dhingra warns of a weakening labor market and anticipates a slowdown in wage growth, leading to GBP/USD consolidating losses.
Wall Street's main indexes fell as Treasury yields rose and chipmakers declined following the Biden administration's decision to halt shipments of AI chips to China, while U.S. retail sales exceeded expectations, indicating a strong economy.
UK regular pay is rising faster than inflation for the first time in almost two years, with real pay (adjusted for inflation) increasing by 0.7% year-on-year in the June-August quarter, bringing relief in the cost of living squeeze.
South Africa is projected to briefly surpass Nigeria and Egypt as the largest economy on the continent next year, according to forecasts from the International Monetary Fund (IMF).
The depletion of pandemic savings and government aid in the US is leading to financial strain for low- and moderate-income households, potentially putting the nation at risk of recession by early 2024. Americans are cutting back on spending and using loans to make ends meet as stimulus checks and other forms of assistance run out.
For decades, the United States has neglected meaningful investment in transportation and education, leading to the stagnation of progress and a decline in economic growth and well-being, but there are signs that the country is recognizing the importance of investment and starting to reverse this trend under President Biden.
China has instructed state-owned banks to extend the maturity of existing local government debt and lower interest rates as part of efforts to address the country's debt risks and support its faltering economy.
JPMorgan predicts that India will become the world's third-largest economy by 2027 and reach a GDP of $7 trillion by 2030, with manufacturing and exports playing a significant role in its growth. The managing director also expresses optimism about China's economic trajectory and suggests potential opportunities in specific sectors. China is considering implementing a stimulus initiative and exploring the creation of a stock stabilization fund to boost investor confidence.
China has instructed state-owned banks to restructure local government debt by offering longer-term loans at lower interest rates, as the country aims to reduce debt risks amid economic challenges caused by the property crisis and the COVID-19 pandemic.
Chinese investment in Thailand has increased this year, despite an economic slowdown in China, with Chinese firms committing nearly three times more than the previous year, making Thailand a vital investment hub and boosting ties between the two countries.
The decline in interest rates over the last few decades, which few people consider, has had a profound impact on the financial world, distorting investments, clouding judgment, and now potentially leading to a shakeout as the era of ultra-low borrowing costs comes to an end.
Average pay growth in the UK has surpassed inflation for the first time in almost two years, indicating a potential easing of living costs, with wages rising at an annual rate of 7.8% between June and August, outpacing average inflation over the same period. However, there remains a significant disparity between public and private sector pay, and while inflation is slowing, it still remains above the Bank of England's target.
Chinese developer Country Garden could face default on its entire offshore debt if it fails to make a $15 million coupon payment, with the company appointing advisers to carry out an offshore debt restructuring, amid a worsening outlook for China's real estate sector. A default by Country Garden could further strain the country's real estate crisis and delay the prospect of recovery for the property market and the overall Chinese economy.
Indian exporters criticized their government for maintaining the current floor price for basmati rice, fearing it would allow Pakistan to capture the market and hamper overseas sales.
The Treasury market is experiencing high levels of volatility, similar to what was seen during the pandemic, due to concerns about rising yields, the Federal Reserve's hiking cycle, and uncertainty surrounding the conflict between Hamas and Israel.
The UK is in a "horrible fiscal bind" and there is no room for tax cuts or spending increases before the next election, warns the Institute for Fiscal Studies (IFS), as the country faces a significant rise in the tax burden and a potential recession, with interest rates being forced even higher.
Top-earning American men experience a significant increase in earnings between the ages of 35 and 45, while other men see their incomes plateau, according to an analysis by economist Serdar Ozkan.
The end of untrammelled globalisation will have negative effects on the world economy, but some countries, commodities, and manufacturing workers will benefit from the process of deglobalisation.
Gas tariffs are set to increase by up to 100% for different consumers in Pakistan to control mounting circular debt, fulfilling IMF conditions but potentially fueling inflation.
New Zealand's inflation rate slowed more than expected in Q3, indicating that the country's central bank may have reached the end of its tightening cycle.
Consumers are expected to spend an average of $1,652 on holiday-related purchases this year, up 14% from last year and surpassing the average spent in 2019, with non-gift purchases like decorations and home furnishings expected to see the biggest increase, according to a new report from Deloitte.
Hamas relies on a global financing network involving charities, friendly nations, and cryptocurrencies to bypass international sanctions, but recent actions by Israel have hindered their access to funds.
President Joe Biden's upcoming visit to Jordan follows his recent trip to Israel and aims to emphasize the need for diplomatic engagement and support for Israel amid the humanitarian crisis in Gaza.
Fannie Mae economists have revised their housing market forecast, predicting that home prices will remain resilient through the third quarter of 2023 despite high mortgage rates, but expect deceleration in 2024 as rates increase further. They also warn that the higher mortgage rate environment will continue to affect housing activity and affordability into 2024.
China's Belt and Road Initiative (BRI), aimed at creating closer global ties through investments and infrastructure projects, has achieved economic success through trade and extending China's influence, but critics argue that it has led to debt traps, wasteful projects, and concerns over Beijing's influence over borrower countries.
Mortgage rates are expected to decrease significantly by the end of 2024, but a shortage of available homes will lead to higher sales prices for the next few years. Despite the drop in rates, the low inventory of new homes will drive up purchase costs. Additionally, a sluggish economy, rising unemployment, and declining inflation may lead to a recession in early 2024. However, the combination of these factors will eventually help bring down mortgage rates further in the following years.
The Nigerian government has secured a $1.5 billion loan from the World Bank and an $80 million loan from the African Development Bank to fund various projects in critical sectors of the economy. The loans are being received due to Nigeria's recent macroeconomic moves and tough decisions made by President Bola Tinubu.
Country Garden's entire offshore debt will be in default if the company fails to make a $15 million coupon payment, potentially triggering cross defaults and marking one of China's biggest corporate debt restructurings.