Austrian central bank Governor Robert Holzmann stated that the European Central Bank may need to implement one or two more interest rate increases if there are additional shocks to the economy, but the hiking cycle could end if things go well, as uncertainty remains surrounding the duration needed to achieve inflation targets.
Property and lending crises in China, including developer debt and the failure of local government financing vehicles to repay loans, could have far-reaching impacts on the domestic economy and global stability, warned the International Monetary Fund (IMF). Without action, these issues could disrupt the soft landing of the global economy and exacerbate the property sector downturn, leading to financial and economic strain. The IMF called for a comprehensive strategy to address China's local government debt problem, as well as measures to restore confidence in the property market.
Around 74% of American holiday shoppers expect their gift spending to remain steady or increase compared to last year, with 55% anticipating equal spending and 19% planning to spend more, while 26% anticipate spending less, according to a survey by Shopify and Gallup. The survey also revealed that 78% of 18- to 29-year-old shoppers expect to spend at least as much as last year, and online shopping is projected to be popular, with 93% planning to make holiday purchases from online retailers.
China-exposed European stocks surged on news that China is planning to increase its budget deficit in 2023, leading to a new round of stimulus for its economy.
China's real estate crisis continues as Country Garden warns investors of a possible default on its $190 billion debt, highlighting the persistent weakness in the property market and posing a major threat to the country's growth prospects.
The US economy could face negative consequences if Iran becomes involved in the conflict between Israel and Hamas, including a surge in oil prices that could undermine the Federal Reserve's fight against inflation and drag down GDP growth.
Chinese developer Country Garden expects to miss its foreign debt payments, including on its US dollar-denominated debt, as the country's real estate crisis continues to take a toll; the company is engaging advisors to evaluate its capital structure and liquidity.
UK grocery price inflation has reached its lowest rate in over a year, with the price of butter dropping by 16p compared to last year, according to Kantar, although prices for items such as eggs, sugar confectionery, and frozen potato products are still on the rise.
The International Monetary Fund (IMF) predicts that fears of a global recession caused by the Ukraine war and a cost of living crisis are unfounded, as global growth has shown resilience, although it warns against central banks cutting interest rates too quickly.
Germany is projected to experience a deeper recession than previously forecasted, with its economy expected to contract by 0.5% this year due to inflation, manufacturing decline, weakness in interest-rate-sensitive sectors, and slower trading-partner demand, according to the International Monetary Fund (IMF).
The rise in large-business bankruptcies is a worrying sign for the economy, as it can lead to job losses, financial market disturbances, and reduced growth due to factors such as inflation, higher interest rates, waning government aid, and supply chain disruptions.
The International Monetary Fund is closely monitoring global bond market developments, particularly the recent selloff of U.S. bonds, which could reflect a supply mismatch rather than concerns about interest rates or long-term risks.
Investors are reducing their bets on a selloff in US stock futures, although it is uncertain if this marks the end of the downward trend.
The BRICS bank, known as the New Development Bank (NDB), has announced a 3-year plan to end reliance on the US dollar, leading to trade settlements in local currencies and potentially causing a shift in global financial power from the West to the East.
Chinese President Xi Jinping downplayed concerns from American senators about China's challenge to the United States' superpower status, stating that he believes the "Thucydides Trap" is not an inevitable scenario and that China and the US can coexist and prosper together.
US Treasury bonds had their best day since March as investors sought safe-haven assets, pushing down interest rates and suggesting hope that US interest rates may be at or near their peak. Meanwhile, cash-strapped Britons are cutting back on eating out and takeaways to save for the upcoming holiday season, while Deutsche Bank warns of potential stagflation risks similar to those seen in the 1970s.
Abu Dhabi Investment Authority (Adia), one of the world's largest sovereign wealth funds, expects continued investment opportunities despite rising inflation and higher borrowing costs, with a focus on the impact of climate change on the investment landscape and the opportunities it brings, according to its 2022 annual report. Adia, which manages investments for the Abu Dhabi government, is the largest sovereign wealth fund in the Gulf and the fourth-largest globally, with estimated assets of $993 billion. It invests across various asset classes and has achieved solid returns in recent years. Adia sees potential in equities, private equity, real estate, and the energy transition sector, and remains optimistic about the future.
Chinese consumers are showing cautious spending behavior during the recent Golden Week holiday, indicating that they are not fully ready to resume pre-pandemic spending levels, despite the relaxation of COVID-19 controls; weak consumption data in other areas such as box office revenue and concerns in the housing sector and labor market contribute to the lack of confidence.
The European Union is reportedly planning to announce anti-subsidy investigations against Chinese steelmakers at a summit with the U.S., in an effort to shield industries from cheap competition and avoid the re-imposition of Trump-era tariffs on EU steel.
European markets are set to open higher despite the ongoing conflict between Israel and Hamas, while Asia-Pacific markets and U.S. stock futures also showed positive movement.
Singapore, a city-state highly vulnerable to rising sea levels, is implementing various measures to protect its coastline and valuable properties, including the construction of dams, sea walls, and revetments, as well as exploring the combination of mangrove forests and other barriers. The country plans to spend S$100 billion over the next century to combat the effects of climate change and rising sea levels.
The chances of the U.S. economy avoiding a recession are improving, with recession odds dropping to 46 percent, the lowest since the first quarter of 2022, according to economists surveyed by Bankrate. However, risks of a recession remain, with more than 2 in 5 economists suggesting that the chances are still greater than 50 percent.
The World Bank has recommended that Pakistan tax the agricultural and real estate sectors and merge the thresholds for the salaried and non-salaried class in order to generate revenue and reduce fiscal deficits, while protecting the poor.
Chinese property developer Country Garden is facing potential default as it struggles to meet its offshore payment obligations, with debts estimated at $196 billion, sparking concerns for China's economy and the real estate sector.
The World Bank has urged Pakistan to eliminate tax exemptions and bring agriculture, real estate, and retail sectors into the tax net to generate additional revenue, while also recommending the simplification of the income tax structure.
Harvard University professor Claudia Goldin has been awarded the Nobel economics prize for her research on the gender gap in labor market participation and pay, highlighting the influence of personal decisions and family circumstances on women's employment opportunities.
Rising debt levels in seemingly healthy countries in Asia could lead to lower growth rates in the region, according to World Bank Chief Economist Indermit Gill. The increased borrowing by governments will limit credit available to private firms, resulting in a lack of investment and potential economic stagnation.
The European Union is reportedly planning to launch anti-subsidy investigations into Chinese steelmakers at a summit with the US, as part of efforts to protect industries from cheap competition.
The number of people taking out loans from pawnbrokers has increased by 25% in the past year, as rising costs of living leave individuals feeling desperate and turning to pawn shops as their only option for quick cash. However, debt charities warn that pawnbroking may exacerbate people's financial situation in the long run.
Chinese economist, Li Shi, calls for concrete and comprehensive reforms to boost people's income growth and consumption in China, emphasizing the need for government support and redistribution of income.
Investors' nerves were settled by dovish remarks from Federal Reserve officials, suggesting that rising yields on long-term U.S. Treasury bonds could have a similar market effect as formal monetary policy moves, potentially reducing the need for further rate hikes.
Despite a 4% spike in oil prices caused by the Israel-Hamas war, U.S. stocks rose on Monday, signaling investor confidence.
The casino gambling industry in the U.S. generates nearly $329 billion a year in economic activity, supporting millions of jobs and contributing to tax revenues, according to a study by the American Gaming Association.
Myanmar's military regime has raised workers' wages by over 20% in an effort to gain support from citizens who are facing soaring prices, marking the first major wage reform since seizing power in 2021.
The Irish government plans to use its budget surplus to address future pension and climate costs, while also implementing measures to alleviate current cost of living pressures, including tax cuts, increases in welfare rates, and reductions in childcare and school costs.
Asian markets are expected to open higher following a rebound in risk sentiment driven by comments from Fed officials suggesting a possible pause in rate hikes, resulting in gold and oil prices rising, the dollar weakening, and Wall Street recovering from losses.
The upcoming Consumer Price Index (CPI) report for September is expected to show cooling core inflation despite a rise in headline inflation, with the Federal Reserve closely monitoring the data to assess whether inflation is moving closer to its 2% annual goal.
Major Texas cities, including Austin, Dallas, and Houston, are experiencing high office vacancy rates due to an excess of commercial real estate caused by overbuilding, exacerbating the impact of remote work on office spaces.
The housing industry blames the Federal Reserve for unnecessarily high mortgage rates, stating that if the Fed had provided clearer guidance, rates could be significantly lower, which poses risks to economic growth.
The recent conflict between Israel and Hamas is raising concerns that the global economy may see a repeat of the stagflation experienced in the 1970s due to oil price shocks and persistent inflation. Economic growth is weak, inflation remains high, and there are striking similarities between the current situation and the 1970s. However, there are also reasons for optimism, such as aggressive interest rate hikes by central banks and improvements in supply chains. It is still too early to determine if a return to the 1970s is inevitable.
This text provides information about the live shows and topics on Fox News and Fox Business channels, as well as access to the live stream and full episodes.
Inflation is causing consumers to find certain expenses, such as fast food, streaming services, childcare, concerts, brisket, lattes, going out drinking, new cars, and health insurance, no longer worth the high costs.
Billions of people, particularly in major cities, could face deadly combinations of heat and humidity within this century as temperatures rise, posing a significant threat to human survival.
President Joe Biden has announced that an additional 125,000 Americans have been approved for $9 billion in student loan debt relief, bringing the total approved debt cancellation by the Biden administration to $127 billion for nearly 3.6 million Americans.
The Indian economy grew 7.8% in the first quarter, leading to improved employment numbers and a decrease in the unemployment rate in urban areas. Female labor force participation also increased, but there is still a significant gender disparity in unemployment rates.
A new study reveals that food prices in the United States have experienced an inflation rate of 5.7 percent compared to the global trend, with countries such as Venezuela, Lebanon, Argentina, Turkey, and Egypt being the most affected.
Wealthy Chinese citizens are resorting to underground banking systems to move money overseas amid economic uncertainties, with demand for these illegal alternatives on the rise despite the associated risks of fines, jail time, and involvement with criminal groups.
Over 161 million people in five states in India are set to vote in upcoming assembly elections, which are seen as a key test before the general elections next year.
The housing market is showing signs of freezing up, with mortgage applications being rejected at a historic rate and home prices and mortgage rates rising while wages remain stagnant, leading to an affordability crisis that is a consequence of the Federal Reserve's response to the pandemic panic. To protect their savings from a potential shattered housing market or permanently higher prices, it is advisable to consider diversifying with physical precious metals like gold and silver.
Higher-for-longer interest rates are expected to hinder U.S. economic growth by 0.5%, potentially leading unprofitable public companies to cut their workforce, according to strategists at Goldman Sachs, who also noted that the Federal Reserve's current benchmark rate is insufficient to cause a recession. Additionally, the firm warned that the high rates could increase the U.S. debt-to-GDP ratio to 123% over the next decade without a fiscal agreement in Washington.