The US is facing the possibility of a government shutdown as Republicans demand deep spending cuts, risking furloughs of federal workers and halting various services.
The caretaker government of Pakistan is set to begin talks with the International Monetary Fund (IMF) next month to review the $3 billion Standby Arrangement, with the second quarterly review due in October and a disbursement of $710 million expected in December. The IMF has emphasized the importance of full and timely implementation of the program for its success in light of the country's economic challenges. The finance minister has also highlighted the need for a consensus among politicians to address economic issues.
The International Monetary Fund believes that China's economy can accelerate growth over the medium term through reforming its economy to shift towards consumer spending from investment, although recent data shows signs of stabilization.
The price of copper has dropped significantly, which may indicate a potential global recession.
US residential electricity prices are predicted to decline by 1% next year due to a decrease in fuel prices, although some regions may still experience price increases.
German inflation slowed in September to the lowest level since the outbreak of the Ukraine war, providing hope for the struggling economy and potentially influencing the European Central Bank's interest rate policy.
Insurers in the US are struggling as climate change increases the likelihood of disaster, undermining their ability to profit from betting against such events.
US mortgage rates reached their highest level in nearly 23 years, with the 30-year fixed-rate mortgage averaging 7.31%, up from 7.19% the previous week, due to persisting inflation pressures.
The income gap between the rich and poor in Manhattan is the widest it has been in the United States since 2006, highlighting the city's lopsided economic recovery from the pandemic, with lower-income New Yorkers struggling to keep up.
Billionaire investor Ray Dalio is closely monitoring the "risky" U.S. fiscal situation, predicting a future debt crisis and potential slowdown in economic growth.
China's top banks have seen a significant increase in bad assets in their property-loan business, with the outstanding property-related non-performing loans (NPLs) reaching 291 billion yuan ($40 billion), raising concerns about the ongoing property crisis and the potential systemic risks to the financial system and broader economy.
Latinxs have a combined gross domestic product (GDP) of $2.7 trillion, making it the fifth largest economy in the world, according to a report by the Latino Donor Collaborative.
Abu Dhabi sovereign fund, Mubadala, is in talks to acquire a stake of less than 10% in India's Manipal Hospitals, in what could be its first investment in the Indian healthcare sector, through a deal with Singapore's Temasek. The deal is valued at up to $500 million. Temasek aims to retain its majority stake in Manipal, while Mubadala seeks to expand its investments in India and potentially provide strategic advice for Manipal's expansion in the Middle East.
Luxury electric vehicle manufacturer Lucid Group has opened its first international car manufacturing facility in Saudi Arabia, positioning itself to fulfill a 100,000-vehicle agreement with the Saudi government and tap into the country's ongoing transformation towards diverse industries and sustainability, as well as its strategic location for future exports. The facility aims to generate over 4,000 direct jobs and promote homegrown talent while contributing to reducing emissions and creating a healthier environment.
Saudi Arabia is ramping up its efforts to become a major player in the electric vehicle (EV) industry, with plans to manufacture 500,000 EVs per year by 2030, but the country still faces significant obstacles such as high costs, limited industrial base, and competition from other countries already established in the auto sector.
Pending home sales in the US dropped 7.1% in August, following a surge in mortgage rates to levels not seen in 20 years, with all four US regions experiencing monthly losses and year-over-year declines in transactions.
A recession is highly likely in the US and investors should prepare for it by adopting a defensive strategy, according to the CEO of the TCW Group, Katie Koch, who believes that the Federal Reserve's interest rate hikes will start to have an impact and expects consumers and companies to struggle in this environment.
The newly released measures of inflation in the GDP report suggest that the disinflation trend is continuing, with a focus on services inflation outside of housing.
American household debt has reached record levels in the second quarter of 2023, as Americans have taken on more debt amidst diminishing savings and high interest rates.
Saudi Arabia's economy is experiencing growth in non-oil sectors, driven by strong domestic demand and increased investment, but sustaining this growth will require ongoing reforms and sound macroeconomic policies.
The U.S. economy grew at a solid pace of 2.1% in the second quarter, but consumer spending was weaker than previously reported, although recent evidence suggests a rebound in consumer spending and GDP is expected to rise in the third quarter.
The US economy grew at a 2.1% annual pace from April to June, remaining resilient despite higher interest rates, but consumer spending weakened while business investment and government outlays contributed to the expansion.
The number of Americans filing for unemployment benefits increased slightly to 204,000, but overall job losses remain low, indicating a strong economy and no signs of rising unemployment.
Germany's inflation rate in September slowed to the lowest level since Russia invaded Ukraine, potentially leading the European Central Bank to reconsider its interest rate hikes.
Germany's economy is expected to contract in 2023 due to skyrocketing energy prices and political insecurity, but economists are hopeful for a rebound in 2024 as inflation eases and wages increase.
The European Central Bank is exploring how artificial intelligence (AI) could improve its understanding of inflation, by processing and analyzing multiple data sources to produce better analysis for policy decisions and simplify communication.
Switzerland's glaciers suffered a 10% overall volume loss in the last two years, the second worst melt rate on record, due to low winter snowfall and warm summers caused by climate change.
Wall Street indexes rose as investors evaluated economic data, awaited news on a U.S. funding bill, and monitored inflation concerns, with tech stocks leading the gains.
China's refusal to restructure Sri Lanka's debts is holding up the country's restructuring process, revealing the breakdown in sovereign-debt negotiations and the extent of China's influence as a creditor.
The Russian rouble's decline is causing tensions between the central bank and finance ministry, as inflation rises and growth slows, threatening the country's ability to wage war effectively.
The decline of marriage and the increase of single parenthood in the United States contribute to higher poverty rates, lower educational achievement, and reduced earnings for children, particularly those raised by single mothers, according to a new book by Melissa Kearney of the University of Maryland. Kearney's research highlights the need to promote two-parent households, improve economic opportunities for men without college degrees, expand effective pro-family programs, and strengthen the social safety net for all family types. However, finding concrete solutions to address this trend remains a challenge for policymakers.
The White House has warned that the partial shutdown of the US government could hinder almost 2,000 long-term disaster recovery projects, impacting communities across the country.
India's central bank is selling U.S. dollars to prevent the rupee from reaching a record low.
China has appointed a new finance chief, Lan Foan, in an effort to tackle government debt and boost fiscal revenue to sustain economic growth amidst challenges such as the deepening property crisis and weak exports.
German inflation is likely to ease significantly in September based on data from five key German states, signaling the potential end of high inflation that has weighed on Europe's largest economy.
The average rate on a five-year fixed mortgage in the UK has dropped below 6% for the first time since July, providing some hope for borrowers, although rates are still higher than they were a few months ago, and experts do not expect rates to reach the ultra-low levels seen in the past.
European shares edge lower for a sixth consecutive day as investors await inflation data from Germany, with gains in energy stocks offsetting the losses.
U.S. Treasury yields remained stable as investors monitored economic reports and expressed concerns about the future of monetary policy and high interest rates.
German economic institutes are predicting that the country's GDP will contract by 0.6% in 2023, due to rising interest rates and high inflation, causing slower recovery in industry and private consumption.
New York remains the world's top financial center, with London in second place but facing competition from Singapore and Hong Kong, according to the Global Financial Centres index.
U.S. stocks were mixed with the Dow Jones slipping 0.2%, the S&P 500 unchanged, and the Nasdaq Composite adding 0.22%, while oil prices surged to their highest in over a year and shares of China Evergrande Group were suspended after reporting significant losses, all raising concerns and making it difficult for stocks to gain confidence to climb.
Workers in Europe are facing a harsh winter due to high interest rates that are worsening the cost of living crisis, according to the European Trade Union Confederation (ETUC) leader, Esther Lynch, who criticized the burden being placed on low-income workers and blamed inflation on profiteering by powerful firms.
A record number of Chinese are choosing to travel domestically during the Golden Week holiday, potentially boosting domestic consumption but disappointing travel agents who were hoping for a rebound in overseas tourism since the end of the pandemic.
Restrictions on food export, combined with climate change and conflicts, are leading to shortages of essential foods and soaring prices, leaving many people struggling to afford basic meals.
Global wealth experienced a significant decline in 2022, with a 2.7% drop in households' financial assets worldwide, primarily driven by falling asset prices; however, there is optimism for a rebound in 2023 and subsequent years, with projected growth of 6%.
Chinese firms are providing critical support to Russia's struggling economy and military efforts, supplying goods such as drones, helmets, vests, radios, and construction equipment for use in the war in Ukraine, according to analysis by CNBC. These trade flows, which have been ongoing since the onset of the war, are a lifeline for President Vladimir Putin and a lucrative avenue for Chinese companies. The Chinese government is believed to be aware of these trade flows and have acquiesced to them, despite their claims of "normal economic cooperation" with Russia and no targeting of third parties.
Veteran economist David Rosenberg maintains his bearish call on the US economy, predicting a recession to hit about two years after the beginning of a rate hike cycle, with the fourth quarter of this year serving as a litmus test for his prediction.
The author argues that there are underlying pressures responsible for an ongoing spiral of devaluation in Pakistan's economy, and these pressures make it difficult to sustain recent gains in the value of the rupee.
The Pakistani government has issued new debt of over Rs2.5 trillion in the first three months of the current financial year to address its rising fiscal deficit, indicating a reliance on domestic sources as external financing decreases and revenues decline.
The Malaysian government is implementing programs to boost local rice production in response to rising prices for imported rice, as locally grown rice can only meet 70% of domestic demand.