The Asian Development Bank (ADB) has lowered its growth forecast for developing Asia due to weakness in China's property sector and risks associated with El Niño, but still expects resilient growth driven by domestic consumption and investment.
The Asian Development Bank has lowered its growth forecast for developing Asia due to high interest rates and the property crisis in China, posing risks to the region's economies.
Japan's exports to China declined for the ninth consecutive month in August, dropping 11%, due to weak demand and the suspension of seafood imports following the Fukushima Daiichi nuclear plant incident.
The US dollar has made an unexpected comeback, with its rebound causing ripples in global markets and impacting investors, officials, and companies.
A new survey shows that President Biden's claim of improving the economy is not resonating with American voters, with more than twice as many feeling worse off than better off since the pandemic, potentially impacting his chances in the 2024 election.
The Federal Reserve's upcoming meeting will focus on the central bank's expectations for key indicators such as interest rates, GDP, inflation, and unemployment, while many economists believe that the Fed may signal a pause in its rate-hiking cycle but maintain the possibility of future rate increases.
U.S. stocks edge lower as investors await the Federal Reserve's decision on interest rates, with uncertainty surrounding the potential for future rate hikes causing volatility in the market.
The era of infrequent recessions may be coming to an end, as economists predict that boom-and-bust cycles will become the norm again due to growing national debts and inflationary pressures.
The affordability of homes for first-time buyers is decreasing due to rising housing prices, high interest rates, and low inventory in the real estate market, as shown by a survey that reveals the majority of mortgages are $2,000 or less per month, but some payments exceed $3,000 per month and vary significantly by age group.
The emergence of a new era of Asian commerce is reshaping the continent's economic and political future, as greater regional trade and investment within Asia leads to a shift away from the previous model of producing goods for American and European consumers.
The Asian continent is experiencing a transformation in its economic and political landscape, driven by increased regional trade, capital flows, and investment, leading to a shift towards a more locally focused and less Western-facing model of commerce.
The emergence of a new era of Asian commerce is reshaping the continent's economic and political future, with greater regional trade, increased capital flows, and a shift towards intra-Asian investment and supply chains. This trend is driven by the growth of sophisticated supply chains, foreign direct investment, cross-border banking, and the Belt and Road Initiative, as well as the need to establish new supply chains and the rise of Asian savings and demography. The integration of Asian economies will have political ramifications, with a decline in America's economic importance and a more locally focused and less Western-facing continent.
The U.S. housing market is facing a shortage of homes, which is driving up prices and making it difficult for buyers to find affordable options, and the problem may get worse as builders become less confident and hesitant to construct new homes due to high mortgage rates and construction costs.
New home construction in the U.S. has plummeted to a three-year low due to high mortgage rates, increased labor costs, and the rising price of building homes, leading to a significant decline in both single-family and multifamily starts.
Oil prices reaching $95 per barrel, the highest level since November 2022, pose a setback for Rishi Sunak's goal of halving inflation, with analysts predicting a 7.1% rise in consumer prices in August due to petrol price increases, adding to inflationary pressures and potentially influencing the Bank of England's interest rate decision.
At least nine separatist organizations supporting terror groups are reported to have bases in Canada, which has caused a diplomatic crisis between Canada and India.
Nearly half of CEOs (49%) believe that artificial intelligence (AI) could replace most or all of their roles, and 47% think it would be beneficial, according to a survey from online education platform edX. However, executives also acknowledged that "soft skills" defining a good CEO, such as critical thinking and collaboration, would be difficult for AI to replicate. Additionally, the survey found that 49% of existing skills in the current workforce may not be relevant by 2025, with 47% of workers unprepared for the future.
Most American adults have cut spending this year, with 92% of adults reducing discretionary spending over the past six months, and 76% planning to cut back on non-essential items in the next six months, as consumers at all income levels feel the impact of the US economy.
The Bank of Canada stated that recent volatility in headline inflation is not unusual, but the underlying trend shown by core measures is inconsistent with the target of 2% inflation.
Mortgage rates are currently high but may level off soon, with experts predicting a potential decrease in early 2024 and rates around 5% in Q4, according to industry professionals.
The Supreme Court will hear a challenge against the Consumer Financial Protection Bureau (CFPB) in a case that could potentially declare the agency's work invalid, raising concerns about the financial stability of the U.S. mortgage industry and the broader economy.
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Growing concerns about the U.S. economy slowing down are expressed by MarketGauge Partner Michele Schneider, who highlights specific charts indicating weakness and caution.
The International Monetary Fund (IMF) has expressed concerns about the rampant smuggling of petroleum products in Pakistan, which costs the country Rs10 billion annually and is being used as a key source of financing for terrorists, calling for increased vigilance and security measures at the borders.
The UK government is taking control of Birmingham, the country's second-largest city, after it declared itself bankrupt, proposing appointing commissioners and implementing a financial recovery plan including job cuts, tax increases, and asset sales.
The outlook of U.S. companies on China's markets in the next five years has hit a record low due to factors such as political tensions, tariffs, slow Covid recovery, and issues in the real estate market; however, complete decoupling between the two economies is unlikely.
The Organisation for Economic Cooperation and Development (OECD) has lowered its forecast for global economic growth in 2024 to 2.7%, while predicting inflation to remain above central bank targets despite interest rate hikes; fears of a slowdown in China and reduced growth in the US contribute to the pessimistic outlook.
India and the United Arab Emirates have agreed on a landmark oil deal worth 1 million barrels, conducted entirely in Indian rupees, as part of their effort to promote local currencies and de-dollarization.
US retail sales, excluding automotive, are expected to rise by 3.7% over the holiday shopping season, indicating a return to pre-pandemic levels of holiday spending, driven by a more normal inflation environment and consumers' willingness to spend on experiences, electronics, and dining out.
A full government shutdown in the US is likely at the end of the month, which could impact the Federal Reserve's decision to raise interest rates in November, according to analysts at PIMCO.
China's "demographic dividend," once believed to contribute to its economic success, may not have existed as a new study suggests that the quality of the workforce, rather than the quantity, was the main driver of GDP growth, indicating that demographic changes in the future may not be disastrous for China's economy.
Pennsylvania ranked 10th overall in terms of expensive states and also 10th for having the priciest groceries, with an average cost of $401.02 per person per month, while Hawaii had the highest grocery prices at $556.76 per month.
U.S. Treasury Secretary Janet Yellen acknowledges a "disconnect" between Americans' negative views on President Biden's handling of the economy and the actual performance of the economy, but predicts that sentiment will improve as the effects of administration legislation and policies become evident.
The U.S. Treasury has called for "net-zero" financing commitments from banks and asset managers to be aligned with climate goals, backed by credible metrics and targets, and supporting decarbonization in high-emitting sectors. The Treasury also announced philanthropic groups pledging $340 million to support the development and execution of robust net-zero commitments.
Daily Kos is urging its readers to get involved in the upcoming elections and expresses solidarity with the Black community.
China has continued to decrease its holdings of US Treasury bills, but there are suggestions that as the rate-hike cycle nears its end, policymakers in Beijing may need to reconsider their decision to unload Treasuries.
Global debt reached a record $307 trillion in Q2 2023, driven by the United States and Japan, despite rising interest rates hampering bank credit, according to the Institute of International Finance (IIF).
Chinese sovereign lending to Africa dropped to its lowest level in nearly two decades, falling below $1 billion in 2021, as Beijing shifts away from big infrastructure projects on the continent due to debt crises and economic headwinds at home.
Diplomatic tensions between Canada and India persist after the murder of a Sikh separatist leader, with Canada accusing India of involvement while other countries, including the UK, express their intention to continue trade talks with India.
Hong Kong's wealth gap has widened to its worst in over a decade, with the poorest residents struggling to recover from the impact of the Covid-19 pandemic, according to a report by Oxfam. The wealthiest 10% of households earned 57.7 times more than the bottom 10%, up from 34.3 times in 2019, and 20% of the population was living below the poverty line. The report calls for an increase in the minimum wage and the creation of more flexible low-skilled jobs within public bodies to address the gap.
UK inflation is projected to average 7.2% in 2023, the highest rate among advanced economies, according to the Organisation for Economic Co-operation and Development (OECD), which also raised its forecast for UK inflation.
Canada's annual inflation rate in August rose to 4.0% due to higher gasoline prices, potentially leading to further interest rate hikes by the central bank.
Canada's annual inflation rate in August was 4.0 percent, with major cities experiencing varied rates, while South African bonds continue to decline, and the stock market awaits the Federal Reserve's decision on interest rates.
Mexico has surpassed China as the top exporter to the U.S. for all of 2023, according to Bloomberg and MarketWatch calculations.
Google's generative AI, Bard, is introducing fact-checking and data analysis features to compete with the popular ChatGPT; FTX sues founder Sam Bankman-Fried's parents for allegedly enriching themselves at the expense of customers; Canadian Prime Minister Trudeau denies trying to provoke India after accusing them of involvement in a shooting; Canada's Trans Mountain pipeline expansion is set to disrupt oil flow to the US and increase prices; YouTube suspends Russell Brand's monetization after sexual assault allegations; Two 13-year-old girls are charged with stabbing another girl in Ontario; Canada's inflation rate rises to 4%, posing challenges for the Bank of Canada; Ukrainian President Zelenskyy plans to visit Canada after his UN and US visits.
The Federal Reserve's top policymakers face the challenge of finding a message that effectively communicates their efforts to stabilize prices without a sharp crash, while acknowledging that many Americans still feel economic insecurity and haven't experienced a noticeable improvement.
U.S. homebuilding fell to a three-year low in August due to higher mortgage rates, but permits for new construction increased, signaling support from a shortage of homes on the market.
Canada's inflation rate rose to 4.0% in August, driven by higher gasoline prices, while the Trans Mountain oil pipeline expansion is expected to disrupt oil flow to the US, potentially increasing prices, according to Statistics Canada. US Treasury Secretary Janet Yellen believes the US economy can withstand near-term risks such as strikes, government shutdowns, student loan payments, and spillovers from China's economic woes, stating evidence of a healthy labor market and consumer spending. Rent is rising faster in Brampton than in any other Canadian city, leading to financial difficulties for renters.
U.S. Treasury Secretary Janet Yellen believes the U.S. economy is on a path of sustainable growth and can withstand near-term risks, including a potential government shutdown, a United Auto Workers strike, student loan repayments, and spillovers from China's economic challenges. Yellen emphasized the importance of addressing these headwinds while maintaining a strong labor market and consumer spending. She also expressed the Biden administration's intention to de-risk supply chains that overly depend on China without seeking to decouple entirely from the Chinese economy.
U.S. Treasury Secretary Janet Yellen believes that the U.S. economy is on a path of a "soft-landing" and can withstand near-term risks, including a United Auto Workers strike, a government shutdown threat, a resumption of student loan payments, and spillovers from China's economic issues.