China's housing crisis continues as thousands of building projects are halted or slowed, leading to defaults and restructuring, a loss of confidence in the market, and a decline in sales.
Retail sales in the US rose 0.6% in August compared to July, but the increase in gas prices could impact consumer spending during the holiday shopping season, according to a report from the Commerce Department. Excluding gas sales, retail sales only increased by 0.2% in August.
President Biden delivers a speech defending his economic policies and criticizing Republican tax plans, as polls show disapproval of his handling of the U.S. economy.
US mortgage rates have risen for the first time in two weeks, reaching over 7% for the fifth consecutive week due to inflation pressures and a strong economy.
India's aluminium sector is thriving due to government infrastructure growth and increasing industry demand, with expectations for India to become the world's second biggest aluminium consumer as its per capita consumption remains low.
The South African rand weakened against the dollar after mining figures showed a drop in production, contradicting analysts' predictions of an increase.
Stocks rise as reports suggest the US economy is strong, but inflation remains a concern.
Local governments in China are facing an urgent liquidity crisis as their deteriorating financial health and mounting debt pose risks of defaults, with doubts about the central government's ability to effectively resolve the situation and concerns over the consequences of curbing local government borrowing.
Despite a 10.6% rise in gasoline prices causing concern, JPMorgan strategist David Kelly believes that the surge in oil prices in 2023 is not worth losing sleep over, as the US is less dependent on foreign oil and there is easing pressure on both the demand and supply side.
US retail sales have exceeded economists' expectations for the second consecutive month, with higher gas prices being a contributing factor.
The European Central Bank (ECB) has raised interest rates to a record high of 4% in an attempt to combat rising inflation, but suggests that this increase could be the last for the time being. The ECB expects inflation to fall in the coming years, but acknowledges that higher rates have impacted economic growth projections for the eurozone.
Australian real-estate tycoon Tim Gurner has apologized for calling for 270,000 job losses, stating that workers have become "arrogant" and need to be reminded that they work for the employer, not the other way around.
Wholesale inflation in the US exceeded expectations in August, driven by higher gasoline prices, indicating that inflationary pressures are still present in the economy.
The bond market's 10-year and 3-month yield curve has been inverted for a record-breaking 212 straight trading days, indicating the possibility of an upcoming economic recession despite economists' lowered expectations; however, the inversion's uniqueness, driven by the Federal Reserve's focus on combating inflation during a period of strong economic growth, leaves open the question of whether this inversion will fail to predict a recession, particularly if the Fed is able to declare victory on inflation and cut interest rates to above the neutral rate of around 2.5%.
US wholesale inflation in August exceeded expectations with a 0.7% increase, driven by a surge in energy costs and gasoline prices, providing the Federal Reserve with new data to consider in its decision on interest rates.
The European Central Bank has raised key interest rates by 0.25 percentage points to help bring down inflation, although the economy is expected to remain weak for a while before slowly recovering in the coming years.
August inflation rose to 3.7%, the highest month-to-month increase since June 2022, driven by rising gas prices, which accounted for over half of the rise, while prices for shelter and food remained elevated; however, the Federal Reserve's reaction to the data is uncertain as there are signs of prices moderating but also concerns over inflation remaining too high.
Stronger-than-expected U.S. economic data, including a rise in producer prices and retail sales, has sparked concerns about sticky inflation and has reinforced the belief that the Federal Reserve will keep interest rates higher for longer.
The World Bank's director in Turkey believes that the Turkish economy is moving in the right direction, but there is still more work to be done, with $6 billion intended for the public sector and $12 billion for the private sector.
Nigeria experienced a nationwide blackout due to a "total system collapse," causing widespread power cuts before electricity slowly started to return.
The European Central Bank (ECB) has raised its benchmark deposit rate to 4% in an attempt to combat high inflation, despite concerns that higher borrowing costs could lead to a recession.
The Bank of England (BoE) is expected to raise its main interest rate by 25 basis points to its highest level in more than 15 years, as inflation in Britain remains above target and economists see room for further tightening.
US wholesale prices increased at a faster pace in August, indicating that inflation remains persistent despite interest rate hikes by the Federal Reserve.
Initial jobless claims for state unemployment benefits rose by 3,000 to 220,000 in the latest week, but the four-week moving average fell to its lowest level since February, indicating that while the pace of hiring may be softening, there are very few layoffs.
Retail sales in the US remained resilient in August, with a 0.6% month-on-month increase, surpassing expectations of 0.2%, indicating a positive trend for the economy.
The European Central Bank has implemented its 10th consecutive interest rate increase in an attempt to combat high inflation, although there are concerns that higher borrowing costs could lead to a recession; however, the increase may have a negative impact on consumer and business spending, particularly in the real estate market.
The State Bank of Pakistan has announced that it will maintain its key policy rate at 22%, citing a continuing declining trend in inflation, improved agricultural outlook, and recent administrative and regulatory measures to address supply constraints and illegal activity. The bank hopes that inflation will subsequently decline in October.
The spot price of iron ore has reached a five-month high in China due to improving sentiment and supportive fundamentals, but the rally may be limited by potential government measures to restrict steel production and officials' dissatisfaction with rising prices.
Russian President Vladimir Putin is seeking arms from North Korea, while North Korean leader Kim Jong Un is visiting Russia, raising concerns about the dangers of their potential deal.
The Brazilian government is taking steps to regulate sports-betting websites to generate revenue and eliminate the federal government's primary deficit, potentially opening the door for further gambling liberalization in the country.
The top 10% of UK earners, who have significant political influence, are turning their backs on society and are disconnected from the realities of inequality, relying on their wealth to secure advantages for themselves and their children while ignoring the detrimental effects of increasing inequality on society as a whole.
The average net worth needed to be considered "wealthy" in America is $2.2 million, but individual perceptions of wealth vary based on factors such as location and personal values.
The latest inflation data suggests that Social Security benefits could see a 3.2% cost-of-living adjustment next year, providing an average monthly increase of $57 for retirees, according to the Senior Citizens League.
The personal lens of individuals' financial well-being is a significant factor in how they rate the national economy, with inflation and high prices being major concerns, leading to a lagging personal recovery for many Americans since the pandemic, which impacts their assessment of the economy; furthermore, individuals who are struggling financially today tend to give worse ratings of the U.S. economy compared to those in similar positions in 2019, which contributes to President Biden's low economy and inflation ratings.
Belgium is reviewing the potential health concerns associated with the iPhone 12, following France's suspension of sales due to reported violations of radiation exposure limits. Apple is contesting France's findings and claims that the iPhone 12 meets radiation standards certified by international bodies. Other European countries, such as Germany and the Netherlands, are also examining the issue.
Private capital has played a crucial role in driving the economic growth of East Africa, with Kenya leading in terms of transactions and deal values, followed by Uganda, Tanzania, Ethiopia, and Rwanda.
The US bond market has consistently indicated a potential recession for over 212 consecutive trading days, despite the resilient economy, suggesting a disconnect between market signals and economic reality.
The Indian rupee is expected to open largely unchanged after the U.S. inflation data had no lasting impact on the dollar.
China's Commerce Ministry has criticized the European Union's decision to investigate Chinese electric vehicle exports, calling it protectionist and a disruption to the global automotive supply chain.
The top 10 African countries with the highest drop in inflation rates in one month are Zimbabwe, Ghana, Kenya, Senegal, Mozambique, Togo, Mauritania, Uganda, Seychelles, and South Sudan.
The town of Weirton, West Virginia, hopes that a battery plant under construction will revitalize the local economy, although residents remain skeptical of President Biden's economic agenda and worry about rising living costs and inflation.
The European Commission's probe into China's electric vehicle subsidies is criticized by Beijing as protectionist and damaging to economic and trade relations, causing shares of Chinese EV makers to drop.
Millionaire real estate CEO Tim Gurner is facing backlash for suggesting that higher unemployment is needed to curb what he views as "arrogance" in the labor market.
The European Commission has launched an anti-subsidy probe into Chinese electric vehicles (EVs) in order to protect Europe's own auto sector and maintain its competitive edge, while acknowledging that various governments, including the EU, also provide support for their domestic EV industries.
China's central bank is expected to maintain steady borrowing costs while increasing liquidity in order to support economic stabilization, as analysts predict that the one-year medium-term lending facility (MLF) interest rate will remain unchanged.
Ghana is reopening a debt exchange to raise $1.1 billion in local bonds as part of its efforts to restructure domestic and external debt.
John Lewis's plan to return to profit will be delayed by two years due to further losses and rising costs, with its recovery now projected for 2028. The company's pre-tax losses narrowed to £59m for the first half of 2023, but its modernization plan will take precedence over staff bonuses. While Waitrose saw a 4% increase in sales value, the amount of products sold actually declined as customers became more cautious about buying technology products and big-ticket items. However, John Lewis is encouraged by its latest results and the vote of confidence from its customers.
Sberbank CEO Herman Gref believes that the Russian ruble is undervalued and should be trading at 80 to 85 rubles to the US dollar, contrary to Russian President Putin's reassurances of economic stability.
Chinese stocks experienced their largest monthly outflow in August, as waning interest from global investors was driven by negative sentiment over the country's economic outlook and concerns over regulatory uncertainty and strained international relations. Foreign direct investment (FDI) inflows to China also contracted, with China's share of FDI inflows among emerging markets predicted to decline to less than 30% by 2027.
Norway's minority government has been urged by its key backer in parliament to withdraw its proposal to open a vast Arctic offshore area to deep sea mining and instead implement a ten-year moratorium on the activity.