DBS Group Chief Executive Piyush Gupta is pessimistic about China's economy due to headwinds in its debt-ridden property sector but remains upbeat about India, where the bank plans to triple its business in the next five years.
Gasoline prices rose 10.6% in August, contributing to the biggest monthly increase in U.S. consumer prices this year, but the overall inflation outlook remains optimistic as gas prices are expected to fall in the coming months. Core inflation, excluding food and energy prices, also increased, but analysts believe it is just a temporary bump and the overall trend is still heading in the right direction.
The 17.5% decline of the Swedish crown against the euro in the past 18 months is benefiting used-car dealers and exporters, but it is causing economic hardships for many Swedes through higher purchase costs and rising interest rates, which could lead to a prolonged downturn and slower green transition in the country.
Moody's has downgraded the outlook for China's property sector to negative, citing economic challenges that will likely lead to a decline in sales despite government support.
India's main indexes Nifty 50 and Sensex hit record highs due to the likelihood of a pause in the Federal Reserve's rate hikes, led by metals and real estate stocks.
A millionaire property developer from Australia, Tim Gurner, has faced backlash for calling for unemployment to rise to 50% and blaming workers' "arrogance" during Covid, leading to widespread condemnation from politicians and commentators.
The median household income in the United States fell by 0.8 percent in 2022, adjusted for inflation, indicating concerns about the state of the economy; however, five states saw increases in income while 17 states saw decreases, and income inequality in the country has increased between 2021 and 2022.
The prices of petrol and high-speed diesel (HSD) are expected to increase by Rs16 per litre and Rs13.66 per litre, respectively, in the upcoming fortnightly review, due to rising global oil prices and depreciation of the rupee against the dollar.
Japan's core machinery orders fell more than expected in July, reflecting manufacturers' reluctance to invest due to sluggish global growth and weakness in China, signaling challenges for the country's economy.
With 525 basis points' worth of cumulative Federal Reserve rate hikes in the books, the U.S. economy may still not be completely out of the woods, but signs are pointing to another positive performance for third-quarter real gross domestic product (GDP).
Goldman Sachs suggests that the recent surge in AI stocks does not indicate a bubble and that we are still in the early stages of an AI revolution, while others remain cautious about potential risks and advise a measured approach to investment in the AI sector.
Country Garden's $100 billion Forest City development in Malaysia, which aims to house 700,000 people, is facing scrutiny from creditors as the cash-strapped developer struggles to meet its debt liabilities and generate revenue from the project.
British house prices experienced the most widespread falls in 14 years in August due to weakened demand, high mortgage costs, and economic uncertainty, according to a survey conducted by the Royal Institution of Chartered Surveyors (RICS).
Inflation in the Phoenix area has cooled down to 3.7% over the past 12 months, no longer ranking as one of the highest inflationary hotspots in the US, as the housing market has slowed down and the Federal Reserve's interest-rate increases have taken effect.
Inflation in the US accelerated for the second consecutive month in August due to rising costs of rent and gasoline, with the consumer price index rising 0.6% from the previous month and 3.7% from the same time last year.
China's youth unemployment rate reaches a record high of 20.8 percent, indicating a struggling economy.
The former economic advisor to Donald Trump, Steve Moore, warns that the US housing market is at risk of deflation due to high mortgage rates, and coupled with rising costs and inflation, individual Americans are at risk of financial strain.
Linda Muñoz, a retired Texan, is concerned about the rising costs of basic necessities and feels that President Biden is out of touch with the economic challenges Americans face.
The Senior Citizens League increased its projection for 2024's Social Security COLA to 3.2% from 3% due to higher-than-expected inflation last month.
Stocks on Wall Street ended mixed after an inflation report showed a slight increase, but economists believe underlying inflation trends still point towards continued moderation and the Federal Reserve is expected to keep interest rates steady at its upcoming meeting, while airlines struggled due to higher fuel costs and technology stocks benefited from the possibility of no further interest rate hikes.
Diamond prices are becoming increasingly volatile and unstable due to factors such as decreased monopolistic control, emerging lab-grown gems, and reduced demand, leading to a decline in the appeal of diamonds as an investment.
The European Central Bank (ECB), with its expanding responsibilities in areas such as geopolitics and climate change, faces the question of whether it knows when to stop and avoid overreaching its mandate, as it operates independently from any political or fiscal oversight.
New York City Mayor Eric Adams predicts that the migrant crisis will have a significant financial impact on the city, but credit analysts and bondholders argue that the city's reserves and credit ratings will help mitigate the costs.
China's increasing public debt could harm Asian economies, while the US's debt may divide society and hinder support for its green energy transition, according to analysts.
The next president will have to grapple with rising deficits and make a choice between cutting back on tax cuts or subsidies for health insurance to address the budget shortfall.
The US is facing a potential financial crisis as the national debt reaches $33 trillion and the federal deficit is expected to double, posing a threat to President Biden's government and potential consequences for American citizens.
A global framework of real-time data sharing by national authorities may lead to increased scrutiny of hidden real estate assets abroad in order to combat tax evasion and money laundering. The Organisation for Economic Cooperation and Development (OECD) has proposed short- and long-term models for tax transparency on overseas property holdings, which would provide greater visibility to tax authorities and promote tax compliance. This move is seen as the next frontier in global efforts to combat financial crimes.
The U.S. Energy Department has engaged with oil producers and refiners to ensure stable fuel supplies and address rising gasoline prices, which were a major factor in the recent increase in U.S. consumer prices.
Argentina's dollar scarcity should not prevent the country from adopting the dollar as its currency, according to economist Francisco Zalles, who believes that dollars would flow back into Argentina once it makes the switch and that Javier Milei's plan to dollarize would be successful. However, other commentators have warned that adopting the dollar without ample reserves could have catastrophic consequences.
Wall Street finishes mixed after inflation report shows prices slightly higher than expected, with the S&P 500 up 0.1% and the Dow Jones down 0.2%.
Inflation is expected to fall below the Federal Reserve's 2% target by late next year, despite a recent rise in consumer prices driven by increased energy costs.
The war on inflation is almost over, as higher supply rather than lower demand has driven disinflation, creating a "Goldilocks" scenario in which inflation cools without a recession, according to economist Paul Krugman and a new report.
Gas and housing prices continue to rise, leading to a 0.6% increase in the federal consumer price index for August and a 3.7% increase for the year, causing concerns about overall inflation and its impact on household budgets.
Private investment in clean energy projects has surged in the United States following the signing of an expansive climate bill by President Joe Biden, with tax incentives and federal subsidies reshaping consumer and corporate spending in the sector and accelerating the development of automotive supply chains. However, wind power has not experienced the same level of growth, and consumer spending on energy-saving technologies like heat pumps has remained unchanged.
Republican lawmakers in the General Assembly of North Carolina are negotiating a state budget plan that was derailed by a controversial proposal to expand legalized gambling, which has caused delays in the budget approval and heated discussions between the House and Senate's Republican leadership.
Thailand's new government has approved a measure granting temporary visa-free entry to Chinese tourists and tourists from Kazakhstan in a bid to revive the country's tourism industry, which has been heavily impacted by the pandemic.
The United States has a net wealth of $136.8 trillion, with the private sector holding all the wealth while the public sector runs a deficit due to federal debt, and pro-growth policies are essential for economic health.
The latest data on inflation, gas prices, SNAP benefit cuts, job prospects, Wells Fargo layoffs, student loan scams, and McDonald's beverage stations are discussed in this financial news update.
A potential strike by the United Auto Workers could have wide-ranging economic impacts, including higher car prices and job losses at suppliers, with a prolonged strike even potentially pushing the economy toward a recession.
Negotiations between the United Auto Workers and automakers are nearing a critical point, but even if there is a strike, it is unlikely to cause a recession in the U.S. economy.
The United Auto Workers (UAW) president, Shawn Fain, has rallied workers ahead of a possible strike against Detroit's "Big Three" carmakers, highlighting workers' loss while companies profit, which may test President Biden's support for unions as strikes could potentially damage the economy.
J.P.Morgan Asset Management predicts that there will be no more interest rate hikes from the U.S. Federal Reserve due to downward-trending inflation data.
Despite a spike in gas prices, the rise in inflation appears to be easing gradually, with core prices exhibiting a slower increase in August compared to July, suggesting that price pressures are being brought under control.
Apple is facing growing troubles in China, with tensions rising between the US and China, the ban on government employees using iPhones, and China's economic woes, prompting the tech giant to shift its focus to India as a potential market for growth.
Hungary, along with Romania, Slovakia, and Bulgaria, has agreed to block Ukrainian grain imports unless the European Union extends a ban set to expire on September 15, while Bulgaria's Prime Minister expresses support for waiving the ban to reduce food prices.
The Federal Reserve is unlikely to panic over the recent surge in consumer prices, driven by a rise in fuel costs, as it considers further interest rate hikes, but if the rate hikes weaken the job market it could have negative consequences for consumers and President Biden ahead of the 2024 election.
U.S. and European firms are redirecting their investment away from China to other developing markets, primarily India, due to concerns over China's business environment, economic recovery, and politics, according to a report from Rhodium Group, although China's share of global growth continues to increase.
The Consumer Price Index (CPI) for this month shows that core CPI and all items CPI were slightly above expectations and accelerating, with the primary contributors to the acceleration being core services ex housing and energy, which may be a concern for the Fed. Additionally, owner's equivalent rent was a significant positive contributor to the monthly change in CPI, while used cars and trucks had a negative impact. There is potential for a re-acceleration of inflation, which could have negative implications for equity markets.
The trade sanctions imposed on Russia have benefited India and China, with Russia becoming the biggest supplier of crude oil to India and the bilateral trade between Russia and China potentially surpassing $200 billion this year, resulting in the US reshaping its global trade strategies and Mexico overtaking China as America's biggest trading partner.
American Airlines has revised its profit forecast for the third quarter due to rising fuel costs and a new pilot contract, with adjusted earnings per share expected to be significantly lower than originally forecasted, while Spirit Airlines has also cut its revenue forecast for the same reasons.