Russian companies have stopped offering discounted fertilizer to India, increasing the country's import costs and subsidy burden as global prices rise.
The odds of the U.S. entering a recession by mid-2024 have decreased, but certain regions, such as the West and South, are still more vulnerable due to rapid economic growth, high home prices, and inflation, according to Moody's Analytics. However, a severe downturn is unlikely, and the Midwest and Northeast are less susceptible to a pullback. Overall, the chance of a recession has declined nationwide, but there is still a risk for some metro areas, such as Austin, Boise, Ogden, and Tampa.
China's foreign ministry rejects claims from the West that its economy is faltering, stating that the country's economy is resilient and has not collapsed.
China's foreign ministry rejects claims from the West that its economy is faltering and asserts that it remains resilient and has not collapsed.
Italy's wine output is projected to decrease by 12% this year due to extreme weather and fungal diseases, causing the country to lose its position as the world's largest wine producer to France.
Despite economists giving the all-clear on a recession, there are still several red flags suggesting a downturn may be imminent, including an uncertain economic outlook, declining consumer confidence, maxed out credit cards, tightening credit conditions, maturing corporate debt, a manufacturing slump, global economic challenges, an inverted yield curve, and sticky inflation.
Unemployment in the UK rose to 4.3% between May and July 2023, with the increase driven by those unemployed for up to a year, while economic inactivity also saw a slight rise; however, wages continue to increase, with pay excluding bonuses up 7.8% and median monthly wages up 6.7% compared to last year.
British pay growth hits a record high, potentially leading the Bank of England to raise interest rates again, despite a cooling labor market with rising unemployment and falling job vacancies.
India's steel producers anticipate a rise in local manufacturing and a decrease in prices after the government's imposition of an anti-dumping duty on steel wheels from China, leading to increased competition and lower domestic prices.
Pakistan's central bank is expected to raise interest rates to address inflation and bolster foreign exchange reserves, following a series of rate hikes earlier this year in response to economic and political crises.
JPMorgan CEO Jamie Dimon warns of risks to the US economy despite its current strength, citing quantitative tightening, consumer spending fueled by asset prices and COVID-era savings, and the potential normalization of these factors as causes for concern.
Canadian Prime Minister Justin Trudeau and his delegation have left Delhi after resolving a technical issue with their aircraft, ending their stranded stay in India.
Russian President Vladimir Putin warned that Russia's economy would suffer if inflation is not controlled, stating that the central bank had to raise interest rates to 12% due to increasing inflation, causing difficulties in forming business plans. However, he stated that there were no concerns about rouble volatility and that the government had tools to keep currency and markets under control.
Russian President Vladimir Putin warned that Russia's economy would suffer if price rises were allowed to get out of control, stating that increasing inflation had forced the central bank to hike interest rates to 12% last month.
Japan's ruling party lawmaker Hiroshige Seko supports maintaining an ultra-loose monetary policy, following comments by the Bank of Japan governor that caused the yen and bond yields to rise.
Canadian Prime Minister Justin Trudeau is facing backlash at home over his treatment at the G20 Leaders Summit in Delhi, where he received criticism from Indian Prime Minister Narendra Modi and experienced a plane failure.
The crisis in Germany's residential construction sector is worsening, with a record number of companies reporting cancelled projects due to high costs and a lack of orders.
British grocery inflation fell to its lowest level in a year in September, with prices rising fastest in products such as eggs, sugar confectionery, and frozen potato products, providing some relief for consumers and the government.
The European Commission has lowered its growth outlook for the Eurozone due to Germany's declining economy and the negative effects of energy policies, leading to potential political consequences and a possible economic downturn for the entire EU.
Wage growth in the UK has caught up with rising prices, resulting in real pay no longer falling, according to official figures, although the unemployment rate has risen and job vacancies have fallen. The data will also impact the state pension, which is set to increase by 8.5% next April.
Zyp Technologies, a start-up company in Pakistan, plans to manufacture 8,000 electric motorcycles priced between Rs150,000-450,000, aiming to help motorcycle fleet operators save on fuel costs and reduce air pollution.
Over half of respondents in a Bloomberg survey believe that US personal consumption will shrink in early 2024 due to high interest rates and a reduction in pandemic-era savings, potentially impacting the strong consumer spending propping up the US economy.
The G20 summit in New Delhi saw the admission of the African Union, the launch of the India-Middle East-Europe Economic Corridor, and an absence of Xi Jinping and Vladimir Putin, signaling shifts in the international order and a move towards more inclusive organizations; however, Pakistan must address its internal issues to participate in these global trade networks and have its voice heard on issues like Kashmir.
China's economy is expected to grow less than previously anticipated this year and next due to a struggling property market, posing risks to both itself and the global economy.
Recent allegations have emerged questioning the transparency of the budget for the G-20 summit in Delhi, with claims that the expenditure was for boosting Prime Minister Narendra Modi's image ahead of the 2024 Assembly Elections.
China's economy is expected to grow less than previously anticipated due to struggles in the property market, leading economists to predict further downgrades and posing risks to both the domestic and global economy.
India, the Middle East, and Europe have reached an agreement to build the India-Middle East-Europe Economic Corridor (IMEE EC), a trade initiative that aims to rival China's Belt and Road Initiative and enhance global value chain participation for India.
The global economy is slowing down, but India and other developing countries are experiencing strong growth, while the G7 countries and China are struggling; however, the growth in developing countries is being engineered under conservative fiscal conditions, making it more sustainable, in contrast to the debt-fueled growth in the West and China. China's economic model is facing challenges, as it needs to shift from an investment-based model to a consumption-based one, but it lacks the administrative capacity to provide necessary services to its citizens. The world economy is experiencing a redistribution of power, with rising middle powers playing major powers against each other to secure concessions. While the world economy slows down, there are signs of improvement for individuals, with real wages turning positive in Western countries and labor's bargaining power increasing.
Americans' overall views on inflation remained unchanged in August, despite predictions of rising prices for rent, homes, and food, and a downgrade in their personal financial situations, according to the New York Fed's Consumer Sentiment Survey.
The Federal Reserve is expected to cut interest rates by about one percentage point next year as economic growth slows and unemployment rises, according to chief economists at major North American banks.
A potential strike by the United Auto Workers union against Ford, GM, and Stellantis could cost the economy $5.6 billion and impact Biden's chances in the election, as it may drive up inflation and push Michigan into a recession.
China's largest online travel agency, Trip.com, expects to achieve annual growth of 15-20% in the next three to five years, despite concerns of a stalled national economy, as the demand for leisure travel remains strong among local tourists and pent-up travel demand is not expected to be short-lived.
India has imposed a five-year anti-dumping duty on certain Chinese steel imports in response to concerns raised by the steel industry.
Treasury Secretary Janet Yellen believes the US economy is on a path that will prevent a recession while maintaining control over inflation, as polls show increasing optimism among Americans; she also expects a strong labor market despite slower economic growth.
China's real estate and construction sectors are struggling, leading to fears of economic stagnation as consumer spending declines and other areas of the economy are not growing fast enough to make up the difference.
The transition to a carbon-neutral world by 2050 will require a significant amount of green metals, leading to concerns of a supply crunch by the end of the decade, but strategies such as recycling, new mining projects, and demand-side adjustments could help minimize the impact.
The number of apartment purchases in Israel dropped sharply in July due to rising mortgage rates, resulting in the lowest sales figures in decades.
The Consumer Price Index is expected to show an increase in inflation in August, with headline inflation rising to 3.6% and core inflation easing to 4.4%, but the market is accustomed to this trend and the Federal Reserve is unlikely to change its rates at the upcoming meeting.
The U.S. federal budget deficit is expected to reach $2 trillion this year, double the amount from last year, according to a new estimate from the Congressional Budget Office, with concerns about the growing deficit and federal debt being raised by Wall Street.
Canada's economy is struggling and heading towards a recession, with declining incomes and high household debt, leading to growing dissatisfaction with Prime Minister Trudeau and his government.
Jeremy Hunt has warned that high inflation rates in Britain will prevent tax cuts this autumn, as the Bank of England signals another rate rise to ease cost of living pressures. Hunt cautions against overstimulating the economy and pushing up prices by pumping extra money into consumers' pockets.
More English councils are expected to face insolvency due to high levels of debt caused by budget cuts, mismanagement, and risky commercial property investments, according to credit rating agency Moody's. The agency listed the 20 most indebted councils in England and warned of the financial pressures faced by local authorities, including falling property values, rising inflation, and increased demand for social care services. The scrapping of the Audit Commission in 2015 has also resulted in a lack of external scrutiny and transparency at councils.
Pension funds worldwide experienced their worst year since the 2008 financial crash, with assets under management dropping by 12.9%, according to a report by the Thinking Ahead Institute. The study also revealed that Ireland had performed relatively well compared to other countries, with Irish pension funds delivering a compound annual growth rate of 4.6% over the past decade.
The US dollar's dominance as the world's reserve currency is at risk due to growing debt in the US, according to economist Barry Eichengreen, highlighting the importance of controlling debt to maintain the dollar's global role.
Germany's economy is expected to contract by 0.4% in 2023 due to higher inflation, rising interest rates, and weaker consumer spending, making it the worst-affected major country in the eurozone, according to the European Commission. The overall eurozone economy is expected to expand by 0.8% in 2023 and 1.3% in 2024, leading to a potential halt in the European Central Bank's tightening of policy. Inflation in the eurozone is projected to average 5.6% in 2023.
India has imposed an anti-dumping duty on certain Chinese steel for five years due to concerns over potential dumping by Chinese sellers.
China's economic problems are more likely to impact its neighboring countries and Europe than the United States, according to US deputy treasury secretary Wally Adeyemo, who noted China's short-term capacity to handle its economy but stressed the need for addressing long-term structural economic challenges.
Cruise line Carnival plans to use excess funds to repay part of its increasing debt balance.
European solar power industry warns of a "precarious" situation for manufacturers as solar PV prices hit record lows, risking bankruptcies and hindering the EU's goal of reshoring the solar PV supply chain.
China's weak real estate sector and troubled offshore bond market, coupled with its totalitarian government, make long-term investment unattractive and non-profitable, according to Kyle Bass of Hayman Capital.