The UK's statistics office has requested earlier access to key economic data in order to provide a more timely and comprehensive picture of the economy, following a recent surprise revision of its estimate of the size of the economy at the end of 2021.
Rising energy prices, driven by factors such as extended production cuts and deteriorating ties between the US and Saudi Arabia, will have negative consequences for Europe, potentially impacting support for Ukraine and slowing down efforts to reduce carbon emissions.
The South African rand weakened as the country faced severe rolling blackouts and investors moved away from riskier assets.
The U.S. federal deficit is expected to nearly double this year, reaching $2 trillion, due to higher interest rates and lower tax revenue, marking the highest deficit outside of a recession or national emergency.
The Bank of Canada has decided to keep its key overnight interest rate at 5% due to weaker economic growth, but stated that it may raise borrowing costs if inflationary pressures persist.
Abu Dhabi Commercial Bank has successfully priced a $650 million green bond, with the proceeds designated for financing eligible sustainable assets, in support of the UAE's net-zero goal.
The Saudi fashion industry is projected to have the highest growth rates among large, high-income markets, with fashion sales expected to surge by 48% from 2021 to 2025, according to a report by the Saudi Fashion Commission. The industry contributed 1.4% to the country's GDP in 2022 and is expected to reach a turnover of $32 billion by 2026. The report also highlights the sector's contribution to job creation and the push for inclusivity, with women making up 52% of employees in the fashion sector.
The USA is currently the world's largest economy with a GDP of over $23 trillion, followed by China, Japan, Germany, and India.
Prime Minister Narendra Modi will leave for Jakarta to participate in the ASEAN-India Summit and East Asia Summit before attending the G20 Summit, with a busy schedule including bilateral meetings and discussions on important developmental sectors.
The global economic slowdown and U.S. recession risks are causing concern among officials, with experts discussing recession forecasts and advising investors on portfolio and sector strategies.
Stocks fell in morning trading on Wall Street, with the S&P 500 down 0.7%, as big technology stocks and healthcare stocks experienced losses, while several companies made significant moves after reporting earnings and other updates.
The UN's climate change chief criticizes the G20 ministers for their inadequate response to the climate emergency and calls for stronger action from the countries responsible for most greenhouse gas emissions.
The U.S. services sector unexpectedly gained momentum in August, with new orders and higher input prices, indicating potential signs of continued inflation pressures.
The US services sector expanded for the eighth consecutive month in August, with all four subindexes of the Services PMI showing growth, according to the Institute for Supply Management.
The Bank of Canada has decided to keep its benchmark interest rate at 5% amid signs of a slowing economy, but has not ruled out further rate hikes if inflationary pressures persist.
The G20, which is meeting in New Delhi, India, has seen a major shift in power dynamics over the past two decades, with the BRICS bloc now having a slightly higher combined GDP than the US, and EU countries accounting for around 20% of the G20's economic output.
India's fuel consumption in August increased slightly from a 10-month low, driven by strong factory activity and offsetting the usual monsoon season decline.
The middle class faces distinct challenges that can hinder their journey towards wealth accumulation, including high-cost degrees with limited returns, overextending with unaffordable mortgages, relying on credit cards to bridge budget deficits, falling for get-rich-quick schemes, and succumbing to societal pressure to live extravagantly. By being discerning with education investments, avoiding new car loans, not overcommitting to mortgages, refraining from using credit cards to fill budget gaps, being wary of get-rich-quick schemes, and resisting societal pressure, individuals can better navigate these financial pitfalls and work towards financial stability and wealth.
Three unlikely but potentially impactful events that are not currently priced into the market include a UAW strike lasting months, Russia taking control of Odesa, and a hurricane shutting down Gulf Coast production.
The latest jobs report shows that the economy added 187,000 jobs in August, slightly above expectations, but wage growth and unemployment indicate a cooling economy.
The Organisation for Economic Co-operation and Development (OECD) has stated that the European Union (EU) needs to strengthen the single market and maintain a restrictive monetary policy to address inflation and enhance the resilience of the European economy in the post-pandemic recovery. The OECD recommends that the European Central Bank (ECB) should raise interest rates to achieve its 2% inflation target, while also emphasizing the importance of protecting the single market, simplifying labor mobility, and avoiding further relaxation of state aid rules. Additionally, the OECD highlights the need for the EU to focus on green transition, combat financial crime, and accelerate the integration of electricity markets.
India's economic rise is seen as inevitable due to factors such as a consumer boom, context-appropriate innovation, a green transition, a demographic dividend, access to finance, major infrastructure upgrades, policy reforms, geopolitical positioning, and a diaspora dividend, although challenges such as unbalanced growth, unrealized demographic potential, and unrealized ease-of-business and innovation potential still need to be addressed.
The residual impact of sanctions against Russia is causing divisions among the Group of 20 countries, with some nations resisting US-led efforts and forming alliances with Russia and China, while the BRICS nations are seeking to reduce reliance on the US dollar.
The administrators of Wilko have released a list of store closures, with more than 50 outlets set to shut down, leading to over 1,300 job losses.
Abu Dhabi Commercial Bank has successfully priced a $650 million green bond, with the proceeds designated for financing eligible sustainable assets, in support of the UAE's net-zero goal.
British Prime Minister Rishi Sunak has assured India that the UK takes the threat of pro-Khalistan extremism seriously and is working closely with the Indian government to tackle it, emphasizing that no form of extremism is acceptable and the right to protest does not extend to violence or threats.
The prospects for fiscal union in the euro zone are improving as the nature of needed fiscal integration is changing, with the European Central Bank's policy tools and the common challenges faced by European countries creating potential avenues for fiscal unity, according to former ECB President Mario Draghi. However, achieving this will require new rules, pooled sovereignty, and a revision of EU treaties to gain the support of European citizens.
Mortgage application volume decreased and reached its lowest level since December 1996, despite a slight decrease in mortgage interest rates, due to high rates compared to last year and low housing inventory.
China's shadow banking industry, which includes lightly regulated trust firms, is facing financial distress due to the country's economic woes, raising concerns of a potential larger financial crisis that could spread globally. The fall of these trusts could have a domino effect and impact Western organizations that have loaned to shadow banks, affecting the broader economy and stock market. There may be a call for regulatory measures to rein in the unruly shadow banking sector.
Ukraine's economy grew by 2.2% in the first seven months of 2023, recovering from the impact of the Russian invasion in 2022, with the number of registered entrepreneurs surpassing pre-war levels.
The TikTok trend of calling the current economic struggles the "Silent Depression" highlights the rising cost of living and debt burdens faced by many Americans, although the situation is not as dire as the Great Depression; a lawsuit blames local officials for the death of a plaintiff's daughter during the Maui wildfires; former Proud Boys leader Enrique Tarrio receives a 22-year prison sentence for his role in the January 6 Capitol attack; crude oil prices rise as Saudi Arabia and Russia agree to cap output; British chip designer Arm plans to raise up to $5 billion in its IPO; Hong Kong social enterprise Just Feel raises $4 million to enhance emotional well-being in schools; a cash-rich acquisition company extends the deadline for its merger with former President Donald Trump's social media platform Truth Social; a panel of federal judges strikes down Alabama's congressional voting map over racial gerrymandering; a peregrine falcon tackling a brown pelican wins the grand prize in the world's largest bird photography competition; United Airlines experiences a nationwide ground stop due to a technology issue; the CDC warns of a potential spike in cases of the "flesh-eating bacteria" Vibrio vulnificus; Monaco's tax haven status attracts top tennis players and athletes; Hollywood actors and writers go on strike, impacting the production of movies and TV shows; tips for succeeding in a second job interview; French actress Elsa Zylberstein is developing a biopic about a fashion icon.
Hong Kong's ultra-wealthy population decreased by 23% in 2022, while New York and Singapore saw growth, according to a report by Altrata, with China's Covid-19 restrictions, economic slowdown, geopolitical issues, and equities slump cited as reasons for the decline. However, Altrata predicts that the global super-rich population will rebound by 2027, reaching 528,100 individuals with a net worth of $60.3 trillion.
The gauge of US mortgage applications for home purchases fell to a 28-year low last week due to high mortgage rates, making homeownership less affordable and driving housing affordability to its worst point in decades.
The world just experienced its hottest three months on record, prompting the UN chief to call for urgent climate action.
The Danish pharmaceutical company Novo Nordisk is driving the country's economic growth, with its profits and production of anti-obesity drugs contributing significantly to the GDP and employment rates.
Demand for mortgages in the US has hit a 28-year low, with purchase applications falling to the lowest level since December 1996, despite a decrease in mortgage rates.
India is seeking additional volumes of natural gas and urging power plants to expedite maintenance in order to prevent electricity outages, as the country faces its widest electricity shortage in 16 months due to high power demand and a decline in hydro and wind energy output.
Mortgage applications hit their lowest level since December 1996, despite a decrease in mortgage rates, as prospective buyers are deterred by low housing inventory and high mortgage rates.
The Bank of Canada is expected to maintain interest rates at 5% despite a contraction in the economy, as inflation remains high and the central bank aims to tame it.
Some students in the UK had to cut back on food and take on debt or dip into savings due to the soaring cost of living, with rising rent and food prices being major factors. This has negatively impacted their university experience and academic performance.
Amazon is investing heavily in streaming content, despite criticism, and may have the best business model; statisticians in Britain have discovered 2% of GDP in their data; the pocket calculator played a significant role in ushering in the digital age.
Investors are overlooking the negative consequences of the Federal Reserve's rate hikes before they switch to cutting rates, which will have a severe impact on the economy, corporate and household credit situations, warns Stephanie Pomboy, founder of Macro Mavens.
Americans are resorting to various strategies, such as joining deals groups and cutting back on expenses, to cope with the high inflation and rising costs of everyday life.
Chinese property giant Country Garden narrowly avoids defaulting on its debt but still faces upcoming payment deadlines on billions of dollars it has borrowed, as slowing home demand in China has impacted its cash flow and wiped out its profit.
Indian firm Dixon Technologies is capitalising on Prime Minister Narendra Modi's push to boost manufacturing in the country, as global brands seek to diversify their suppliers away from China amid political uncertainty and tensions between Washington and Beijing. Dixon, which assembles smartphones for Motorola, is producing 500,000 units a month and has plans to expand its plant to meet increasing demand. The Modi government's Production Linked Incentive (PLI) scheme offers cash incentives to firms in various industries, including electronics, to boost manufacturing in India.
German industrial orders fell more than expected in July, declining by 11.7% on a seasonally and calendar adjusted basis, due to a large order in the aerospace sector the previous month, indicating weakness in the global economy and high energy costs.
The yen rebounded from a 10-month low against the dollar after Japan issued a strong warning about sharp currency moves, increasing the likelihood of government intervention if the slump continues.
Singapore's wealth boom may be interrupted as a result of a $1.3 billion money laundering scandal and economic troubles in China, which could lead to a slowdown in inflows into the financial hub.
Greater Toronto Area (GTA) home prices fell for the third consecutive month in August due to higher borrowing costs and economic uncertainty, with the average price dropping 3.1% to C$1,082,496 ($793,619).
Tropical Storm Lee is expected to rapidly intensify into an extremely dangerous hurricane by the weekend, according to the U.S. National Hurricane Center.