The dollar remains steady as US jobs data indicates a cooling economy and suggests that the Federal Reserve may be nearing the end of its tightening cycle.
The safe-haven dollar weakened as risk sentiment improved due to hopes of China's policy stimulus stabilizing the economy and U.S. jobs data suggesting a potential end to the rate hike cycle by the Federal Reserve.
Chinese President Xi Jinping is unlikely to attend the G-20 Summit in Delhi, according to reports, but US President Joe Biden expressed disappointment and stated that he will still have an opportunity to meet with Xi Jinping in November during the APEC conference in San Francisco.
China's 21 pilot free trade zones are preparing to play a larger role in reform, opening-up, and high-quality development, aligning themselves with international trade rules and seeking to join high-standard free trade agreements.
Global shares rise on growing expectations that the Federal Reserve will not raise interest rates further and hopes for policy stimulus in China, while investors await key readings on U.S. services and Chinese trade and inflation later in the week.
China's economy is facing a "new new normal" due to a declining population and weak confidence in its post-Covid recovery, prompting calls for systemic reforms to revive growth. The country's aging and shrinking population poses challenges to productivity, consumption, and long-term growth potential, leading major investment banks to cut growth forecasts. Policy adviser Cai Fang suggests relaxing population controls and focusing on expanding consumption as strategies to boost economic growth.
The US added more jobs than expected in August, but the unemployment rate increased, indicating a looser job market and potentially relieving concerns about a hot labor market contributing to inflation.
South Korea plans to provide cheap loans to exporters and waive visa processing fees for Chinese tourists in order to boost exports and tourism, with the goal of increasing the number of Chinese tourists to 1.5 million per month.
South Korea plans to provide cheap loans to exporters and waive visa fees for Chinese tourists in an effort to boost exports and tourism while aiming to increase the number of Chinese tourists to 1.5 million a month, according to the country's finance ministry.
China's failure to restructure its economy according to President Xi Jinping's bold reform plans has raised concerns about the country's future, with the possibility of a financial or economic crisis looming and a slow drift towards stagnation being the most likely outcome. The three potential paths for China include a swift, painful crisis; a gradual winding down of excesses at the expense of growth; or a switch to a consumer-led model with structural reforms that bring short-term pain but lead to a faster and stronger emergence.
Country Garden's deal with creditors for an extension on debt payments has provided temporary relief for the developer and China's struggling property sector, but the success of government stimulus measures in reviving demand and easing the sector's cash squeeze remains uncertain.
Country Garden's deal with creditors for a debt extension worth $537 million has provided some relief for the crisis-ridden Chinese property sector, but the effectiveness of government stimulus measures in reviving demand remains uncertain.
The US experienced a significant decline in wealth last year, but millennials saw their net worth rise due to their higher investment in real estate, debunking the myth that they are financially struggling.
The popularity of undergraduate degrees in computer and information sciences, health professions, engineering, biomedical sciences, and business has increased in the past decade, while fields such as social sciences, visual and performing arts, education, liberal arts, and English have experienced declines in the number of graduates.
Falling prices in China, driven by a weakened economy, could benefit countries with elevated inflation such as the U.S., India, Germany, and the Netherlands.
The U.S. is currently experiencing a prolonged high inflation cycle that is causing significant damage to the purchasing power of the currency, and the recent lower inflation rate is misleading as it ignores the accumulated harm; in order to combat this cycle, the Federal Reserve needs to raise interest rates higher than the inflation rate and reverse its bond purchases.
India's economy achieves a 7.8% growth rate in the first quarter of the financial year, but concerns about a weak monsoon, high inflation, and global challenges may impact future growth; meanwhile, India experiences its driest ever August with a 36% rainfall deficiency, posing potential problems for crop cultivation and contributing to inflation worries; Neeraj Chopra becomes the first Indian to win a gold medal at the World Athletics Championships; India successfully lands a spacecraft on the lunar south pole, joining an elite group of countries in lunar exploration; and Cauvery delta farmers face challenges due to water scarcity, with the Kuruvai crop suffering in some villages.
Smartphone sales in the country declined in the second quarter, but at a slower rate, as consumers limited their spending due to high commodity prices, according to IDC.
Italian Economy Minister Giancarlo Giorgetti believes that Italy can still achieve 1% economic growth this year, despite a contraction in output in the second quarter, as the government plans to maintain its economic growth forecast for 2023, although a rising deficit-to-GDP ratio and external variables are changing the picture.
Rapidly falling house prices have caused a "cost of owning crisis," with tens of thousands of homeowners falling into negative equity over the past year, making it difficult to sell or remortgage properties. Experts predict that more households will face difficulties as house prices continue to decline, with the Government's tax and spending watchdog expecting a 10% fall in prices. However, there are expectations of a rebound in house prices in the future, particularly for those intending to live in their homes for several years.
The controversy surrounding Tamil Nadu minister Udhayanidhi Stalin's remark on Sanatan Dharma escalates as Union Finance Minister Nirmala Sitharaman shares an old video of Tamil Nadu Congress chief KS Alagiri stating the purpose of the alliance is to destroy Sanatan Dharma, while the opposition alliance INDIA faces backlash for the statement.
Japan has extended a $100 million loan to Jordan to support the country's electricity sector reforms and overall economic and financial modernization.
Dairy prices are expected to stabilize at this week's Global Dairy Trade auction, but the overall outlook for the sector remains gloomy.
Nigeria is considering joining the G20, as President Bola Tinubu attends the G20 summit in India to promote foreign investment and encourage economic reforms.
Foreign portfolio investment inflows into the Indian markets have slowed in August due to concerns over impending rate hikes in the US, resulting in higher bond yields and a stronger dollar.
India's GDP growth reached a four-quarter high of 7.8% in Q1FY24, with private consumption and services picking up pace, but challenges lie ahead with the sustainability of services growth and concerns over the monsoon and agriculture sector.
Gatwick Airport's chief executive insists that the expansion plans, which include adding a second runway, are compatible with the UK's climate targets and will benefit the economy, despite opposition from climate campaigners and residents.
Saudi Arabia's Tadawul All Share Index dropped 35.42 points, or 0.31 percent, to close at 11,455.78, with a total trading turnover of SR4.31 billion ($1.146 billion) and 106 stocks advancing and 104 declining.
The unemployment rate model predicts that if the unemployment rate reaches 4% or higher in September 2023, a recession will be signaled with a 73% probability for October.
The BRICS bloc, which has now expanded to include 11 countries, controls 30% of the global economy, 46% of the world's population, and a significant share of commodities such as manganese, graphite, nickel, and copper, as well as 42% of the global oil supply, potentially putting pressure on the US economy and challenging the traditional world order.
Most stock markets in the Gulf ended lower due to a contraction in factory activity in China, dampening investor sentiment.
US Commerce Secretary Gina Raimondo emphasizes the importance of communication and dialogue in maintaining a mutually beneficial economic relationship between the US and China, while also reaffirming the need to protect US interests in semiconductors and chips.
Indian Prime Minister Narendra Modi discussed India's achievements during its presidency of the G20, highlighting its human-centric model of development and its response to the pandemic, which has gained recognition and appreciation from the international community; he also emphasized the importance of including the Global South and Africa in global affairs and addressing their needs. Additionally, Modi noted India's efforts in promoting renewable energy and the democratization of technology, while acknowledging the challenges of cybercrime and the need for global cooperation. He expressed confidence in India's future economic growth and its potential to become one of the top three economies in the world by 2030 and a developed country by 2047.
Sweden's government will pause an automatic hike in the threshold for paying state taxes this year, saving around $1.1 billion, in an effort to combat inflation and maintain a restrained budget.
The brain drain caused by Russia's war on Ukraine, with a majority of highly educated and younger individuals leaving the country, will have a significant negative impact on the Russian economy, causing a record labor shortage and leading to a decline in GDP that will see Russia fall behind Indonesia in 2026.
UK Chancellor Jeremy Hunt has warned of a potential spike in inflation this month due to rising fuel prices, but states that the government is on track to halve inflation by the end of the year.
The resumption of student loan payments this fall is expected to have a significant impact on mortgage affordability, exacerbating the already strained housing market in the US.
Pastor Enoch Adeboye predicts that the Naira will bounce back and become stronger than the United States dollar, during a monthly thanksgiving service at the Redeemed Christian Church of God.
China's urban youth unemployment rate has risen to 21% as of May 2023, creating further challenges for the country amidst the Covid pandemic and impacting its economy.
Emerging-market central banks are resisting expectations of interest rate cuts, which is lowering the outlook for developing-nation bonds, as central banks in Asia and Latin America turn hawkish in response to the "higher-for-longer" stance taken by the Federal Reserve, currency pressures, and the threat of inflation.
The Bank of Israel is expected to maintain its interest rate at 4.75% due to decreasing inflation and indications of modest economic growth, despite concerns about the slowdown in the hi-tech industry and reduced demand for workers; meanwhile, interest rates in Israel are influenced by expectations of lower rates in the United States and the recent drop in the shekel's value.
The UAE and Brazil have formed a partnership to exchange knowledge and expertise about the economy as part of the Emirates' government experience exchange programme, aimed at achieving economic and trade cooperation between the two countries.
Prime Minister Narendra Modi has emphasized the importance of financial discipline and warned against irresponsible financial policies and populist measures, stating that they may deliver short-term success but will have long-term social and economic consequences. He also expressed confidence in India's rise and outlined his vision for the country's development by 2047.
The two different inflation measures in Ireland, the Consumer Price Index (CPI) and the harmonized index of consumer prices (HICP), have started to diverge, with the HICP falling quicker than the CPI due to mortgage interest costs being included in the latter, revealing a crucial shift in the inflation dynamic as mortgage interest costs have overtaken energy prices as the main driver of inflation. Additionally, the increasing number of fixed-rate mortgage customers facing higher interest rates could keep inflation higher for longer, along with other factors such as higher food prices and ongoing rental market pressures.
Private equity firm Breal Capital is taking advantage of the beer industry's struggles by acquiring bankrupt breweries and building an empire, acquiring Black Sheep Brewery, Brick, Brew By Numbers, and Vinoteca, with plans to expand further in the industry.
The chairman of K-Electric, Mark Skelton, has certified that Shehryar Chishti's indirect ownership in the company through the Infrastructure and Growth Capital Fund (IGCF) is only 5.1%, contradicting previous claims that the fund was a majority shareholder.
Indian Prime Minister Narendra Modi has called for the United Nations to reform in order to reflect the realities of the 21st century and ensure the representation of important voices, ahead of hosting the G20 summit in India. Modi also expressed support for the African Union to become a full member of the G20.
South Africa's National Treasury plans to implement cost-cutting measures, including a hiring freeze and halting new procurement contracts for infrastructure projects, to address a revenue shortfall caused by weak economic performance.
Saudi Arabia is set to host a significant event and conference on elevators and escalator technologies in Jeddah, with the country's elevator and escalator market predicted to grow substantially in the coming period due to its giga-projects estimated at over $1.34 trillion in progress.
The UK economy has recovered more quickly from the pandemic than previously thought, outperforming Germany and other major Western industrial nations, although it still lags behind the G7 average, and there are concerns about the potential for a recession due to manufacturing struggles, sliding house prices, inflation, and strikes.