Erratic climate conditions in India, including a dry August, have led to a significant increase in food prices, with onions alone becoming 25% more expensive since June, causing concern about global food inflation as India is a major exporter of rice, sugar, and onions and is a key supplier to many Asian and African countries.
Consumer spending in China rebounded in August, with all categories, including apparel, automotive, food, furniture, appliances, and luxury, experiencing increased sales compared to July, according to a survey by the China Beige Book. Retail sales in July rose by 2.5% year-on-year, raising concerns about China's economic growth, but the August survey showed a surge in spending, particularly in the services sector, which saw continued strength in travel and hospitality. Additionally, corporate borrowing increased as the cost of capital declined, indicating a boost in business activity. However, China's property sector continued to worsen, with house prices barely growing and home sales declining.
China's economy is showing signs of improvement, with officials in two big cities taking steps to stabilize the property markets and attract more home buyers.
China's economy is facing significant challenges, including a property crisis, youth unemployment, and a flawed economic model, but the government's limited response suggests they are playing the long game and prioritizing ideology over effective governance.
Record-breaking casino revenue in Nevada suggests that the US economy is on solid ground, as Americans flock to casinos and international travel resumes, providing a positive signal to investors.
Japan's plan to release treated wastewater from the Fukushima nuclear plant into the ocean has caused a political feud with China, which has banned imports of Japanese seafood and promoted unfounded claims about contaminated fish, likely driven by anti-Japanese sentiment and political tensions between the two countries.
The U.S. economy expanded at a 2.1% annual pace in the second quarter, downgraded from the initial estimate of 2.4%, but still demonstrating resilience in the face of higher borrowing costs and inflation concerns.
The newly implemented rules in America that allow Medicare to negotiate drug prices could have damaging effects on innovation in the pharmaceutical industry and may discourage investment in new medicines, leading to fewer treatments in the future. Instead of focusing solely on price controls for drugs, regulators should address the issues within the rest of the supply chain, such as opaque middlemen and hospital mergers, to effectively lower healthcare costs.
The new drug-pricing rules in America, allowing Medicare to negotiate prices with drugmakers, could have damaging effects by setting prices too low and deterring innovation.
Mortgage payments in the US are at their highest since the mid-1980s, making housing deeply unaffordable, but surprisingly, rising mortgage rates have not led to a decline in house prices as supply of properties has fallen almost in lockstep with demand and locked-in homeowners have invested more in fixing up their current homes, leading to a robust housing market despite the economic challenges.
The Federal Reserve has issued private warnings to several banks with assets of $100 billion to $250 billion, focusing on capital, liquidity, technology, and compliance.
The S&P500 rose on Wednesday, supported by signs of weakness in the labor market and slower economic growth, reinforcing expectations of a Federal Reserve pause next month.
The BRICS alliance has expanded and now includes six new countries, resulting in a total GDP of $30.75 trillion, surpassing that of the United States and potentially posing a threat to the power of the US and Europe in the global economy.
A surge in services inflation is expected, driven by the recent rise in the stock market, with prices of portfolio management and investment advice services likely responsible for most of the increase.
The US has expanded restrictions on exports of Nvidia artificial-intelligence chips, including to the Middle East, in an escalation of its crackdown on China's technological capabilities.
Germany's G20 sherpa, Jorg Kukies, stated that Germany will not sign a joint statement that ignores Russia's war of aggression against Ukraine, disagreeing with China's position that the discussion of the Ukraine war does not belong in an economic grouping like the G20.
The number of U.S. corporate bankruptcies is increasing at the fastest rate since 2010, with over 400 companies filing for bankruptcy in 2023, double the level compared to the same time last year, due to overstretched balance sheets and rising interest rates. Firms in the consumer discretionary and industrial sectors are the hardest hit, and there have been 16 billion-dollar bankruptcies, including Bed Bath & Beyond and Silicon Valley Bank's parent company. However, some companies have managed to weather the storm by cutting costs or raising prices, and the structure of corporate debt and lending practices have provided some resilience. Nevertheless, the significant debt accumulated during the pandemic will pose challenges in the future.
The labor market has experienced a decline in job options and bargaining power for workers, however, some industries such as hospitality and healthcare still offer significant leverage for employees, with the number of resignations surpassing layoffs.
Senate Minority Leader Mitch McConnell freezes during an event after being asked about seeking re-election, raising concerns about his health and future plans.
Pakistan's interim finance minister, Shamsad Akhtar, has stated that the country's economic situation is worse than expected, and ruled out subsidies for the people due to non-negotiable commitments with the IMF and strict conditions of the $3 billion loan received in June.
Wednesday night's lunar event will be a super blue moon, meaning it will be the biggest and brightest full moon of the entire year, and it won't happen again for another 14 years.
China's largest private property developer, Country Garden, has warned of default risks if its financial performance continues to deteriorate, following a record loss in the first half of the year. The company's net loss between January and June amounted to 48.9 billion yuan ($6.72 billion), compared to a net loss of 6.7 billion yuan in the second half of 2022 and a net profit of 612 million yuan in the first half of 2022. This comes as Chinese authorities are working to revive the troubled property market, which accounts for approximately a quarter of the country's economy.
The Bank of Canada is expected to keep its key interest rate steady at 5.00% and maintain that level until at least the end of March 2024, despite rising inflation and a revival in the housing market, according to economists in a Reuters poll.
Former President Donald Trump's policies were deemed effective by podcaster Joe Rogan due to unemployment rates decreasing, business growth, relaxed regulations, and more things getting done, while President Joe Biden's administration has seen a continued economic recovery and a different focus on regulations and clean energy.
Western policymakers are increasingly adopting industrial policies, such as "friendshoring" and "nearshoring," to move supply chains away from geopolitical rivals and towards friendly countries, aiming to strengthen trade security but potentially sacrificing efficiency in production; however, the costs of friendshoring could be high, damaging GDP and global expenditure.
U.S. equities gain on reports of slowing private sector job growth and a downward revision of GDP, Insulet CEO buys stock, HP warns of market softness.
Canada is facing a deep crisis due to a housing crisis, rising consumer debt, and high interest rates, which are causing unaffordability and financial vulnerability for working people, while the government's plan to address these challenges remains unclear.
China's economy will struggle with low growth under 5% through 2024, leading to a "structural hard landing" due to tight monetary policy, disappointing economic reopening, and challenges in real estate and stock markets, according to TS Lombard strategists.
At least 32 international electronics companies have applied to India's incentive programme to manufacture laptops, tablets, and servers, as part of the government's push to boost domestic manufacturing capacity under the "Make in India" initiative.
At least 32 international electronics companies have applied to India's incentive program to manufacture laptops, tablets, and servers in the country as part of the government's push to boost domestic manufacturing capacity.
Pending home sales in the US rose by 0.9% in July, marking the second consecutive month of growth, despite high prices and increasing mortgage rates, with the rise attributed to an expanding job market and the potential for further increases given the number of failed offers; however, year-over-year pending transactions fell by 14%.
Gabon's military coup led to the largest drop in its dollar bonds since the COVID-19 pandemic, raising concerns about the risk of sanctions and its impact on the wider Africa debt market, just weeks after the country completed a debt for nature swap.
More Americans are struggling to keep up with car loan and credit card payments, particularly lower-income earners, as higher prices and rising borrowing costs put pressure on household budgets, signaling potential consumer stress; the situation is expected to worsen as interest rates continue to rise and paused student loan payments resume.
German inflation fell slightly in August, but economists predict that the downward trend will continue in the coming months, with food prices showing above-average growth.
Fox News offers live streaming of its TV shows and full episodes, including programs such as Hannity, Gutfeld!, and The Ingraham Angle.
Hiring by U.S. companies slowed more than expected in August, signaling a cooling labor market in response to higher interest rates, with companies adding 177,000 jobs, below economists' predictions and the lowest level since March.
The US economy grew at a slightly slower pace in the second quarter than previously estimated, indicating potential success for the Federal Reserve's efforts to cool demand and reduce price increases.
US Commerce Secretary Gina Raimondo encourages American businesses to continue investing in China, despite some US firms considering the country "uninvestable," highlighting the tension between the two economies.
German inflation beats forecasts, complicating the ECB's task, while US labor data eases and GDP is revised lower, causing the dollar to weaken and the euro to strengthen.
The US economy grew at a slower pace in the second quarter, but still showed more strength than expected, with GDP revised down to 2.1% from an initial 2.4%; however, forecasts indicate a robust reading in the third quarter of 2.5% or higher, despite concerns of a potential recession.
The U.S. economy grew at a 2.1% annual rate in the second quarter, showing resilience despite higher borrowing costs and a slight downgrade from the initial estimate of 2.4%, driven by consumer spending, business investment, and government outlays.
Wall Street is experiencing small gains and losses as investors await economic news, including an inflation indicator and more jobs data; markets rallied after consumer confidence dropped in August and job openings fell, potentially reducing inflation and deterring the Fed from raising interest rates.
The UK's energy policy is facing serious challenges as doubts grow over whether net zero and energy security goals can be achieved, with rising costs and practical difficulties hindering progress in the transition to carbon-free energy sources. Ambitions for renewable energy and decarbonization targets are being scaled back, prompting concerns over the government's ability to meet its goals.
Job creation in the US slowed in August, indicating that the strong economy could be starting to weaken under pressure from higher interest rates. Private employers added 177,000 jobs, well below the previous month's total of 371,000. Pay growth also slowed, suggesting more sustainable growth as the effects of the pandemic recede. Investors and economists remain uncertain about the future of US inflation and whether the economy can continue to grow without a significant slowdown.
China's currency, the yuan, is at its lowest level against the dollar since the 2008 financial crash, which raises concerns about the country's economic stability and its ability to boost domestic consumption.
Germany's Chancellor warns that economic stimulus measures must be carefully designed to avoid fueling inflation, after the cabinet approves corporate tax cuts to boost growth; meanwhile, German consumer price inflation stands at 6.4%, slightly lower than the previous month but higher than expected.
Gabon's military officers have taken control of the country and placed President Ali Bongo under house arrest, exposing the country's economic challenges, including high levels of corruption and widespread poverty.
Argentina is facing the highest triple-digit inflation in over three decades, potentially reaching near 200% by year-end, which is causing increased poverty, anger among voters, and memories of past economic crises.
The broad money supply in the UK has ceased to grow for the first time in at least 13 years, raising concerns among economists about the possibility of recession and deflation and urging the Bank of England to exercise caution in its fight against inflation.
The Indian rupee weakened for the second day as demand for the US dollar and equity-related outflows put pressure on the currency despite lower US treasury yields and a softer dollar.