Despite initial expectations of rising unemployment, the US labor market has remained robust due to pandemic-related fiscal support and increased consumer spending, preventing a hard landing for the economy.
Nickel smelters in Indonesia are purchasing ore from the Philippines to alleviate tight supplies, causing disruptions in trade flows and driving up costs in the supply chain.
The European Union Chamber of Commerce in China has stated that it would not use the term "uninvestable" to describe China, although it acknowledges that China is "under-invested" and that concerns about the business environment need to be addressed.
Euro zone bonds remained relatively unaffected by the recent selloff in US borrowing costs, indicating investor expectations that economic growth and funding needs in Europe will lag behind those in the United States.
The Federal Reserve meeting in September may hold the key to the end of the tightening cycle, as markets anticipate a rate hike in November, aligning with the Fed's thinking on its peak rate. However, disagreement among Fed policymakers regarding the strength of the economy and inflation raises questions about the clarity and certainty of the Fed's guidance. Market skeptics remain uncertain about the possibility of a "soft landing," with sustained economic expansion following a period of tightening.
The IMF has asked Pakistan to submit a written plan for providing relief in electricity bills, as protests continue across the country, after the caretaker government decided to seek the lender's approval before announcing any measures.
Japan's inflation is "clearly in sight" of the central bank's target, according to board member Naoki Tamura, suggesting the possibility of ending negative interest rates early next year.
China has defended its business practices and claimed that most U.S. firms want to stay and that Beijing is working to ease market access for foreign companies, in response to concerns from American businesses and global investors about the difficulties and risks of doing business in China.
The Russian ruble's recent volatility and decline in value reveals the underlying struggle of funding the military without damaging the national currency or causing inflation, while the Kremlin's efforts to stabilize the economy in the short term may not prevent long-term economic decline and stress on the ruble.
China's troubled real estate company Country Garden plans to raise funds to avoid default and repay its loans, amid concerns that its liquidity crisis could have a wider impact on China's economy.
The US dollar dropped to a two-week low against the euro and other currencies after data revealed lower than expected private payroll growth in August, leading to speculation that the Federal Reserve will halt interest rate increases.
China's largest lenders are reportedly preparing to cut interest rates on existing mortgages and deposits, in an effort to boost consumer spending and stimulate the economy, though economists believe further policy action will be necessary to address the country's economic challenges.
India's oil minister has stated that the country will purchase oil from any source that offers it at the lowest possible prices.
The Indian rupee weakened against the U.S. dollar due to demand from state-run banks and the potential impact of U.S. GDP data.
The Pakistani government is seeking approval from the International Monetary Fund (IMF) before announcing any immediate relief for consumers protesting against inflated electricity bills, with relief likely to be provided to those using up to 400 units per month for August and September.
Guangzhou, the first major Chinese city to do so, has announced an easing of mortgage curbs in an effort to revive the property sector and stimulate the economy, a move that is expected to be followed by other top-tier cities.
India's sovereign credit rating, currently at the lowest investment grade, should be upgraded due to its status as the fastest-growing economy and its potential to become the third largest economy in the world, according to Madan Sabnavis, Chief Economist at Bank of Baroda. He highlights the importance of a good credit rating and emphasizes that India is an attractive destination for foreign investors. Sabnavis believes India deserves an upgrade to at least an A rating.
Australia's inflation slowed to a 17-month low in July due to declines in holiday travel and fuel prices, leading to expectations that the Reserve Bank of Australia will pause its rate hikes, signaling a potential end to tightening measures.
China's economy is not as bad as perceived, with consumer spending picking up and indicating that growth is moving in the right direction, according to an official at the British Chamber of Commerce in China.
The Taliban's restrictions on women in Afghanistan, including banning education and limiting their access to public spaces, demonstrate their destruction of the country's future, and Afghanistan's prospects for progress depend on liberating women from these constraints.
Brazilian miner Vale SA remains cautiously optimistic about declining steel demand in China, as the country's economy is resilient and there are positive indicators in the construction sector.
Australia's inflation rate dropped to its lowest level in 17 months, driven by lower prices for fresh produce and automotive fuel, reducing the likelihood of the Reserve Bank raising interest rates; however, inflation in electricity prices remained high.
South Korea's exports are expected to have fallen 11.6% in August, marking the 11th consecutive month of decline, as China's economic recovery remains sluggish and demand weakens in other regions.
China defends its business practices and claims that most U.S. firms want to stay, despite Commerce Secretary Gina Raimondo stating that China has become "uninvestible" due to fines, raids, and other actions that make it risky to do business there.
South Korea's exports are likely to have fallen for the 11th consecutive month in August due to a slower Chinese economy and weakening demand in other regions.
Japan's battle with deflation may be reaching an end as price and wage rises indicate a turning point, according to the government's annual economic white paper, suggesting a window of opportunity to exit deflation.
China's property crisis, led by embattled property giants like Evergrande, is causing devastating consequences for small businesses and suppliers who are owed large sums of money, putting both market confidence and debt repayments at risk. The crisis has affected the entire industry and could worsen if immediate actions are not taken to prevent contagion and spillover fears. The Chinese government is urged to abandon restrictive measures on real estate credit, carry out bankruptcy proceedings for developers with capital-outflow problems, and stop intervening in the market to stabilize home prices. The outlook for Chinese developers is deteriorating, particularly for distressed developers, while state-owned developers have a stable outlook. The Chinese housing market is facing a severe crisis that is worse than Japan's market in the early 1990s, posing challenges in filling the gap in spending left by the collapsing housing market.
Brazilian mining company Vale SA remains cautiously optimistic about declining steel demand in China, as the country's economy has shown resilience despite uncertainties, according to the company's vice president of iron ore solutions, Marcello Spinelli. Vale relies heavily on sales to China, and Spinelli highlighted that while steel demand is declining, it is not as severe as some indicators suggest. Spinelli also noted that nondeveloper entities are actively constructing homes, partially offsetting the decline in the building sector.
A group of state attorneys general is calling on Shein, a popular fast fashion retailer, to prove that it does not use forced labor before it is allowed to file for an initial public offering in the United States.
The Federal Reserve's monetary tightening policy has led to a surge in mortgage rates, potentially damaging both the demand and supply in the housing market, according to Mohamed El-Erian, chief economic advisor at Allianz.
Stocks closed higher on Wall Street as economic reports indicated a cooling economy, potentially leading to a pause in interest rate hikes by the Federal Reserve.
Treasury yields fell to their lowest levels in over a week due to concerns about job creation and consumer confidence, leading bond traders to lower the probability of a Federal Reserve interest rate hike this year.
China's economic problems are beginning to resemble Japan's long-lasting issues, as a real estate crisis, an aging population, surging youth unemployment, and high local government debts create a crisis of confidence, potentially leading to a "lost decade" of economic stagnation and deflation, while Japan shows signs of climbing out of its decades-long economic nightmare with rising inflation and a potentially optimistic outlook.
The US jobs data for July suggests a cooling employment market, with a drop in labor demand and easing of hiring conditions, which could help lower inflation without a significant rise in unemployment rates.
US job openings fell to the lowest level in nearly 2.5 years in July, indicating a gradual slowdown in the labor market and increasing expectations that the Federal Reserve will not raise interest rates next month.
China's finance ministry has announced that it will extend preferential tax policies for foreign workers until the end of 2027, providing a boost to foreign companies trying to attract talent after the COVID-19 pandemic.
Venture capital firm SK Ventures argues that current AI technology is reaching its limits and is not yet advanced enough to provide significant productivity gains, leading to a "workforce wormhole" that is negatively impacting the economy and employment, highlighting the need for improved AI innovation.
Russian energy company Gazprom reported a net loss of 18.6 billion roubles ($197 million) in the second quarter of 2023 due to the collapse of gas exports to Europe.
Despite the appearance of a "Goldilocks" economy, with falling inflation and strong economic growth, rising yields on American government bonds are posing a threat to financial stability, particularly in the commercial property market, where owners may face financial distress due to a combination of rising interest rates and remote work practices. This situation could also impact other sectors and lenders exposed to commercial real estate.
High energy prices and strong economic growth could lead to a rebound in inflation, with prices likely hovering around 5%, according to a former White House economist.
The rate of people quitting their jobs has returned to pre-pandemic levels, indicating a decline in workers' advantage and a cooling labor market influenced by the Federal Reserve's interest rate hikes, which have led to worsening job prospects and decreased consumer confidence.
South Korea's government plans to increase budget spending for 2024, but the proposed increase is the smallest in two decades due to fiscal discipline amid weakening tax revenue and slow economic growth.
Central banks are likely to push western economies into a recession in order to tackle inflation, according to a member of Jeremy Hunt's advisory council. Karen Ward, an economist at JP Morgan Asset Management, believes signs of weakness will be needed before policymakers can ease their tough approach, as the message from a recent gathering of central bankers in Wyoming was that borrowing costs would need to be higher for longer than expected. Ward's comments come as Germany reports its highest wage growth figure since 2008.
The town of Woking, UK, is facing financial crisis after officials mismanaged funds, borrowing large amounts and investing in risky commercial projects, leaving the council with debts of £1.8bn ($2.3bn) and a budget shortfall of £9m next year, highlighting the dire financial state of local governments in the UK.
The Biden administration has released a list of 10 medications, including the blood thinner Eliquis and diabetes treatment Jardiance, for Medicare's first-ever drug price negotiations in an effort to lower medical costs, although the savings won't be noticeable for several years and litigation from drugmakers and criticism from Republican lawmakers persist.
According to a survey by Jefferies, 50% of consumers in the US plan to spend more on back-to-school shopping this year, with 70% citing inflation as the primary reason for increased spending, particularly on apparel; Walmart's private label business is expected to benefit from this trend.
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US homeowners are opting for cash-out refinances less frequently due to rising interest rates, impacting their ability to access funds for spending, debt repayment, and other purposes.
The yen's weakness against major currencies is driving up import costs in Japan, leading to higher prices for necessities like energy and food.
US companies are becoming increasingly hesitant to invest in China due to concerns over new anti-spying laws, competition from state-funded firms, and the country's economic challenges such as deflation and a property crisis.