Inflation in the Gulf Cooperation Council (GCC) countries remains lower than global and Middle Eastern counterparts, with factors such as reduced food costs and declining energy prices driving the gradual deceleration, according to an analysis by Kamco Invest. However, inflation in the housing sector was felt in the GCC countries, with notable increases in Saudi Arabia, Kuwait, and Dubai. The report also highlighted declining inflation in the education sector in Saudi Arabia and a marginal uptick in inflation in Bahrain and Oman.
The Islamic Republic of Iran is facing political discontent and a flagging economy, with the Revolutionary Guards increasingly frustrated and seeking alternative sources of income, as structural problems and corruption exacerbate the country's economic crisis and undermine trust in the regime.
Higher inflation and the COVID-19 pandemic have pushed nearly 68 million people in Asia into extreme poverty, undermining progress towards eliminating poverty, according to a report by the Asian Development Bank.
Six new countries, including Argentina, Iran, the United Arab Emirates, Saudi Arabia, Ethiopia, and Egypt, have become members of the BRICS alliance, as announced by South African President Cyril Ramaphosa during the summit.
China should resist the urge to use monetary easing to combat deflation and focus instead on market-driven restructuring and real economic activities in order to achieve healthier and more sustainable growth, according to economist Andy Xie. Japan's reliance on quantitative easing and zero interest rates has perpetuated asset bubbles and hindered innovation and productivity, serving as a cautionary tale for China.
Japan has started releasing water from the Fukushima nuclear plant into the Pacific Ocean.
Saudi Arabia's Tadawul All Share Index showed resilience as it closed higher, recording robust market activity with a total trading turnover of $1.34 billion, while Sadr Logistics Co. and Al Kathiri Holding Co. emerged as top gainers.
China's real-estate market is experiencing a significant downturn, with Evergrande's bankruptcy filing signaling broader economic struggles that will have worldwide ramifications, impacting the global economy, commodities demand, and potentially leading to geopolitical tensions as China seeks to redirect the restless energy of its unemployed youth.
China has a complex network of trade partnerships with over 200 countries, regions, and territories, and it has a trade surplus with the majority of them, including the US and India, while having deficits with major Asian economies like Taiwan, Japan, and South Korea. These trade relationships are influenced by historical, geopolitical, and strategic factors.
Oil prices fall on weak economic data and anticipation of US Federal Reserve Chair Jerome Powell's speech on interest rates. Concerns about global demand and rising supply, along with disappointing manufacturing data, contribute to the downward pressure on oil prices. Additionally, Iran's oil output is expected to increase and the US is considering easing sanctions on Venezuela's oil sector.
Australia's population aging and slower economic growth over the next four decades will put pressure on the budget and increase national debt, according to a government report, with taxation reforms notably absent from the suggested solutions.
The BRICS group is reportedly inviting Saudi Arabia and Egypt to join, with over 40 countries expressing interest and an expanded BRICS potentially accounting for 44% of the global economy by 2040.
The number of people living in extreme poverty in developing Asia has increased by 67.8 million due to the COVID-19 pandemic and rising living costs, with more than 155 million people living on less than $2.15 a day last year, according to the Asian Development Bank.
Argentina plans to use a $7.5 billion disbursement from the International Monetary Fund to repay part of the money it borrowed from China through a currency swap line.
Mahindra Group Chairman Anand Mahindra responded to criticism of India's space program, stating that investing in both toilets and space exploration is not a contradiction and that going to the moon helps restore India's pride and self-confidence.
China's youth unemployment rate has reached record highs, with many young people refusing to find jobs they deem unattractive, leading to the rise of "full-time children" who rely on family support, while others are forced into unstable and low-paying jobs in the platform economy; experts warn of the long-term impact on mental health and productivity.
The Pakistani rupee has reached a historic low of 300.37 against the US dollar in the interbank market due to increased demand and a dollar liquidity crunch caused by dropping exports and remittances, with experts suggesting that the interbank market is trying to catch up with the kerb market.
Australia's Trade Minister, Don Farrell, is offering easier access to the country's critical minerals sector as part of negotiations for a free trade agreement with the European Union, aiming to attract European investment and diversify supply chains away from China.
Chinese firms involved in the China Pakistan Economic Corridor (CPEC) are demanding timely payments for their power sector projects, as overdue payments have exceeded $1.2 billion, potentially making it unsustainable for them to continue their operations. They are also urging the government to establish a revolving fund and ensure stability and security in the country to attract more investment.
A group of developing countries known as BRICS, including Brazil, Russia, India, China, and South Africa, is determined to challenge the dominance of the US dollar in global finance and trade through the process of de-dollarization, which they believe is irreversible and gaining pace. The shift away from dollar dominance is driven by recent geopolitical tensions and the desire to have more choices in global financial interactions, rather than being anti-West or anti-dollar. However, experts believe that the dollar will remain the dominant global currency for the foreseeable future.
The COVID-19 pandemic and inflation have pushed nearly 68 million people in Asia into extreme poverty, undermining progress towards poverty elimination, according to the Asian Development Bank (ADB).
The Indian rupee is expected to rise due to a pullback in U.S. Treasury yields and weak economic data, leading to a favorable near-term outlook.
Central banks are exploring the issuance of digital currencies to promote financial inclusion and provide easier access to money for unbanked populations, with the potential to reduce dependence on cash, increase local currency adoption, and impact the role of international currencies such as the US dollar.
China's local government debt has reached a record 66 trillion yuan ($9 trillion), prompting Beijing to seek a comprehensive solution to the crisis.
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The Federal Reserve Economic Database (FRED) provides accurate economic data, revealing positive trends such as increased labor force participation and decreased unemployment, but also challenges like labor shortages and rising prices, particularly in food and gas. Consumer sentiment remains skeptical despite these improvements, as illustrated by rising household credit card debt and unaffordable housing prices. Policymakers could address these issues through immigration reform, fiscal restraint, and zoning law reforms. Overall, the data suggests that the economy is slowly returning to normalcy, but further actions are needed to sustain the recovery.
Weak manufacturing data in major economies led to a decrease in oil prices, despite a larger-than-expected drop in U.S. crude stocks, while market focus is on Federal Reserve Chair Jerome Powell's speech on interest rate outlook, and Iran's oil output is predicted to increase despite U.S. sanctions.
Thailand's new prime minister, Srettha Thavisin, must deliver on his promises to revive the economy, support small businesses, and address inequality after the country reported slower-than-expected economic growth and faces challenges such as a slowdown in China, high household debt, and rising interest rates.
Iraqi Minister of Finance, Taif Sami, met with a delegation from the World Bank to discuss development projects and prioritize support for the government program, including financial and banking reforms, to accelerate economic reform in Iraq.
The coronavirus pandemic and rising cost of living have pushed nearly 70 million more people in developing Asia into extreme poverty, according to a report from the Asian Development Bank, which highlights the negative impact on poverty reduction efforts in the region.
The Bank of Korea (BOK) has maintained its key interest rate at 3.5 percent for the fifth consecutive time, as it considers the slowdown in growth and moderating inflation, while predicting that inflation may rise above its target level later this year.
Oil prices fell as U.S. labor market data indicated tight conditions, potentially leading to further interest rate increases by the Federal Reserve, overshadowing concerns of weakening demand and rising inventories.
Fannie Mae economists predict that the U.S. housing market will remain unchanged regardless of whether the economy experiences a soft landing or enters a mild recession, with high mortgage interest rates and housing affordability issues continuing to impact the market. They anticipate that existing home sales will remain subdued, and while a recession may lead to a pullback in construction, a soft landing accompanied by higher mortgage rates could also result in slower housing construction and sales.
Oil prices dipped in early Asian trade due to weak manufacturing data in major economies and concerns about the duration of interest rates staying at current levels, despite a larger-than-expected drop in U.S. crude stocks.
China's economic challenges, including deflationary pressures and a slowdown in various sectors such as real estate, are likely to have a global impact and may continue to depress inflation in both China and other markets, with discounting expected to increase in the coming quarters.
The Panama Canal is being impacted by a major drought, reducing water supply and restricting the number of cargo ships allowed through each day.
Mexican economy is forecasted to grow by 2.9% in 2023, while the Mexican peso is expected to trade just under 18 to the US dollar by the end of the year, according to a survey of analysts by Citibanamex.
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British trade minister Kemi Badenoch will hold talks with her Indian counterpart in New Delhi this week, but a trade agreement is unlikely to be reached as further negotiations are scheduled for later in the year.
As China's economic crisis unfolds, it is becoming apparent that the immense debt accumulated in building infrastructure projects, coupled with high unemployment and personal decisions made by Xi Jinping, could pose a serious threat to the regime's stability and potentially lead to a post-Communist China.
International investors are selling off Chinese stocks at a rapid rate, with $10.7 billion worth of holdings sold in 13 consecutive days, the longest streak since 2016, due to concerns over slowing growth and the potential impact of the country's property sector on the financial system.
The United States has the highest debt in the world, and countries like France, Singapore, Brazil, Hong Kong, and India are among the top holders of U.S. debt.
Thailand's tourism and exports, particularly in the chemical and plastic sectors, are expected to decline due to the economic slowdown in China caused by the real estate crisis, leading to a significant decrease in the number of Chinese tourists visiting Thailand and affecting the country's overall economy.
The interest rate on the most popular U.S. home loan reached its highest level since December 2000, leading to a significant drop in mortgage applications and contributing to the struggling housing market.
Nvidia's Q2 results were hailed as a "macro event," as the company's unexpected success has made it a symbol of the generative A.I. revolution and a potential driver of a productivity boom with significant economic implications.
Entrepreneurs in Utah and across the country are starting new businesses and side hustles despite the uncertain economy, with many people feeling optimistic and seeing opportunities for success even during rough times.
Brazil has proposed a plan to Argentina to secure Chinese yuan guarantees for Brazilian exports, in order to provide security to Brazilian companies amidst Argentina's economic crisis.
The US Labor Department has revised downward its estimate of total payroll employment in March 2023, revealing a slightly cooler labor market than previously thought, which may influence the Federal Reserve's decision on interest rates at their upcoming policy meeting in September.
The International Monetary Fund (IMF) has approved the disbursement of $7.5 billion for Argentina after completing the fifth and sixth reviews of their $44 billion program, bringing the total disbursements to $36 billion, with most of the cash being used to pay back the fund for another program.
Brazil's finance minister has proposed using Chinese yuan guarantees to reduce trade risks with Argentina, as the country faces a dollar shortage and its currency, the peso, continues to perform poorly in the global market.