Australia's economy is projected to grow more slowly over the next 40 years due to an aging population and slower population growth, according to long-range economic forecasts published by the government.
The average value of wages declared to Social Security in Portugal increased by 6.3% compared to the same period last year, resulting in an average real gain for workers.
Canada's housing market is seeing a surge in new listings, with a 5.6% increase in July, indicating a possible shift in sentiment among homeowners, while home sales have declined due to higher mortgage costs and interest rates. However, prices continue to rise, although at a slower pace.
Chinese Premier Li Qiang acknowledges that bilateral relations and economic cooperation between China and the United States are facing difficulties and calls for sincerity, mutual efforts, and the protection of international trade rules.
China's central bank has cut its one-year loan prime rate for the second time in three months as the economy struggles to recover from the pandemic, with challenges including a property crisis, falling exports, and weak consumer spending.
Google has invested billions of dollars in various healthcare initiatives to tackle the challenges in the industry and improve healthcare through innovations such as Care Studio and Healthcare Data Engine, with a focus on addressing the needs of patients, providers, and enterprises.
Jordan's tourism sector has seen a 50% increase in tourist inflows to 3 million people between January and July compared to the same period last year, according to government data, with tourism revenues also increasing by nearly 60%.
Keith McCullough, CEO of Hedgeye Risk Management, warns investors to be agnostic and open-minded in order to find opportunities in a challenging market environment, particularly due to the threat of stagflation, and suggests allocating investments to sectors such as health care, gold, Japan, India, Brazil, and energy stocks. McCullough criticizes the Federal Reserve for underestimating future inflation and urges investors to watch their actions rather than their words. He predicts that the Fed will tighten rates despite a low point in the U.S. economy, leading to a potential stock market crash. McCullough advises investors to own assets like gold and to be cautious with U.S. stocks, while favoring sectors that are accelerating, such as health care.
The collapse of Evergrande, China's second-largest property developer, has raised concerns about a potential financial crisis and a broader liquidity crisis in the country, as well as the impact on China's housing market and economy.
Former Treasury Secretary Larry Summers warns that China's economy is hitting a wall and that US GDP is set to exceed China's for another generation, highlighting the need to be vigilant about the Chinese geopolitical challenge.
India's central bank is urging local banks to encourage trade settlements between the United Arab Emirates and India using the dirham or Indian rupee instead of the U.S. dollar, as part of an initiative to promote the use of local currencies and reduce the trade deficit with the UAE.
The curious rise of leprosy in Florida and the contrasting electoral outcomes in Ecuador and Guatemala reveal insights about the region, while Singapore's leadership in "alternative proteins" is highlighted.
BRICS seeks to expand its membership and become a champion of the "Global South," with over 40 countries expressing interest in joining the bloc to challenge Western dominance and address grievances related to abusive trade practices and neglect of poorer nations' development needs, among others. However, observers note that BRICS has a limited track record and may struggle to deliver on expectations.
China property-market pessimists are overlooking the underlying demand, as evidenced by strong sales by state-backed property developers and rising rents, according to veteran economist Hong Hao of Grow Investment Group.
China is considering providing cheap funding to local government financing vehicles (LGFVs) in an effort to address debt concerns and improve their cashflow amid mounting risks, according to reports, with the central bank potentially setting up an emergency liquidity tool to provide low-cost, longer-term funds. The move comes as authorities also mull plans to cut LGFV debt, including allowing provincial-level governments to raise about 1 trillion yuan through special bonds sales to repay the debt of LGFVs and other off-balance sheet issuers. The measures are part of China's efforts to address the major economic and financial risks posed by LGFV debt.
Japan's Ministry of Finance plans to raise its assumed long-term interest rate to 1.5% for the fiscal year 2024/25, up from the current record-low of 1.1%, indicating a potential strain on the country's budget as it is set to exceed 114 trillion yen ($782.64 billion).
The U.S. economy has defied previous expectations of slow growth due to factors such as poor productivity and population aging, with growth exceeding projections and averaging 3% under President Joe Biden, but policymakers are still cautious and concerned about the uncertain economic trends, including labor force growth, inflation, and productivity.
The Federal Reserve's long-held belief that the US economy had reached its long-term growth potential of 1.8% is being challenged as strong growth continues, driven by unexpected labor force growth, manufacturing construction, and potential improvements in productivity, prompting a larger conversation about the country's economic potential.
The US economy has exceeded the Federal Reserve's estimate of its growth potential in recent years, with growth averaging 3% under President Joe Biden, but concerns about rising public debt and inflation, as well as the Fed's efforts to control them, may lead to slower growth in the future and potentially a recession. However, there are hints of improving productivity that could support continued economic growth.
The US economy is in an overheated state, with declining manufacturing activity, high everyday prices, and a tight labor market, causing Americans to feel a significant cost of living crunch and prompting a warning that they should "hunker down" and be cautious with their finances, according to global economist Nancy Lazar. Excessive government spending is blamed for the high prices, and an impending recession is expected to add further pressure on all wealth groups. To achieve economic recovery, Lazar emphasizes the importance of private sector-driven growth and the need for reduced government spending and entitlement reform.
Jeremy Grantham predicts that the post-pandemic surge in stocks, fueled by low interest rates and hype, will result in a market slump and recession, with artificial intelligence unable to prevent the downturn.
As GPF prepares for its next long-term forecast, preliminary forecasts suggest an expansion of US geopolitical power, the potential for civil strife in China, and turmoil in Russia due to Ukraine; other key issues to be analyzed include the impact of the BRICS system, the dysfunction and change in Eurasia, Iran's shifting position, and the significance of African instability on the global system.
Oil prices rise as global supply tightens due to lower exports from Saudi Arabia and Russia, offsetting concerns about global demand growth amid high interest rates.
China's central bank has cut the main benchmark interest rate in an attempt to address falling apartment prices, weak consumer spending, and broad debt troubles, but the reduction was smaller than expected, signaling the potential ineffectiveness of traditional tools to stimulate the economy.
China's real estate crisis, caused by a crackdown on risky behavior by home builders and a subsequent housing slowdown, is spreading to the broader economy, leading to sinking sales, disappearing jobs, and a decline in consumer confidence, business investment, and stock markets.
Rail user lobby group Rover has criticized proposed higher charges for rush hour travel, saying the scheme is impractical and will result in significantly increased ticket prices and confusion for travelers.
European stocks rebounded and government bond yields rose again as oil prices firmed, despite smaller rate cuts by China than investors had expected, with hopes remaining for further stimulus.
China's major state-owned banks are actively acquiring offshore yuan liquidity, raising the cost of shorting the Chinese currency and potentially stabilizing the yuan.
Bluefin tuna fishing in the Atlantic Ocean has been prohibited by the Portuguese fleet due to current data on discharges made by the fleet.
China's central bank has cut a key interest rate in an effort to counter the post-Covid growth slowdown, with activity in the economy being dragged down by labor market uncertainty, global economic sluggishness, and financial troubles in the real estate sector.
China is facing a severe economic downturn, with record youth unemployment, a slumping housing market, stagnant spending, and deflation, which has led to a sense of despair and reluctance to spend among consumers and business owners, potentially fueling a dangerous cycle.
Global stocks rise as traders anticipate the Federal Reserve's summer conference for indications on inflation control and interest rate hikes.
China's fiscal revenue growth slowed in the first seven months of 2023 due to signs of an economic slowdown, with fiscal revenue rising 11.5% compared to the previous year.
German producer prices fell more than expected in July, marking their first decline in over two-and-a-half years, as easing energy prices raised hopes for a further decrease in inflation in Europe's largest economy.
Australia's pension sector has increased its investments in local and foreign debt by over A$20 billion in the past year, as higher yields make fixed income assets more attractive. This shift marks a departure from the country's traditional preference for equities and reflects a broader trend of pension funds globally increasing their allocations to fixed income securities.
China's fiscal revenue increased by 11.5% in the first seven months of 2023, but the growth rate was slower than the previous six months, indicating a potential decline in the economy's momentum.
President Bola Tinubu will inaugurate his new cabinet, the Nigerian Bureau of Statistics will release important reports, the CBN lifts the ban on BDCs, NNPC secures a $3 billion loan, Nigeria's inflation rate climbs to 24%, X removes the blocking feature, and the FG halts petrol price hike.
Real wages have fallen in most European countries as record-high inflation has eroded the nominal wage growth, with Hungary experiencing the largest decline of 15.6 percent, while Belgium and the Netherlands saw small increases.
The downturn in Germany's residential construction sector worsened in July, with a record number of companies reporting dwindling orders, as higher interest rates and rising construction costs hamper new business.
The University Grants Commission (UGC) has expressed concern over the recent death of a student due to ragging at Jadavpur University and will be writing to the university for a detailed explanation and action, while also suggesting measures such as CCTV cameras and a separate cell for dealing with ragging cases. The Union Education Minister has also criticized the university's report to the UGC as "not satisfactory" and held the West Bengal government responsible for the incident, and the UGC will increase surveillance in the matter.
Finland's State Treasury is expected to issue a new five-year benchmark bond in late August, following the pattern of previous years, with an expected size of EUR3 billion and a maturity date in April 2029.
The South African rand weakened ahead of the BRICS summit and monthly inflation figures.
Fitch's recent downgrade of US government debt reflects concerns over the country's deteriorating fiscal governance standards and the unlikely prospects of serious fiscal reform, signaling a change in perceptions that may have more damaging effects than the 2011 downgrade by S&P; factors such as broken supply chains, rising inflation, and a shift away from the US dollar as a safe haven currency contribute to a potential US slowdown and impact on global economic power.
Shares of Crest Nicholson, a UK housebuilder, have fallen and dragged down the broader housing sector after the company issued a profit warning, citing worsening trading conditions, higher mortgage costs, and limited government support for buyers.
Foreign banks are lowering their China forecasts due to signs of distress in the property sector, with missed payments by developer Country Garden and trust company Zhongzhi Group contributing to rising concerns.
China's economy, which has been a model of growth for the past 40 years, is facing deep distress and its long era of rapid economic expansion may be coming to an end, marked by slow growth, unfavorable demographics, and a growing divide with the US and its allies, according to the Wall Street Journal.
Inflation remains high in the UK, leading experts to predict further interest rate rises that could increase borrowing costs and mortgage payments for many households. However, the government is providing financial support to low-income households, including cost of living payments and disability and pensioner payments. State benefits and pensions will also be paid as usual in September. The Energy Price Guarantee, which limited the amount households paid for electricity and gas, has expired, resulting in consumers paying the Energy Price Cap rate, which is still significantly higher than pre-pandemic levels. Energy prices are expected to remain volatile, with potential impacts from geopolitical incidents.
European stock markets rise as German producer prices drop, China's rate cut disappoints, and the UK housing market slumps; oil prices rebound on tight supplies and expectations of lower output.
The super rich are increasingly choosing luxury villas over five-star hotels for quick getaways, with Italy, France, Greece, and Portugal offering popular options, and high-end travel consultants charging substantial fees to find the perfect villa vacation; however, the distribution of global wealth remains highly unequal, with 1.1 percent of the adult population holding 45.8 percent of the world's wealth, and the US driving this top-heavy statistic, as 38 percent of the world's millionaires reside there.
Richer countries and private lenders are perpetuating a cycle of fossil fuel reliance for heavily indebted countries, forcing them to continue investing in such projects to repay their loans, according to a report by Debt Justice. The report calls for the cancellation of debts, particularly those associated with fossil fuel projects, as high debt levels hinder efforts to transition to renewable energy and exacerbate the global south's climate crisis.