The average American household spends over $1,000 per month on groceries, with households with children spending 41% more than those without, and California being the most expensive state for grocery shopping.
Residents of Ibadan are frustrated by the ongoing scarcity of cash, with banks and Point of Sales (PoS) operators blaming each other for the situation, leading to limited cash withdrawals and empty ATMs.
More than 20 countries are ready to join BRICS in 2024, with 25 new countries expressing interest in becoming part of the alliance, which could lead to an expansion of the group; 10 countries have formally applied for membership and 15 have expressed interest.
The US economy could receive an unexpected fiscal boost if lawmakers approve a potential deal for $70 billion worth of tax breaks for businesses and families, which would boost consumer spending but also risk reigniting inflation pressures.
This week's economic data releases, including labour market data, pay inflation, inflation rate, and retail sales figures, may provide insights into the state of the economy and potential impacts on interest rates and asset prices.
As tensions escalate in the Middle East and global shipping is disrupted, concerns arise about the impact on the world economy and inflation, with rising oil prices and delays in international shipping leading to increased costs and potential supply shortages.
The International Monetary Fund (IMF) has rescheduled its Executive Board meeting to review Ghana's program and approve $600 million due to the Board needing more time to scrutinize Ghana's documents.
Increased tensions and droughts in key trade areas, such as the Middle East and the Panama Canal, could cause inflation to rise above 2%, potentially preventing the Federal Reserve from implementing aggressive rate cuts, according to analysts at Macquarie. This is due to disruptions in freight flows and supply shocks caused by conflicts and climate change.
Investors are optimistic about a potential soft landing for the US economy based on strong economic data and expectations of interest rate cuts, but historical evidence suggests caution is warranted as recession risks remain and various factors like inflation, geopolitical tensions, and potential government shutdowns could impact the market in 2024.
Consumer prices in China dropped for the third consecutive month in December, raising concerns about deflation, which could have negative impacts on sales for foreign companies doing business in China, while Chinese exports to the US decreased due to trade restrictions, offset by increased trade with Russia.
American businesses are cautiously optimistic as the year begins, with the US economy's resilience, falling inflation rates, and a robust job market providing hope; however, risks such as a potential recession, inflation, rising interest rates, political gridlock, and ongoing geopolitical challenges pose concerns for businesses in 2024.
The US economy could see the end of capitalism in 2024 due to the country's massive debt problem and potential government actions to control finances, according to Danish investment bank Saxo. The prediction suggests that increased spending, inflation, and borrowing costs could lead to a collapse in the stock market, prompting a shift of money from private corporations to the public sector and resulting in nationalization and government intervention in struggling sectors.
Amid concerns over unemployment and the housing crisis in Canada, Immigration Minister Marc Miller is considering implementing a cap on the number of international students in the country to reduce housing demand and address financial capability issues.
Atlanta Federal Reserve President Raphael Bostic warns that cutting interest rates too soon could cause inflation to fluctuate, emphasizing that inflation's progress towards the central bank's target is likely to slow in the coming months. Bostic expects inflation to reach the Fed's goal of 2% by 2025 and emphasizes the importance of maintaining confidence in the economy.
Despite rising wages, many voters, including those in Las Vegas, Milwaukee, Phoenix, and rural Georgia, feel that the economic hardship experienced during Biden's first term outweighs the positive economic indicators, such as lower gas prices and manufacturing growth, and they are concerned about rising costs and inflation.
Electronics exports from India to the US have more than doubled in a year, reaching a record high of $6.6 billion, while the share of electronics imported from China into the US has decreased, according to industry body ICEA.
The recent release of CPI inflation data in India has important implications for fiscal and monetary policy, as well as the upcoming election, with the data showing a rise in the year-on-year inflation rate driven by higher food prices, leading to potential delays in interest rate cuts and posing challenges for fiscal policymakers.
Food inflation at restaurants continues to impact Americans, with rising costs of rent and labor driving prices up, and despite lower inflation, customers should expect high prices to remain.
Florida Gov. Ron DeSantis claimed that Florida's "income growth is top of the chart," but while the state performs well compared to its peers in several income metrics, the only category where Florida ranks first among the 10 most populous states is wages, which is a narrower category than "income."
The average American's household net worth exceeds $1 million by the age of 50, with wealth increasing due to surging home values, rising stock ownership, and the miracle of compounding.
China is expected to achieve its growth goal of around 5% for 2023, but concerns remain about deflation risks, the housing crisis, and confidence issues that could impact momentum this year. Retail sales and industrial output are projected to grow, but deflation has been a persistent issue, and the central bank may take action to counter it. Fiscal support is also expected, and economists believe that increased stimulus could push growth to 5%. In other global news, the US and Canada will release retail sales data, while the UK will focus on wage figures and inflation. Europe may see further weakness in industrial production, and the Bank of Angola may hike rates to combat high inflation.
The Cuban government plans to raise fuel prices fivefold at the start of February, as it seeks funds to address its economic crisis, which is causing difficulties for ordinary Cubans including food and medicine shortages and 30% inflation. The fuel hike is not expected to have an immediate impact on the costs of vacation packages for Canadians, but it may shed light on the challenges faced by Cubans.
Maritimers will continue to receive the same amount of money from the latest carbon tax rebates, although future payments may be smaller due to the exemption of home heating oil; President Joe Biden states that the US does not support Taiwan's independence following Taiwanese elections; Former President Donald Trump cancels three out of four campaign events as weather impacts the schedule; Actor Alec Musser, known for his role in "Grown Ups," passes away at the age of 50; Economists predict that Canada's inflation rate in December will increase, but underlying price pressures are expected to ease.
China is actively taking initiatives to lead economic globalization and counteract the impact of deglobalization through strategies such as boosting domestic demand, expanding high-level opening up, promoting high-quality Belt and Road cooperation, leading global economic governance reforms, and engaging in regional economic cooperation.
China is expected to achieve its growth goal of around 5% for 2023, despite concerns about deflation risks, the housing crisis, and a confidence crunch.
China's top economic planner, the NDRC, has launched its seventh batch of major foreign investment projects, totaling over $15 billion and covering various fields, with the aim of promoting industrial upgrading and stimulating local employment.
Finance Minister Nirmala Sitharaman is expected to boost consumption and the rural economy while controlling inflation in the upcoming budget, by reducing tax burdens, increasing funds for rural programs, and providing additional incentives for women and marginalized communities.
The Pakistani rupee is expected to remain stable against the dollar due to positive economic developments and IMF loan approval, although uncertainty over the political outcome remains a concern, with exporters selling dollars being the primary cause of the rupee's gains, according to a Tresmark report.
Chinese electric car maker BYD is set to launch its cars in Indonesia, while Taiwan's TSMC holds an earnings conference, and Japan attempts a lunar landing.
Canada's Immigration Minister, Marc Miller, is considering implementing a cap on the number of international students in Canada to alleviate the unemployment and housing crisis.
Credit card debt in the United States is at an all-time high, with consumers expected to accumulate even more debt during the holiday season, while credit cards have a rich history dating back to ancient Mesopotamia.
India, as the fastest-growing large economy in the world, must continue to focus on rapid growth and reducing inequalities in order to achieve its ambition of becoming a developed country by 2047.
The creation of a new industrial zone in Karachi could lead to exports crossing $100 billion and the creation of three million jobs, according to Pakistan's Caretaker Commerce Minister.
The high cost of owning a car in Singapore has led to calls for a major reform or complete scrapping of the Certificate of Entitlement (COE) system, which limits the number of vehicles on the road and requires motorists to bid for a permit to own a vehicle. Critics argue that the system is unfair and elitist, while others suggest alternative policies such as a points-based system or balloting system, although experts believe that the existing COE system is still the easiest and fairest to administer. However, they agree that some adjustments to the system are necessary to address price volatility and ensure it reflects the needs of the current economy and society.
The Canadian government is considering placing a cap on the number of international students in the country in order to address the unemployment and housing crisis, as well as to reduce the strain on academic institutions and verify offer letters, according to Immigration Minister Marc Miller.
The Hong Kong Liberal Party's proposal to impose a departure tax for those crossing the border by land and sea is criticized as "unacceptable" and "politically insensitive" by economists and politicians who suggest alternative measures to stimulate the market and generate revenue.
The UK hospitality industry is experiencing a wave of closures as rising costs and pressures from Covid and Brexit take their toll, with over 10 closures per day and the number of licensed premises dropping below 100,000 for the first time in history, leaving the industry in need of urgent support.
JPMorgan warns that the upcoming 2024 global elections, including the US race between Biden and Trump, could have negative implications for the economy and growth stocks due to potential policy changes, trade wars, and increased volatility.
The Swedish government aims to ensure that cash remains available for basic needs, as electronic payments become more prevalent, due to concerns that certain groups struggle with digital payment methods and that cash is important during times of crisis.
The ten most expensive states to live in Nigeria, based on the latest inflation figures, are Kogi, Lagos, and Rivers State, and the rising inflation rates are posing significant challenges for Nigerian households.
US economist Dr David Brat suggests that the United States is already in a recession due to President Joe Biden's accumulation of trillions of dollars in debt, stating that the underlying economy is in a dire state and emphasizing the need for stimulus to support the Democratic Party, as government spending and the increase in the money supply have kept the economy afloat.
The pressure on the Modi government to implement populist measures has reduced after the BJP's state election victory, and the interim budget could contain political messaging, according to economist Arvind Virmani. Virmani also expresses confidence in India's GDP growth rate and discusses potential impacts of geopolitical problems and global FDIs on the Indian economy. He believes that India can attract more FDI if the right conditions and ease of doing business are created. Virmani also addresses the possibility of food inflation turbulence and the impact of the BJP's strong political position on the upcoming budget.
Commerce and Industry Minister Piyush Goyal says that the rate of rupee depreciation has decreased and expects the rupee to appreciate against the US dollar in 8-10 years, leading to faster economic growth in India.
China is expected to lose its position as the top exporter to the United States due to escalating tensions with the US and a shift in global supply chains, with Mexico emerging as a prominent beneficiary.
President Joe Biden's efforts to combat inflation and bring down prices may be undermined by voter skepticism, as he faces criticism from Republicans and former President Donald Trump over rising costs of goods and services, despite progress in reducing inflation and improving consumer sentiment.
Goldman Sachs predicts significant market opportunities in India's affluent consumer segment, which has witnessed rapid growth in wealth, market capitalization, retail participation in equities, and ownership patterns, leading to a shift in consumption patterns and a divergence in growth rates between premium and broad-based consumption; however, potential risks include increased competition and corrections in asset prices.
The global economy is facing several challenges, including the Middle East conflict and China's tension with Taiwan, but capital and commodity markets remain stable, with developed equity markets rising and the US dollar steadying; however, the US Federal Reserve's aggressive rate cut expectations and China's upcoming Q4 GDP report could impact the markets. Retail sales and industrial production data from the US, as well as CPI figures and retail sales data from the UK, are expected to be released this week. China is expected to cut its medium-term lending facility rate, report Q4 GDP, and release economic details from last month. Japan will release its national CPI figure and estimate for November's industrial production. Eurozone will release industrial production and trade figures, as well as one- and three-year inflation expectations. Canada will release December CPI and November retail sales data. Australia will release December employment data, and Mexico will release November retail sales data. The Bank of Japan and the Bank of Canada will hold meetings this week.
President Joe Biden is focusing on addressing voter concerns about affordability and high prices to boost his economic case to voters in the upcoming 2024 election.
President Joe Biden is focusing on addressing voter concerns about affordability and high prices in his re-election campaign, aiming to highlight efforts to lower household goods prices and launch a new housing affordability push.
Fox News Channel and Fox Business Channel have various programs airing throughout the day, including shows like "The Five" and "Fox Report with Jon Scott," while Fox News Radio provides live coverage on its channel. Additionally, a live stream of a campaign event featuring Governor Ron DeSantis in West Des Moines, IA can be watched.