Turkey's central bank raises interest rates by 7.5 percentage points to 25%, signaling a shift away from previous policies focused on keeping rates low, which is well-received by investors and supports the troubled currency.
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.
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.
U.S. business activity in August approached stagnation, with growth at its weakest since February as demand for new business in the service sector contracted.
The BRICS group, consisting of Brazil, Russia, India, China, and South Africa, has invited Saudi Arabia, Iran, Egypt, Argentina, Ethiopia, and the United Arab Emirates to join in order to increase its global influence and economic clout, while also promoting an alternative to the US-centered international system.
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.
BRICS, the bloc of emerging market nations, is expanding its membership to include Saudi Arabia, Iran, Egypt, Argentina, Ethiopia, and the United Arab Emirates (UAE) in an effort to bolster geopolitical power and counter the West on economic and political issues; however, experts question whether BRICS can truly rival the G7 or offer a viable alternative to the US dollar.
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.
The addition of six new members to the BRICS grouping will increase its control over 46% of the world's population and 30% of its economic output, which could lead to a new global order and a credible alternative to the dominance of the Global North, according to a research paper.
Oil prices rose in Asian trade, despite a disappointing interest rate cut from China, due to the prospect of tighter supplies supporting the outlook.
Asian stocks, particularly Chinese markets, may find some relief after Wall Street's resilience in the face of rising bond yields, though economic data from China remains underwhelming and foreign investors continue to sell Chinese stocks.
Global stock markets are expected to undergo a correction in the coming months, although analysts predict marginal gains overall until the end of 2023, with a majority believing that a correction in their local equity market is likely or very likely by year-end.
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 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.
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.
The depreciating exchange rate of the Pakistani rupee against the US dollar is leading to a potential economic disaster, with increased inflation, higher prices for petroleum and fuel, and a rise in poverty and unemployment.
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.
Fresh signs of stress in U.S. consumer spending are emerging as retailers like Macy's and Foot Locker lower profit forecasts, indicating that middle-income Americans are spending less due to high living costs and existing card debt.
T-Mobile US plans to cut nearly 5,000 jobs, approximately 7% of its workforce, in order to address the increased expenses of customer acquisition, with the reductions focusing on corporate, back-office, and certain technology roles.
Federal Reserve Chair Jerome Powell is expected to deliver a speech at the Jackson Hole economic symposium that will focus on maintaining the current economic stability and avoiding any controversial messages or actions.
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.
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 has imposed an export tax on onions in an effort to control food inflation as elections approach.
The German economy stagnated in the second quarter of 2023, following a winter recession, with zero growth and a contraction in adjusted GDP, according to data from the statistics office.
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.
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.
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.
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.
Around $1.2 trillion of debt on US commercial real estate is considered "potentially troubled" due to high leverage and falling property values, with office spaces being the most affected and accounting for over half of the at-risk debt that will mature by the end of 2025.
Chinese authorities are planning to cut the stamp duty on domestic stock trading by as much as 50% in an effort to revive the struggling stock market and boost investor confidence.
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%.
The article discusses the challenges of dollar hegemony and argues that the attempt to create a Brics currency is misguided due to the vast differences in the economies and political systems of the Brics countries. It suggests that the world needs a better currency system, as the current one heavily relies on the US dollar which poses risks to the global economy.
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.
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.
The Tadawul All Share Index in Saudi Arabia rose by 0.44 percent, while the parallel market, Nomu, saw a significant increase of 1.77 percent; notable gainers included Saudi Paper Manufacturing Co. and National Shipping Co., while Development Works Food Co. experienced the largest drop.
Thailand's economy grew at a slower pace in the second quarter due to weak exports and slower investment, prompting the government to lower its 2023 growth forecast, while the central bank may not raise rates again amidst faltering economic recovery and low inflation.
India's decision to impose a 40 percent export duty on onions may exacerbate food inflation in Gulf Cooperation Council (GCC) countries and disrupt supply chains, potentially leading to shortages and price fluctuations. However, the impact is expected to be temporary, and other onion-producing nations may respond to the higher prices by increasing their supplies. GCC countries may need to consider diversifying their sourcing of onions and bolstering domestic cultivation to mitigate future vulnerabilities.
Saudi Arabia emerged as the top global export destination for Dubai Chamber of Commerce members in the first half of 2023, with exports valued at 35 billion dirhams ($9.53 billion), according to official data.
Chinese President Xi Jinping announced at the BRICS leaders' summit in South Africa that the group is inviting six countries to join and also launching a $10 billion special fund to bolster global development, emphasizing the expansion's vitality for cooperation and the common interests of emerging markets and developing countries.
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.
US Commerce Secretary Gina Raimondo's visit to China is aimed at strengthening ties between the two superpowers amidst shifting trade patterns that could pose risks to global growth.