US household wealth reached a record high of $154.3 trillion in Q2 2022, driven by a surge in stock market investments and real estate values, according to Federal Reserve data, providing consumers with a cushion to weather future economic storms and a potential increase in unemployment.
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.
India has imposed an anti-dumping duty on certain Chinese steel for five years due to concerns over potential dumping by Chinese sellers.
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.
Saudi Arabia is actively seeking to exchange experience with nations worldwide to achieve carbon neutrality by 2060 and ensure sustainable development, with a focus on economic, social, and environmental sustainability.
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.
China's economic problems are more likely to impact its neighboring countries and Europe than the United States, according to US deputy treasury secretary Wally Adeyemo, who noted China's short-term capacity to handle its economy but stressed the need for addressing long-term structural economic challenges.
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.
China's economy is expected to grow less than previously anticipated due to struggles in the property market, leading economists to predict further downgrades and posing risks to both the domestic and global economy.
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.
Zara owner Inditex is expected to lower prices amid weakening demand for clothing, despite having raised prices in response to surging inflation.
Oil prices rose in Asian trade, despite a disappointing interest rate cut from China, due to the prospect of tighter supplies supporting the outlook.
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.
Russian President Vladimir Putin warned that Russia's economy would suffer if inflation is not controlled, stating that the central bank had to raise interest rates to 12% due to increasing inflation, causing difficulties in forming business plans. However, he stated that there were no concerns about rouble volatility and that the government had tools to keep currency and markets under control.
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 Consumer Price Index is expected to show an increase in inflation in August, with headline inflation rising to 3.6% and core inflation easing to 4.4%, but the market is accustomed to this trend and the Federal Reserve is unlikely to change its rates at the upcoming meeting.
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.
China's foreign ministry rejects claims by US President Joe Biden that its economy is faltering and asserts that its economy is resilient and has not collapsed, stating that it has great potential for sustained and healthy development.
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.
JPMorgan Chase CEO Jamie Dimon warns that the "booming environment" of the economy cannot last forever due to significant headwinds including geopolitical tensions, government spending, and monetary policy tightening by central banks across the world.
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.
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 Federal Reserve should consider cutting its policy rate within the next six months to stabilize real rates and avoid tipping the economy into a recession, as financial stress in the real economy is rising despite slower hiring and inflation cooling, according to economist Joseph Brusuelas.
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.
The president of the United Auto Workers union, Shawn Fain, who has only been in office for six months, could lead strikes by 145,000 members of his union at General Motors, Ford, and Stellantis starting this Friday, potentially impacting the American economy and the 2024 presidential election.
India has imposed an export tax on onions in an effort to control food inflation as elections approach.
The Federal Reserve is expected to keep its benchmark overnight interest rate unchanged and delay any rate cuts until at least 2024, according to a Reuters poll of economists, despite some suggesting that another rate hike might be needed to address inflation.
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.
The Parliamentary Budget Officer (PBO) has stated that it will take 20 years for the Canadian government to break even on the $28.2 billion in subsidies given to Volkswagen and Stellantis for EV battery plants in Ontario, raising concerns that the timeline was unrealistic and that the government likely underestimated the economic impact of the plants.
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.
Russia's economy ministry has raised its 2023 inflation forecast from 5.3% to 7.5% due to the impact of the war in Ukraine, and President Putin has acknowledged that high inflation is causing difficulties for businesses.
The US economy grew at a slightly slower pace in the second quarter than previously estimated, indicating potential success for the Federal Reserve's efforts to cool demand and reduce price increases.
Unemployment in the UK rose to 4.3% between May and July 2023, with the increase driven by those unemployed for up to a year, while economic inactivity also saw a slight rise; however, wages continue to increase, with pay excluding bonuses up 7.8% and median monthly wages up 6.7% compared to last year.
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.
U.S. consumer prices are expected to have increased the most in 14 months in August due to rising gasoline costs, while underlying inflation is forecasted to remain moderate, potentially prompting the Federal Reserve to keep interest rates steady.
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%.
Pakistan's central bank is expected to increase interest rates in order to address high inflation and bolster foreign exchange reserves, which have led to a record low value for the rupee. A Reuters poll shows that 15 out of 17 analysts are forecasting a rate hike, with some expecting an increase of at least 150 basis points. The country's economic recovery is being challenged by IMF loan conditions, import restrictions, and subsidies removal, which have caused spikes in energy prices and elevated food inflation.
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.
China's largest private property developer, Country Garden, has warned of default risks if its financial performance continues to deteriorate, following a record loss in the first half of the year. The company's net loss between January and June amounted to 48.9 billion yuan ($6.72 billion), compared to a net loss of 6.7 billion yuan in the second half of 2022 and a net profit of 612 million yuan in the first half of 2022. This comes as Chinese authorities are working to revive the troubled property market, which accounts for approximately a quarter of the country's economy.
The newly implemented rules in America that allow Medicare to negotiate drug prices could have damaging effects on innovation in the pharmaceutical industry and may discourage investment in new medicines, leading to fewer treatments in the future. Instead of focusing solely on price controls for drugs, regulators should address the issues within the rest of the supply chain, such as opaque middlemen and hospital mergers, to effectively lower healthcare costs.
The US has expanded restrictions on exports of Nvidia artificial-intelligence chips, including to the Middle East, in an escalation of its crackdown on China's technological capabilities.
India's 40 percent export duty on onions is raising concerns in the Arab world about the impact on food inflation and supply chains, as GCC countries heavily rely on Indian imports, and the duty could potentially lead to price fluctuations and shortages of the vegetable in the region.
The Bureau of Labor Statistics has revised down US job growth estimates by about 300,000 jobs, indicating weaker job growth than previously projected.
China's economic weakness will pose challenges for developing economies and regions that rely on it for growth, but the U.S. economy is well-positioned to withstand the resulting headwinds, according to U.S. Deputy Treasury Secretary Wally Adeyemo.
Japan's Prime Minister Fumio Kishida is planning to implement measures to support the fishing industry affected by China's ban on Japanese seafood, including additional funds from the government budget reserves, after visiting Tokyo's fish market.