Arm shares soared nearly 25% on its first day of trading on the Nasdaq, boosting U.S. stocks and sparking hope that the IPO market for tech companies is reviving. Additionally, positive economic data from China and a rebound in retail sales and industrial production contributed to market optimism.
Canadian Prime Minister Justin Trudeau's warning of new taxes on grocery chains to combat rising food prices is unlikely to address food inflation and may result in increased prices for other essential items, according to industry experts.
China's current property crisis is not as severe as the 2008 Lehman Brothers collapse, according to the Taiwan Institute of Economic Research (TIER).
China's factory activity contracted for a fifth consecutive month, putting pressure on Beijing to implement more stimulus measures, while evidence of other weakening areas of the economy raises concerns of a renewed slowdown later this year.
A retreat of funds from Chinese stocks and bonds is diminishing China's global market influence and accelerating its decoupling from the rest of the world, due to economic concerns, tensions with the West, and a property market crisis.
South Africa's rand weakened against the dollar due to a power crisis, upcoming inflation figures, and an interest rate decision, while mining figures also contributed to its decline.
The S&P 500 ended lower and the Nasdaq higher as U.S. inflation data met expectations, signaling a potential pause in monetary tightening by the Federal Reserve, while Salesforce shares climbed following a positive revenue forecast.
Australian real estate CEO Tim Gurner receives backlash after stating that he wants unemployment to rise in his country to combat workers' "arrogance" and change their work ethic.
China's property sector continues to deteriorate, with new home prices, property investment, and sales all experiencing declines, despite recent support measures; analysts suggest that more significant support is needed to revive the struggling industry.
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.
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.
Investor Michael Burry, known for correctly predicting the housing market collapse in 2008, has now bet more than $1.6bn on a Wall Street crash by the end of this year, taking out negative options on the S&P 500 and the Nasdaq 100.
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.
The Pakistani rupee has hit a historic low against the US dollar due to increased demand for the dollar following eased import restrictions and political uncertainty ahead of the general elections.
Argentina plans to use a $7.5 billion disbursement from the International Monetary Fund (IMF) to repay China part of the money it borrowed through a currency swap line, in order to avoid defaulting on its debt to the multilateral lender.
Two Federal Reserve officials, Boston Fed President Susan Collins and Philadelphia Fed President Patrick Harker, suggested that the Fed may be nearing the end of interest rate increases, although Collins did not rule out the possibility of further hikes if inflation doesn't decline.
The caretaker government in Pakistan has raised the price of petrol by Rs14.91 per litre and high-speed diesel by Rs18.44 per litre, bringing them to Rs305.36 per litre and Rs311.84 per litre respectively, due to currency depreciation and increasing international oil prices.
Russia's central bank has raised interest rates to 13% in an effort to combat inflation and support the struggling ruble, which is trading near a 16-month low against the dollar.
India's Finance Minister, Nirmala Sitharaman, is hopeful that the country can achieve its target of 10.5% nominal economic growth this fiscal year, and is prioritizing growth over taxing diesel vehicles.
US Secretary of the Treasury Janet L Yellen will attend the G20 Leaders' Summit in New Delhi to focus on strengthening the global economy, supporting low and middle-income countries, and addressing global challenges such as climate change and pandemics.
The International Monetary Fund (IMF) plans to advise China to boost domestic consumption, address its troubled real estate sector, and rein in local government debt, in order to combat the declining growth in China and the global economy, according to IMF Managing Director Kristalina Georgieva.
Nigeria's annual inflation rate reaches an 18-year high of 25.8% in August due to the removal of subsidies and rising prices, posing challenges for the country's largest economy.
China's economic slowdown is being caused by a property market downturn, softening demand for exports, and low household spending, which poses risks to financial stability and could lead to deflation and deeper debt problems. Economists are uncertain if the government's current measures, like interest rate cuts, will be enough to boost consumption and meet growth targets. Structural reforms and measures to increase household consumption are needed to address the imbalance in the economy.
J.P.Morgan and ANZ have raised their 2023 economic growth forecast for China due to signs of stabilization in the economy, with notable recovery in retail sales and service activity being the biggest surprises.
The short-term inflation in Pakistan increased by 26.25% due to a rise in the retail price of vegetables, particularly tomatoes and onions, caused by the closure of the Torkham border with Afghanistan.
British home prices are expected to fall by 4% this year due to high interest rates and living costs, despite the shortage of supply, according to a Reuters poll, with potential buyers being kept out of the property market; however, prices are expected to recover from 2024.
The price of rice has reached its highest level since 2008, causing concerns of a potential food crisis in Asia, as the continent is responsible for consuming 85% of global rice production; factors contributing to the price increase include irregular rainfall, drought, and disruptions in the supply chain, while export restrictions imposed by major rice-producing countries have further exacerbated the situation.
The euro fell to a more than two-month low against the dollar and a 12-month low against the pound after German and euro area business activity slumped in August, causing concerns about the overall economic health of the region.
Federal Reserve Chair Jerome Powell warned that the fight against inflation still has a long way to go, emphasizing the need for extended periods of elevated interest rates to restore price stability. Powell stated that although inflation has cooled, the improvement may be temporary, and the Fed is committed to lowering inflation to their 2% target.
Commerce Secretary Gina Raimondo visited China to engage with top Chinese leadership during a time of security and trade tensions between the two countries and China's economic slowdown, warning that American businesses could consider China "uninvestable" unless action is taken to address their concerns.
The resumption of student loan payments in October could have a substantial impact on consumer spending and the economy, potentially subtracting 0.8 percentage points from consumer spending growth in the fourth quarter and putting pressure on retailers during the crucial holiday shopping season; however, the full extent of the impact remains uncertain due to factors such as income-based repayment programs, the one-year grace period for missed payments, and the potential for borrowers to prioritize other expenses over loan repayments.
WhatsApp's head, Will Cathcart, denied reports that the messaging platform was considering adding advertisements and charging a subscription fee to boost revenue, stating that the report was false.
Chinese police have detained some staff at China Evergrande Group's wealth management unit, potentially adding to the property giant's troubles as it undergoes a debt restructuring and faces a crisis in China's property sector.
Fed Chair Jerome Powell reiterated that the Fed's inflation target will remain at 2% and that they are prepared to raise rates further if necessary, despite concerns of an economy that has re-accelerated above expectations.
Canada's largest pension fund, CPP Investments, has laid off several investment professionals at its Hong Kong office and paused new investments in China due to concerns about the country's economic recovery and tensions with the West.
The Bank of England is expected to raise interest rates to 5.5%, potentially marking the end of its tightening cycle, as concerns about a cooling economy grow among policymakers.
U.S. job growth likely slowed in August due to factors such as striking actors and a major trucking company bankruptcy, but the unemployment rate is expected to remain low; economists caution against overreacting and advise focusing on long-term trends.
Apple has agreed to update the iPhone 12 in France to address concerns over excessive electromagnetic radiation.
US inflation is expected to continue its slowdown in the coming months due to easing car prices, declining rents, and a potential slowdown in the job market.
Japan will only intervene in the currency market if the yen drops below 150 to the dollar and becomes a major political issue for Prime Minister Fumio Kishida, according to a former central bank official involved in Japan's past market interventions.
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The UK economy recovered to pre-pandemic levels in the fourth quarter of 2021, earlier than previously thought, with GDP growth revised up by 0.9 percentage points to an 8.5% increase in 2021, according to the Office for National Statistics.
French President Emmanuel Macron is apologizing to video gamers and praising the video game industry after previously blaming video games for riots in France, stating that he condemns the violence, not video games.
Health insurance inflation is difficult to measure due to the variations in quality and benefits among different policies, but the Bureau of Labor Statistics indirectly calculates it based on health insurers' profits, which will result in a rise in health insurance prices in the Consumer Price Index (CPI) starting in October 2022, potentially impacting inflation rates and Federal Reserve decisions on interest rates.