Despite government pledges to reduce fossil fuel subsidies, a report by the International Monetary Fund (IMF) reveals that such subsidies reached a record $1.3 trillion in 2022, with implicit subsidies bringing the total to $7 trillion, highlighting the discrepancy between nations' stated goals and their actions to cut back on fossil fuels.
Economist David Rosenberg warns that the US is likely to enter a recession within six months due to the deterioration of credit quality, reminiscent of the 2008 mortgage crisis.
The disappearance of China's defense minister and a series of recent upheavals in the country's top ranks are creating uncertainty about President Xi Jinping's leadership, which could impact other countries' confidence in China's economy and political stability.
Labour becomes the preferred option for investors, with two-thirds of money managers and traders believing that a Labour-led government or coalition would be the most market-friendly outcome, citing lack of confidence in British assets caused by the Truss administration's mini-Budget bond market meltdown and comparing it to "Argentina on the Channel." Mark Carney, former Bank of England governor, accuses Liz Truss of misunderstanding economics and turning Britain into Argentina, with investors siding with Carney's views according to a Bloomberg survey.
Tharman Shanmugaratnam, a distinguished economist, has been elected as the ninth president of Singapore, becoming the third Indian-origin person to hold this position.
Creditors of Sunac China Holdings have approved its $9 billion debt restructuring plan, making it the first major Chinese property developer to receive such approval, as the industry continues to struggle with liquidity issues.
Thai Prime Minister Srettha Thavisin plans to implement policies to lower living costs by reducing electricity prices and raising the minimum daily wage, in an effort to revive the country's economy.
The inclusion of oil-producing countries like Saudi Arabia and the UAE into the BRICS alliance could lead to 90% of the world's oil trade being settled in local currencies instead of the USD, potentially triggering a shift away from the U.S. dollar and impacting the global finance system.
China's economy is facing challenges with slowing growth, rising debt, tumbling stock markets, and a property sector crisis, and some analysts believe that heavy-handed government intervention and a lack of confidence are underlying causes that cannot be easily fixed. However, others argue that China's problems are solvable and that it remains a superpower despite its considerable problems.
Indian voters are growing unhappy with Prime Minister Narendra Modi's government due to high inflation and unemployment, but he is still expected to win a third term in elections next year due to his personal popularity, according to a survey by India Today magazine.
U.S. Treasury Secretary Janet Yellen will participate in the G20 leaders summit in New Delhi, focusing on strengthening the global economy, supporting low- and middle-income countries, and rallying support for Ukraine while deepening bilateral ties with India.
India's blue-chip stock indexes, the Nifty 50 and the Sensex, fell from record highs as investors remained cautious ahead of the U.S. Federal Reserve's interest rate decision.
The economic data in aggregate suggests that the US economy is on track for a soft landing in 2024, with the Federal Reserve successfully slowing down economic growth and achieving its target inflation rate, despite concerns from the bear camp.
The Canadian dollar weakened the most in one month against the US dollar after data showed the domestic economy contracting, leading investors to cut bets on another Bank of Canada interest rate hike.
The Federal Reserve faces the challenge of bringing down inflation to its target of 2 percent, with differing opinions on whether they will continue to raise interest rates or pause due to weakening economic indicators such as drops in mortgage rates and auto sales.
Pessimism among U.S. businesses operating in China is on the rise, with a record low percentage of firms optimistic about their five-year outlook, according to a survey by the American Chamber of Commerce in Shanghai, driven by concerns over geopolitics and a slowing economy.
The sickest day of the year in the United States is 24 August, according to a study analyzing paid sick leave data from the last five years, which also revealed that February is the "sickest" month for American workers, with stomach issues being the most common reason for calling out sick.
Country Garden, China's largest private developer, has obtained approval from its creditors to extend payments for an onshore private bond, providing relief for the embattled company and the crisis-ridden property sector.
Germany, once an economic powerhouse, is now the worst-performing major developed economy due to factors such as the loss of cheap Russian natural gas, a slowdown in trade with China, and government inaction on chronic problems, leading to concerns of deindustrialization and the need for urgent solutions.
U.S. homebuilder confidence fell to its lowest level since April in September due to high interest rates, leading to decreased affordability for buyers and a decline in demand for new home construction.
India's presidency of the G20 comes at a challenging time due to geopolitical tensions and competing priorities, requiring the country to refocus its efforts on specific priorities and potentially let go of its role as a mediator between global powers.
The Federal Reserve is expected to keep interest rates unchanged at its meeting this week, but investors will be paying close attention to any indications of future rate increases as the central bank continues its fight against inflation.
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France has allocated €200 million to address surplus wine disposal and provide assistance to wine producers facing challenges due to a decrease in demand, overproduction, and the cost of living crisis.
The August jobs report shows a healthy labor market with steady growth, although there are signs of cooling due to higher interest rates and downward revisions to previous job numbers, but overall it is seen as a robust report, with women and immigrants playing a significant role in the labor force. There are some concerns, such as Americans spending down their savings and potential consequences of the Federal Reserve's rate hikes.
Canada and India have expelled senior diplomats in response to Canadian Prime Minister Justin Trudeau's allegations that the Indian government was involved in the killing of a Sikh separatist leader, with the US, UK, and Australia expressing concern and calling for a thorough investigation.
The Federal Reserve is expected to announce a pause on interest rate hikes due to positive economic indicators and the likelihood of a "soft landing" for the economy, but future decisions will be influenced by factors such as the resumption of student loan payments and a potential government shutdown.
The Indian rupee is expected to rise against the US dollar at open on Friday due to a rally in the Chinese yuan and strong domestic growth in India.
The Bank of Japan is expected to maintain ultra-low interest rates and reassure markets that monetary stimulus will continue amidst China's economic struggles and the global impact of US interest rates.
Canadian Prime Minister Justin Trudeau's allegations of Indian government agents being linked to the assassination of Khalistani leader Hardeep Singh Nijjar have strained relations between India and Canada, impacting trade talks and potentially affecting the economic interests of Sikh families in India's state of Punjab, who have relatives in Canada.
Nevada is experiencing its highest job growth, but also faces the highest unemployment rates in the country, with short-term unemployment being a major contributor to the climbing rate.
US inflation remains too high despite recent improvements, according to Federal Reserve Bank of Cleveland President Loretta Mester, who also states that the labor market is still strong.
Euro zone consumer inflation in August remained more than twice the European Central Bank's target, with a year-on-year rate of 5.2%, although slightly lower than initially estimated, according to Eurostat.
Diplomatic tensions between Canada and India persist after the murder of a Sikh separatist leader, with Canada accusing India of involvement while other countries, including the UK, express their intention to continue trade talks with India.
Canada's largest pension fund, CPP Investments, has laid off several investment professionals in its Hong Kong office as it reduces its involvement in deals in China, citing concerns over the country's economic recovery and tensions with the West. Other Canadian pension funds are also scaling back their investments in China.
U.S. Treasury Secretary Janet Yellen believes that the U.S. economy is on a path of a "soft-landing" and can withstand near-term risks, including a United Auto Workers strike, a government shutdown threat, a resumption of student loan payments, and spillovers from China's economic issues.
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'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.
US Commerce Secretary Gina Raimondo will visit China at a critical time as China's economy faces challenges that could potentially spread beyond its borders and impact the US relationship with the country, including falling consumer prices, a real estate crisis, slumping exports, and youth unemployment, while China continues its crackdown on foreign companies and a battle over crucial technologies escalates.
China's economic challenges, including deflationary pressures and a slowdown in various sectors such as real estate, are likely to have a global impact and may continue to depress inflation in both China and other markets, with discounting expected to increase in the coming quarters.
India's finance minister, Nirmala Sitharaman, prioritizes taming inflation for sustained economic growth but highlights that using interest rates as the sole tool to tackle inflation has limitations, emphasizing the need to address supply-side factors as well; she also stresses the importance of boosting investments and diversifying supply chains for global economic recovery.
Approximately 30% of Americans are living paycheck to paycheck due to unplanned expenses, health conditions, economic changes, lack of options, and costly payment alternatives.
Canada's annual inflation rate in August rose to 4.0% due to higher gasoline prices, potentially leading to further interest rate hikes by the central bank.
China's President Xi Jinping has announced that China will open up its service industries to further promote cross-border trade and investment, focusing on sectors such as telecommunications, tourism, law, and vocational examinations, and aligning domestic standards with international norms.
The U.S. Treasury has called for "net-zero" financing commitments from banks and asset managers to be aligned with climate goals, backed by credible metrics and targets, and supporting decarbonization in high-emitting sectors. The Treasury also announced philanthropic groups pledging $340 million to support the development and execution of robust net-zero commitments.