The Reserve Bank of Australia is expected to keep its key interest rate unchanged at 4.10% as inflation slows, but economists anticipate a final hike in the next quarter.
Daily Kos is urging its readers to get involved in the upcoming elections and expresses solidarity with the Black community.
Global debt reached a record $307 trillion in Q2 2023, driven by the United States and Japan, despite rising interest rates hampering bank credit, according to the Institute of International Finance (IIF).
Canada unexpectedly halted talks on a proposed trade treaty with India, just three months after expressing the goal of reaching an initial agreement this year.
U.S. Treasury Secretary Janet Yellen believes the U.S. economy is on a path of sustainable growth and can withstand near-term risks, including a potential government shutdown, a United Auto Workers strike, student loan repayments, and spillovers from China's economic challenges. Yellen emphasized the importance of addressing these headwinds while maintaining a strong labor market and consumer spending. She also expressed the Biden administration's intention to de-risk supply chains that overly depend on China without seeking to decouple entirely from the Chinese economy.
Pennsylvania ranked 10th overall in terms of expensive states and also 10th for having the priciest groceries, with an average cost of $401.02 per person per month, while Hawaii had the highest grocery prices at $556.76 per month.
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The European Central Bank (ECB) faces a complex decision on whether to continue raising interest rates in September as eurozone businesses experience declines in outputs and new orders, with some experts suggesting a pause in rate hikes to ease pressure on the economy.
China's economy is facing numerous challenges, including high youth unemployment, real estate sector losses, sluggish growth in banks, shrinking manufacturing activity, and lack of investor confidence, indicating deeper systemic issues rather than cyclical ones.
Most American adults have cut spending this year, with 92% of adults reducing discretionary spending over the past six months, and 76% planning to cut back on non-essential items in the next six months, as consumers at all income levels feel the impact of the US economy.
The emergence of a new era of Asian commerce is reshaping the continent's economic and political future, as greater regional trade and investment within Asia leads to a shift away from the previous model of producing goods for American and European consumers.
British finance minister Jeremy Hunt has stated that inflation is expected to halve by the end of 2023, with the goal of easing pressure on household budgets and increasing productivity, as the government aims to boost optimism about the economy ahead of the expected elections next year.
The Bureau of Labor Statistics has stated that in the event of a US government shutdown, it will stop releasing key data on inflation and unemployment, which could make it difficult for investors and the Federal Reserve to assess the state of the economy.
The U.S. housing market is facing a shortage of homes, which is driving up prices and making it difficult for buyers to find affordable options, and the problem may get worse as builders become less confident and hesitant to construct new homes due to high mortgage rates and construction costs.
China's regulators are struggling to attract global funds to invest in the country's stocks due to a lack of strong stimulus measures to support growth, resulting in a slump in the MSCI China Index and significant outflows from the mainland market.
Canada's largest pension fund, CPP Investments, has reportedly laid off at least five investment professionals in its Hong Kong office and halted new investments in China due to concerns over the country's economic recovery and tensions with the West. Other Canadian pension funds, such as OTPP and CDPQ, have also scaled back their investments in China.
New home construction in the U.S. has plummeted to a three-year low due to high mortgage rates, increased labor costs, and the rising price of building homes, leading to a significant decline in both single-family and multifamily starts.
Hong Kong has lost its position as the world's freest economy to Singapore, according to a report by the Montreal-based Fraser Institute, which attributed the fall to erosion of impartiality in Hong Kong's legal system and judiciary.
Cleveland Fed President Loretta Mester said that even though there has been some progress, inflation is still too high and the jobs market remains strong, with the Fed's efforts to bring down inflation helping labor demand and supply to balance.
The affordability of homes for first-time buyers is decreasing due to rising housing prices, high interest rates, and low inventory in the real estate market, as shown by a survey that reveals the majority of mortgages are $2,000 or less per month, but some payments exceed $3,000 per month and vary significantly by age group.
The British Virgin Islands' offshore financial industry, which accounts for one-third of GDP, is facing challenges due to global efforts to combat tax evasion and corporate transparency, leading to a decline in the number of companies registered in the territory and concerns about its economic future.
Mortgage rates topping 7% have led to a significant drop in mortgage applications for home purchases, with last week seeing the smallest volume in 28 years. The increase in rates, driven by concerns of high inflation, has priced out many potential buyers and contributed to low housing supply and high home prices. As a result, sales of previously owned homes have declined, and homeowners are reluctant to sell their properties due to the higher rates. Some buyers are turning to adjustable-rate mortgages to manage the increased costs.
U.S. mortgage rates have increased for the fifth consecutive week, with the 30-year reaching its highest level since 2001, indicating ongoing economic strength and a potential decrease in existing home sales.
The International Monetary Fund (IMF) has not granted assent to Pakistan's request for deferment of electricity bills, leading to a failure to provide relief to power consumers within the stipulated 48-hour deadline given by the caretaker Prime Minister.
Chinese Premier Li Qiang is expected to represent China at the G20 Summit in India next week, as President Xi Jinping will not attend the summit.
The predictive power of yield curve inversions as indicators of economic recessions has weakened, as recent events have shown discrepancies in their accuracy and limitations due to external factors such as inflation expectations, Federal Reserve policies, and fiscal stimulus.
China's property developers are facing a debt crisis and the country's economy is in a worse state than it was in the 1970s, raising concerns about a broader financial crisis, according to analyst Charlene Chu.
India's restrictions on rice exports have caused prices in Asia to soar near the highest level in 15 years, prompting concerns over food security and potential price increases in Thailand and Vietnam.
The Asian Development Bank has lowered its growth forecast for developing Asia due to high interest rates and the property crisis in China, posing risks to the region's economies.
Mortgage rates have fluctuated recently, with 15-year fixed rates increasing and 30-year fixed rates decreasing, while the average rate for a 5/1 adjustable-rate mortgage has decreased; the Federal Reserve's interest rate hikes and inflation are influencing these trends, and while experts predict some decrease in mortgage rates in 2023, they are unlikely to return to previous lows.
The Panama Canal is being impacted by a major drought, reducing water supply and restricting the number of cargo ships allowed through each day.
The BRICS alliance has announced a historic expansion, inviting six countries including Saudi Arabia and the UAE to join, which now gives the alliance control over 30% of the global economy and has shifted the global power balance.
A backlog of ships at the Panama Canal due to a drought and reduced water levels is causing delays and higher costs for goods, including perishable items and energy, potentially impacting the holiday season and leading to higher prices and fewer options for customers. The importance of the Panama Canal has grown with globalization, and the backlog highlights the vulnerabilities of a globalized economy. The water shortage in Panama, exacerbated by climate-related factors, is expected to worsen in the future, leading to potential spillover effects and prompting companies to reconsider their operations.
Mortgage rates in the US are at a 22-year high, impacting the already tight housing market due to high prices, and economists predict that rates will remain elevated for a few more months before starting to come down, but are expected to settle well above the rates seen during the early stages of the pandemic.
China's economic growth is slowing down due to a property market downturn, softening demand for exports, and low household spending, which is causing concerns about a possible economic crunch point. Policymakers need to increase household consumption and implement structural reforms to stimulate growth.
Chicago's derivatives firms are considering leaving the city due to proposed taxes and rising crime rates, which could have a significant impact on the city's finances and economy.
Sales of the weight-loss drug Wegovy, manufactured by Novo Nordisk, have led to lower interest rates in Denmark due to an influx of US dollars into the country's economy, which has pushed up the value of the Danish krone.
The Brics economic group, consisting of Brazil, Russia, India, China, and South Africa, is discussing the possibility of expanding its membership and promoting the use of local currencies for trade settlement, with aims to challenge the dominance of the US dollar, but analysts believe that the greenback is unlikely to lose its status as the international reserve currency.
The coronavirus pandemic and rising cost of living have pushed nearly 70 million more people in developing Asia into extreme poverty, according to a report from the Asian Development Bank, which highlights the negative impact on poverty reduction efforts in the region.
The popularity of Middle Eastern food in America is on the rise, reflecting a robust integration of Arabs and their culture into American society, although there is a lack of official data tracking this growth, say experts in the industry.
India is hosting the G20 Summit in 2023, leading to the beautification of Delhi and temporary train and flight cancellations.
Indian Prime Minister Narendra Modi has called for the United Nations to reform in order to reflect the realities of the 21st century and ensure the representation of important voices, ahead of hosting the G20 summit in India. Modi also expressed support for the African Union to become a full member of the G20.
Tharman Shanmugaratnam, an Indian-origin economist, has won the presidential election in Singapore, defeating two contenders of Chinese origin in the country's first contested presidential polls since 2011.