US Commerce Secretary Gina Raimondo emphasizes the importance of communication and dialogue in maintaining a mutually beneficial economic relationship between the US and China, while also reaffirming the need to protect US interests in semiconductors and chips.
Fannie Mae economists predict that the U.S. housing market will remain unchanged regardless of whether the economy experiences a soft landing or enters a mild recession, with high mortgage interest rates and housing affordability issues continuing to impact the market. They anticipate that existing home sales will remain subdued, and while a recession may lead to a pullback in construction, a soft landing accompanied by higher mortgage rates could also result in slower housing construction and sales.
The National Bureau of Statistics (NBS) has released a labor force report showing that Nigeria's unemployment rate in Q1 2023 was 4.1%, a significant decrease from the previous rate of 33.3% in Q4 2020, causing controversy as critics argue that the numbers do not accurately reflect the Nigerian job market's reality.
Chinese President Xi Jinping announces plans to widen market access in the service industry and promote cross-border services trade, focusing on expanding the domestic market, increasing imports of high-quality services, and reforming the country's basic data system.
The Bank of Israel is expected to maintain its interest rate at 4.75% due to decreasing inflation and indications of modest economic growth, despite concerns about the slowdown in the hi-tech industry and reduced demand for workers; meanwhile, interest rates in Israel are influenced by expectations of lower rates in the United States and the recent drop in the shekel's value.
China's economic slump, including a real estate crisis and high youth unemployment, coupled with rising tensions with the West, could lead to deflation and sluggish growth that could spread to the rest of the world, impacting global GDP growth and potentially causing a new normal of slower economic growth.
South Africa's National Treasury plans to implement cost-cutting measures, including a hiring freeze and halting new procurement contracts for infrastructure projects, to address a revenue shortfall caused by weak economic performance.
Saudi Arabia's Tadawul All Share Index dropped 35.42 points, or 0.31 percent, to close at 11,455.78, with a total trading turnover of SR4.31 billion ($1.146 billion) and 106 stocks advancing and 104 declining.
US payrolls growth in the year through March is forecasted to be weaker by an estimated 500,000 jobs, according to a preliminary benchmark revision, however, average job growth is expected to remain strong at around 300,000 payrolls per month and economists do not anticipate a significant shift in labor market conditions.
U.S. business activity in August approached stagnation, with the weakest growth since February and a contraction in the service sector, indicating a more tepid economic outlook than previously thought.
The Panama Canal is experiencing lower water levels due to a lack of rainfall, leading to restrictions and potential disruptions in international shipping, highlighting the vulnerability of global supply chains to weather-related incidents.
UK Chancellor Jeremy Hunt has warned of a potential spike in inflation this month due to rising fuel prices, but states that the government is on track to halve inflation by the end of the year.
South Korea plans to provide cheap loans to exporters and waive visa processing fees for Chinese tourists in order to boost exports and tourism, with the goal of increasing the number of Chinese tourists to 1.5 million per month.
Federal Reserve Chair Jerome Powell stated that inflation remains too high and the central bank is prepared to raise rates further if necessary, although he did not suggest a tougher stance, leading to the possibility that the Fed may not increase its benchmark target range. However, economists argue that the Fed's current policy is already too tight and the tightening of credit may lead to a recession.
The US added more jobs than expected in August, but the unemployment rate increased, indicating a looser job market and potentially relieving concerns about a hot labor market contributing to inflation.
Country Garden's deal with creditors for an extension on debt payments has provided temporary relief for the developer and China's struggling property sector, but the success of government stimulus measures in reviving demand and easing the sector's cash squeeze remains uncertain.
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Despite U.S. trade shifting away from China, the country still relies on China-linked supply chains, leading to higher costs for consumers and uncertain benefits in terms of improved manufacturing efficiency, according to research presented at a Federal Reserve symposium.
Chinese President Xi Jinping is unlikely to attend the G-20 Summit in Delhi, according to reports, but US President Joe Biden expressed disappointment and stated that he will still have an opportunity to meet with Xi Jinping in November during the APEC conference in San Francisco.
A new plan filed by a federal control board overseeing Puerto Rico's finances aims to reduce the debt of Puerto Rico's Electric Power Authority by almost 80%, to about $2.5 billion, in an effort to resolve the largest public sector bankruptcy in the US, but it could result in increased power bills for many residents on the island.
The dollar remains steady as US jobs data indicates a cooling economy and suggests that the Federal Reserve may be nearing the end of its tightening cycle.
Foreign portfolio investment inflows into the Indian markets have slowed in August due to concerns over impending rate hikes in the US, resulting in higher bond yields and a stronger dollar.
China's economy, which has been a model of growth for the past 40 years, is facing deep distress and its long era of rapid economic expansion may be coming to an end, marked by slow growth, unfavorable demographics, and a growing divide with the US and its allies, according to the Wall Street Journal.
Cleveland-Cliffs, the leading flat-rolled steel producer in the US, is proposing to acquire chief rival U.S. Steel for $7.3 billion, which would add to its existing debt of $3.9 billion, although the company is confident in its ability to secure the necessary financing for the deal.
Mortgage rates have surged, reaching the highest level since 2000, due to concerns about high interest rates and inflation lasting longer than anticipated, causing difficulties for potential homebuyers and exacerbating the supply shortage in the housing market.
Rice prices are soaring globally due to factors like higher fertilizer costs, droughts, and India's ban on some rice shipments, which is putting vulnerable populations in poor countries at risk.
The US Federal Reserve must consider the possibility of the economy reaccelerating rather than slowing, which could have implications for its inflation fight, according to Richmond Fed President Thomas Barkin. He noted that retail sales were stronger than expected and consumer confidence is rising, potentially leading to higher inflation and a need for further tightening of monetary policy.
The popularity of Middle Eastern food in America has grown significantly, reflecting the integration of Arab culture into American society, although there is a lack of comprehensive data on its impact compared to other ethnic cuisines.
A research paper presented at the Kansas City Federal Reserve's annual central banking symposium concludes that the steep increase in public debt over the past 15 years due to the Global Financial Crisis and the COVID-19 pandemic is likely irreversible, with governments now needing to live with high debt burdens and implement measures such as spending limits and tax hikes.
New Delhi's $120 million beautification project ahead of the G20 summit has led to displacement and loss of livelihood for street vendors and the city's poor, raising concerns about the government's approach to poverty.
The COVID-19 pandemic and inflation have pushed nearly 68 million people in Asia into extreme poverty, undermining progress towards poverty elimination, according to the Asian Development Bank (ADB).
India's real estate sector is projected to reach $5.8 trillion by 2047, contributing 15.5% to the GDP, driven by significant expansion in the economy and increased private equity investments, according to a report by Knight Frank and Naredeco.
Egypt's state grains buyer, the General Authority for Supply Commodities (GASC), has purchased around 500,000 metric tons of Russian wheat in a private deal at a price lower than those offered in traditional tenders, as Egypt shifts towards direct purchases in the aftermath of the war in Ukraine disrupting its buying.
China's economy is facing a number of challenges, including a property sector crisis, but experts believe it is unlikely to experience a "Lehman moment" like the US did in 2008 due to its state-owned financial system and government involvement in the economy. However, they do foresee a prolonged structural economic crisis.
German exports fell 0.9% in July, less than expected, due to global demand weakness and supply-chain friction.
The yield on the 10-year Treasury bond is rising to its highest level since 2007, and this is due in part to reduced demand from foreign countries, such as Japan and China, who are diversifying their investments away from U.S. Treasurys.
The Pakistani rupee has reached a historic low of 300.37 against the US dollar in the interbank market due to increased demand and a dollar liquidity crunch caused by dropping exports and remittances, with experts suggesting that the interbank market is trying to catch up with the kerb market.
The International Monetary Fund reports that nations around the world indirectly subsidized fossil fuels by $7 trillion in 2022, despite the increasing dangers of greenhouse gas emissions and global heating.
UK house prices have experienced their largest decline in 14 years, but despite fears of an impending crash, experts believe that the drop is unlikely to reach the levels seen during the global financial crisis in 2008 due to a more stable financial system, although prices may continue to slowly decline or stagnate and be eroded by inflation.
India's G20 presidency has shaped its global future and brought the country to the forefront of the international stage, with discussions at the NDTV G20 Conclave focusing on energy transition, clean growth, digital economy, and India's rising global influence.
The proposed expansion of the BRICS grouping to include Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates will increase the group's share of global GDP to 30% and its population share to 46%, with Saudi Arabia contributing the most at 4%.
Global shares rise on growing expectations that the Federal Reserve will not raise interest rates further and hopes for policy stimulus in China, while investors await key readings on U.S. services and Chinese trade and inflation later in the week.
A group of developing countries known as BRICS, including Brazil, Russia, India, China, and South Africa, is determined to challenge the dominance of the US dollar in global finance and trade through the process of de-dollarization, which they believe is irreversible and gaining pace. The shift away from dollar dominance is driven by recent geopolitical tensions and the desire to have more choices in global financial interactions, rather than being anti-West or anti-dollar. However, experts believe that the dollar will remain the dominant global currency for the foreseeable future.