Despite ongoing concerns about lackluster growth, revised data shows that the UK's economy has grown faster than originally estimated since the start of the COVID-19 pandemic, outperforming France and Germany.
China's population of 1.4 billion would not be enough to occupy the vast number of empty apartments in the country, according to a former official, highlighting the ongoing crisis in the property market.
The Bank of England has halted its series of interest rate increases due to a slowdown in the British economy, but remains cautious about the recent fall in inflation.
A potential US government shutdown could disrupt the release of important economic data, leading to market volatility and forcing investors to rely on alternative sources of information, potentially impacting monetary policy decisions and delaying key reports such as the October 6 payroll report.
Short-term inflation in Pakistan reaches new high as retail prices of petroleum products soar, leading to increased transport fares and higher cost of moving goods; prices of essential vegetables also see a rise, except for tomatoes which experience some relief after the reopening of the border with Afghanistan.
India is considering a one-year delay on the requirement for licenses for imported laptops, tablets, and personal computers, offering relief to companies like Apple, Samsung, and Lenovo. The move aims to promote local manufacturing and reduce dependence on imports.
Germany's economy, once dominant in global markets, has become the worst-performing major developed economy due to the loss of cheap Russian natural gas and other chronic problems, leading to criticism and concerns about de-industrialization and job losses.
India and Canada are experiencing a diplomatic crisis following the killing of a Khalistani separatist leader, with Canadian Prime Minister Justin Trudeau accusing India of involvement based on shared intelligence among Five Eyes partners.
The Turkish central bank has increased interest rates by five points to 30% in an effort to combat soaring inflation, which is above expectations, and the bank suggests that more rate hikes are likely in the future.
The number of Americans filing new claims for unemployment benefits decreased to an eight-month low, indicating a tight labor market despite slowing job growth.
Federal Reserve Chair Jerome Powell indicates that while policymakers project a "soft landing" for the US economy, he does not confirm it as a baseline expectation due to external factors beyond their control such as the autoworker strike, government shutdown, and higher borrowing costs.
The Federal Reserve's decision to raise interest rates will continue to burden borrowers with higher bills on credit cards, student loans, car loans, and mortgages, while savers are rewarded with higher rates on savings accounts and certificates of deposit.
The European Union is unlikely to impose new tariffs on Chinese electric cars as the anti-subsidy probe must be conducted properly, according to a European Commission official.
UK inflation unexpectedly fell in August to 6.7%, easing pressure on the Bank of England to raise interest rates, with falling prices for hotels and air fares offsetting the rising cost of fuel.
U.S. home price growth increased to 2.5% year-over-year in July, with Miami, St. Louis, and Detroit driving the growth, while 11 states saw annual home price declines, according to CoreLogic's latest home price index data. Rising mortgage rates and a lack of inventory are putting pressure on potential homebuyers, and pending home sales have seen slight upticks, particularly in the West and South regions.
Higher gas prices drove an increase in an inflation gauge tracked by the Federal Reserve in August, but measures of underlying inflation slowed, suggesting overall price pressures are moderating and raising the likelihood that the Fed will leave interest rates unchanged in its next meeting; however, the combination of higher gas prices and sluggish income growth may weaken consumer spending and mark a slowdown from last summer's healthy pace of spending.
The core Personal Consumption Expenditures index in the US, which excludes gas and food prices, rose 3.9% for the 12 months ended in August, the lowest annual increase in two years and a positive step toward the Federal Reserve's target of 2% inflation.
The federal government is at risk of shutting down unless a temporary spending bill can be agreed upon by a small group of Republican representatives; in the event of a shutdown, certain factors such as food aid, economic data, and federal employee salaries would be affected, while others including U.S. stocks, Social Security checks, and the U.S. Postal Service would not be impacted.
BlackRock CEO Larry Fink expresses concern over the lack of hope and abundance of fear in the global economy, emphasizing the need for optimism to drive financial outlooks and business investments. Fink believes that businesses and leaders should provide certainty and hope in order to prevent economic downturns.
Euro zone annual inflation dropped to its lowest level since October 2021, falling to 4.3% in September, while core inflation decreased to 4.5%, prompting uncertainty over potential rate cuts by the European Central Bank.
U.S. Treasury Secretary Janet Yellen warns that a potential government shutdown would harm economic progress, impacting key programs for small businesses and children and delaying infrastructure improvements.
China's Belt and Road Initiative (BRI) was initially an economic plan to overcome China's economic challenges, but it has evolved into a geopolitical strategy, unsettling Western nations as China aims to expand its influence and showcase a different model of development, although its ambitions are still primarily focused on its own region. China's engagement with the world through the BRI has both benefits and costs, leading some countries to reassess their dependence on China.
U.S. stocks mostly fell as investors considered the latest inflation data from the Federal Reserve, marking the end of a turbulent month for the market.
The Future Hospitality Summit in Abu Dhabi will bring together over 1,000 hospitality leaders from around the world for three days of discussions, networking, and announcements, focusing on topics such as investment, sustainability, and technology in the sector. The event will also feature a startup pitch competition and highlight the importance of sustainability in the hospitality industry.
Former US Treasury Secretary Lawrence Summers has warned that Multilateral Development Banks (MDBs) have a "last clear chance" to address key global issues such as climate change, stating that the world is not patient and may seek alternative directions if the banks fail to act quickly. Summers also suggested that some competition and pluralism among MDBs is desirable, and that India has the potential to achieve 8% annual growth until 2050.
Former US treasury secretary Larry Summers believes that an eight percent GDP growth target is achievable for India and would have a transformative impact on the lives of millions of people, although he acknowledged that there are hindrances to achieving this goal such as issues between states and the central government; Summers also discussed the urgent need for renewable energy and increased international cooperation to combat climate change.
The Asian Development Bank has lowered India's GDP growth forecast for FY 2023-24 to 6.3% due to the impact of extreme rainfall patterns on agriculture, while maintaining a growth projection of 6.7% for FY 2024-25, citing corporate profitability and strong bank credit as key factors. Additionally, the bank expects inflation to moderate and retail sales to be affected by food inflation, while India's external trade is expected to be affected by weak global demand. Despite these challenges, India's GDP growth outlook remains higher compared to its Asian peers.
Global debt reached an all-time high of $307 trillion in the second quarter of 2023, increasing by $100 trillion over the past decade, with advanced economies contributing the most to the rise, signaling potential concerns about sustainability and the ability to service the debt as interest rates increase.
The BRICS coalition, along with new members, aims to reduce the dominance of the US dollar by using their own currencies for oil trade, posing potential risks to the US's global leadership and economy.
The UK economy is predicted to continue its stagnant state in 2024, with some economists and business groups even foreseeing a recession, while others, including the Bank of England, the IMF, and the OECD, anticipate modest growth despite high interest rates and a slowing global economic outlook. Different factors, such as labor hoarding and regions bucking the trend, complicate the overall picture, but overall, a stagnant or minimally growing economy seems likely.
Pakistan's poverty rate has risen to 39.4% with 12.5 million more people falling below the poverty line, prompting the World Bank to urge the country to take urgent steps to achieve financial stability by taxing agriculture and real estate and cutting wasteful expenditures.
China is facing a significant issue of mass youth unemployment, resulting in young adults being burned out or living at home without a job.
Ukrainian President Zelensky calls for a united front against Russian aggression in his speech at the UN General Assembly and asks former President Trump to share his peace plans, claiming that Trump could get a "fair deal" with Putin to end the war in Ukraine.
The Federal Reserve left interest rates unchanged while revising its forecasts for economic growth, unemployment, and inflation, indicating a "higher for longer" stance on interest rates and potentially only one more rate hike this year. The Fed aims to achieve a soft landing for the economy and believes it can withstand higher rates, but external complications such as rising oil prices and an auto strike could influence future decisions.
UK mortgage approvals have reached their lowest level in six months due to high interest rates cooling the housing market, according to the Bank of England, with net mortgage approvals for house purchases falling to 45,400 in August from 49,500 in July.
China's economic growth appears to be slowing down, with issues such as an aging population and a collapsing housing sector leading to speculation that the country's economic miracle may be coming to an end, while its diplomatic strategies have also caused strain on international relationships.
Protests in Ghana against the rising cost of living and economic crisis led to the arrest of 49 protesters, including journalists, as the country faces ongoing economic difficulties and IMF bailouts.
Some Chinese cities are suffering from financial difficulties due to debt and deflation, leading to the implementation of bizarre fines and budget cuts to generate revenue, as the nation faces the risk of an economic "lost decade."
The US trade deficit in goods decreased by 7.3% in August to $84.3 billion, mainly due to reduced consumer imports like the new iPhone, which could boost the gross domestic product (GDP) for the third quarter.
US business confidence in China is being drained by geopolitical tensions and an economic slowdown, with only 52% of American firms optimistic about their five-year China business outlook, according to a study by the American Chamber of Commerce in Shanghai.
Sales of previously owned homes in the US fell for the third consecutive month in August, as higher mortgage rates, rising prices, and a lack of available properties have limited homebuyers' options.
The Ghanaian government has filed for bankruptcy after failing to pay billions of dollars in debt to international creditors, necessitating a $3 billion loan from the International Monetary Fund to stabilize the economy and address the ongoing debt crisis linked to COVID-19, geopolitical events, and rising food and fuel prices, raising concerns about future financial stability.