Economy news

Treasury Yields Fall on the Back of Debt Ceiling Vote

Treasury Yields Fall on the Back of Debt Ceiling Vote

11
Economy news
31.05.2023

U.S. Treasury bonds declined on Wednesday as investors grew concerned about the impending debt ceiling bill, on which the House of Representatives was set to vote later in the day. Additionally, market participants eagerly awaited crucial jobs data....

Eurozone Economic Growth Weakens in May

Eurozone Economic Growth Weakens in May

12
Economy news
24.05.2023

Economic growth in the eurozone experienced a slight decline in May, reaching a low point not seen in three months. This downward trend can mainly be attributed to a decrease in industrial production.Although growth within the 20-country region manag...

Tech Job Losses Expected to Breach 200K This Week

Tech Job Losses Expected to Breach 200K This Week

19
Economy news
22.05.2023

Heavy layoffs are continuing to hit the tech sector. This week it is expected that job cuts will cross 200,000 after Meta removes thousands of employees in its latest round of planned layoffs.Industry sources estimate that a total of 696 tech compani...

Political Turmoil in Pakistan Threatens Economic Stability

Political Turmoil in Pakistan Threatens Economic Stability

0
Economy news
18.05.2023

Pakistan has been torn by unrest since former Prime Minister Imran Khan was arrested earlier this week, complicating efforts to secure a financial lifeline from the IMF that promised to alleviate the country's worsening economic crisis. Indeed,...

US Long-Term Inflation Expectations Hit 12-Year High

US Long-Term Inflation Expectations Hit 12-Year High

22
Economy news
17.05.2023

The University of Michigan has released a study indicating that the US inflation expectation index for the next five to 30 years has breached a 12-year upper mark of 3.2%.In related news, the consumer sentiment index fell to 63.5, contrasted to a pre...

Americans Are Spending Heavily on Hospitality and Leisure

Americans Are Spending Heavily on Hospitality and Leisure

24
Economy news
16.05.2023

Leisure and hospitality businesses in the US are bouncing back after the pandemic, with booking activity approaching pre-COVID 19 levels.Despite many economists predicting a recession later this year, hospitality demand has been robust. This is posit...

Political Turmoil in Pakistan Threatens Economic Stability

Political Turmoil in Pakistan Threatens Economic Stability

22
Economy news
15.05.2023

Pakistan has been torn by unrest since former Prime Minister Imran Khan was arrested earlier this week, complicating efforts to secure a financial lifeline from the IMF that promised to alleviate the country's worsening economic crisis. Indeed,...

Bank of England Raises Interest Rates for 12th Time

Bank of England Raises Interest Rates for 12th Time

23
Economy news
12.05.2023

On Thursday, the Bank of England (BOE) increased interest rates by 0.25 percentage points in its effort to combat out-of-control inflation. The decision marks the 12th consecutive interest rate hike, bringing the main borrowing rate in the UK to 4.5%...

US Plays Catch-Up as China, EU Forge Ahead in Regulating AI

US Plays Catch-Up as China, EU Forge Ahead in Regulating AI

25
Economy news
11.05.2023

Chief executives of three major Artificial Intelligence (AI) companies recently met with the Biden administration behind closed doors to discuss the dangers posed by AI technology. This comes before ChatGPT CEO Sam Altman meets with House leadership...

US Debt Ceiling Wrangle Causes Market Jitters

US Debt Ceiling Wrangle Causes Market Jitters

38
Economy news
10.05.2023

The White House and Republicans in Congress are locked in a standoff over the US debt limit. The debt ceiling is the maximum amount of money Congress allows the federal government to borrow to cover its bills. Treasury Secretary Janet Yellen has issu...

US Labor Market Adds More Jobs than Expected

US Labor Market Adds More Jobs than Expected

24
Economy news
08.05.2023

The US labor market gained 253,000 jobs in April, a surprising increase at a time when manyexpected a slowdown in the job market.The unemployment rate slid to 3.4% — matching a half-century low hit in January — from 3.5% the month before. Economists...

US Fed Hikes Interest Rates by Another 25 Basis Points

US Fed Hikes Interest Rates by Another 25 Basis Points

23
Economy news
04.05.2023

US Federal Reserve Chairman Jerome Powell has announced that the central bank has hiked interest rates for the 10 th straight time since March 2022. However, he indicated that a pause in rate hikes may be imminent under the right conditions.Monetary...

Eurozone Inflation Climbs to 7% after Months of Cooling

Eurozone Inflation Climbs to 7% after Months of Cooling

26
Economy news
03.05.2023

The eurozone’s annual inflation climbed to 7% in April, a surprising development after the reading fell for five consecutive months.Although the increase was small, 0.1% up from 6.9% in March, analysts feel it could be enough to prompt the European C...

JPMorgan Chase to Take Over Failed First Republic Bank’s Assets

JPMorgan Chase to Take Over Failed First Republic Bank’s Assets

24
Economy news
02.05.2023

JPMorgan Chase has announced that it is buying most of the assets of First Republic Bank, confirming the second-largest bank failure ever in the US.The US government invited several leading US banks to make offers to take over the assets of the belea...

Amazon, Microsoft and Google Face Cloud Revenue Cuts

Amazon, Microsoft and Google Face Cloud Revenue Cuts

25
Economy news
01.05.2023

Amazon, Microsoft and Google Face Cloud Revenue CutsEarnings data from Amazon, Microsoft and Google last week showed that clients are still looking for ways to curb their spending on cloud costs.Year-on-year growth at Amazon Web Services slowed to 16...