Economy news

Turkey Surprises with Huge Interest Rate Hike

Turkey Surprises with Huge Interest Rate Hike

Economy news
7 months ago

In a surprising move on Thursday, Turkey's central bank ramped up its interest rate to a whopping 25%, signalinga departure from the unconventional economic policies of President Recep Tayyip Erdogan.This unexpected 7.5 percentage point hike comes ho...

Weak Economic Data in Europe Sends Warning Signs

Weak Economic Data in Europe Sends Warning Signs

Economy news
7 months ago

European business activity witnessed a downturn in August, plunging to its weakest since November 2020, according to the data released Wednesday.The flash composite Purchasing Managers’ Index (PMI) for the euro zone took a dip, coming in at 47.0 in A...

UK Inflation Hits 15-Month Low Amid Falling Energy Prices

UK Inflation Hits 15-Month Low Amid Falling Energy Prices

Economy news
7 months ago

In a notable dip, the UK's annual inflation rate for July hit its lowest in 15 months, anchored by a decrease in energy costs, and aligning with economists' predictions, recent official data revealed.The Office for National Statistics (ONS) reported...

China’s Evergrande Files for Bankruptcy

China’s Evergrande Files for Bankruptcy

Economy news
7 months ago

In a striking blow to China's once-dominant property sector, Evergrande Group, once the nation's second-largest property developer, announced its bankruptcy filing in New York this Thursday.Having defaulted on its substantial debts in 2021, Evergrand...

China’s Economic Turmoil Sends Global Alarm Bells Ringing

China’s Economic Turmoil Sends Global Alarm Bells Ringing

Economy news
7 months ago

China's economy has hit a rough patch, signalingpossible global challenges. For nearly 20 years, China's economic surge has boosted the world's economy. So, if China's economic pace slows, the remainder of the world will feel its effects.According to...

UK Economy Records Surprise Growth

UK Economy Records Surprise Growth

Economy news
7 months ago

The UK economy saw a small growth in the quarter ending June 30, thanks to sharp gains in manufacturing, as well as increased spending by consumers and the government.On Friday, the Office for National Statistics reported a 0.2% increase in gross dom...

China Tips into Deflation Territory

China Tips into Deflation Territory

Economy news
7 months ago

In a worrying economic shift, China's consumer prices last month fell for the first time in over two years, a telltale sign of the slowing economic recovery following the global pandemic. Recent figures reveal a deflationary trend that threatens to f...

Moody’s Sounds Warning on Credit Ratings of 6 Big US Banks

Moody’s Sounds Warning on Credit Ratings of 6 Big US Banks

Economy news
7 months ago

Moody's is currently reviewing the credit ratings of six major U.S. banks, including Bank of New York Mellon, State Street, and Northern Trust, for a possible downgrade. The agency announced late Monday that this decision is due to ongoing strain wit...

Asian Markets Wobble after Mixed US Jobs Report

Asian Markets Wobble after Mixed US Jobs Report

Economy news
7 months ago

Last week was a rollercoaster for global markets. Investors in the United States and Asia were jolted by several worrying signs, including a downgrade of the U.S. credit rating, an increase in Treasury yields, and China's lack of a decisive action to...

Global Markets Rattled after Fitch Downgrades US Debt

Global Markets Rattled after Fitch Downgrades US Debt

Economy news
7 months ago

Global equities tumbled Wednesday following a decision by Fitch, the ratings agency, to reduce its credit score for the United States, highlighting "a consistent degradation in governance standards" and the mounting debt load of the US government.Jap...

Europe’s Economy Is Growing Again as Inflation Continues to Fall

Europe’s Economy Is Growing Again as Inflation Continues to Fall

Economy news
7 months ago

The euro-area economy is growing again. Gross domestic product across the 20 countries that share the euro currency rose by 0.3% in the second quarter, compared with the previous three months.GDP in the euro area had fallen by 0.1% in the last three...

Japan Sends Yen Soaring with Rate Hike Hint

Japan Sends Yen Soaring with Rate Hike Hint

Economy news
8 months ago

In a move that stirred markets on Friday, Japan's central bank maintained its current interest rates, ignoring escalating inflation signs. However, it gave subtle indications toward a possible shift from its long-standing ultra-low interest rate regi...

India’s Tata Group to Build $5bn EV Battery Gigafactory in UK

India’s Tata Group to Build $5bn EV Battery Gigafactory in UK

Economy news
8 months ago

India's Tata Group has unveiled plans to build a $5.2bn electric vehicle (EV) battery gigafactory in the United Kingdom, aiming to power its Jaguar Land Rover production lines. This initiative delivers a significant shot in the arm for the UK auto se...

American Airlines Raises 2023 Profit Forecast

American Airlines Raises 2023 Profit Forecast

Economy news
8 months ago

American Airlines released an optimistic earnings outlook for 2023 on Friday, raising its full-year per-share prediction to between $3 and $3.75, in line with Wall Street's expectations. This upbeat revision, reflective of a fruitful peak travel seas...

UK Inflation Cools to Lowest Level in Over a Year

UK Inflation Cools to Lowest Level in Over a Year

Economy news
8 months ago

According to official data revealed on Wednesday, inflation in the UK saw a more significant decrease than anticipated in June, dropping to the lowest yearly rate since March of last year.In comparison to last year, consumer prices surged by 7.9% las...

Do you need help or have a question?