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Markets Waiting on Bullish China Reopening

Markets Waiting on Bullish China Reopening

5
Economy news
30.01.2023

China intends to increase the retail price of gasoline and diesel this week in response to rising international oil prices. Gasoline and diesel prices will go up by 250 yuan (US$37) per ton and 240 yuan (US$36) per ton, respectively.Some analysts bel...

US Inflation and Consumer Spending Slowed in December

US Inflation and Consumer Spending Slowed in December

2
Economy news
29.01.2023

The Federal Reserve places great store in consumer spending as a barometer of how hot the economy is running. US consumer spending dropped in December, providing evidence that the Fed’s series of interest rate increases are cooling the economy.On Fri...

Smartphone Shipments Fall to Lowest Level in Nine Years

Smartphone Shipments Fall to Lowest Level in Nine Years

5
Economy news
26.01.2023

High inflation and fears over a global recession have led to softening worldwide demand for smartphones, shipments of which have declined to a low not seen since 2013. Global smartphone shipments plunged in the fourth quarter of 2022, usually a...

Bitcoin Gains Unlikely to Sway Investors Seeking Safety

Bitcoin Gains Unlikely to Sway Investors Seeking Safety

Bitcoin, the world’s largest cryptocurrency, continued its recent climb as opportunistic investors continued to bet that the Federal Reserve will ease its pace of interest rate increases or stop them altogether.The price of the digital currency rose...

UK Economy Contracts Sharply

UK Economy Contracts Sharply

7
Economy news
24.01.2023

The UK’s Purchasing Managers Index (PMI) survey for January showed the sharpest drop in business activity since COVID lockdowns two years ago, as the combination of high interest rates and low consumer demand dampened activity.The PMI reading fell to...

US Home Sales Fall to Lowest Level Since 2010

US Home Sales Fall to Lowest Level Since 2010

6
Economy news
23.01.2023

Home sales in the US are on a major decline. December marked the 11th straight monthly fall in sales of existing homes, the longest streak since 1999.Driven by the US Federal Reserve’s fastest interest rate-hiking cycle since the 1980s, the US housin...

ECB Official Expects Half-Point Hikes at Next Two Meetings

ECB Official Expects Half-Point Hikes at Next Two Meetings

18
Economy news
22.01.2023

Dutch central bank chief Klaas Knot, a Governing Council member of the European Central Bank (ECB), has said the central bank will carry on with half-point interest-rate increases at the next two meetings.In a recent interview, Knot said the time to...

Canada’s Inflation Cools, Opening Door to Rate Slowdown

Canada’s Inflation Cools, Opening Door to Rate Slowdown

9
Economy news
19.01.2023

Inflation is slowing in Canada, leading to hopes that an expected increase in interest rates next week may be the last one for some time.The consumer price index rose 6.3% in December from a year ago, down from 6.9% in November. The 0.6% month-to-mon...

Microsoft to Slash Thousands of Jobs

Microsoft to Slash Thousands of Jobs

9
Stocks news
18.01.2023

Microsoft Corporation intends to cut thousands of jobs, with some of the roles eliminated expected to come from key divisions like human resources and engineering.The layoffs would underscore a worrying trend among US technology firms. Amazon and Met...

BoJ Confounds Market Expectations of Policy Tweaks

BoJ Confounds Market Expectations of Policy Tweaks

7
Economy news
17.01.2023

The Bank of Japan (BoJ) this week kept ultra-low interest rates intact, upsetting market projections that it would respond to rising inflationary pressure by erasing its stimulus program. The central bank also announced it would continue to cap bond...

Argentina Saw Prices Almost Double Last Year

Argentina Saw Prices Almost Double Last Year

9
Economy news
16.01.2023

The price of everyday goods in Argentina has almost doubled in the last year as its annual inflation rate reached its highest level in over three decades.Official data reveals that consumer prices leapt by 94.8% in the 12 months to the end of Decembe...

China Import and Export Activity Drops in Worrying Sign for Economy

China Import and Export Activity Drops in Worrying Sign for Economy

13
Economy news
15.01.2023

China’s exports plunged this past December at the fastest rate since 2020. Imports also cooled, a warning sign that the country’s road to post-pandemic recovery will not be an easy one.Exports in the world’s second-largest economy dwindled 9.9% year-...

SEC Charges Crypto Firms with Selling Unregistered Securities

SEC Charges Crypto Firms with Selling Unregistered Securities

12
Cryptocurrency news
12.01.2023

In a sign of increasing scrutiny of the crypto market, the US Securities and Exchange Commission (SEC) this week charged two prominent crypto firms, Genesis Global Capital and Gemini, for selling unregistered securities to investors through Gemini's...

Egyptian Pound Sheds Half Its Value Since March

Egyptian Pound Sheds Half Its Value Since March

9
FOREX news
11.01.2023

Egypt, the most populous country in the Arab world, has had a brutal year. The Egyptian pound recently softened by more than 13% to a new low of 32 to the US dollar. Since March 2022, the pound has lost half of its value against the greenback as the...

World Bank Says Global Economy Very Close to Recession

World Bank Says Global Economy Very Close to Recession

16
Economy news
10.01.2023

The World Bank has warned in an annual report that the global economy will come “perilously close” to a recession this year. On the back of weak economic growth in the world’s top three economies – the US, Europe and China – the World Bank has cut it...