Page 7 - Global Economy

Too soon to declare victory over inflation: OECD tells central banks

Global economic growth is proving more resilient and inflation in the US and Europe is easing faster than the organization expected in its November outlook

Don't count on a soft landing for the global economy

Despite the relatively buoyant consensus, recent developments suggest that the risks to global growth are still tilted to the downside

Bank of England keeps rates unchanged at 5.25%, may cut if inflation falls

The pound erased earlier losses and investors trimmed bets on the extent of Bank Rate cuts but still saw four reductions in 2024, a view that Bailey said he did not want to challenge

US worker productivity strong in fourth quarter; weekly jobless claims rise

Nonfarm productivity, which measures hourly output per worker, increased at a 3.2% annualized rate last quarter, the Labor Department's Bureau of Labor Statistics said on Thursday

Global affairs becoming more complex, challenging with wars: FM Sitharaman

Finance Minister Nirmala Sitharaman on Thursday said the global situation is becoming more complex and challenging due to wars and conflicts in different parts of the world. The Russia-Ukraine conflict and the Israel-Hamas war have disrupted the global supply chains, impacting trade. The minister, while presenting the interim Budget, said that the new world order is emerging and India has successfully navigated the global challenges in fuel and fertiliser price spike. She also said that strengthening the financial sector in the country has helped make savings, credit and investments more efficient. All forms of infrastructure are being built in record time, she said. The government has also provided transparent, accountable, trust-based administration with a citizen-first approach.

China merges hundreds of rural banks amid looming financial crisis

After engineering mergers of rural cooperatives and rural commercial banks in at least seven provinces since 2022

10-year bond yield declines below 4% as investors await US Fed

The Federal Reserve two-day policy meeting will conclude this afternoon. Markets have priced in a near-certainty that the central bank will leave benchmark interest rates in their current range

German unemployment edges down by 2,000 to 2.694 million in January

The Federal Labour Office said the number of people out of work decreased by 2,000 in seasonally adjusted terms from December to 2.694 million

US job openings unexpectedly rise by 101,000 to 9.026 million in December

Data for November was revised higher to show 8.925 million unfilled positions instead of the previously reported 8.79 million. Economists polled by Reuters had forecast 8.75 mn job openings in Nov

Conflict in West Asia remains growing risk for energy markets: J P Morgan

Recent attacks on vessels in the Red Sea by Iranian-backed Houthi militants in Yemen have disrupted international commerce on the shortest shipping route between Europe and Asia

US consumer confidence rises to hit two-year high mark in January

The Conference Board said on Tuesday that its consumer confidence index rose to 114.8 this month, the highest reading since December 2021

Europe's economic blahs drag on with zero growth at end of last year

Europe's economy failed to expand at the end of 2023, with the stagnation now lasting for more than a year amid higher energy prices, costlier credit and lagging growth in powerhouse Germany. Zero economic growth for the October-to-December period of last year follows a 0.1 per cent contraction in the three months before that, according to figures released on Tuesday by EU statistics agency Eurostat. That extends a miserable run of economic blahs: The 20 countries that use the euro currency have not shown significant growth since the third quarter of 2022, when the economy grew 0.5 per cent. And the start of this year looks no better, with indicators of business activity still flashing red for contraction. Plus, disruptions to shipping in the Red Sea have constricted global trade through the Suez Canal, a major route between Asia and Europe, surging shipping costs and threatening to boost inflation. The eurozone is still struggling to find a bottom, said Holger Schmieding, chief ..

Euro zone yields drop as markets price in ECB interest rate cut in April

Some analysts reckoned that soft economic growth and inflation figures from the euro zone, due from Wednesday, could add to expectations for more ECB monetary easing

TN economy to be worth $2.6 trn by FY48, needs $111 bn investment: Study

State must focus on industries and urbanisation to meet potential, it says

The American edge

How the US is leaving its competitors behind through a mix of resource intensity and economic nationalism

Oil settles at highest in nearly eight weeks on strong economic growth

Both benchmarks made weekly gains of more than 6%, marking their biggest weekly increase since the week ending Oct. 13 after the start of the Israel-Hamas conflict in Gaza

US GDP expands 3.3% in Dec quarter, capping unexpectedly strong year

Gross domestic product increased at a 3.3% annualized rate, according to the government's preliminary estimate out Thursday. For all of 2023, the economy expanded 2.5%

Dollar up after US GDP data, euro falls after ECB president's remarks

Next week, the Fed is widely expected to stand pat but comments from Chair Jerome Powell will be intensely scrutinized to assess if the U.S. central bank is ready to start cutting interest rates

Saudi fund PIF gives initial price guidance for three-part bond: Report

PIF is the chosen vehicle of Saudi Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler, to drive the country's ambitious plan to wean itself off oil as it diversifies Saudi economy

Against expectations, Japan's budget expected to remain in Red in FY25

Japan's primary budget has largely been in deficit in the postwar era with the exception of the asset bubble period between 1986 and 1991