Economy Financial News

Federal Reserve Chair Jerome Powell has signaled that more rate cuts are in the pipeline, though their size and speed will depend on the evolution of the economy

U.S. stocks are hanging near their records following a wild start to the week for financial markets in Asia

Britain’s last coal-fired power plant is closing

The COVID-19 pandemic and the resetting of the economy that followed it made hourly workers more aware of their value

The latest surveys of Chinese factory managers show the economy weakening in recent weeks, as the government ratchets up stimulus

Subscribe to enjoy similar stories. A major injection of economic stimulus in China drove gains in stocks from Beijing to New York at the end of the quarter. Some investors say what happens there could be key to markets’ direction in the months ahead.

Subscribe to enjoy similar stories. As I leave from New York after a week full of conversations and action points around climate change, I feel a deep sense of urgency. For the first time, global warming has exceeded 1.5° Celsius—not just for a week or month, but for an entire year! And 22 July 2024 went down in history as the hottest day since humans started recording temperatures 175 years ago.

Subscribe to enjoy similar stories. The Federal Open Market Committee’s members came (to Washington), they saw (the state of the economy), and they concurred—almost. The Fed’s decision on Sept.

Vinay Paharia, CIO, PGIM India MF, says some of the sectors with many of these high growth companies include the healthcare sector, consumer discretionary sector, some companies within the financial services, particularly the private sector banks, and high growth NBFCs. Wherever we are seeing companies with the ability to grow on a sustainable basis at a higher rates of growth, those companies would materially outperform.

Saudi citizens continued to decrease in the second quarter, falling to 7.1%, according to government data released on Monday, down from 7.6% in the previous quarter, and from 8.5% in the same period a year earlier. The overall rate of unemployment, which includes expatriate workers, fell to 3.3% in Q2, down from 4.1% in the prior year period, the General Authority for Statistics said. More than 60% of Saudi citizens are under the age of 30, and job creation — especially in the private sector — is a key focus of Crown Prince Mohammed Bin Salman's Vision 2030 programme, which seeks to stimulate the economy and diversify it away from oil.

Subscribe to enjoy similar stories. AI fever has loosened its grip on the stock market. Gone is the first half of 2024, when investors’ passion for artificial intelligence drove the market skyward even as stubbornly high inflation dashed hopes that the Federal Reserve would begin cutting interest rates.

Subscribe to enjoy similar stories. The first half of 2024-25 is done, the Centre’s report card for the Indian economy over the first five months ended August is out, and, beneath its optimistic timbre, its underlying tone betrays a suppressed sense of apprehension about lingering structural fault-lines.

The sole candidate in the election for Macao’s next leader has pledged to diversify the economy of the Chinese casino city, a goal previously laid out by Beijing

Indian banks expect growth in festive period spending through credit cards to be in high single-digits as consumer demand remains subdued, several card issuers and merchants said. «Right now, it's not like the mood is bullish for a big festive season, it seems like wait and watch,» said Sanjeev Moghe, head-cards & payments, Axis Bank. «It's a different market when the economy is growing at 12-15% and it's not growing at that pace. In my own discussion with merchants, I am not sensing a bullish mood. But we are hoping that consumers could positively surprise us.» For the festive period of October to December 2023, banks had recorded credit card spends of nearly ₹4.87 lakh crore. During the October to December 2022 period, banks saw total spends of ₹3.69 lakh crore. In one year, banks had seen growth in credit card spending of over 30%.

Republicans on Sunday sought to distance themselves from Donald Trump's latest insults of Democratic nominee Kamala Harris during a rambling weekend rally in Wisconsin in which he called her «mentally disabled.» Trump escalated his personal attacks on the vice president during a self-described «dark speech» on immigration following Harris' trip to the U.S.-Mexico border. "Joe Biden became mentally impaired," Trump said. «Kamala was born that way. She was born that way. And if you think about it, only a mentally disabled person could have allowed this to happen to our country. Anybody would know this.»

While Jammu has arguably been a bigger gainer of the removal of special status as the power balance with the Valley has ostensibly been reduced, there are many issues that plague the minds of people living in the lower altitudes. High unemployment and lack of jobs commensurate with the education levels is a big worry for the youth. Many young people that ET talked to said they and their peers are working in other parts of the country or going to Singapore, Australia, Canada and the European countries for low-end jobs. Agniveer has also caused a lot of resentment. “Earlier there used to be so many boys running on the roads early in the morning to practice for joining the army but now you hardly see any youngsters doing so. There is not much interest in becoming an Agniveer,” said Narendra Sharma, the PDP candidate in RS Pura, Jammu.

Wall Street's benchmark S&P 500 index is up 20 per cent year-to-date near a record high. With the third quarter ending on Monday, the index is on track for its strongest January-September performance since 1997. U.S. stocks closed another record-setting week with a muted performance Friday, as hope built on Wall Street that the U.S. economy can manage the rare feat of suppressing high inflation without causing a recession. S&P 500 slipped 7.20 points to 5,738.17, but it still closed out a third straight winning week and its sixth in the last seven. The Dow rose 137.89 to 42,313.00, and the Nasdaq composite lost 70.70 to 18,119.59.

Subscribe to enjoy similar stories. The best week in 16 years for China’s stock market was built on hope. Worse, it was built on hope for more state intervention, one of the reasons its economy is in such trouble to start with.

Subscribe to enjoy similar stories. By the time I arrived at Sri Lanka’s Amba tea estate it was late evening and dark. In the morning, a short walk to the dining area was all it took for gorgeous views of the valley.

Subscribe to enjoy similar stories. Every month, Mint’s Plain Facts section brings out an update on key global data to thread together the biggest developments in the world that are worth paying attention to. The accompanying analysis and charts explain how each development is creating ripples on the global stage, where it is headed in the coming weeks, and whether it can impact India.

Subscribe to enjoy similar stories. The outcome of November’s US presidential election will have profound consequences for democracies worldwide and for geo-political flashpoints like Ukraine, the Middle East and Taiwan. But the potential economic fallout could be equally far-reaching.