Economy Financial News

Top Chinese financial officials have outlined details of the ruling Communist Party's plans for the year, saying a 5% target for economic growth is within reach after a strong start to the year

Stocks are steadying and recovering some of their sharp losses from the day before, which was Wall Street’s worst in three weeks

Chair Jerome Powell reinforced his belief Wednesday that the Federal Reserve will cut its key interest rate this year but that it first wants to see more evidence that inflation is falling sustainably back to the Fed’s 2% target

Egypt has floated its currency and announced a deal with the International Monetary Fund to increase its bailout loan to $8 billion

U.S. job openings barely changed in January but remained at a high level, suggesting that the American job market remains healthy

British Treasury chief Jeremy Hunt is seeking to bolster spirits within his Conservative Party with a series of tax cuts that he hopes can turn the political dial ahead of a general election this year

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By Howard Schneider

Fed Chair Jerome Powell is scheduled to testify in the House today (Wed., Mar. 6) and markets will be all ears on topics that offer guidance on the outlook for interest-rate cuts.

Investing.com -- The Federal Reserve's ongoing push to cool inflation is «not assured,» according to Chair Jerome Powell, bolstering the case for the U.S. central bank not to unveil imminent interest rate cuts.

NEW DELHI : The legal vetting for a proposed free trade agreement (FTA) between India and Oman is nearly complete, with the deal likely to be signed in either the coming days or after the general election, two people aware of the matter said. "The government hopes to sign the pact before the announcement of dates for general elections, and in case it cannot be signed before the announcement, the government may nevertheless seek permission from the election commission to announce it as the FTA is in the interest of economy," said the first person mentioned above, who spoke under the condition of anonymity.

₹98,374, or $1,183, in FY23. Despite its FY25 growth forecast being slightly below the RBI's 7% projection, Crisil maintained that India will remain the world's fastest-growing major economy.

OTTAWA — The parliamentary budget officer is projecting inflation will return to the Bank of Canada’s two per cent target by the end of the year and the federal deficit will grow amid weakening economic conditions.

Canada’s fourth-quarter GDP numbers were published last week, and while the economy barely dodged the technical definition of a recession, the figures again painted an ugly picture of Canadians’ economic well-being. Adjusted for inflation, GDP barely budged in Q4. Add the effect of population growth, and real GDP per capita declined for the sixth consecutive quarter. Relative to Q3:2015, the last quarter before the Trudeau Liberals took power, it is up just 0.8 per cent, versus 15.4 per cent in the United States. That constitutes a shocking relative decline in Canadians’ standard of living.

Gold stood tall near previous session's record highs on Wednesday as markets expect Federal Reserve Chair Jerome Powell's testimony later in the day to reveal clues on a potential June rate cut. Spot gold was steady at $2,126.75 per ounce, as of 1107 GMT after hitting a historic high of $2,141.59 per ounce in the prior session. U.S. gold futures fell 0.3% to $2,135.20.

Canada’s biggest pension funds have largely rebuffed recent pressure to pour more of their billions of investment dollars into their home market, but a new campaign backed by 90 business leaders including chief executives of some of the country’s biggest companies appears set to escalate the debate.

By Nafisa Eltahir and Jana Choukeir

 'Making Money' panelists Chris Low and Steven Blitz break down the Federal Reserve's moves to keep inflation in check.

Crisil, in its India outlook report, projected that the Indian economy is poised for substantial growth in the upcoming fiscal year, forecasting a GDP growth rate of 6.8 percent. This indicator, the GDP growth rate, measures the year-over-year or quarterly change in a nation's economic output, offering insight into the pace of economic expansion.

Shaktikanta Das, Governor, the Reserve Bank of India, says «given the uncertainties that we have, including weather-related events, we would like inflation to durably be around 4%. It cannot be just a one-off number or one-month number touching 4% which will give us satisfaction. It has to be sustainable and durable at around 4%. That will give us greater confidence, but the direction is very clear. Inflation is on a downward trajectory. Ever since you took over as the Governor of Reserve Bank of India, December 2018, is this the best macro and the economy set up we have seen? Shaktikanta Das: Yes, in a long time, not just in the last five years. Of course, in the last five years, we have seen several turbulent moments initially coming from the collapse of the IL&FS, followed by the COVID and many other external developments. So, we have gone through a very turbulent period.

By Swati Bhat