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In the first half of 2023, global debt increased by $10 trillion, reigniting concerns about its impact on the world economy and the potential for a financial crisis, according to data released by the Institute of International Finance (IIF) on Tuesday. 

Robinhood Markets beat estimates for first-quarter profit on Wednesday, thanks to robust crypto trading volumes and rate hikes that boosted its net interest revenue. The approval of the first spot bitcoin ETFs in the U.S. in January boosted sentiment towards the crypto industry, which had been bruised by several high-profile collapses over the past two years.

'Returning inflation to the 2% target remains our absolute priority.' credit: Bank of England

Bank of England governor Andrew Bailey hinted on Wednesday that the central bank was close to ending a prolonged policy of raising interest rates, easing worries about a cost-of-living crisis. «I think we are much nearer now to the top of the cycle,» Bailey told a panel of cross-party lawmakers gathered to question the BoE chief on the state of the UK economy with UK inflation the highest among G7 nations. «And I'm not therefore saying we're at the top of the cycle because we've got a meeting to come but I think we are much nearer to it,» he added. The pound dropped against the dollar and euro on the comments as traders bet that the BoE may already decide to pause hiking rates at a regular monetary policy meeting later this month. UK annual inflation stands at 6.8 percent, above the five percent Prime Minister Rishi Sunak is aiming to reach by the end of the year. Sunak at the start of 2023 said he hoped to halve UK inflation when the level stood above 10 percent. Bailey on Wednesday added that «the fall in inflation will continue». «I think it (the fall) will be quite marked by the end of this year.» Global inflation soared after Russia's invasion of Ukraine sent energy and food prices rocketing. Inflation has been fuelled over the past 18 months also owing to supply constraints as the world emerged from pandemic lockdowns. Surging inflation resulted in the BoE hiking its key interest rate for a 14th time in a row last month to 5.25 percent, a 15-year high. The central bank is tasked by the UK government with keeping annual inflation at around two percent. A leading think-tank on Wednesday said working-age households in Britain were experiencing the worst growth in living standards since at least the 1950s. Typical,

Boston Federal Reserve President Susan Collins on Wednesday advocated a patient approach to policymaking while saying she needs more evidence to convince her that inflation has been tamed.

It looks like British Columbia Premier David Eby might get his wish.

Doug Ford has become the second Canadian premier to formally express his displeasure with interest rate hikes, calling on the Bank of Canada to end the increases, which he says are “hurting people.”

Statistics Canada said Friday.The economy contracted 0.2 per cent annually in the quarter, the agency said, which was enough for some economists to believe the Bank of Canada would keep its key interest rate on hold at its next decision Sept. 6.StatCan also revised down its earlier GDP figures for the first quarter to 2.6 per cent growth, down from 3.1 per cent.The pullback in the second quarter came as housing investment fell 2.1 per cent to post its fifth consecutive quarterly decrease.New construction dropped 8.2 per cent in the quarter, while renovation spending also fell 4.3 per cent.While Canadians spent more overall in the quarter, StatCan noted that on a per-capita basis, spending was down 0.7 per cent in Q2.An early estimate by the agency had estimated Q2 growth at an annualized rate of one per cent.

The Canadian economy slowed more than expected in the first half of the year, a development that could strengthen the case for the Bank of Canada to hold interest rates when it convenes next week.

The aggressive pace of interest-rate hikes is hitting mortgage books at Canada’s biggest banks, leading to slowing loan growth, longer amortization periods and a rise in impairments.

Arvind Sanger, Managing Partner, Geosphere Capital Management, says “right now, we are in that hope phase of that bipolar and the data on Friday which will be related to employment will be another important data point that will give some hope or maybe dash some hopes if it turns out to be surprisingly strong in terms of the economy. That seems to be the current state. I am not ready to declare this as victory yet.”How are you reading into the US GDP data?I think the US has proved to be surprisingly resilient in terms of the economy and inflation data, employment data, others are suggesting that actually employment now data is suggesting that inflation pressures may be abating, so that is a Goldilocks scenario that inflation comes down but growth remains relatively resilient, so we avoid a recession and we kill inflation.

Investing.com — U.S. stocks were gaining on Wednesday despite weaker than expected economic data as investors looked toward Friday's job report for August.  

Good morning,

European shares opened higher on the final trading week of August, as traders weighed the prospect of higher interest rates from the U.S. Federal Reserve and looked ahead to upcoming economic data later in the week.

Powell at Jackson Hole: Solid economy could require additional rate hikes from Fed to further slow inflation

Speaking at an annual conference of central bankers at Jackson Hole, the Chairman of the US Federal Reserve Jerome Powell left the door open to the possibility of further interest rate hikes in the US, triggering some short-lived sell pressure in the crypto market.

Oil prices eased in early trade on Wednesday, weighed down by fears U.S. interest rates could stay higher for longer and economic growth could slow further in top crude importer China and hurt fuel demand. Brent crude dipped 17 cents, or 0.2%, to $83.86 a barrel by 0031 GMT while U.S.

Global stocks have followed Wall Street lower after notes from a U.S. Federal Reserve meeting dented hopes that interest rate hikes are finished

After hiking interest rates to their highest in 22 years last month, the central bank’s Federal Open Market Committee minutes revealed cracks in the consensus among members.

Investing.com — Bitcoin dropped on Thursday after minutes from the Federal Reserve's last meeting suggested that further interest rate increases may be needed in the future, weighing on risk sentiment.

Asian stocks have followed Wall Street lower after notes from a U.S. Federal Reserve meeting dented hopes interest rate hikes are finished