Global Economy
Oil prices fall, weekly 7% drop on China demand woes, mixed Mideast outlook
Brent crude futures fell $1.39, or 1.87 percent, to $73.06 a barrel. US West Texas Intermediate crude settled at$69.22 a barrel, down $1.45 or 2.05 percent
China posts slowest growth in over a year as property woes drag
The economy expanded 4.6 percent year-on-year in the third quarter, down from 4.7 in the previous three months and the slowest since early 2023
US budget deficit widens to $1.8 tn, third highest on record
This year marks the third highest US deficit, behind 2021 and 2020, according to the Treasury
IMF board approves $1.1 billion disbursal for Ukraine
The loan disbursal is the latest tranche of funding the International Monetary Fund has released to Ukraine as part of an ongoing 4-year, $15.5 billion program approved last March.
Gold sprints to record high in global market
Gold hit an all-time high on Thursday, steered by uncertainty surrounding the US election and expectations of more interest rate cuts by major central banks, while spotlight shifted to a slew of US data.
Japan’s exports fall for first time in 10 months
Japan’s exports fell for the first time in 10 months in September, data showed on Thursday, a worry for policymakers as any prolonged weakness in global demand may complicate the central bank’s path to exit years of ultra-easy monetary policy.
Almost 40% of World Bank's recent climate funds unaccounted for: Oxfam
An Oxfam audit found that as much as $41 billion in climate finance could not be found "between the time projects were approved and when they closed."
ECB set to cut rates again as inflation cools
After cutting rates twice already this year, including at their last meeting in September, policymakers initially signalled a preference to wait until December to cut again
Indonesia’s rice imports spike
Indonesia recorded a large increase in rice imports in the first eight months this year compared to the same period last year, the statistics agency said Friday, as Southeast Asia’s biggest economy seeks to boost stocks of its staple commodity.
Toyota expects record sales in India
Toyota Motor Corp is on track for record annual sales in India, a senior executive told Reuters, as its partnership with Suzuki Motor, which has a portfolio of affordable cars, attracts a new set of buyers.
India’s trade deficit widens in August
India’s merchandise trade deficit in August was wider than expected and stood at $24.16 billion, according to a Reuters calculation based on export and import data released by the government on Friday.
Rupee weakens slightly
The Indian rupee weakened slightly on Friday, weighed by crude marking fresh year-to-date highs but the downside was likely capped by dollar selling orders and expected equity inflows.
Dollar down
The US dollar was lower on Friday, after data showing a dip in consumer sentiment, but the greenback was still poised for a ninth straight week of gains, while the yen weakened to a 10-month low.
Gold price rises 1%
Gold jumped 1 percent on Friday, helped by a weaker dollar and safe-haven buying after United Auto Workers union kicked of strikes at three automakers in Detroit, while hopes around a likely pause in US interest-rate hikes lent further support.
China retail sales surge in August
Chinese retail sales jumped last month, data showed Friday, beating expectations and fuelling hopes that consumers are helping kickstart the world’s second-biggest economy.
EU unafraid of trade war with China
The EU insisted on Friday that its economy could survive any retaliation from China, after Beijing warned that Brussels’ probe into Chinese electric car subsidies would harm trade relations.
Poland, Hungary, Slovakia to introduce own bans on Ukraine grains
Poland, Slovakia and Hungary announced their own restrictions on Ukrainian grain imports on Friday after the European Commission decided not to extend its ban on imports into Ukraine's five EU neighbours.
Fed losses breach $100 billion as interest costs rise
Federal Reserve losses breached the $100 billion mark, central bank data released on Thursday showed, and they're likely to go a lot higher before the red ink stops.