Global Economy
As poor nations’ default wave peaks, cash shortage could take its place
The punishing post-Covid wave of sovereign defaults has finally crested, with the likes of Ghana, Sri Lanka and Zambia concluding years of painful debt reworks.
India's garment exports surge 17.3% in September amid Bangladesh crisis: report
The growth comes despite global challenges such as inflation and supply chain disruptions, which have impacted other major garment-exporting nations, the report states
IMF, World Bank meetings clouded by wars, slow economic growth, US election
The International Monetary Fund and World Bank annual meetings are scheduled to draw more than 10,000 people from finance ministries, central banks and civil society groups to discuss efforts to boost patchy global growth, deal with debt distress and finance the green energy transition
Oil prices steady after 7% weekly drop
Brent crude futures rose 8 cents, or 0.11 percent, to $73.14 a barrel by 0120 GMT
China's central bank cuts two key rates to boost economy
The cuts come just days after the country posted its slowest quarterly growth in a year and a half, underlining the deep economic woes the country faces.
As poor nations' default wave peaks, cash shortage could take its place
The issue, and what to do about it when western countries are increasingly loath to send money overseas, is a key topic at the IMF World Bank autumn meetings taking place in Washington, D.C. this week.
China’s growth reprieve will be short-lived
China may be on track to hit its “around 5 percent” economic GDP target for this year, but repeating the feat will get harder for policymakers. Third quarter growth logged in at 4.6 percent year-on-year, and that pace will need sustaining if the People’s Republic is to achieve medium-level developed economy status by 2035. Unless planners move their own goalposts, they’ll have to contort themselves a lot more.
Analysis / Inflation is not dead, it’s just resting
Inflation in the United States picked up in the late 1960s in the wake of the Vietnam War and spending on President Lyndon Johnson’s “Great Society” set of social programs
China surprises with modest rate cut amid growing yuan risks
China cut its one-year benchmark lending rate on Monday as authorities seek to ramp up efforts to stimulate credit demand, but surprised markets by keeping the five-year rate unchanged amid broader concerns about a rapidly weakening currency.
Oil prices climb on expectations of lower OPEC+ exports in August
Oil prices rose on Monday as global supply is tightening with lower exports from Saudi Arabia and Russia, offsetting nagging concerns about global demand growth amid high interest rates.
Russia remains China’s top crude supplier
Russia remained China’s largest crude supplier in July, Chinese government data showed on Sunday, even as Russian shipments fall from all-time highs on narrower discounts and rising domestic demand crimps Russian exports.
Wet July dampens UK retail sales
British retail sales fell more than expected in July, official data showed Friday, with poor weather blamed for the setback as the country tries to revive its flagging economy.
Dollar set for further gain
The dollar was flat on Friday but set for a fifth consecutive week of gains in its longest winning streak for 15 months, buoyed by demand for safer assets on worries over China’s economy and bets that US interest rates will stay high.
China moves to prop up stock market
China’s securities regulator unveiled a package of measures on Friday aimed at reviving a sinking stock market, but investors said they would do little to boost confidence if the economy remains sluggish.
Bangladesh adopts GM cotton
Bangladesh released two varieties of a genetically modified (GM) cotton for domestic cultivation, aiming to increase yields and reduce import dependence.
Japan inflation eases
Japan’s consumer price inflation eased to 3.1 percent year on year in July, in line with market expectations, government data showed Friday.
Oil prices up 1%
Oil prices rose about 1 percent on Friday on signs of slowing US output, but both crude benchmarks also ended their longest weekly rally of 2023 on mounting concerns about global demand growth.