The newly appointed British finance minister, Rachel Reeves, has recently confirmed that taxes will need to be raised in the upcoming budget on October 30th. This announcement comes after Reeves revealed a significant 22 billion pound shortfall in this year’s budget, setting the stage for tough decisions to be made in order to stabilize the
Economy
The oil market experienced a period of instability as traders shifted their focus from geopolitical tensions in the Middle East and Venezuela to concerns over softening demand in China. This shift in attention led to a decline in oil prices, with Brent crude futures hitting seven-week lows at $79.36. The impact of weakening Chinese demand
Britain’s newly appointed finance minister, Rachel Reeves, has inherited a challenging economic landscape from her Conservative predecessor. Reeves recently revealed to Parliament that public spending is set to exceed the budget by a staggering £21.9 billion this year. In response to this alarming trend, she has announced immediate cuts of £5.5 billion and plans for
The upcoming week is poised to witness significant events in the financial world, with various central banks convening policy meetings. The Federal Reserve, the Bank of England, and the Bank of Japan are all scheduled to make crucial decisions regarding interest rates and monetary policy. The Federal Reserve, in particular, is expected to maintain its
Federal Reserve officials are expected to maintain current interest rates during the upcoming meeting, with the possibility of a 25 basis point rate cut in September looming on the horizon. Evercore ISI strategists have expressed their belief that the Fed will refrain from explicitly signaling a rate reduction at the September meeting. They argue that
Peru’s President Dina Boluarte recently delivered an independence day speech to Congress, painting a rosy picture of the country’s economy. Despite her optimistic outlook, the reality on the ground tells a different story. The economy contracted by 0.6% last year, attributed to extreme weather conditions and lower private investment. While Boluarte predicts a surge in
In a recent interview with the Bieler Tagblatt, departing Swiss National Bank Chairman Thomas Jordan shed light on the oft-misunderstood world of central banking. Contrary to popular belief, Jordan argues that central banking is far from boring. Instead, he suggests that being prepared to carry the label of “boring” may be the key to success
Recently, six major banks, including Bank of America and Citigroup, agreed to pay $80 million to settle antitrust litigation in New York. The litigation accused the banks of conspiring to rig prices of European government bonds. This preliminary settlement requires approval from a judge and would put an end to the ongoing legal battle. Investors,
China’s industrial profits saw a positive growth trajectory in June, with a 3.6% year-on-year rise, following a 0.7% gain in May. The first-half earnings also showed an acceleration, reaching 3.5% compared to a 3.4% increase in the previous period. This growth can be attributed to the relatively rapid industrial production and an easing in factory-gate
As investors gear up for a pivotal week in the stock market, they are faced with a cascade of events that could dictate the immediate future of U.S. stocks. After a prolonged rally in major tech stocks came to an abrupt halt in July, the recent turbulence in the markets has sent shockwaves through the
Russia’s central bank made a significant move by increasing its key interest rate by 200 basis points to 18% on Friday. This decision was driven by concerns about high inflation and an overheated economy. As a result, the cost of borrowing has reached its highest level in more than two years. The central bank also
As Wall Street prepares to wrap up a challenging week, all eyes are on the Federal Reserve’s preferred gauge of inflation. The personal consumption expenditures (PCE) price index is expected to reflect a 0.1% month-over-month increase, with an annualized figure of 2.5%, closely aligning with the Fed’s 2% target. Analysts at JPMorgan anticipate a 0.2%