Canada’s economy is facing a potential crisis due to the rail stoppage that began on Thursday, which could result in significant economic losses if it continues for an extended period of time. Economists and analysts have raised concerns about the negative impact that a prolonged rail strike could have on Canada’s GDP, job market, and
Economy
The dollar slipped to its lowest point this year against the euro, sparking concern among traders about potential revisions to U.S. payrolls data. The anticipated speech by Federal Reserve Chair Jerome Powell is also adding to the unease in the market. The downward trend of the U.S. currency is evident as it dipped below the
The unfortunate incident in Sicily involving the sinking of the luxury yacht “Bayesian” has left a trail of devastation, claiming the life of one person on board and leaving six others missing. Among the missing individuals is British tech entrepreneur Mike Lynch and his daughter, as well as prominent figures like Jonathan Bloomer and Chris
With all eyes on Federal Reserve Chair Jerome Powell’s upcoming speech, the global market is holding its breath in anticipation of his remarks. Investor confidence is high, as many are expecting dovish rhetoric from Powell, which has led to a positive outlook for stocks in the coming days. Asian shares have already reached a one-month
The recent economic figures coming out of China have put immense pressure on Beijing to take action in order to revive the economy. With a growth target of roughly 5% in mind for this year, the world’s second-largest economy is struggling to gain momentum after a disappointing second quarter. Various economic indicators such as falling
The recently submitted 2025 budget plan by Indonesia’s outgoing government highlights a commitment to fiscal prudence, aiming for a narrower deficit compared to the current year. This proposal, with a total worth of 3,613.1 trillion rupiah ($230 billion), projects a deficit of 2.53% of GDP for the next year, which is lower than the expected
Recent data has sparked hopes of an economic soft landing, leading to a surge in U.S. stocks. The S&P 500 has bounced back by over 6% after a significant drop earlier this month, signaling relief from recession concerns. Additionally, the Cboe Volatility Index, known as Wall Street’s “fear gauge,” has rapidly retreated from last week’s
The recent surge in regulatory scrutiny surrounding wealth managers’ cash sweep programs has the potential to negatively impact their credit ratings, according to Moody’s. This poses a significant threat to the high-margin business of firms such as Morgan Stanley and Wells Fargo. A ratings downgrade could result in increased costs for wealth managers, particularly at
Alan Taylor, a renowned economics professor specializing in international economics and financial crises, has been selected to join the Bank of England’s Monetary Policy Committee (MPC), as announced by Britain’s finance ministry. Taylor is currently a professor at Columbia University in New York, with a distinguished career that includes serving as a senior advisor at
In the midst of economic turmoil and recession fears, U.S. stocks managed to end the week on a high note. The S&P 500 and the Nasdaq rebounded, posting their biggest weekly percentage gains of the year. This rally comes in the wake of concerns over a potential downturn in the economy, which have now been
The Commonwealth Bank of Australia, the largest lender in the country, recently reported a cash profit of A$9.84 billion for the year ended June 30. This figure was slightly higher than the A$9.68 billion estimate by LSEG, but it was still a 3% decrease from the record profit of A$10.16 billion from the previous year.
Currency markets were uncertain on Tuesday as investors awaited the impact of U.S. economic data on the possibility of significant rate cuts. The dollar remained stagnant against the yen, hovering around 147.17 yen after briefly reaching a one-week high of 148.23. Meanwhile, the euro was steady at $1.0931, inching closer to resistance levels at $1.0944