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Global production of crude steel – ingots, semi-finished products (billets, blooms, slabs), and liquid steel for castings – fell by 3.9% to 1,885 million tonnes (Mt) in 2022, the first annual decline since 2015, the steepest decline since 2009, and the second-steeped decline going back to 1996, according to data from the World Steel Association. This brought production back to where it had been in 2020, thereby unwinding the stimulus-fueled jump in 2021.
China has rocked the world with quality EVs. Let's discuss how the US and EU are reacting to the threat.
The commercial real estate space is experiencing stress following the recent turmoil in the regional bank sector, with the rapid rise in interest rates, tightening lending standards, and structural changes, such as sliding demand for office buildings.
Gold eased on Friday on a stronger dollar, but held close to the previous session's highs en route to a weekly gain helped by bets that the Federal Reserve could soon pause interest rate hikes.
The lull in bad news conceals a deteriorating situation. In common with other markets, Eurozone bond yields are rising, and banks are now visibly trying to reduce their excessive balance sheet leverage. This is bound to lead to credit shortages in the coming months, maintaining or even driving interest rates higher. Contracting credit could lead to funding dislocations for highly indebted Eurozone governments, all mired in debt traps.
Ever since world currencies abandoned the gold standard, many currency devaluation events have sent disruptive ripples across the globe.
The new note, which will be worth $11 or €10.2 officially, comes after consumer prices jumped by nearly 95% in the 12 months to the end of December. It marks Argentina's fastest pace of inflation since 1991.
Costco Execs Warn of Looming Recession Because of One Change Shoppers Are Making to Their Buying HabitsJun 9, 2023 - 06:05:30 PDT
In times of economic struggles, Americans tend to change their shopping habits. The “lipstick effect,” where people will continue splurging on smaller items such as candles and cosmetics, but delay larger purchases, is one example. Costco executives have also spotted other consumer spending changes in their warehouse clubs’ sales lately.
Crypto exchange Binance.US said on Thursday it is stopping U.S. dollar deposits and users will soon not be able to withdraw dollars from the exchange, after U.S. financial regulators said they supported freezing Binance's assets.
A New Crypto Banking System Arises Under the Shadow of a Regulatory CrackdownJun 9, 2023 - 05:50:13 PDT
Two months after the collapse of Silvergate Capital Corp. and Signature Bank, a new banking landscape for crypto companies is taking shape amid an expanding crackdown on the industry in the US.
Liquidity on one of the most prominent crypto exchanges has worsened in the wake of head-turning regulatory actions by US officials.
The International Monetary Fund on Thursday urged the U.S. Federal Reserve and other global central banks to "stay the course" on monetary policy and remain vigilant in combating inflation. IMF spokesperson Julie Kozack said inflation momentum has slowed in the United States, but remained a pressing concern. "If inflation does prove to be more persistent than expected, then the Fed may need to push interest rates higher for longer,"...
The AI frenzy that has driven massive inflows into tech stocks is marking a pause, Bank of America Corp. says.
Most economists expect the Federal Reserve to pause interest-rate increases next week for the first time in 15 months and leave policy on hold through December, even as it confronts a resilient US economy and persistent inflation.
ISTANBUL—Turkey’s President Recep Tayyip Erdogan appointed a former First Republic Bank executive to lead the central bank, a likely shift away from the unorthodox economic policies that have sown economic instability and driven away foreign investors. The new central-bank governor is Hafize Gaye Erkan, who until late 2021 was the co-CEO of First Republic Bank, which collapsed and was sold to JPMorgan Chase last month.
China's factory gate prices fell at the fastest pace in seven years in May and quicker than forecasts, as faltering demand weighed on a slowing manufacturing sector and cast a cloud over the fragile economic recovery.
China’s inflation remained close to zero in May, sparking concerns on a falling spiral in prices and prompting the central bank to come out to downplay worries on the economic outlook.
Policy tightening by the Bank of Japan, the last bastion of ultra-low interest rates, may send shock waves through the financial world. Lift-off could be at hand, according to T. Rowe Price.
The widening disconnect between stocks and bonds suggests a 20% downside risk for equities if bonds are proved correct in pricing inflation volatility, according to modeling by JPMorgan Chase & Co. strategists.
The unwinding of balance sheets by major central banks will soon begin to bite, causing a massive siphoning of liquidity from markets, hitting risk assets while driving bond yields and the dollar higher, according to BNP Paribas SA.