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Nov 2, 2022 - 05:54:44 PDT
Global credit ratings agency Moody's downgraded its outlook for banks in Germany, Italy and four other countries to "negative" from "stable" on Wednesday as Europe's energy crisis and high inflation weaken its economies. The downgrade also affects banking sectors in the Czech Republic, Hungary, Poland and Slovakia, and Moody's said...
The decline in euro zone manufacturing activity was sharper than initially estimated last month, indicating that the sector is in recession, as the cost of living crisis put a big dent in demand, a survey showed on Wednesday. S&P Global's final manufacturing Purchasing Managers' Index (PMI) fell to a 29-month low of 46.4 in October from September's 48.4,...
World’s Largest Container Shipping Firm Maersk, a Barometer for Global Trade, Warns of ‘Dark CloudsNov 2, 2022 - 05:50:46 PDT
Maersk, the world's largest shipping container firm, on Wednesday posted record profit for the third quarter on the back of high ocean freight rates.
With little immediate relief from the federal government to respond to record inflation, 19 states are sending —or have already sent—payments to taxpayers. And while some of these payments are for hundreds of dollars, they’re unlikely to have a big impact on inflation.
Stimulus Checks: 63% of Americans Support the Federal Government Sending More Inflation ReliefNov 2, 2022 - 05:47:39 PDT
There have been several holdover pandemic issues that have hogged headlines this year as record inflation continues to plague American households. With seven days to go until the critical midterm...
Biden Administration To Provide Over $13 Billion in Aid To Help American Families Lower Energy BillsNov 2, 2022 - 05:44:54 PDT
Vice President Kamala Harris plans to announce the new initiative while visiting a sheet metal workers' training facility and union hall in Boston on Wednesday.
The dollar slipped on Wednesday as investors awaited a Federal Reserve policy decision amid speculation it might indicate a slowdown in future rate hikes.
The US Treasury halted the longest string of cutbacks to its quarterly sales of longer-term debt in about eight years, showcasing the end of a period of historic reduction in the fiscal deficit.
The Mainstream Is Increasingly Accepting The Possibility That The Fed Will Blow Up The EconomyNov 2, 2022 - 05:36:39 PDT
n another year, we might find the media finally admitting that it was a damned if you do, damned if you don't scenario all along.
New Mortgages Down 55%, US Lenders Are Starting To Go Bankrupt, Could This Cause Failures Since 2008Nov 2, 2022 - 05:30:31 PDT
And now we can add mortgage lender financial troubles — and the rise (and fall) of “non-qualified mortgages” — to the factors aggravating an already uncertain market.
Following the weakness in this week's US manufacturing surveys' employment sub-indices, analysts expected this morning's ADP Employment data to show a slowdown in job gains in October. However, like JOLTS, the ADP data showed an improvement in the labor market with 239k jobs added in October (vs 192k added in September) and better than the 185k addition expected.
Americans Are Still Quitting Fast Enough To Keep the Fed on an Aggressive PathNov 2, 2022 - 05:26:48 PDT
Americans are still quitting at near-record levels, according to new data from the Bureau of Labor Statistics. The overall quits rate—the percentage of the employed population that quit within a month—was 2.7% in September, the same as it was two months earlier. The quits rate for the private sector alone slowed down a hair, though, from 3% to 2.9%.
Proving that most people have no idea what causes inflation, the majority of Americans in a recent poll said they want the federal government to hand out stimulus checks to combat inflation.
The Federal Reserve sent out mixed messages after its November FOMC meeting leaving markets wondering just how much more the central bank will tighten monetary policy.As expected, the Fed delivered another 75 basis point rate hike, pushing the Fed funds rate to between 3.75 and 4%. The last time interest rates were this high was in January 2008.
Gold demand rose 28% year-on-year in the third quarter, driven by robust consumer demand for physical gold and central bank buying, according to data released by the World Gold Council.Year-to-date, demand is up 18% compared to the same period in 2021, a return to prepandemic levels.
Peter Schiff: The Real Estate Bubble Is Losing Air and a Financial Crisis Is ComingNovember 2, 2022
Artificially low interest rates blew up a big housing bubble. In a podcast, Peter Schiff explained that it is actually a bigger bubble than the one preceding the 2008 crash. But this time, it is combined with an overall bubble in the entire economy that dwarfs '08. Peter said all of this has the makings of another massive financial crisis.
With the world experiencing the highest inflationary pressures in fifty years, central banks purchased the most gold since 1967... and this is just in the first three quarters of 2022. I believe we are seeing a significant trend-change in central bank gold purchases and sales...
*Physical withdrawals from bullion exchanges have reached historic highs.
*The silver price has continued to decline despite the shortage of the underlying asset.
*Renowned analyst expects silver to be "the trade of the decade."
Gold Futures Finish Higher a Day Ahead of the Fed’s Interest Rate Decision: MWNov 1, 2022 - 12:53:38 PDT
Gold futures settled higher on Tuesday, recouping their loss from a day earlier and then some, as investors awaited Wednesday’s decision on U.S. interest rates from the Federal Reserve. Gold for December delivery GCZ22, 0.61% rose $9, or nearly 0.6%, to settle at $1,649.70 an ounce on Comex, after falling by almost 0.3% on Monday.
Central banks bought a record 399 tonnes of gold worth around $20 billion in the third quarter of 2022, helping to lift global demand for the metal, the World Gold Council (WGC) said on Tuesday.