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September 4, 2024

Chile Restarts Interest Rate Cuts and Strikes Dovish Tone on Economic Outlook

(Bloomberg) -- Chile’s central bank lowered its interest rate by a quarter percentage-point, playing down the risks of sustained inflation while indicating borrowing costs could fall faster than previously expected in a dovish shift.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsPolicymakers voted unanimously to cut borrowing costs to 5.5% on Tuesday, as expected by nearly a

September 4, 2024

Turkey seeks to join the BRICS bloc of emerging economies, a Kremlin official says

NATO member Turkey has applied for membership in the BRICS bloc of developing economies, a senior Kremlin official said Wednesday, as Russia and China seek to counter the West's global influence. Yuri Ushakov, President Vladimir Putin's foreign affairs aide, told reporters that Turkey has submitted an application “for full membership” in the bloc that Russia this year chairs, and it will be considered.

September 4, 2024

US Mortgage Rates Continue to Ease on Expectations of Fed Move

(Bloomberg) -- US mortgage rates fell last week to their lowest level since April 2023, prompting potential homebuyers to apply for loans at a faster clip.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsThe contract rate on a 30-year fixed mortgage fell slightly to 6.43% in the week ended Aug. 30, according to data released Wednesday by the Mortgage Bankers Association. That

September 4, 2024

OPEC+ Discusses Possible Delay to Oil Output Hike, Delegates Say

(Bloomberg) -- OPEC+ is discussing a possible delay to an oil output increase planned for October, delegates said, after prices crashed to the lowest since last year.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsThe group led by Saudi Arabia and Russia is reconsidering whether to proceed with the scheduled hike of 180,000 barrels a day, according to officials involved in th

September 4, 2024

Goldman Sachs sees biggest boost to US economy from Harris win

Under a Republican sweep, or even with a divided government led by Donald Trump, economic output would take a hit next year, mostly from increased tariffs on imports and tighter immigration policies, Goldman said in a note late on Tuesday. Job growth under a Democrat government would also likely be stronger than under the Republicans, Goldman said.

September 4, 2024

Australia economy stuck in slow lane, household spending drags

Australia's economy stayed stuck in the slow lane in the June quarter as stiff borrowing costs and stubborn inflation squeezed consumers, leaving government spending as the main driver of growth. Data from the Australian Bureau of Statistics on Wednesday also revealed that domestic price pressures were still running high, underscoring the central bank's reluctance to cut rates anytime soon even though markets are wagering on a December policy easing.

September 4, 2024

Raise taxes on the rich or cut them? Harris, Trump differ on how to boost the US economy

Donald Trump is betting that Americans crave trillions of dollars in tax cuts — and that growth will be so fantastic that it's not worth worrying about budget deficits. In short, he's hoping that most economic analyses of his ideas are dead wrong. Vice President Kamala Harris believes that big corporations and the ultra-wealthy should pay more in taxes — and wants to use those revenues to help spur the construction of 3 million homes and offer tax breaks for parents.

September 3, 2024

Australia’s Economy Stays Subdued as Consumers Cut Spending

(Bloomberg) -- Australia’s economic weakness persisted in the three months through June as consumers hunkered down in the face of elevated borrowing costs and stubbornly sticky inflation.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatGross domestic product advanced 0.2% from the prior quarter, helped by government spending and matching economists’ estimate, official data showed Wednesday. From a year earlier, gro

September 3, 2024

Economic headwinds, light shipments weigh on ArcBest in August

A soft macroeconomic environment has resulted in lighter shipments for ArcBest and a delay in the company’s freight swap. The post Economic headwinds, light shipments weigh on ArcBest in August appeared first on FreightWaves.

September 3, 2024

Benchmark diesel price drops a little; oil futures markets drop a lot

The drop in the benchmark retail diesel price is a lot smaller than what is going on in futures markets. The post Benchmark diesel price drops a little; oil futures markets drop a lot appeared first on FreightWaves.

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