PDD’s $55 billion stock crash sends warning on Chinese economy

(Bloomberg) -- One of the last remaining bright spots for Chinese consumption is rapidly fading, as the nation’s economic malaise takes a toll on demand for even the most accessible of goods.Most Read from BloombergSydney Central Train Station Is Now an Architectural DestinationNazi Bunker’s Leafy Makeover Turns Ugly Past Into Urban EyecatcherChicago Overcomes DNC Skeptics With Calm, Parties and SunHow the Cortiços of São Paulo Helped Shelter South America’s Largest CityWith Housing Costs High,

U.S. Latinas contributed $1.3 trillion to the GDP, about as much as Florida's economy, report finds

Latinas contributed $1.3 trillion to the U.S. gross domestic product in 2021, up from $661 billion in 2010 and at a growth rate nearly triple that of non-Latinos during the same time period, according to a new report funded by Bank of America and conducted by professors at California Lutheran University and UCLA. The report was compiled using publicly available economic and demographic data from U.S. agencies and shows “that Latinas are drivers of economic vitality in the United States, giving life to the U.S. economy,” said economist Matthew Fienup, one of the study's authors and executive director of California Lutheran University's Center for Economic Research & Forecasting during a Zoom briefing presenting the findings on Monday. “Latinas outpace their gender and ethnic peers in key economic measures, including record levels of Latina workforce participation, educational attainment, and income growth,” he added in a press release.

Kroger and Albertsons defend merger plan in federal court against US regulators' objections

Supermarket chain Albertsons told a federal judge Monday that it might have to lay off workers, close stores and even exit some markets if its planned merger with Kroger isn't allowed to proceed. In the three-week hearing that opened Monday, the FTC is seeking a preliminary injunction that would block the merger while its complaint goes before an in-house administrative law judge. Musser said Kroger and Albertsons currently compete in 22 states, closely matching each other on price, quality, private label products and services like store pickup.

Indonesian Palm Oil Output Set to Fall on Dry Weather, Old Trees

(Bloomberg) -- The outlook for Indonesia’s palm oil harvest has dimmed as dry weather and aging trees crimp production in the world’s top grower, which will likely tighten global supply and keep prices elevated.Most Read from BloombergSydney Central Train Station Is Now an Architectural DestinationNazi Bunker’s Leafy Makeover Turns Ugly Past Into Urban EyecatcherChicago Overcomes DNC Skeptics With Calm, Parties and SunHow the Cortiços of São Paulo Helped Shelter South America’s Largest CityWith

Trump and Harris are both threatening more inflation

Stock market today: Dow closes at record high while S&P 500, Nasdaq slide as tech lags

California AI bill sparks debate in Silicon Valley as some tech giants call it a threat to innovation

Oil prices jump 3% on Middle East tensions, Libya production halt

Fed most likely to cut rates by quarter percentage point next month, Daly says

San Francisco Federal Reserve President Mary Daly on Monday said "the time is upon us" to cut interest rates, likely starting with a quarter-percentage point reduction in borrowing costs. Asked if there is anything that could derail a rate cut at the U.S. central bank's Sept. 17-18 policy meeting, Daly told Bloomberg TV that it "would be hard to imagine at this point." She said the "most likely" path ahead is for inflation to continue to slow gradually and for the labor market to add jobs at a "steady, sustainable" pace - and if that projection plays out, "adjusting policy at the regular, normal cadence seems reasonable."

Fed’s Daly Agrees With Powell View That It’s Time to Cut Rates

(Bloomberg) -- Federal Reserve Bank of San Francisco President Mary Daly said she believes it’s appropriate for the US central bank to begin cutting interest rates.Most Read from BloombergSydney Central Train Station Is Now an Architectural DestinationNazi Bunker’s Leafy Makeover Turns Ugly Past Into Urban EyecatcherChicago Overcomes DNC Skeptics With Calm, Parties and SunHow the Cortiços of São Paulo Helped Shelter South America’s Largest CityWith Housing Costs High, Democrats Hone YIMBY Messag