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October 8, 2024

Smaller US trade deficit supports strong economic growth estimates for third quarter

WASHINGTON (Reuters) -The U.S. trade deficit narrowed sharply in August as exports increased to a record high, suggesting trade could have little or no impact on economic growth in the third quarter. The economy's strength likely has no impact on expectations that the Federal Reserve will cut interest rates again next month. Economists at Goldman Sachs maintained their forecast for gross domestic product to rise at a 3.2% annualized rate in the July-September quarter after the trade data.

October 8, 2024

Chile Inflation Undershoots Forecasts Before Rate Decision

(Bloomberg) -- Chile’s consumer prices rose less than forecast last month, providing the central bank with some good news as policymakers signal they will cut the interest rate again next week.Most Read from BloombergUrban Heat Stress Is Another Disparity in the World’s Most Unequal NationFrom Cleveland to Chicago, NFL Teams Dream of Domed StadiumsSingapore Ends 181 Years of Horse Racing to Make Way for HomesWhat Do US Vehicle Regulators Have Against Tiny Cars?Chicago’s $1 Billion Budget Hole Ex

October 8, 2024

FirstRand Turns More Bullish on South Africa’s Economy, Rand

(Bloomberg) -- FirstRand Ltd. has turned more bullish on South Africa’s economy, and now sees a greater chance of economic growth accelerating to 2% and the rand strengthening to below 16 per dollar next year.Most Read from BloombergUrban Heat Stress Is Another Disparity in the World’s Most Unequal NationFrom Cleveland to Chicago, NFL Teams Dream of Domed StadiumsSingapore Ends 181 Years of Horse Racing to Make Way for HomesWhat Do US Vehicle Regulators Have Against Tiny Cars?For a Master of Bru

October 8, 2024

Morning Bid: Stocks stall, Hang Seng decimated, oil ebbs

World markets painted a messy picture on Tuesday, with recently pumped-up crude oil prices retreating sharply and disappointment surrounding China's economic stimulus already setting in - knocking Hong Kong shares back almost 10%. The return of mainland Chinese markets after a week's holiday there did see the CSI300 index play catch-up with another jump of about 6%. Chinese officials said they were fully confident of achieving this year's 5% GDP growth target.

October 8, 2024

In the Market: Fed may struggle to rid backstops of stigma amid new push

The U.S. Federal Reserve is encouraging banks to count on its long-shunned cash backstops in a bid to support its monetary policy and financial stability goals. The Fed’s discount window and the Standing Repo Facility (SRF) are credit backstops where lenders can get cash against collateral such as Treasury bonds.

October 2, 2024

On the economy, Harris and Trump are making the same mistake

Harris and Trump are trying to reshape investment and redistribute income and economic activity to their favored sectors.

October 1, 2024

Exclusive-Brent oil traders use little known rule to reroute US cargoes

Big energy merchants trading oil cargoes that form the basis of the Brent benchmark have used an obscure clause to reroute U.S. shipments from Europe, in a practice that raises doubts over whether reforms to the crude price marker have succeeded. Brent, the most significant benchmark across commodity markets, is used to price more than 60% of globally traded crude and underpins oil futures. Platts, a unit of S&P Global Commodity Insights, last year allowed U.S. WTI Midland crude delivered to Europe to be included in its Brent price assessment, called dated Brent.

October 1, 2024

Dockworkers go on a strike that could reignite inflation and cause shortages in the holiday season

Workers began walking picket lines early Tuesday in a strike over wages and automation even though progress had been reported in contract talks. The contract between the ports and about 45,000 members of the International Longshoremen’s Association expired at midnight. Workers at the Port of Philadelphia walked in a circle outside the port and chanted “No work without a fair contract.”

October 1, 2024

Inflation in Europe falls below 2% and opens the way for faster rate cuts

Inflation in the 20 countries that use the euro fell to 1.8% in September, below the European Central Bank's target of 2% for the first time in more than three years as falling energy prices give consumers relief from a burst of inflation that at one point reached into double digits. Tuesday's official figure coupled with an anemic growth outlook could pave the way for faster interest rate cuts from the ECB, which has already trimmed rates twice. Inflation fell from 2.2% in August, according to European Union statistics agency Eurostat.

October 1, 2024

Strike Shuts Eastern US and Gulf Ports, Threatening Economy

(Bloomberg) -- Most Read from BloombergA 7,000-Year-Old City Emerges as a Haven from Dubai’s Sky-High RentsGang Violence Is Moving to the Amazon’s Fast-Growing CitiesNew Rowhouses in London That Offer a Bridge to the 19th CenturyClimate Migrants Stand to Overwhelm World’s MegacitiesA Housing Crisis Brews in Rwanda’s Capital CityDockworkers walked out of every major port on the US East and Gulf coasts for the first time in nearly 50 years, staging a strike that could ripple across the world’s lar

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