Latest Economy News & Archive

Speculation has grown that Japan will intervene in forex markets to support the yen

Yen Falls Further As Bank Of Japan Stands Pat On Rates

The Bank of Japan kept its ultra-low interest rates unchanged Friday and stopped short of signalling another hike, pushing the yen to a fresh 34-year low against the dollar.

US Economic Growth Slows Significantly In First Quarter

US economic growth cooled more than expected to 1.6 percent in the first quarter, according to government data

The US economy cooled markedly in the first three months this year, expanding less than anticipated as consumer spending and exports decelerated, according to government data released on Thursday.

Asian Markets Mixed As Global Rally Stalls, Eyes On Yen

Traders are keeping tabs on Tokyo after the yen hit a fresh 34-year low against the dollar

Equities were mixed Thursday as investors turned cautious after the past three days' sizeable gains, with Meta's warning that it will spend far more than expected this year fuelling worries that the latest tech-led rally may have gone too far.

The London stock exchange has in recent weeks been lifted by weakening of the pound

London Stock Market Hits Record High

London's FTSE 100 stocks index hit record highs Tuesday, catching up with major global peers which have struck all-time peaks this year as inflation cools.

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Asian traders did not appear to be as excited about the latest US data as their Wall Street counterparts

Asian Stocks Sink Despite To Track Wall St Gains, Earnings In Focus

Asian markets fell Friday as traders struggled to build on Wall Street's positive lead, with hopes for a June interest rate cut fading, while earnings season gets underway in the United States amid optimism for companies' profit outlooks.

The hotter-than-expected US data sent the dollar to a 34-year high against the yen

Equities Mostly Fall On Hot US Inflation Before ECB

Asian and European stock markets mostly fell Thursday before the European Central Bank's latest interest rate decision, after hotter-than-expected US inflation dented hopes for Federal Reserve rate reduction any time soon.

US Treasury chief Janet Yellen (C) and Ambassador to China Nicholas Burns (L) attend a roundtable with business leaders in Guangzhou

Yellen Warns China Industrial Subsidies Pose Risk To World Economy

Yellen arrived in the southern city of Guangzhou on Thursday for several days of talks with Chinese officials on her second visit to the world's second-largest economy in less than a year.

Abu Dhabi's Private Sector Grows 35% Over 8 Years, Hits AED338.9 Billion In 2023

The Abu Dhabi Department of Economic Development (ADDED) held the second Al Multaqa quarterly meetings in collaboration with the Abu Dhabi Investment Office (ADIO) on Thursday, where the growth of the private sector was discussed.

A still-strong US jobs market and sticky inflation are fuelling concerns the Federal Reserve might not be able to cut interest rates as much as hoped this year

Asian Markets Hit By Dimming US Rate Hopes, Taiwan Quake

Asian markets tumbled Wednesday as investors grow increasingly sceptical that the Federal Reserve will cut interest rates as much as hoped this year, while a massive earthquake in Taiwan added to the sense of gloom.

Oil prices have risen on further Middle East tensions after strikes hit a building annexed to the Iranian embassy in Damascus, with Tehran blaming Israel

Hong Kong Stocks Rally On Mixed Day In Asia, Europe Advances

Hong Kong stocks rallied Tuesday as traders returned from an extended weekend break to forecast-beating Chinese factory data that lifted hopes for the world's number-two economy, though other Asian markets were mixed.

Most of Asia's markets started the new quarter on the front foot

Markets Mixed After US Inflation Data, China Figures Give Boost

Asian markets were mixed while gold hit a record high Monday after data showed a slight uptick in US inflation that Federal Reserve boss Jerome Powell said was "in line with expectations".

Bank Of England Freezes Interest Rate At 16-year High

The Bank of England on Thursday held its key interest rate at a 16-year high, opting against a reduction as inflation remains elevated despite recent slowdowns.

The bullish sentiment that flowed through trading floors after the Fed's dot plot was released has petered out following strong economic data

Asian Markets Struggle As US Data Dents Fed Rate Cut Optimism

Asian markets mostly fell Friday after data pointing to a still-strong US economy raised fresh concerns about inflation and dampened optimism that the Federal Reserve will slash interest rates as much as it expected this year.

The Swiss central bank's rate cut surprised most analysts

Switzerland Becomes First Developed Economy To Cut Interest Rate

The Swiss National Bank cut interest rates on Thursday -- the first to do so among the major central banks, saying the battle against inflation was working almost two years after launching its monetary tightening campaign.

Analysts predict that the BoE will keep borrowing costs at 5.25 percent.

Bank Of England To Hold Rate Despite Slowing Inflation

The Bank of England is widely expected to keep its main interest rate at a 16-year high Thursday, rejecting a cut as inflation remains well above target despite recent slowing.

Traders are keenly awaiting the Federal Reserve's dot plot projection for interest rates

Asian Markets Mostly Up With Wall St As Fed Decision Looms

Asian markets mostly rose Wednesday as traders tracked another record day on Wall Street, with focus squarely on the Federal Reserve's policy meeting.

Most analysts think Japan's economy would have fared worse without the BoJ's ultra-loose policies

Easy Does It: The Bank Of Japan's Experiment

The Bank of Japan announced a seismic change in direction on Tuesday, hiking interest rates for the first time in 17 years.

Industrial production in China was up 7.0 percent year-on-year in January and February

China Retail Sales Show Shaky Economic Recovery

The performance of China's economy in the first two months of 2024 was mixed, official figures showed Monday, with sluggish household consumption alongside increased industrial production reflecting an uneven recovery.

US Treasury Secretary Janet Yellen expects housing costs will fall this year, easing inflation pressures

Yellen Says US Economy Unlikely To See 'Stagflation'

The US economy is not expected to see stagflation, Treasury Secretary Janet Yellen said in an interview broadcast Wednesday, adding that most forecasters expect inflation to cool as housing costs move lower.

Overseas demand for Chinese goods is down

China Trade Surges In First Two Months Of 2024

China's exports sharply accelerated in the first two months of 2024, official figures showed Thursday, providing policymakers a bright spot as they battle to revive the world's second-largest economy.

Chart showing 20 years of China's GDP growth in comparison with selected countries.

China's Economic Woes Far From Over, Despite Optimistic Growth Goal

China's economic troubles are far from over and leaders admit the country will face an uphill struggle in hitting its goals for 2024, piling on the pressure for stimulus and reforms that experts say are needed to reverse the malaise.

The European Central Bank is set to hold rates steady for a fourth-straight meeting

ECB To Hold Rates Again, Awaiting Clearer Signs On Inflation

The European Central Bank is expected to freeze interest rates again this week, with officials wary of starting to cut before they see more evidence that recent falls in inflation will be sustained.

China's flagging economy and youth unemployment are expected to be in focus at this week's legislative meetings

China's Leadership 'Confident' Economy Will Improve

China's leadership is confident the economy will improve, an official said Monday, ahead of a key political meeting in which Beijing is expected to unveil one of its most pessimistic growth targets in years.

UAE Economy Projected To Grow By 5% In 2024, Says Minister

Minister of Economy Abdullah bin Touq Al Marri noted that more than 73% of the country's economy is now non-oil, marking a historic first for the country.

Prices in Japan grew just 2.0 percent in January, slowing for the third straight month

Japan Inflation Falls To BoJ Target Of 2%

Japanese inflation slowed less than expected to two percent in January, data showed Tuesday, hitting the central bank's target and firming expectations of an end to its outlier negative rates policy.

The Nikkei 225 finally clawed its way back above its bubble-era record, but this time many ordinary investors are driven more by worries about their future

Financial Security, Not Fine Art, Helps Drive Japan Stocks To Record High

Before Japan's asset bubble catastrophically burst in the early 1990s, stockbroker Ryuta Otsuka remembers waving a 10,000-yen note to hail a taxi after evenings sipping champagne at high-end Tokyo nightclubs.

Mainland China's shares fell on Tuesday, as its central bank announced a record cut to a benchmark lending rate, hoping to boost its struggling economy

China Shares End Higher As Central Bank Cuts Key Rate

China's shares finished higher on Tuesday as its central bank announced a record cut to a benchmark lending rate in a bid to boost its struggling economy.

People gather to look at a giant dragon figure at a park in Beijing on February 9, 2024, which marks the eve of the Lunar New Year of the Dragon.

China New Year Holiday Spending Surges Past Pre-pandemic Levels

China's new year holiday spending last week surged past pre-pandemic levels, official figures showed, a rare bright spot for an economy struggling with sluggish consumption and deflation.

Finance minister Jeremy Hunt insisted the economy was 'turning a corner'

UK Economy Slides Into Recession Ahead Of Election

Britain is in recession, official data showed Thursday, dealing another blow to embattled Prime Minister Rishi Sunak, whose Conservative party is forecast to lose a general election expected this year.

Pedestrians cross the street in front of luxury shops in the Ginza shopping district in Tokyo on January 19, 2024

Germany Overtakes Japan As Third-biggest Economy

Once forecast to become the world's biggest economy, Japan slipped below Germany last year to fourth place, official data showed Thursday, although India is projected to leapfrog both later this decade.

A vendor cuts meat for customers at a market in Shenyang, in China's northeastern Liaoning province in January

Chinese Consumer Prices Suffer Quickest Drop In 14 Years

Chinese consumer prices fell in January at their quickest rate in more than 14 years, data showed Thursday, piling pressure on the government for more aggressive moves to revive the country's battered economy.

IMF Warns Of Maldives Foreign Debt Crisis, After China Borrowing

The strategically-placed Indian Ocean nation of the Maldives, which has borrowed heavily from China and shifted allegiance from India, is at high risk of "debt distress," the IMF warned Wednesday.

US Treasury Secretary Janet Yellen testifies before the House Financial Services Committee on February 6, 2024

Yellen Says US Commercial Property Concerns 'Manageable'

US Treasury Secretary Janet Yellen expressed concern Tuesday about the commercial real estate sector in the current environment of higher interest rates -- but added that the overall situation should be "manageable."

Attacks on ships in the Red Sea has sharply raised shipping costs, the OECD says

OECD Ups World Growth Forecast But Sees Middle East 'Risk'

The OECD raised its 2024 world economic growth forecast Monday but warned that the Middle East conflict posed a risk, with disruptions in Red Sea shipping threatening to increase consumer prices.

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