ASIA: In India, retail inflation reached a 15-month peak in July due to higher prices of vegetables and cereals. The inflation rate rose to 7.44% in July from 4.87% in June, the highest since April 2022. Food inflation, accounting for about half of the consumer expenses, surged to 11.51% in July compared to 4.49% in […]

ASIA:   The People’s Bank of China has reduced interest rates for medium-term lending and reverse repos, with a 15 basis point decrease for MLF (now 2.5%) and a 10 basis point decrease for reverse repos (now 1.8%). This move aims to counter the effects of the tax payment peak and maintain reasonable banking system […]

ASIA:   China’s July data fell short of expectations, with retail sales only rising 2.5% from a year ago, industrial production increasing by 3.7%, and fixed asset investment growing by 3.4% for the first seven months of the year. The urban unemployment rate edged up to 5.3%. Notably, the report didn’t include the youth unemployment […]

Credit card balances in the US have surpassed $1 trillion for the first time, with balances up almost 20% from a year ago. The Federal Reserve Bank of New York reported that total credit card debt stood at $986 billion in the first quarter of 2023, unchanged from the record hit at the end of […]

ASIA:   President Joe Biden has signed an executive order to limit new U.S. investments in China’s sensitive technology areas such as computer chips. The order also mandates government notification for investments in other tech sectors. It permits the U.S. Treasury secretary to control American investments in Chinese entities related to semiconductors, quantum tech, and […]

Moody’s has cut the credit ratings of ten small and mid-sized banks. The agency cited higher funding costs, rising interest rates, and increased risked due to the failing commercial real estate sector. M&T Bank, BOK Financial, Webster Financial, Pinnacle Financial, Old National Bancorp, and Fulton Financial were among the banks that received downgraded ratings. But […]

ASIA:   Stripe, a US-based payments processor, has released a report discussing how digital trade is reshaping the global economy and how businesses are responding. The report is based on transaction data from Stripe’s platform and surveys of business leaders and consumers across nine countries. It highlights how technology is diversifying international trade routes and […]

ASIA: China raised its gold reserves for a ninth straight month in July as central bank purchases continue to underpin prices of the precious metal. Bullion held by the People’s Bank of China rose by 740,000 troy ounces, the central bank said on Monday. That’s equivalent to about 23 tons. Total stockpiles now sit at […]

ASIA:   The major Asian stock markets had a green day today: NIKKEI 225 increased 412.99 points or 1.26% to 33,172.22 Shanghai increased 15.11 points or 0.46% to 3,291.04 Hang Seng increased 162.38 points or 0.82% to 20,078.94 ASX 200 increased 6.80 points or 0.09% to 7,410.40 Kospi increased 24.26 points or 0.93% to 2,632.58 […]

ASIA:   A working group of the Reserve Bank of India has stated that the increased use of the Indian rupee in international trade and capital account transactions will lead to the currency gaining international acceptance. The group suggests promoting the rupee for import and export without any limits, allowing non-residents to open rupee accounts […]