Economy

China trade surplus with US widens to record $34.1B

China trade surplus with US widens to record $34.1B China's overall trade - what it buys and sells with all countries including the U.S. - logged a $31.7bn surplus, as exports rose faster than imports. Trade turnover between Russian Federation and China has been rapidly growing, rising 30 percent to reach $77 billion from January to September, statistics from China's General Administration of Customs show. [Full Article...]

Trump says he knows economy better than Federal Reserve chair

Trump says he knows economy better than Federal Reserve chair And the Fed for decades has enjoyed an independence that has shielded it from whatever political storms may be raging at any given time. But one unintended outcome is that raising interest rates can scare off investors and precipitate a sell off in equities. [Full Article...]

Tariff war taking a toll on global growth

Tariff war taking a toll on global growth The IMF's latest Global Financial Stability report said near-term risks had increased over the past six months but added investors were "complacent" to the potential for a market correction. The IMF's cut to its outlook was broad-based. The IMF said Monday that the global economy will grow 3.7 percent this year, the same as in 2017 but down from the 3.9 percent it was forecasting for 2018 ... [Full Article...]

British PM May briefed inner cabinet 'Brexit deal close'

British PM May briefed inner cabinet 'Brexit deal close' While London wants to regulate that by a future trade deal with the European Union, the bloc insists on an emergency fix in case negotiating new relations takes longer, or fails. The backstop plan being proposed by Mrs May would involve the whole of the United Kingdom remaining in a customs union with the EU while negotiations over a free trade deal take place, which Brexiteers fear could take yea... [Full Article...]

International Monetary Fund team to visit Pakistan after request for bailout loans

International Monetary Fund team to visit Pakistan after request for bailout loans Last month, the Swiss government, raised its GDP forecast for 2018 to 2.9% from 2.4% and, earlier this year, it was announced that Swiss exports had matched and surpassed their recent growth. The tariffs stem from the Trump administration's demands that China make sweeping changes to its intellectual property practices, rein in high-technology industrial subsidies, open its markets to more forei... [Full Article...]

USA stock index futures down as trading resumes

USA stock index futures down as trading resumes The Dow Jones Industrial Average fell 831 points, its worst loss in eight months. The increase in yields from these bonds - which are parcels of USA government debt - can hurt stocks since they will provide competition for investors' cash. [Full Article...]

I don't like Fed raising interest rates so quickly, says Trump

I don't like Fed raising interest rates so quickly, says Trump Trump told reporters while traveling to Erie, Pennsylvania, for a campaign rally. The Fed policy has been criticized by President Donald Trump. After the Nasdaq Composite index and the Dow Jones dropped more than 4% and 800 points respectively on Wednesday, Trump said "it's a correction that we've been waiting for for a long time". [Full Article...]

Nigeria's growth not enough to create jobs, says International Monetary Fund

Nigeria's growth not enough to create jobs, says International Monetary Fund International Monetary Fund capital markets director Tobias Adrian said potential shocks to the system could come in many forms, such as higher-than expected inflation that triggers a sharp jump in interest rates or a "disorderly" exit by Britain from the European Union. [Full Article...]

Trump takes aim at 'crazy' Fed as markets sink following USA slump

Trump takes aim at 'crazy' Fed as markets sink following USA slump I think the Fed has gone insane", Mr. Trump told reporters after landing in Erie, Pa., for a political rally. Trump, who has been critical of the central bank's interest rate increases, tells reporters after landing in Erie, Pennsylvania, that he thinks "the Fed is making a mistake". [Full Article...]

Donald Trump says United States 'demanding' answers over disappearance of journalist Jamal Khashoggi

Donald Trump says United States 'demanding' answers over disappearance of journalist Jamal Khashoggi According to security sources the preliminary estimations of the Turkish police suggest that Khashoggi was killed at the Saudi consulate in Istanbul, that the killing was planned and the body of Khashoggi was taken out of the consulate. [Full Article...]

Fiancee seeks Trumps' help over Khashoggi disappearance

Fiancee seeks Trumps' help over Khashoggi disappearance Iran's crude exports fell further in the first week of October, according to tanker data and an industry source, taking a major hit from United States sanctions and throwing a challenge to other OPEC oil producers as they seek to cover the shortfall. [Full Article...]

China Stocks, Yuan Tumbled Yesterday After PBOC Unveiled RRR Cut

China Stocks, Yuan Tumbled Yesterday After PBOC Unveiled RRR Cut The yuan was expected to gain around 1.7 percent to 6.80 per dollar in a year's time from around 6.92 now, according to the poll of over 50 foreign exchange strategists. The row has hit China's stock market and currency, and there are tentative signs it is affecting China's economy. The Philippine Stock Exchange Index fell 27.38 points, or 0.4 percent, to 7,050.82 on a value turnover of almost... [Full Article...]

International Monetary Fund downgrades global growth outlook, places responsibility on US-China trade tensions

International Monetary Fund downgrades global growth outlook, places responsibility on US-China trade tensions Pakistan's new government has chose to open talks on emergency financial assistance with the International Monetary Fund amid a mounting balance of payments crisis, the finance minister told local television on Monday. "The currency move is definitely a devaluation", said Shahid Habib, chief executive officer at Arif Habib Ltd. The IMF chief economist said emerging economies were coping bet... [Full Article...]

USA could issue waivers for Iran crude; oil prices dip Monday

While India wants to continue importing Iranian oil, albeit a reduced volume, US Secretary of State Mike Pompeo last month stated that Washington would consider waivers on the embargo but made it clear that these would be time-limited, if granted. [Full Article...]

Pakistan says it will seek International Monetary Fund bailout as reserves dwindle

Pakistan says it will seek International Monetary Fund bailout as reserves dwindle The fund said in its latest World Economic Outlook: "The challenges that Turkey faces will require a comprehensive policy package comprising monetary, fiscal, quasi-fiscal, and financial sector policies". It urged the government to relax controls on its currency and to do more to help the poor to help lay the foundations for sustainable growth. The UK economy is expected to grow by 1.4% this y... [Full Article...]

U.S. and UK Governments Back Denial of Supermicro Story

U.S. and UK Governments Back Denial of Supermicro Story These servers were apparently purchased by Apple, Amazon and around 30 other companies, and also used by the USA and United Kingdom government - which could have given Beijing unprecedented access to corporate and state secrets. Apple and Amazon , two companies identified as victims of the hack, refuted Bloomberg's claims in statements on their websites. Super Micro also denies that it has bee... [Full Article...]

Iran refutes Saudi claim that can meet post-sanctions oil demand

Iran refutes Saudi claim that can meet post-sanctions oil demand As reported, Indian Oil Corp will lift six million barrels of Iranian oil while Mangalore Refinery and Petrochemicals Ltd ships in three million barrels. Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore, said there was also "chatter that Saudi Arabia has replaced all of Iran's lost oil". [Full Article...]

Despite US sanctions, India to continue buying Iranian oil

Despite US sanctions, India to continue buying Iranian oil The sources declined to be identified as they were not authorised to speak to the media. US drillers cut two oil rigs in the week to October 5, General Electric Co's (GE.N) Baker Hughes energy services firm said on Friday RIG-OL-USA-BHI, as rising costs and pipeline bottlenecks in the nation's largest oil field have hindered new drilling since June. [Full Article...]

US Unemployment Rate Drops To 3.7 Percent, Lowest Rate Since 1969

The U.S. unemployment rate fell to 3.7 percent in September 2018. At the same time, it is noted that the USA economy added 134 thousand jobs in September, well below the expected 184 thousand. Friday's job report confirmed a strengthening job market. The unemployment rate among young people (under 30) was 15.9 percent, the unemployment rate among women was 13.4 percent. [Full Article...]

Rupee falls below 74 against dollar as RBI keeps repo rate unchanged

Rupee falls below 74 against dollar as RBI keeps repo rate unchanged Consequently, the reverse repo rate under the LAF will remain at 6.25 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent. While a 25 basis points hike in repo rate is a given, the market may be keenly awaiting other measures by the RBI to shore up rupee . "The decision to keep rates unchanged when the rupee is touching fresh lows raises a lot of que... [Full Article...]


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