Economy

U.S. unemployment claims see biggest 11-month drop, easing recession fears with 233,000 filings

Government data last week showed the layoffs rate in June was the lowest in more than two years

Brazil sets out vision to develop creative economy through training, investment and productive inclusion

The guidelines would promote the producer, audiovisual, copyright, and Brazilian handicrafts

Higher spending at Paris Olympic Games boosts French economy, says Visa

Travel to Paris by travelers under the age of 35 grew 120 percent annually during the Paris Olympic Games

China’s foreign trade hits $3.46 trillion in Jan-Jul 2024, defying economic headwinds

The country's exports rose 6.7 percent year-on-year to 14.26 trillion yuan during the period

Brazil reports $7.6 billion trade surplus in July 2024, exports hit record $30.9 billion

This was driven by strong performances in agriculture, extractives, and manufacturing

Growth picks up in U.K. service sector on stronger demand in July: PMI

Both input costs and output charges rose at historically elevated rates in July, reflecting sluggish progress on inflation

China’s 20 key tasks aim to revive consumer spending across entertainment, tourism and more

The tasks urged increased credit support for critical areas of service consumption to reinvigorate weak domestic demand

U.S. unemployment rate rises to 4.3 percent in July on slower job growth

Nonfarm payrolls increased by 114,000 jobs last month, significantly below the 215,000 jobs per month added in the last 12 months

U.S. weekly jobless claims rise to 11-month high spurring labor market concerns

Initial claims for state unemployment benefits increased by 14,000 to a seasonally adjusted 249,000 for the week ending July 27

Optimism grows for U.K. markets as Bank of England slashes rates, boosts growth outlook

The BoE cut rates by 0.25 percent to 5.0 percent, a decision viewed as a close call

Easing inflation, weaker consumer spending signal two potential Fed rate cuts in 2024: Report

The report projected 2.1 percent U.S. economic growth in 2024, down from 2.5 percent in 2023

Eurozone inflation unexpectedly rises to 2.6 percent in July; will ECB cut rates?

The eurozone's service sector inflation declined to 4 percent from 4.1 percent in June

China’s July non-manufacturing activity expands: PMI

The NBS composite PMI in China, which includes manufacturing and services, recorded 50.2 in June

Bank of Japan surprises with rate hike for second time since 2007, trims bond buying

The central bank raised its short-term policy rate to levels not seen since 2008, defying market expectations

Eurozone GDP rises 0.3 percent in Q2 2024, exceeding analyst projections as Germany unexpectedly shrinks

Germany, Eurozone's biggest economy, unexpectedly contracted 0.1 percent in Q2

Key economic data releases and decisions this week: GDP, inflation, PMI and interest rates

This week, the U.S. Federal Reserve, the Bank of Japan and the Bank of England are holding monetary policy meetings

Ethiopia secures $3.4 billion IMF financing program with $1 billion immediate disbursement

The Ethiopian central bank has floated the birr, a crucial step for securing IMF support and progressing its debt restructuring

U.K. retail sales fall again in July despite hopes for improving market conditions: Report

U.K. retailers expect the decline in orders to continue next month at a broadly similar pace

Malaysia applies to join BRICS, strengthening bilateral relations with Russia

Malaysia's bid to join BRICS was a key agenda item in India's PM's meeting with the Russian Foreign Minister

Will faster than expected Q2 U.S. economic growth set stage for potential Fed rate cut?

The solid growth is driven by resilient consumer spending and business investment

EU agri-food trade surplus reaches $5.43 billion in April 2024, driven by higher prices and increased exports

Exports reached €19.8 billion ($21.5 billion), mainly due to increased prices of olives and olive oil

New U.K. business growth jumps to 15-month high in July, says PMI

Job numbers at manufacturing firms were stable in July, ending a 21-month sequence of decline