Global Markets Rise Ahead of Key U.S.-China Meeting and Inflation Data
US stocks rebounded following news of an upcoming meeting with China, signaling potential positive developments in US-China economic relations.
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Economic News
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Trump's No-Tariff Pledge Eases Gold Market Concerns
Donald Trump announced that gold imports will not be subject to US tariffs, indicating a specific exemption in the ongoing trade discussions or policies.
US Tariffs Trigger Record Gold Price Surge
US gold futures reached a record high following President Trump's announcement of tariffs, which caught global markets off guard, indicating increased investor interest in gold as a safe haven amid trade tensions.
US Jobless Claims Exceed Estimates Amid Economic Slowdown
Economic data released Thursday showed higher-than-expected weekly jobless claims, significant declines in housing starts and building permits, and a drop in the Philadelphia Fed's business outlook survey. Treasury yields rose slightly, and the U.S. Dollar Index gained, while futures on major U.S. equity indices traded higher but trimmed gains following the data.
"German Industrial Sector Shows Strong Turnaround with Rapid Production Expansion"
German factory production has expanded at its fastest rate in a year, indicating a strong rebound in manufacturing activity and contributing to the country's economic growth.
China Signals Looser Monetary Policy with Bank Reserve Ratio Cut
Manufacturing activity in the Eurozone has picked up, leading to a slight easing of the economic downturn in the region. This positive development suggests a potential for growth in the Eurozone economy.
"Strong December Retail Sales Signal Positive Consumer Outlook for 2024"
December retail sales in the US exceeded expectations, growing by 0.6% and capping a strong 2023, with clothing and nonstore retailers seeing a 1.5% increase while health and personal care stores experienced a 1.4% dip. For the full year, retail sales excluding auto and gas increased by 4.9%, with food services and drinking places rising by 11.3% but spending at gasoline stations declining by 11.5%. The report is closely watched for signs of a "soft landing" in the US economy, as Fed Chair Jerome Powell emphasized the importance of managing strong economic growth in the fight against inflation, which increased more than expected in December to 3.4%.
China's Economic Recovery: Industrial Production Soars, Retail Sales Disappoint
China's industrial production and retail sales have experienced a significant jump, indicating a strong rebound in the country's economy. Industrial production rose by 6.9% in October compared to the previous year, surpassing expectations, while retail sales increased by 4.3%, marking the first positive growth this year. These figures suggest that China's economy is recovering from the impact of the COVID-19 pandemic, driven by increased consumer spending and a revival in manufacturing activities.
US Economic Growth Slows, Rate Cuts Expected as China Surpasses Expectations
The upcoming fresh growth numbers are expected to demonstrate that the US remains an economic powerhouse, with a strong and resilient economy. These figures, including GDP and other economic indicators, will highlight the country's continued growth and stability, reaffirming its position as a leading global economic force.
finance2 years ago
Bank Stocks Lead Dow's 550 Point Drop
The Dow Jones Industrial Average dropped 550 points as bank stocks took a hit due to concerns over rising inflation and interest rates. The broader market also saw losses, with the S&P 500 and Nasdaq Composite both down. The drop comes amid ongoing economic news, including a strong jobs report and rising commodity prices.