Page 8 - Global Economy
Standard Chartered Q1 2024 results: Profits rise 5.5%, beat estimates
Despite the forecast-beating quarterly profit, the bank saw its credit impairments worsen in 2024
 "Standard Chartered Q1 2024 results: Profits rise 5.5%, beat estimates")
Jerome Powell likely to keep borrowing rates higher-for-longer time
In the euro zone, data may show that the slowdown in inflation stalled in April for the first time this year
 "Jerome Powell likely to keep borrowing rates higher-for-longer time")
Global economy to continue solid momentum for rest of the year: Survey
A 60% majority of economists, 98 of 162, said the global economy this year was more likely to grow faster than they expected than undercut their predictions
 "Global economy to continue solid momentum for rest of the year: Survey")
Central banks globally struggle to keep up with US Fed's rate cut timeline
IMF officials urged Asian central banks to stick to their own knitting and avoid the temptation to lash their policy decisions too closely to anticipated moves by the Fed
 "Central banks globally struggle to keep up with US Fed's rate cut timeline")
Climate change to cause $38 trn yearly damage to global economy by 2049
The paper uses data from more than 1,600 regions worldwide over the past 40 years to assess future impacts of a warmer planet on economic growth
 "Climate change to cause $38 trn yearly damage to global economy by 2049")
Treasury Secy Yellen says US working to mitigate risks to global economy
In remarks prepared for a news conference, Yellen said the U.S. labor market was remarkably healthy and inflation was down significantly from its peak, although there was more work to do
 "Treasury Secy Yellen says US working to mitigate risks to global economy")
Global interest rates chokehold on world economy set to loosen slowly
Geopolitical tension, with conflict between Israel and Iran threatening conflagration in the Middle East, is an additional risk variable
 "Global interest rates chokehold on world economy set to loosen slowly")
Goldman, Morgan Stanley raise China's 2024 growth outlook as exports rise
The world's second-largest economy has struggled to regain momentum as the property sector and consumer spending remain weak
 "Goldman, Morgan Stanley raise China's 2024 growth outlook as exports rise")
US consumer prices rise more than expected in Mar amid rises in fuel costs
The consumer price index rose 0.4% last month after advancing by the same margin in February, the Labor Department's Bureau of Labor Statistics (BLS) said on Wednesday
 "US consumer prices rise more than expected in Mar amid rises in fuel costs")
As India's GDP growth speeds up, can it drive the global economy?
With China's growth slowing, India could become the new engine of global economic growth, but it will take strategic investments, increased labour participation, and more to achieve its ambitions
 "As India's GDP growth speeds up, can it drive the global economy?")
Nonfarm payrolls in US increased by 303,000 last month, shows data
Data for February was revised slightly lower to show 270,000 jobs added instead of 275,000 as previously reported
Japan's economy recovers to full capacity, keeps rate hike prospects alive
The BOJ ended eight years of negative interest rates and other remnants of its unorthodox policy last month
 "Japan's economy recovers to full capacity, keeps rate hike prospects alive")
Pakistan economic growth seen below 3% for next 2 years, says World Bank
The economy is set to grow 1.8% in the current fiscal year ending June 30 and will expand to 2.3% in the following year and 2.7% in 2026 if there is continuous fiscal consolidation
 "Pakistan economic growth seen below 3% for next 2 years, says World Bank")
Natural disasters cause $65bn loss in APAC in 2023; 91% loss uninsured: Aon
As per the report, 398 natural disaster events occurred globally in 2023, resulting in an economic loss of $380 billion in the year.
 "Natural disasters cause $65bn loss in APAC in 2023; 91% loss uninsured: Aon")
US yields hit multi-month peaks as solid data trims rate cut bets
The benchmark 10-year yield climbed to 4.405% , its strongest level since late November. It was last up 5 basis points (bps) at 4.379%
 "US yields hit multi-month peaks as solid data trims rate cut bets")
IMF approves $8 billion loan plan for Egypt as global bailout takes shape
The executive board's assent increases the Extended Fund Facility arrangement from the $3 billion originally approved in December 2022 to $8 billion
 "IMF approves $8 billion loan plan for Egypt as global bailout takes shape")
Ultra-orthodox need to join military to help economy: Israel's central bank
In its 2023 annual report, the central bank said Israel's war against Palestinian Islamist group Hamas in Gaza that began on October 7 had highlighted the personnel needs of the military
Highlights: BJP fields ex-diplomat Taranjit Sandhu from Amritsar, singer Hans Raj Hans from Faridkot, ex-Cong MP Preneet Kaur from Patiala for LS 2024
From Amit Shah's visit to Assam to US Federal Chair Jerome Powell's statement on interest rates and keeping an eye on inflation, track all the news from around the world here
 "Highlights: BJP fields ex-diplomat Taranjit Sandhu from Amritsar, singer Hans Raj Hans from Faridkot, ex-Cong MP Preneet Kaur from Patiala for LS 2024")
Fed doesn't need to be in a hurry to cut rates, reiterates Jerome Powell
Investors are now betting the US central bank will make that first cut in June
 "Fed doesn't need to be in a hurry to cut rates, reiterates Jerome Powell")
'No-fail' mission to protect Red Sea fails as Houthi attacks continue
The Houthi campaign, which claimed its first civilian ship sunk in early March and its first fatalities not long after, is also a growing threat to the global economy
 "'No-fail' mission to protect Red Sea fails as Houthi attacks continue")