After economists at Barclays PLC looked over their outlook for central bank rates and growth across major economies, their latest forecast is that the Federal Reserve (Fed) may go ahead with three further quarter-point cuts this year.
U.K. Prime Minister Boris Johnson announced to the European Union that he is keen to look into different ways to "prevent a hard border on the island of Ireland", according to Bloomberg.
On Saturday, a drone attack on Saudi Arabia by Yemen's Houthi rebels caused a fire to erupt in a Saudi oil and gas field. This morning we are seeing the results of this attack on crude oil prices, which have seen a rise.
According to Euronews "brent crude <LCOc1> was up 45 cents, or 0.8 percent, at $59.09 a barrel at 0035 GMT, and U.S crude <CLc1> was up 39 cents, or 0.7 percent, at $55.26 a barrel."
The National Bureau of Statistics (NBS) of China released the Consumer Price Index (CPI) for July this morning, showing that the index is up 2.8 percent - the highest reading since February last year.
The index, which is a key indicator to measure inflation and changes in purchasing trends, showed that food prices grew 9.1 percent year on year last month, which was an increase from 8.3 percent in June.
As the trade war rages on between the two strongest economies in the world, China and the U.S, China's strategy is to continue to weaken its currency.
The Reserve Bank of New Zeeland's (RBZN) Monetary Policy Committee announced today that the Official Cash Rate will be reduced to 1.0 percent. This decision was made because the committee believes it is a necessity for future employment and inflation objectives to be met.
In a meeting today, the Reserve Bank of Australia (RBA) Board decided to leave the cash rate stable at 1.00 percent.
In a statement announcing the fact, Philip Lowe, the Governor of RBA stated that "the increased uncertainty generated by the trade and technology disputes is affecting investment and means that the risks to the global economy remain tilted to the downside."
The big news at the end of last week was that U.S President Donald Trump announced that he would impose a ten percent tariff on a further $300 billion in Chinese imports. China has now hit back by allowing the Yuan to fall to the weakest level in more than a decade this morning and asking state-owned companies to suspend imports of U.S agricultural products, according to Bloomberg.
U.S President Donald Trump surprised the world economy as a whole yesterday as he announced that he would impose a ten percent tariff on a further $300 billion in Chinese imports. This could only be the beginning as the new import taxes could go "well beyond 25 percent" Trump said.
Yesterday Federal Reserve (Fed) Chairman Jerome Powell announced that the central bank will lower interest rates for the first time since the 2008 recession. This measure will be put in place to prevent the possibility of an economic slump, according to Powell but it is not the start of a lengthy easing cycle.
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