It was chaos in forex markets today, particularly for two currencies: the Chinese yuan and the Turkish lira. First, the yuan fell to a 2023 low after China’s exports cratered 7.5 percent year-over-year. Economists had expected a drop of 1.8 percent. Imports also tanked by 4.5 percent from the same time a year ago, which […]
Money
Global economy to slow to 2.1% in 2023; U.S. projected to grow just 1.1% this year
The global economy is slowing down. According to the World Bank’s new Global Economic Prospects report, global economic growth is projected to slow to 2.1 percent in 2023, down from 3.1 percent in 2022. For advanced economies, GDP growth is expected to clock in at 0.7 percent this year, down from 2.6 percent last year. […]
Jamie Dimon has ‘no plans’ to run for U.S. president in 2024
After a week or two of speculation, it is being reported that JPMorgan Chase CEO Jamie Dimon is not running for president. From Bloomberg: Jamie Dimon, the longtime JPMorgan Chase & Co. chief, is not planning on running for office, according to a company spokesperson. “As he has said in the past, Jamie has no […]
U.S. core factory orders tumble for third straight month
The factory orders were not great in April. This is not necessarily surprising, considering the plethora of weak manufacturing PMI reports in the last few months. According to the Census Bureau, headline factory orders rose 0.4 percent in April, down from the downwardly revised 0.6 percent gain in March. The market estimate suggested a 0.8 […]
Stagnation: U.S. services sector cooling off, new ISM data show
Is the U.S. services sector beginning to cool off? After being red hot, the latest data suggest that the services industry is showing signs of slowing down, with business activity, new orders, and employment sliding. Prices are also coming down. The Institute for Supply Management’s Services Purchasing Managers’ Index — a general trend of where […]