Australia’s government, gearing up to unveil the federal budget, has expressed optimism regarding inflation, stating that it could moderate to the central bank’s 2%-3% target range by the year’s end. This forecast suggests a more rapid easing compared to previous expectations outlined in December. The Labor government has also revised its economic growth projections downward.
Economy
As investors eagerly await the release of CPI numbers on 13 May 2024, speculations are rife about how this data could potentially impact market sentiments in the upcoming week. The projected retail inflation rate in India for April 2024 is expected to hover around 4.8%, following a slight dip in March due to lower gasoline
Australian Treasurer Jim Chalmers highlighted his expectations for the upcoming federal budget, emphasizing its potential to alleviate the country’s persistently high inflation rates. According to Chalmers, the budget is anticipated to exert downward pressure on inflation rather than exacerbating the existing challenges faced by many Australians in managing cost-of-living expenses. The Reserve Bank of Australia
In the wake of the collapse of the Francis Scott Key Bridge in Baltimore, body camera footage has captured the stunned reactions of first responders. The footage obtained by local media highlights the disbelief and shock experienced by officers from the Maryland Natural Resources Police as they arrived at the site where the bridge had
Billionaire investor Kenneth Griffin, in a recent interview with the Financial Times, highlighted the importance of embracing Western values in education. According to Griffin, Harvard University, his alma mater, should prioritize standing for meritocracy in America. He expressed concerns that the U.S. education system has veered off course in the pursuit of truth and knowledge,
Senator Elizabeth Warren has taken a stand by calling on the Treasury Department to address racial discrimination within the U.S. tax and banking systems. This comes after the advisory board, the Treasury Advisory Committee on Racial Equity (TACRE), proposed reforms in December of 2022. In a letter dated May 9th, Warren expressed her concern that
Gold prices have surged, with spot gold gaining 0.2% and reaching $2,350.87 per ounce. This marks the best week for gold since April 5, with a 2.2% increase so far. U.S. gold futures also rose by 0.7% to $2,356.90. Recent economic data has fueled speculation of an interest rate cut from the Federal Reserve. The
Oversea-Chinese Banking Corp (OCBC), Singapore’s second-largest bank, announced a 5% rise in first-quarter profit, surpassing expectations. Additionally, the bank made a S$1.4 billion ($1.04 billion) offer to acquire its insurer arm, Great Eastern. As Great Eastern’s largest shareholder, OCBC offered a 37% premium over the insurer’s last traded shares price to purchase the 11.56% stake
As Panama faces an unprecedented drought that has affected the capacity of the Panama Canal, President-elect Jose Raul Mulino plans to push for the approval of a law that would allow the canal to build large water reservoirs. These reservoirs are crucial to ensuring the sustainability of the waterway, which is vital for global trade.
China’s export sector showed signs of improvement in April, with shipments growing by 1.5% year-on-year after a contraction in March. This growth, in line with economist forecasts, suggests a potential increase in overseas demand that could benefit the Chinese economy. In addition to export growth, imports for April also saw a significant increase of 8.4%,
On Wednesday, Asian stocks struggled to find a clear direction, with some markets seeing declines while others experienced gains. The dollar remained strong despite lower U.S. Treasury yields, leading to a mixed sentiment among traders. The Asian markets were trying to analyze the signals coming from U.S. policymakers and economic data in order to predict
Asian shares reached 15-month highs on Tuesday, driven by renewed confidence in impending U.S. interest rate cuts. MSCI’s broadest index of Asia-Pacific shares outside Japan rose by 0.3% in early trade. Japan’s Nikkei also saw gains of 1.3%, while Hong Kong shares experienced marginal losses. The recent optimism has been fueled by last week’s softer-than-expected