Harare skyline, including the Reserve Bank of Zimbabwe tower in the centre Zimbabwe’s central bank lowered its policy rate by 20 percentage points, to 130%, on October 23. This is the first change to the policy rate since June, when Zimbabwe devalued its currency and raised its rate 1,000 basis points. According to official statistics, … Read more
The rout in US stocks has brought the S&P 500 Index to a crucial inflection point. It’s teetering near a correction after breaching 4,200 for the first time since May — a key technical level that may point to a longer-term selloff. If the selling continues and the benchmark gauge for American equities stays below … Read more
Updated Oct. 26, 2023 5:00 pm ET U.S. economic growth surged this summer at the fastest pace since 2021, as consumers spent at a blockbuster rate that will be difficult to sustain. Gross domestic product expanded at a 4.9% seasonally- and inflation-adjusted annual rate in the third quarter—more than double the second quarter pace—the Commerce Department reported … Read more
The US economy grew at the fastest pace in nearly two years last quarter on a burst of consumer spending, which will be tested in coming months. Gross domestic product accelerated to a 4.9% annualized rate, more than double the second-quarter pace, according to the government’s preliminary estimate Thursday. The economy’s main growth engine — … Read more
Good morning from Sydney. It’s Ed here with the news you need to start your day. Today’s must-reads:• Albanese boosts critical minerals financing• RBA won’t hesitate to hike again• Power market volatility worries BHP Prime Minister Anthony Albanese announced a A$2 billion expansion in critical minerals financing in a potential boost for clean energy and … Read more
There’s a good reason why investors are amazed that something hasn’t broken in the economy yet: The last time US government bond yields climbed so far, so fast, the nation plunged into back-to-back recessions. The 10-year Treasury yield — a key baseline for the cost of money across the financial system — has jumped more … Read more
Welcome to the Bloomberg Surveillance newsletter, a daily look at the best interviews and insights from Bloomberg Television and Radio’s flagship morning show co-hosted by Tom Keene, Jonathan Ferro and me. Sign up here if you’re not yet a newsletter subscriber. I’m sure that when you get this newsletter, you think, Lemme guess. Another screed … Read more
Stock Market Today: Dow, S&P Live Updates for October 24 Bloomberg Source link
T. Rowe Price Group Inc. is reeling from a $127 billion exodus over just two years. At Franklin Resources Inc., the latest member of a billionaire family to run the firm is trying to reverse a nearly uninterrupted 20-quarter losing streak. Across the Atlantic, the chief of Abrdn Plc has reached a blunt conclusion: merely … Read more
Economic growth in China exceeded forecast, helped by stronger retail sales at the end of the third quarter and bolstered by government stimulus efforts. Household demand was also robust in the US and likely contributed to the strongest pace of economic growth in nearly two years. Meanwhile, persistent industrial woes are projected to leave the … Read more