Canada’s face 7 month low
Canadian manufacturing activity reached its lowest point of the year in July, with both production and new orders declining at faster rates. The Purchasing Managers’ Index for S&P Global Canada Manufacturing dropped to 47.8, marking the lowest reading since December. The operating environment became unclear due to rising prices, geopolitical concerns, and shipping issues. Employment…
Japan increasing minimum wage to 5%
Japan’s labor ministry has decided to increase the country’s average minimum wage to 1,054 yen ($6.85) per hour this fiscal year, a 5% increase. The Bank of Japan is expected to raise interest rates once sustainable inflation and wage growth are achieved. The decision will be determined by labor and business representatives in August, with…
China support middle low economy with low interest rates
For the first time since August 2023, China has lowered both its short- and long-term interest rates, indicating that it wants to spur economic growth in the second-biggest country in the world. The reductions followed a plenum meeting by China’s senior officials and the release of weaker-than-expected second-quarter GDP figures. The nation is dealing with…
Worldwide cyber disruption affect market trader
A worldwide cyber disruption has disrupted operations, affecting traders in various sectors from London to Singapore. The Workspace news and data platform experienced an outage due to a third-party technical issue. Oil majors Shell, BP, and trading firm Vitol also experienced issues. German banks are also experiencing problems. Capitec Bank in South Africa has fully…
The big four PwC will cut 50% its financial services in China
PricewaterhouseCoopers (PwC) is considering cutting up to half of its financial services auditing workforce in China as a regulatory probe and customer departure sour the company’s outlook. The action comes after PwC was investigated by Chinese regulators for its work as the auditor of the financially distressed China Evergrande Group, which opened new tabs, causing…
US CPI move some interest rate markets
The most recent US consumer price report is anticipated to be a game-changer, but global markets don’t appear to be concerned by the buoyancy of US and global equities at all-time highs and the quiet Treasury and interest rate markets. On Wednesday, the SP500 gained 1%, breaking beyond 5,600 for the first time, and Taiwan’s…
Pound stand firm after vote result
The pound reached a three-week high against the euro following the French election, which could lead to a hung parliament and political impasse in the euro zone. UK Finance Minister Rachel Reeves is expected to make difficult decisions to boost economic growth. The pound has gained 0.5% against the euro since Labour’s victory, dropping to…
The BoC will lower rates by 25basis
Canada’s unemployment rate reached a 29-month high of 6.4%, indicating job losses as the labor market struggles to accommodate a rapidly growing population. The Bank of Canada (BoC) is expected to cut rates this month to around 56%, raising bets that the country may be flirting with recession. The unemployment rate has risen by 1.4…