economic
Monthly inbound cargo volume at the nation’s major container ports is expected to reach its highest level in nearly two years this summer. A recent report by NRF and Hackett Associates looked at international ports’ tracking data, on how many imports each was experiencing (named Global Port Tracker). Ports in the US covered by Global Port Tracker handled 2.02 million TEU (TEU meaning one 20-foot container or its equivalent) in April 2024, the latest month for which the numbers are available. This figure is up 4.6% from March and up 13.2% year-over-year, and was the highest number since 2.06 mi...
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Today, the U.S. Census Bureau announced the United States’ advance monthly sales figures for May 2024, for retail and food services in the nation. In anticipation of the data, the US dollar has been trading higher against most other currencies today, including the Euro, with the EUR/USD struggling and experiencing pressure near 1.074 mark, Japanese yen, where the USD/JPY moved to above 158.00 earlier. However, the US sales figures rose just 0.1% in May, disappointing the market’s expectations. Furthermore, this came after a 0.2% drop in sales for April 2024. April’s sales had previously been r...
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Today, the European Commission’s Eurostat data centre revealed the latest CPI inflation readings for inflation for the Euro area. The EU annual inflation rate rose by 0.1 percentage points in May 2024 to 2.7%, marking the first increase since December 2023. Previously, the April 2024 month-over-month for EU CPI was at 2.6%. For May 2024, the annual inflation rate was at 2.6%, up 0.2% from April 2024, with its reading of 2.4%. Exceeding expectationsForecasts from analysts for EU CPI month-over-month figures were broadly at 2.6% for May 2024. If this were to be the case, it would mean that the s...
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Taylor Swift’s record-shattering Eras Tour is supercharging consumer spending as it enters its U.K. leg, suggesting that the Bank of England (BoE) may face new challenges in its fight against inflation. As hundreds of thousands of dedicated Swifties flock to London in August to see the singing sensation during her final U.K. dates, the economic boost could be significant enough to defer a possible September interest rate cut, according to investment bank TD Securities. Bank of England’s dilemma: To cut or not to cut?The BoE is expected to soon begin lowering its bank rate from a 16-year high o...
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The European Council announced on Monday its decision to extend the sanctions imposed in response to Russia’s illegal annexation of Ukrainian Crimea and the city of Sevastopol until June 23, 2025. This move reaffirms the EU’s firm stance on the issue and aims to maintain pressure on Russia over its actions in the region. Scope of the sanctionsThe sanctions encompass a comprehensive set of restrictive measures, including: Prohibition on imports: Goods originating from Crimea and Sevastopol are banned from entering the EU market.Infrastructure and financial investments: EU entities are prohibite...
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China has launched an anti-dumping investigation into certain pork products imported from the European Union, a move widely seen as retaliation for the EU’s imposition of steep tariffs on electric vehicles (EVs) imported from China. This development marks an escalation in trade tensions between the two economic giants, as they leverage regulatory tools to protect their domestic industries. Scope of the investigationThe investigation will assess the import dumping of pork products during the period between January 1 and December 31 of last year. Additionally, the probe will evaluate industrial ...
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Less than two weeks after India’s general elections results were announced, with prime minister Narendra Modi securing a third consecutive term, the debate over Electronic Voting Machines (EVMs) has resurfaced. This time, Tesla founder Elon Musk finds himself caught in the crossfire between the ruling BJP and the opposition over the issue. The EVM debate in Indian politicsEVMs have long been a point of contention in Indian politics. Opposition leaders frequently argue that EVMs are susceptible to tampering, calling for a return to paper ballots. While the debate intensified in the run-up to th...
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China’s retail sales in May exceeded expectations, climbing 3.7% compared with a year ago, surpassing the 3% rise anticipated by a Reuters poll of economists. This increase indicates a healthy consumer demand despite broader economic challenges. The country’s National Bureau of Statistics reported that total retail sales of consumer goods reached 3.92 trillion yuan ($540.32 billion), with urban areas seeing a 3.7% year-on-year increase and rural areas experiencing a 4.1% rise. Mixed performance in other economic metricsWhile retail sales showed robust growth, other key economic indicators fell...
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In a surprising turnaround, former US President Donald Trump has embraced the very cryptocurrencies he once condemned. This shift comes as Trump seeks to gain an edge over rivals Joe Biden and Robert F. Kennedy Jr. among the technology’s devoted young fan base and its deep-pocketed executives. Hours after meeting with Bitcoin miners at his Mar-a-Lago estate in Florida, Trump took to his Truth Social platform to declare that cryptocurrency users should “vote for Trump!” because he will stand up to “Biden’s hatred of Bitcoin.” This declaration follows weeks of concerted outreach to crypto enthus...
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The prices of gold and silver rose on Friday as investors sought safe-haven assets following remarks by Russian President Vladimir Putin. In a speech at the Russian Foreign Ministry’s meeting, Putin warned that the world is “close” to the point of “no return” due to the Western powers’ “arrogance.” He also emphasized the need for a new global security system and stated that any dialogue on Ukraine must include Russia. Putin indicated that Moscow would be willing to end the conflict if Kiev withdrew its forces from the four territories Russia integrated into its territory in 2022. Gold and silv...
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