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Economic News (3rd Party)

U.S. Nonfarm Payrolls Report: Weaker July Growth Decreases Chance of Rate Hike to Below 30%
Business

U.S. Nonfarm Payrolls Report: Weaker July Growth Decreases Chance of Rate Hike to Below 30%

by Chief editor of world-today-news.com August 4, 2023
written by Chief editor of world-today-news.com

A weaker-than-expected U.S. nonfarm payrolls report in July pushed the Federal Funds futures market’s implied probability of another rate hike this year to less than 30%. 2008 Washington, D.C. (2023 REUTERS/Jason Reed/File Photo)

(Reuters) – U.S. interest rate futures are pricing in a 30% chance of another rate hike this year after July’s weaker-than-expected nonfarm payrolls growth decreased below. Before the release of the employment data, it was about 35%.

Nonfarm payrolls rose by 187,000 in July, according to the U.S. Labor Department’s July jobs report, below the 200,000 increase expected by economists polled by Reuters.

“July’s jobs report doesn’t change the Fed’s hawkish stance, but officials are optimistic about the August jobs report and the next two years,” said Kathy Vostjancic, chief economist at Nationwide. “We’ll have to wait and see the 2020 inflation data and then decide whether to keep the Fed on hold or whether more rate hikes are needed to cool labor demand and inflationary pressures.”

2023-08-04 14:17:00
#U.S #interest #rate #futures #fall #probability #rate #hike #year

August 4, 2023 0 comments
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Tesla’s China EV Sales Drop 31% in July, BYD Gains Ground
Business

Tesla’s China EV Sales Drop 31% in July, BYD Gains Ground

by Chief editor of world-today-news.com August 3, 2023
written by Chief editor of world-today-news.com

According to data released by the China Passenger Car Association (CPCA) on the 3rd, US electric vehicle (EV) giant Tesla sold 64,285 new EVs made in China in July, down 31% from the previous month. Photo taken in January 2021 (2023 REUTERS/Tingshu Wang/File Photo)

BEIJING/SHANGHAI (Reuters) – U.S. electric vehicle giant Tesla’s sales of new EVs made in China in July fell 31% from the previous month, according to data released on Monday by the China Passenger Car Association (CPCA). It was 4,285 units. It is the first time in seven months since December last year that the number has decreased. Buyers shifted to cheaper electric vehicles, and China’s BYD extended its lead over Tesla.

Tesla was 2.28 times more than the same month last year (28,217 units). In July last year, production was curtailed due to renewal work at the Shanghai factory.

BYD, which develops the Dynasty and Ocean series of EV and hybrid vehicles, sold 261,105 new passenger cars in July, up 61% year-on-year (of which 18,169 were exported).

Tesla has prioritized sales growth over profits this year, cementing its popularity in China, the world’s largest auto market. On the other hand, Chinese automakers will exceed 50% of new car sales in the first half of 2023 for the first time.

Tesla was the only foreign automaker to gain market share in China in the first half, according to Chinese industry data. The number of deliveries in the second quarter of 2011 reached a record high of 156,676 units.

By contrast, BYD outsold Tesla by 29% in EV sales in China in the first half. The low-end Dolphin has outsold Tesla’s Model 3.

The CPCA will release detailed data for July later this month.

2023-08-03 16:05:00
#Tesla #sales #Chinesemade #EVs #drop #July #industry #group

August 3, 2023 0 comments
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China Urges EU to “Clarify” Position on Strategic Partnership
World

China Urges EU to “Clarify” Position on Strategic Partnership

by Chief editor of world-today-news.com July 15, 2023
written by Chief editor of world-today-news.com

China’s top diplomat, Wang Yi, a member of the Politburo of the Communist Party of China (pictured), told EU Foreign Minister and High Representative for Foreign Affairs and Security Borrell that the EU would “clarify” its position on a strategic partnership with China. told me it was necessary. REUTERS/Ajeng Dinar Ulfiana

[北京 15日 ロイター] – China’s top foreign affairs official, Wang Yi, a member of the Politburo of the Communist Party of China, told EU Foreign Minister Borrell, High Representative for Foreign Affairs and Security, that the EU needs to “clarify” its position on a strategic partnership with China. I was told there is.

The EU and China have pledged to strengthen ties beyond trade and investment in the comprehensive strategic partnership launched in 2003. But since 2019, the EU has seen China as an “economic competitor” and a “systemic rival”, and is wary of China’s close ties with Russia, which invaded Ukraine.

Wang and Borrell met at a regional meeting in Jakarta, Indonesia, on Wednesday, China’s foreign ministry said in a statement on Wednesday. Wang told Borrell that China and the EU should strengthen communication, increase mutual trust, and further strengthen cooperation. I told him it shouldn’t have happened.

#China #asks #clear #position #strategic #partnership
2023-07-15 08:27:00

July 15, 2023 0 comments
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US Interest Rate Futures Market Price Decreases for July FOMC Rate Hike Probability
Business

US Interest Rate Futures Market Price Decreases for July FOMC Rate Hike Probability

by Chief editor of world-today-news.com June 30, 2023
written by Chief editor of world-today-news.com

On the 30th, the US interest rate futures market priced in the rate hike probability at the Federal Open Market Committee (FOMC) in July slightly decreased from about 90% to about 85%. Pictured is the US Federal Reserve Board (FRB). FILE PHOTO: March 2019. (Reuters/Leah Millis)

[30日 ロイター] – In response to the May US Personal Consumption Expenditures (PCE) price index announced on the 30th, growth slowed both from the same month of the previous year and from the previous month. The rate hike probability at the FOMC has slightly decreased from about 90% to about 85%.

The PCE price index rose 3.8% year-on-year, slowing from 4.3% in the previous month. On a month-on-month basis, it rose by 0.1%, slowing down from 0.4%. The core PCE price index, which excludes volatile food and energy, rose 4.6% year-on-year, down from 4.7% the previous month. On a month-on-month basis, it rose 0.3%, slowing down from 0.4%.

2023-06-30 14:54:00
#U.S #interest #rate #futures #drop #chance #rate #hike #July #PCE #price #index #growth #slows

June 30, 2023 0 comments
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World

Germany’s far-right AfD party gains support in polls and raises alarm among major parties

by Chief editor of world-today-news.com June 10, 2023
written by Chief editor of world-today-news.com

BERLIN (Reuters) – Germany’s far-right anti-immigration party Alternative for Germany (AfD) is gaining support in polls, raising alarm among major parties. He is on track to win elections in three eastern German states by calling for a block on immigration and criticizing green policies as costly.

Germany’s far-right anti-immigration party, the Alternative for Germany (AfD), has risen in support in a poll on June 7, prompting major political parties to raise vigilance. AfD supporters protest in Berlin October 2022. REUTERS/Christian Mang

National polls show the AfD’s approval ratings at 17% to 19%, near all-time highs, and in some polls it is in a race for second place with Chancellor Scholz’s Social Democrats. He was fifth in the 2021 election when he secured 10.3% of the vote.

This is the first time the AfD has recorded such a high approval rating since 2018, after the European migrant crisis broke out. This time, the AfD, which advocates nationalism and anti-immigration, seems to have taken advantage of the infighting within the three-party coalition government led by Chancellor Scholz.

Far-right parties are gaining ground in Europe. In France, he has become a stronger electoral opponent, and in Italy and Sweden he has joined the government as a ruling coalition.

But for Germany, with its Nazi past, the rise of the AfD is particularly sensitive. The party has sharply criticized the government for its high immigration, high inflation and costly “green transition” policies.

Germany’s intelligence agency, the Federal Office for the Protection of the Constitution, has labeled the AfD’s youth wing “extremist” and accused it of promoting “racist social notions”. The agency’s chief also accused the AfD, which opposes sanctions against Russia, of helping spread Russian propaganda about the situation in Ukraine.

Germany’s main political parties have refused to cooperate with the AfD, keeping it out of power, but critics of the AfD fear it will push mainstream German politics further to the right.

“The tone around issues such as immigration has become edgy,” said Stefan Marshall, a political scientist at the University of Düsseldorf.

The issue of immigration is gaining weight on the German political agenda. Michael Kretschmer, premier of the eastern state of Saxony, from the center-right Christian Democratic Union (CDU), said last week that the number of migrants was “too high” and called for limits on asylum intake and cuts on benefits. .

CDU leader Friedrich Merz, who has refused to draw any comparisons to the AfD, said in a statement Thursday that the CDU’s claims “have absolutely no resemblance” to those of the AfD.

Fazer, meanwhile, has accused the AfD of being partly responsible for fomenting anti-migrant sentiment and fomenting violence against refugees. The AfD denies this.

The AfD has also challenged attributing human activity to climate change and has tapped into the concerns of some voters about the costs of moving away from fossil fuels.

AfD co-leader Tino Kurpala said the policies of the Greens, a coalition partner of Scholz’s government, calling for a faster transition away from fossil fuels, would lead to “economic warfare, inflation and deindustrialization”. The number of eligible voters is increasing.

“We are the only party that will not form a coalition with a dangerous party like the Greens,” Kurpala said.

In the eastern German states of Thuringia, Saxony and Brandenburg, where parliamentary elections are held in 2024, the AfD is on the verge of becoming the top party for the first time, with 23-28% support in opinion polls.

Analysts say there is room for the AfD in the former East German region, where voter support is less solidified. Thirty years after reunification, low-income conditions in the former East German region continue, and voters believe that the main parties that have repeatedly changed governments over the years are to blame.

Despite being excluded from the coalition government, the AfD’s rise is stealing votes from other parties and should make the coalition more unstable at both the state and national levels. This is especially true in the former East German region, where the AfD has the most support.

Marc Debs, a political scientist at the University of Mannheim, said that among some voters, conservative parties in particular would prefer more, if not a formal coalition, with the AfD rather than aligning with the left. It is possible that there will be more voices calling for stronger cooperation.

Some of the AfD’s arguments are supported by voters who support major parties at the local political level. In the small town of Bautzen in the state of Saxony, CDU lawmakers last December voted in favor of an AfD proposal to cut German language courses and other assistance for rejected asylum seekers.

“The dogmatism of central politics, which equates all the AfD with the Nazis and eliminates them, is wrong,” said Matthias Grahl, head of the CDU Bautzen district committee.

Others say the AfD is just piggybacking on growing dissatisfaction with the confluence of crises. Inflation has already peaked, and energy prices, which spiked in the winter following Russia’s invasion of Ukraine, have calmed down.

Scholz’s government spokesman Wolfgang Buchner said he was confident the government would be able to erode support for the AfD.

“Prime Minister Scholz is optimistic that it won’t be long before we don’t have to worry about this if we do a good job solving Germany’s problems,” the spokesman said. .

(Translation: Eacleren)

#Angle #Germanys #farright #party #gains #ground #antiimmigration #antigreen
2023-06-09 21:50:00

June 10, 2023 0 comments
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World

Chinese President Xi Jinping Expresses Support for South Africa’s BRICS Presidency in Phone Call with President Ramaphosa

by Chief editor of world-today-news.com June 9, 2023
written by Chief editor of world-today-news.com

Chinese President Xi Jinping held a phone call with South African President Ramaphosa to express support for South Africa’s rotating presidency of the BRICS. Photographed in March (2023 REUTERS/Sputnik/Vladimir Astapkovich/Kremlin via REUTERS)

[北京 9日 ロイター] – Chinese President Xi Jinping held a phone call with South African President Ramaphosa to express support for South Africa as the rotating Presidency of the Five Emerging Countries (BRICS). China Central Television (CCTV) reported on the 9th.

BRICS consists of Brazil, Russia, India, China and South Africa. South Africa will host the BRICS summit in Johannesburg on August 22-24, but is considering legal consequences if Russian President Vladimir Putin, whose arrest warrant has been issued by the International Criminal Court (ICC), attends. .

In a telephone conversation, Xi said he supports South Africa in carrying out various activities as the BRICS presidency. He said there was no mention of Mr Putin.

#Chinese #president #talks #South #African #president #phone #expresses #support #BRICS
2023-06-09 15:51:00

June 9, 2023 0 comments
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