The World Gold Council (WGC) estimated that global central banks added 42.5 tons of gold to their foreign exchange reserves in October 2023. According to WGC analyst Krishan Gopaul, this is 23% greater than the monthly average this year but 41% less than the revised September quantities (71.6 tons). China, which announced a 23-ton rise in its gold holdings, was the biggest importer of the metal...

According to data from the United Nations World Tourism Organization (UNWTO), 975 million tourist trips were made worldwide between January and September, up 38% from the same period the previous year. By the end of 2023, international tourism will have recovered to nearly 90% of pre-pandemic 2019 levels. Global tourism numbers increased by 22% in the third quarter of 2023 compared to the same...

The European Defense Agency's (EDA) Defense Data Report 2022 states that defense spending in EU member states has climbed for eight years running. The reports are published every year, but this one includes information on defense spending across all EU members for the first time. "In 2022, European defense spending increased again by 6% year-on-year to a record €240 billion, marking the eighth...

The Fed has issued a warning about increased US inflation as a result of growing fuel costs. A potential increase in energy costs in the upcoming months may partially counteract the gains achieved in the fight against inflation in the US, according to Michelle Bowman, a member of the Federal Reserve System's Board of Governors. Speaking to the business community in Utah, Bowman cautioned,...

A team of experts at Deutsche Bank Group AG forecasts that the stock index S&P 500 will reach a record 5,100 points by the end of 2024, which is 12% above its current level. Weakening US inflation and rising corporate profits are anticipated to provide support for the US stock market. Analysts at Deutsche Bank observe that although economic growth is resilient, core inflation in the United...

India plans to quadruple the amount of coal produced in mines in the next five years, to reach 100 million tons annually, writes the Financial Times citing the spokesperson for India's Ministry of Coal Industry Amrit Lal Meena. Currently, 95% of coal in India is obtained from open pits. The government is working to build incentives to draw in international investment and encourage local equipment...

The European Central Bank stated in a financial stability report that growing loan defaults and late payments are causing "early signs of stress" on the balance sheets of Eurozone banks. The regulator anticipates that banks' profits will decline as a result of falling lending volumes and increased funding costs, so it has urged banks to make larger provisions to cover rising loan losses. "A...

Despite Beijing's attempts to rebuild trust in the world's second-largest economy, foreign investors withdrew more than 75% of their capital from China's stock market between January and July, selling shares valued at more than $25 billion, according to the Financial Times. In January, foreign investors snapped up Chinese stocks at an unprecedented rate, anticipating an economic rebound following...

According to the Financial Times, which cited four sources close to the kingdom's government, Saudi Arabia, the top oil producer among OPEC+ nations, is thinking about extending the voluntary ban on oil production until at least spring 2024. The voluntary production cap of one million barrels per day remains in place until the end of the year. It was put into place during the summer. The FT notes...