The Federal Open Market Committee (FOMC) released a statement after its meeting on Wednesday stating that the Federal Reserve System (Fed) maintained the federal funds rate at a range of 5.25 to 5.5% per year. The FOMC members unanimously decided on a course of action that most analysts and economists had anticipated. The rate is still higher than it has been in 22 years. "According to recent...

China's manufacturing sector's Purchasing Managers' Index (PMI) dropped in October for the first time since July, crossing the line that divides activity expansion from contraction. The PMI's calculation partners, Caixin Media Co. and S&P Global, stated in a report that the index dropped from 50.6 points in September to 49.5 points. An index value less than 50 points denotes a drop in...

According to the European Union's statistical office report, which included preliminary data, the GDP of the Eurozone shrank by 0.1% in the third quarter compared to the preceding three months. The GDP of the eurozone expanded by 0.1% annualized. According to Trading Economics, experts generally anticipated that from July to September, the GDP would expand by 0.2% annually and remain constant...

The third quarter of 2023 saw the fastest annualized growth in Hong Kong's GDP since October–December 2021, reads the preliminary data presented in the report of the Statistical Office of Hong Kong. GDP growth quickened by 1.5% from the prior quarter. According to FactSet's survey of analysts, a better growth rate of 5.2% was anticipated for the third quarter. Hong Kong's GDP increased by...

One of the biggest mining conglomerates in the world, Glencore, reduced its output of copper by 5% to 736 thousand tons in the first nine months of 2023, confirming the metal's annual projection. The decrease is a result of reduced copper recovery as a by-product metal and the June 2023 sale of Australia's Cobar mine. Glencore continues to anticipate 1.04 million tons of production, with...

According to the Financial Times, a record number of Chinese businesses, many of who are IT industry participants, abandoned their ambitions to list their shares on the Shanghai platform Star in 2023. The exchange, which is governed by Chinese officials, has upped the bar for new offerings this year significantly, according to the publication’s sources. Companies must prepare hundreds-page...

China's sales of smartphones decreased by 6.3% to 67.1 million units in the third quarter of 2023, according to early estimates from International Data Corporation (IDC). IDC observes that the industry looks to have already reached its bottom and cites growing customer interest in the Huawei Mate 60 smartphone and major merchants’ focus on the fourth quarter's Bachelor's Day online shopping...

Mortgage rates increased for the seventh consecutive week In the United States, hitting a high not seen since November 2000, according to state mortgage company Freddie Mac. This week, the average interest rate on 30-year loans increased from 7.63 percent to 7.79 percent annually. A year prior, it was 7.08%. APRs for fifteen-year loans have increased from 6.92% a week ago to 7.03% a year ago....

The government of Hong Kong has launched a set of policies aimed at bolstering the real estate sector and boosting the stock market. According to MarketWatch, these actions should aid Hong Kong in continuing to be a major hub for international finance. A decrease in the tax on home purchases is one of the policies that need to assist the government in resolving the issue of a decline in real...