$52 billion in funding for chip production was approved by the US Congress. According to Bloomberg, a condition of the federal grant program for increasing chip manufacture in the United States is that companies seeking the funding agree not to grow their production of sophisticated chips in China. Leading chipmakers like Intel Corp. and Taiwan Semiconductor Manufacturing Co. (TSMC), who have...

According to the U.S. Institute for Supply Management, the U.S. manufacturing index (ISM Manufacturing) dropped from 53 percent in June to 52.8% in July. DailyFX's poll of analysts shows that the indicator was expected to fall to 52%. The report stated that the indicator fell to its lowest level since June 2020. The nation's manufacturing employment index increased from June's level of 47.3...

The next step in Europe's effort to establish a global standard for ESG investing has been put off indefinitely due to politicians' reluctance to devote resources to it, reports Bloomberg. According to Bloomberg, which cited people familiar with the situation, the growth of the social criterion in the ESG strategy in Europe will be put off indefinitely. Environmental sustainability, strong social...

Foreign investors have withdrawn a record amount of money from developing markets amid rising chances of a global crisis. Experts believe that money leaving these economies could make the financial situation there worse. According to the Financial Times, which cited the Institute of International Finance, foreign investors sold $ 38 billion worth of shares and bonds in emerging nations over the...

Peabody Energy and Arch Resources, two significant U.S. coal miners, have consistently showed record earnings. Peabody's revenue increased 83 percent to $1.32 billion for the quarter, the company's biggest since 2018. Peabody is the market leader in coal production in the United States. Additionally, the company's profit increased to $410.6 million from a loss of $120.6 million in the previous...

According to research firm GfK, consumer confidence in the economy in Germany decreased to minus 30.6 points in August from a revised July result of minus 27.7 points. Analysts surveyed by DailyFX expected a value of minus 28.9 points. The July reading was changed from minus 27.4 points to minus 27.7 points. Additionally, "consumer readiness to buy" dipped to minus 14.5 points from minus 13.7...

In order to assist Japan's fragile economy, Bank of Japan governors concurred at a meeting in June that the regulator should maintain exceptionally low interest rates, according to Reuters. Low rates should also guarantee that rising wages will be matched by escalating inflation. This was noted in the minutes of the June meeting of the Bank of Japan, which were released on Tuesday. Some of the...

Rystad Energy analysts claim that unusual temperatures in numerous European nations are driving electricity costs to new all-time highs. According to industry analyst Fabian Rønningen, "a perfect storm of soaring gas costs due by supply concerns from Russia, high coal prices, poor wind speeds, and sweltering temperatures is pushing European spot power rates to record highs." He specifically...

In response to the financial crisis and in anticipation of bleak economic prospects, investors are exiting riskier assets, according to the Bank of America’s study. According to Bloomberg, who cites the Bank of America (BofA) study, investors are choosing to give up risky assets in light of the global crisis, U.S. inflation, and recession risk. The survey was attended by 259 responders, with a...