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...

Analysts and market players forecast that the European Central Bank will halt the most aggressive cycle of significant interest rate hikes in its history and won't alter them by the end of the meeting on Thursday, The Financial Times writes. The regulator increased all three of the key rates by 25 basis points in September, for the eighth time in a row. As of right now, the base rate on loans is...

Japanese carmaker Mitsubishi Motors intends to transfer a portion of its Chinese joint venture to Guangzhou Automobile Group, a local partner. According to a press announcement from the company, the transaction will result in a one-time write-down of 24.3 billion yen ($162.3 million) this year. Guangzhou Automobile plans to manufacture electric cars under the Aion brand using the infrastructure...

Bitcoin’s exchange rate hit its highest point in 1.5 years at the start of the week. Subsequently, the value of stocks held by cryptocurrency-related enterprises is increasing. The price of Bitcoin surpassed $34,000 on October 24, for the first time since May 2022. The day prior, the rate crossed the $30,000 threshold for the first time since August. According to Reuters, the cryptocurrency's...

According to research firm Gartner, global investment in information technology (IT) will reach over $5.1 trillion in 2024, an increase of 8%. The analysts project a 3.5% growth in IT spending to $4.69 trillion in 2023. According to Gartner's July prediction, growth would reach $4.71 trillion in 2023 and $5.13 trillion in 2024. Global IT spending increased by 2.9% to $4.53 trillion by the end...

The World Steel Association's (WSA) 2023 global steel demand prediction has been lowered. The organization projects that in 2023, the world's steel consumption would rise by 1.8% to 1,814.5 million tons. The group predicted in April that this year's consumption would increase by 2.3% to 1.822 billion tons. Compared to a 1.7% increase predicted in the spring, the WSA now projects a 1.9% growth...

The People's Bank of China (PBOC), the nation's central bank, pumped 789 billion yuan ($108 billion) into the financial system as part of a medium-term lending facility (MLF) program. According to the PBOC statement, the interest rate on one-year loans made under the MLF stayed at 2.5 percent. When the Central Bank last adjusted it in August, the difference was 15 basis points (bps). October...