A woman walks past a branch of Credit Suisse in New York. Agence France-Presse
Global stocks rose on Friday after a top Federal Reserve official cemented expectations of a US interest rate cut later this month, fuelling appetite for riskier assets and keeping a cap on the dollar.
For the first time since the Great Recession a decade ago, the US Federal Reserve is poised to cut interest rates, shoring up America’s defenses as the global economy weakens.
US underlying consumer prices increased solidly in August, leading to the largest annual gain in a year, but rising inflation is unlikely to deter the Federal Reserve from cutting interest rates again next week to support a slowing economy.
Who said it? “A small rate cut is not enough, but we will win anyway!” The answer, technically, is President Donald Trump, who again this week fumed about the European Union and China on Twitter while lamenting that the Federal Reserve raised interest rates “way too early and way too much.” But it just as well
The US economy grew at a record pace in the third quarter as the government injected more than $3 trillion worth of pandemic relief which fueled consumer spending, but the deep scars from the COVID-19 recession could take a year or more to heal.
Aircraft manufacturers are hit by the devastating impact of the coronavirus pandemic on the aviation industry. The number of global commercial aircraft orders was zero during the month of September.
Peugeot manufacturer PSA Group returned to revenue growth in its core autos division in the third quarter, recovering from a slump during coronavirus lockdowns, though the prospect of new restrictions hit French shares.
The Bank of Japan (BOJ) trimmed its economic growth and inflation forecasts for the current fiscal year (2020-21) on Thursday but offered a more upbeat view on the recovery outlook, signalling that it has delivered enough stimulus for the time being.