Daily Management Review
Economics

Major Banks Downgrade China's 2023 GDP Predictions As The Recovery Stalls

After May statistics revealed that the post-COVID recovery in the second-largest economy in the world was faltering, several major banks lowered their 2023 gross domestic product (GDP) growth projections for China.   Nomura, a Japanese bank, announced in a note on Friday that it has lowered...

ECB raises interest rate to 4%

At its meeting on June 15, the Governing Council of the European Central Bank increased the base rate by 25 basis points to 4%. A 3.5% deposit rate was implemented, and 4.25% - on short-term borrowing. These rates will become effective on June 21. The decision to increase the rate is justified by...

Bloomberg: EU plans to exclude five Chinese companies from sanctions against Russia

The European Union plans to strike five Chinese firms out of the 11th set of sanctions against Russia. According to Bloomberg, which cited sources familiar with the situation, the European Union intends to drop measures to impose restrictions on five Chinese companies that it suspects of providing...

New Zealand Enters A Recession, Rate Increases Become Uncertain

According to figures released on Thursday, New Zealand entered a recession as a result of the first quarter's economic contraction. This decreased the likelihood that the central bank would need to raise interest rates further, but it also added a new challenge for the government's bid for...

Morgan Stanley Says Asia's Growth Will Soon Surpass That Of The United States And Europe As Inflation There Has Peaked

By the end of the year, Morgan Stanley predicted that Asia's growth will surpass that of the United States and Europe since the area had mostly avoided interest rate shocks.   “By the fourth quarter of this year, we think Asia’s growth will be outperforming U.S. and Europe by about 450 basis...

China Will Experience The Greatest Outflow Of Millionaires This Year, Study Report Shows

According to new data, China, which has the second-largest economy and population in the world, will once again have the greatest migration of billionaires this year.   China is predicted to lose the most billionaires this year owing to migration, more than any other nation, according to a...

Australian Companies And Consumers Could Experience A Severe Downturn Soon

Tuesday's Australian business and consumer surveys indicated that the economy was in trouble, with a decline in company activity accelerating and spending confidence remaining close to recessionary levels, all with predictions of upcoming rate hikes.   A carefully monitored poll by the...

Under A Proposed Bill, E-Commerce Exports From China To The US Would No Longer Be Protected From Tariffs

According to one of the sponsors, a bipartisan group of US congressmen intended to present a bill on Wednesday to terminate a tariff exemption that is frequently used by online retailers to ship purchases from China to American customers.   The de minimis rule exception exempts imports with...

Spending In Australia Hit By Rate Hikes Pushing The Economy Into A ‘Retail Recession’

According to a report by Deloitte Access Economics, Australia is going through a "retail recession" as rising interest rates and inflation reduce customers' purchasing power. Once inflation is taken into account, retail turnover fell 0.6% in the March quarter, which is twice as fast as the decline...

Sharp Increase In China's Factory Gate Deflation In May As Demand Falls

May saw a faster-than-expected decline in factory gate prices in China, as weakening demand put a strain on manufacturing and the shaky economic recovery.   China, in contrast, is experiencing a significant decrease in prices with companies receiving less for their products as demand is...
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