September 30, 2022

Live News Update: China Cuts Mortgage Lending Rate Amid Real Estate Crises, COVID

Live News Update: China Cuts Mortgage Lending Rate Amid Real Estate Crises, COVID

Central bankers will be packing their bags ready for a few days outdoors this week. But unlike the rest of us, their annual August vacation—to Wyoming—will not be a holiday.

The Jackson Hole Economic Symposium, which begins Thursday, will be closely watched, and with good reason. The monster of inflation has removed its shackles and is spreading all over the world.

Federal Reserve Chairman Jay Powell is the title of the symposium – and he is scheduled to speak on Friday – with the public keen to hear guidance on the course of rate setting in the US. His comments are likely to be tough Recent data On the US job market and views from the Federal Open Market Committee – The July minutes revealed some uncertainty about the strength of employment in the US, but the committee still called for a restrictive policy to set interest rates to calm price pressures.

UK inflation problems will be highlighted with the expected announcement from energy regulator Ofgem regarding new caps on gas and electricity prices. Unfortunately for the British, indications are that the pain of the domestic energy crisis is only just beginning. There was an ominous sign last week when the director of Ofgem quit in protest In the way changes in energy prices have given “a huge benefit to businesses at the expense of consumers”.

Then there is Ukraine, where it will be on Wednesday Celebrating six months Since the all-out Russian invasion, a sombre has happened on the same date as the country’s Independence Day – and just two days after Russia’s National Flag Day festivities.

The Edinburgh Festival is back on the streets of the Scottish capital this year and will celebrate a successful return with the traditional closing fireworks party on Sunday – the same day as the anniversary of Martin Luther King’s “I Have a Dream” speech. A reminder that we can build a better future.

economic data

Surveys dominate the spreadsheet this week, notably the flash PMI reports, the rush of business action and consumer confidence, giving an indication of relative economic strength around the world.

The US will also release personal income, durable goods and home sales data, while Japan will release inflation figures. On Thursday, we will get the minutes of the last meeting of the European Central Bank’s Monetary Policy Committee.

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There is a post-close topic for this week’s financial results. For some, like pandemic lovable Zoom and Delivery Hero, it will be about returning to Earth as the hybrid world of work settles down.

Others hope things will return to normal after two years of restrictions. We have a handful of airlines announce quarterly numbers.

Qantas grabbed headlines this month for hiring its own managers As baggage handlers To ease the chaos in the terminal buildings. And the flying kangaroo appears to have rediscovered some rebound, predicting a drop in net debt to around A$4 billion ($2.8 billion) by the end of the year, while generating underlying earnings growth of about A$500 million in the second half.

Read the full calendar for the next week over here.