The Bank of Mexico raised the benchmark interest rate by one-quarter percent to 4.75 percent in a 4:1 split vote on Thursday over short-term inflation concerns. The central bank of the second-largest Latin American economy, also known as Banxico, revised upward the inflation in the latest inflation forecasts because of “global inflationary pressures and bottlenecks…
Mexico’s Central Bank Raises Interest Rate to 4.75 Percent Over Inflation Concern
US Construction Spending Flat in August
WASHINGTON—U.S. construction spending was unexpectedly flat in August as an increase in public sector projects was offset by weakness in the private sector. The Commerce Department said on Friday that the unchanged reading in construction spending followed a 0.3 percent gain in July. Construction spending increased 8.9 percent on a year-on-year basis in August. Economists…
Fed’s Preferred Inflation Gauge Shows Prices Continued Skyward Vault in August
Inflation ran red hot in August, according to the Commerce Department, with the headline Personal Consumption Expenditures (PCE) index surging 4.3 percent over the year to a level not seen since 1991. Meanwhile, the core PCE inflation index, which excludes the volatile categories of food and energy and is the Federal Reserve’s preferred inflation gauge,…
US Manufacturing Expands Further in September; Shortages, Prices Rising: ISM
WASHINGTON—U.S. manufacturing activity picked up further in September, but factories experienced longer delays getting raw materials delivered and paid higher prices for inputs. The Institute for Supply Management (ISM) said on Friday its index of national factory activity increased to a reading of 61.1 last month from 59.9 in August. A reading above 50 indicates…
US Default Would Cause ‘Irreparable’ Harm, Yellen Warns Again
October 1, 2021
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Business & EconomydefaultEconomieseconomyExecutive BranchHarmIrreparableJanet YellenPoliticsUSUS News
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Treasury Secretary Janet Yellen on Thursday agreed that any default on U.S. debt would cause irreparable harm as well as an ensuing financial crisis and recession. Yellen, asked by a member of the House Financial Services Committee if the damage done by failure to meet the federal government’s debt obligations would be “irreparable,” answered: “Yes.”…
BOJ Debated Risks From Supply Constraints, China Slowdown: September Summary
October 1, 2021
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Asia & PacificbojBusiness & EconomyChinaChina Business & EconomyCompaniesConstraintsEconomiesslowdownsupplyWorld
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TOKYO—Bank of Japan (BOJ) policymakers in September saw rising risks to the economy from slowing Chinese growth, semiconductor shortages and Southeast Asian factory shutdowns, a summary of opinion expressed at their monthly rate review showed on Friday. Such heightening external risks could affect the BOJ’s fresh quarterly growth projections, due at its next policy-setting meeting…
Russia Needs to Raise Rates Further as Inflation at Highest Since 2016: Poll of Analysts
MOSCOW—Russia will need to raise interest rates further to combat stubbornly high inflation that overshot forecasts and shows little signs of slowing, a Reuters poll showed on Thursday. Russia’s export-focused economy has already recovered to pre-pandemic levels and is on track to grow further. But the recovery, together with global inflation and a weak rouble,…
GM, Ford Extend Some Production Cuts Due to Chip Shortage
October 1, 2021
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Business & EconomychipCompaniesEconomieseconomyFordGMLocal NewsMichiganRegional-Local NewsshortageUSUS News
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WASHINGTON—General Motors Co. and Ford Motor Co. said Thursday they will cut additional production because of the nagging semiconductor shortage that has hit global auto production. GM, the largest U.S. automaker, said it will extend by two weeks a halt to Chevrolet Blazer sport utility vehicle production at its Ramos plant in Mexico because of…
Australia to Eclipse 14-year M&A Record, Powered by Infrastructure, Resources Deals
October 1, 2021
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Asia & PacificAustraliaBHP GroupBusiness & EconomyCompaniesEconomiesmergers and acquisitionsUBSWorld
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HONG KONG—Australia is set for its best year ever in Mergers and Acquisitions (M&A) activity despite extended pandemic-induced lockdowns in its most populous states as cash-rich corporates and funds scoop up assets, with bankers seeing no sign of the momentum slowing. Deals involving Australian companies totalled $329.2 billion in the first nine months of 2021,…
China’s Factory Activity Hits the Lowest Level in 19 Months Amid Power Crisis
October 1, 2021
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Business & EconomyChinaChina Business & EconomyEconomiesnational bureau of statisticspowerproduction
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China’s factory activity shrunk in September for the first time since February 2020, following sweeping curbs on electricity usage, according to China’s National Bureau of Statistics (NBS). Data show the official manufacturing Purchasing Manager’s Index (PMI) in September was at 49.6, down from 50.1 in August. The economic indicator fell below score 50 for the…
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