China’s National Bureau of Statistics recently released data showing that the country’s second-quarter GDP rose by 4.7% year on year, falling short of expectations set at 5.1%. Despite this, industrial production saw a year-on-year growth in June that surpassed estimates, reaching 5.3%. The growth in high-tech manufacturing value added also outperformed expectations, rising by 8.8%
Finance
Wells Fargo reported a 9% decline in net interest income during the second quarter, which fell below analysts’ expectations. This decline was primarily attributed to the impact of higher interest rates on funding costs. As a result, the San Francisco-based lender recorded $11.92 billion in net interest income, missing the $12.12 billion expected by analysts.
In a recent statement regarding JPMorgan Chase’s second-quarter results, CEO Jamie Dimon issued a stark warning about the looming threat of inflation. Despite some recent signs of easing in price pressures, Dimon highlighted the persistent inflationary forces that continue to plague the economy. He pointed to factors such as large fiscal deficits, infrastructure needs, trade
China’s import data for June fell short of expectations, with a 2.3% decrease from a year ago in U.S. dollar terms. This was in contrast to the forecast of a 2.8% growth, according to a Reuters poll. The lackluster performance in imports reflects the ongoing challenges in the global economy, as well as the impact
China is experiencing a significant shift in its transportation sector with the rise of robotaxis. As major players like GM’s Cruise and Alphabet’s Waymo have introduced driverless taxis in the US, local Chinese governments have also begun allowing domestic companies to operate robotaxi rides for the public. The introduction of fully autonomous driving taxi experiences
The world of cryptocurrency exchange-traded funds is about to see a new player: ethereum. With spot ether ETFs potentially entering the market this week pending the approval of the U.S. Securities and Exchange Commission, Bitwise Asset Management’s Chief Investment Officer, Matthew Hougan, is gearing up to seize this opportunity. According to him, the introduction of
The U.S. Federal Reserve is considering cutting interest rates before the end of the year, which could have implications for American travelers heading abroad. The relationship between interest rate policy and the strength of the U.S. dollar is crucial to understanding this impact. When U.S. interest rates rise relative to those in other countries, it
Longtime investor Bill Gross has expressed concerns about Elon Musk’s Tesla, stating that the company is exhibiting characteristics of a speculative play among retail investors. He compared Tesla to meme stocks, highlighting sagging fundamentals and a sharp increase in price action. Despite these concerns, Tesla has been on an impressive 10-day winning streak, experiencing a
China’s consumer price inflation saw a mere 0.2% rise in June compared to the previous year, falling short of expectations. According to data released by the National Bureau of Statistics, the consumer price index was anticipated to increase by 0.4% year-on-year. These figures indicate a slower than expected pace of inflation in the Chinese economy.
Political analysts at Stifel have raised concerns about President Joe Biden’s chances for reelection in the next presidential race. According to Brian Gardner, the firm’s chief Washington policy strategist, there is a 40% likelihood that Biden will not seek reelection. This perspective comes as a significant development in the political landscape, as Congress resumes its