October 25, 2023
United States:
Strongest US Economic Growth Since 2021 Puts Fed in Tough Spot
The US economy likely expanded in the third quarter at the fastest clip in nearly two years, a surprising acceleration primarily powered by a consumer reaping the benefits of resilient job growth, rising wealth and easing inflation.
Gross domestic product is projected to have grown at an annual rate of 4.5% last quarter, more than double the pace in the prior period, according to a Bloomberg survey of economists ahead of the release of government data on Thursday. That would be the fastest pace since the end of 2021, when the economy was shaking off the effects of the pandemic.
Europe:
German Business Outlook Improves, Feeding Rebound Hopes
Germany’s business outlook improved slightly, supporting expectations for Europe’s largest economy to rebound modestly — even as it faces a possible second recession in just over a year.
An expectations index by the Ifo institute rose to 84.7 in October, up from a revised 83.1 the previous month. That beat the median estimate in a Bloomberg survey for an increase to 83.5. A measure of current conditions unexpectedly advanced.
Asia:
Hong Kong’s Tax Cuts Seen as ‘Band-Aid Solution’ for Home Market
Hong Kong’s property tax cuts are unlikely to reverse the city’s worst real estate slump in two decades.
That’s the view of analysts at firms including Jones Lang LaSalle Inc. and MIB Securities Hong Kong Ltd. after Chief Executive John Lee unveiled the first easing of the levies since they were introduced about a decade ago.
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