January 25, 2024
United States:
US GDP Grew 3.3% Last Quarter, Capping Unexpectedly Strong Year
The US economy’s fourth-quarter growth trounced forecasts as cooling inflation fueled consumer spending, capping a surprisingly strong year that defied recession calls.
Gross domestic product increased at a 3.3% annualized rate, according to the government’s preliminary estimate out Thursday. For all of 2023, the economy expanded 2.5%.
Europe:
ECB to Hold Interest Rates as Lagarde Beats Back Cut Bets
The European Central Bank is set to keep borrowing costs on hold for a third meeting while stepping up efforts to convince investors that interest-rate cuts aren’t imminent.
The deposit rate will be left at 4%, according to all economists polled by Bloomberg. How long it stays there, though, is an ever-hotter topic, with President Christine Lagarde joining many of her colleagues in signaling a summer reduction is “likely.”
Asia:
China’s $6 Trillion Stock Wipeout Exposes Deeper Problems for Xi
China’s $6 trillion stock market rout reveals a painful truth for President Xi Jinping’s government: People are hopelessly gloomy about the outlook for the world’s second-largest economy, and their pessimism is becoming increasingly hard to ignore.
This month’s heavy selloff in China’s benchmark CSI 300 Index brings its plunge to a brutal 40% over the past three years, deepening anguish in a market dominated by mom-and-pop investors. A government rescue package under consideration backed by about 2 trillion yuan ($280 billion), first reported by Bloomberg News, and a sudden bank reserve ratio cut show that authorities are growing anxious to stem the rout.
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