October 20, 2023
United States:
Economists Boost US Growth Projections, Reduce Recession Odds
Economists raised their US growth projections through early 2024 and trimmed recession odds to a one-year low as consumers continue to spend.
The economy probably expanded at an annualized 3.5% rate in the third quarter, the fastest in nearly two years, as forecasters marked up their household spending forecasts. And while growth is seen slowing in the following two quarters, economists in the latest Bloomberg monthly survey still marked up their estimates for gross domestic product.
Europe:
Europe Gas Resumes Gains on Fears of Wider Middle East Conflict
European natural gas prices resumed gains on mounting fears that the conflict in the Middle East will widen and affect global flows of the vital fuel ahead of winter.
Benchmark futures advanced as much as 6.1% on Friday, following gains in oil. While they’re headed for a marginal weekly loss after recent declines, prices are still about 35% higher since before the Oct. 7 attack on Israel by Hamas, which is deemed a terrorist organization by the US and European Union.
Asia:
China Stocks Erase All Reopening Gains as Property Woes Persist
Chinese stocks erased all the gains seen during their massive reopening rally that took off late last year, as persistent concerns about the health of the property sector help drive an unprecedented foreign outflow from the onshore market.
The CSI 300 Index fell 0.7% to end at 3,510.59 on Friday. The gauge at one point fell below its closing level on Oct. 31 last year, the day before frenzied speculation over Beijing’s abandoning of its stringent Covid curbs sparked an epic surge that lasted about three months. Investor pessimism over an uneven economic recovery and a weaker-than-expected rebound in consumption has since kept equities in a downtrend.
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