October 25, 2022
United States:
Inflation’s Toll Starts to Drag on Consumers Powering US Economy
There are early signs that US consumers, who have been largely resilient in the face of relentless inflation, are beginning to balk at high prices.
From Whirlpool Corp. to Procter & Gamble Co., companies are noting that shoppers are feeling the pinch, and in some cases buying less, a trend economists dub demand destruction. That may be a worrisome signal that consumer spending — the powerhouse of the US economy — is losing steam.
Europe:
Europe’s Inflation Squeeze to Linger Even as Gas Prices Drop
European gas prices are plunging from the peaks reached over the summer, but businesses and households will have to wait for relief from the squeeze from soaring inflation.
Benchmark futures dropped below €100 ($99) per megawatt-hour this week for the first time since June, due to better-than-expected progress in filling storage facilities and mild weather. They extended losses Tuesday, dropping as much as 6.8% to €92.40, down from as high as €342 in late August.
Asia:
‘Frustrated and Angry,’ Global Funds Worry About Xi’s New China
Xi Jinping’s tightening grip on power is testing the resolve of even the most committed investors in China.
Those departing wiped out a staggering $447 billion the day after Xi broke China’s collective leadership, driving fears over the nation’s future growth model to a fever pitch. International money managers are “frustrated and angry,” according to Bank of America.
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