October 26, 2023
United States:
US Economy Grew at a 4.9% Pace Last Quarter, Fastest Since 2021
The US economy grew at the fastest pace in nearly two years last quarter on a burst of consumer spending, which will be tested in coming months.
Gross domestic product accelerated to a 4.9% annualized rate, more than double the second-quarter pace, according to the government’s preliminary estimate Thursday. The economy’s main growth engine — personal spending — jumped 4%, also the most since 2021.
Europe:
ECB Presses Pause After Barrage of Hikes to Tame Inflation
The European Central Bank left interest rates unchanged for the first time in more than a year as it gauges whether an unprecedented series of hikes will succeed in subduing inflation.
Following last month’s knife-edge decision to lift the deposit rate to a record 4%, policymakers kept it there on Thursday — matching the predictions of all economists surveyed by Bloomberg.
Asia:
China Woes Hit Global Banks as StanChart Shares Slump on Results
Standard Chartered Plc is setting aside more cash to cover China-related losses, underscoring how a property crash and slowing growth in the world’s second-largest economy is hitting international banks. Shares tumbled.
The British lender said Thursday that it took a $186 million charge on Chinese real estate and an impairment of $700 million on China Bohai Bank, in which it has a 16% stake. Separately, Nomura Holdings Inc. is overhauling its China business after losses there snowballed, Bloomberg News reported Thursday.
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