September 10, 2024
United States:
US Small-Business Optimism Declines by Most in Over Two Years
US small-business optimism declined in August by the most in more than two years as earnings tumbled and firms grew more downbeat about prospects for sales and the economy.
The National Federation of Independent Business optimism index dropped 2.5 points, the most since June 2022, to 91.2 last month. The decline erased nearly half the advance over the previous four months.
United Kingdom:
BOE’s Breeden Says Easing Bank Regulations Could Spur Growth
The Bank of England should look at relaxing financial regulations to boost economic growth, Deputy Governor Sarah Breeden said.
“Policymakers should take seriously any opportunities to increase the system’s contribution to growth if it can be done in a way that doesn’t undermine financial stability,” Breeden said in prepared remarks to be delivered in Washington on Thursday. The text was released early because the silent period before the BOE rate decision next week begins on Wednesday.
Asia:
China’s Continuing Export Surge Likely to Invite More Pushback
China’s exports in August continued to grow strongly, hitting the highest level since September 2022 on rising demand from almost all countries around the world.
Companies exported $309 billion dollars worth of goods in August, the fourth month in a row it totaled more than $300 billion. Chinese firms are having to cut prices to secure sales, with the volume of shipments rising faster than the value in recent months. Data out Monday showed that producer prices continued to fall, with prices of manufactured goods dropping 2.7% in August from a year earlier.
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