Economy News

Federal Reserve chair Jerome Powell testified in Capitol Hill yesterday as part of his twice-yearly report on the state of the economy.

Known as the “Oracle of Omaha,” Warren Buffett leads Berkshire Hathaway with a philosophy rooted in compound investing.

As the US economy awaits the Federal Reserve’s next interest rate decisions, historical trends hint that these policies could indicate the timing of an upcoming recession.

One of the most important data points that will shape future Federal Reserve interest rate policy was just released – the CPI.

For over 128 years, the Dow Jones Industrial Average has been Wall Street’s premier health barometer.

BRICS and other developing countries are ramping up their gold purchases while decreasing US dollar holdings, reports the World Gold Council.

Recent Treasury Department data reveals a rise from $33.990 trillion on January 2nd to $34.866 trillion by July 2nd, marking a staggering $876 billion surge in just six months.

S&P 500 is continuing its surge, riding the wave of the AI boom. However, not all AI stocks are good buy at this moment. Here are two of them, which you should potentially reconsider.

China is witnessing a surge in bank failures, driven by a declining property market and poor risk management.

Oil prices held steady on Monday as traders monitored hurricane Beryl’s potential impact on Gulf of Mexico production and noted robust summer demand signals.

In a recent move, Coinbase CEO Brian Armstrong has sold nearly $5 million worth of COIN shares, potentially influencing the stock’s decline.

Nvidia, renowned for its AI chips, saw its market capitalization exceed $3 trillion in the second quarter, reflecting the robust confidence Wall Street places in artificial intelligence.

In 2024, Russia’s economy shows robust growth, surpassing expectations with a 5% GDP increase in the first five months.

Stocks rallied broadly on Friday, with significant gains seen across the Dow, S&P, and Nasdaq indexes.

Cathie Wood’s Ark Invest sold 2,046 Coinbase shares worth about $450,000 before the exchange’s Q2 earnings report.

U.S. Treasury Secretary Janet Yellen has attributed the potential decline of the U.S. dollar to the country’s frequent use of sanctions in foreign policy.

JPMorgan Chase and Wells Fargo are grappling with significant credit card debt issues. JPMorgan has over $500 million in bad mortgage debt despite making a $13.1 billion profit.

Bloomberg analyst Mike McGlone anticipates significant developments at the Federal Reserve, foreseeing potential interest rate cuts in response to recent shifts in US equities.

Nvidia, a leading semiconductor company, is showing signs of a significant downturn according to recent technical analysis.

Federal Reserve chair Jerome Powell is currently giving his most anticipated interview at the Economic Club in Washington with David Rubenstein.

Newly elected European governments face tough financial situations, tasked with implementing change despite limited resources.

Fed Chair Jerome Powell recently commented on the US national debt in a live interview with David Rubenstein, Co-Chairman of Carlyle Group.

Alphabet Inc., Google’s parent company, is reportedly nearing its biggest acquisition yet, according to the Wall Street Journal.

Jerome Powell started his recent interview with David Rubenstein by saying he won’t give any hints on potential rate cuts or hikes.

The United States is experiencing significant geopolitical turmoil and struggling with inflationary pressures. Escalating interest rates have led to an unsustainable economic model, exacerbated by de-dollarization efforts within the BRICS countries, which have resulted in a marked depreciation of the US dollar over the past four years.

Fundstrat’s Tom Lee has made a bold forecast for the S&P 500, projecting it to nearly triple to 15,000 by the end of the decade.

A financial expert predicts a major announcement that could have a huge impact on the US dollar. In fact, the BRICS alliance is expected to accelerate its de-dollarization efforts at the upcoming event.

The latest data from the Federal Deposit Insurance Corporation (FDIC) shows a worrying trend in the US banking sector, as unrealized losses continue to rise, reaching over $500 billion.

James Hickman, founder of Sovereign Man, said that gold could soon displace the US dollar, citing developing countries and the BRICS that consider holding the US dollar in reserves risky.

Oil prices fell for a third straight day on concerns of weak demand from China. In addition, a stronger dollar and tepid capital market sentiment contributed to the downward trend.

The BRICS Summit will be held in Kazan, Russia in October 2024. It will be the 16th such meeting and will include four new member states: the United Arab Emirates, Egypt, Iran and Ethiopia.

A number of economic indicators associated with forecasting recessions are currently reporting warning signals.

Given the unreliability of many traditional recession indicators in recent years, investors may be looking for a new one.

The BRICS alliance is advancing its de-dollarization agenda, bringing together local leaders, municipal leaders and trade unions from over 21 developing countries.

The International Monetary Fund (IMF) has found that 19 countries, including the United Arab Emirates (UAE), are in an advanced phase of testing central bank digital currency (CBDC).

In a significant shift for the BRICS alliance, Saudi Arabia is reportedly considering trading oil in China’s yuan instead of the US dollar.

Interest in BRICS membership is on the rise, with seven countries applying to join just one week after the recent foreign ministers’ meeting.

Investors are strongly attracted to technology stocks because of their potential for growth and innovation.

According to Atlanta Fed President Rafael Bostic, US inflation “appears to be shrinking”, which could allow the Federal Reserve (Fed) to cut interest rates later this year.

Russia’s oil and gas revenues rose more than 50% year-on-year to $9.4 billion in June, as reported by Reuters.

The US dollar remains the world’s leading reserve currency, with neither the euro nor the BRICS countries significantly reducing the world’s dependence on it, according to a recent analysis by the Atlantic Council’s Geoeconomics Center.

Russia’s central bank has urged businesses to explore alternative methods for cross-border payments, including cryptocurrencies and digital assets, to mitigate the impact of Western sanctions.

Russia is considering legalising stablecoins for international transactions to streamline cross-border payments for its companies.

Iran and Russia are committed to reducing their dependence on the US dollar by promoting the use of their national currencies in bilateral trade, stated Mohammad Reza Farzin during a speech to Russian economic activists in St. Petersburg.

The lingering impact of the 2008-2009 Great Recession compounded by the Covid-19 downturn continues to haunt the US economy, stirring concerns about financial stability.

Brent crude hovers around $87 per barrel, poised for its fourth consecutive weekly gain as global equities hit record highs and US inventories decline.

Ben Laidler, Bradesco BBI’s head of equity strategy, believes the bull market is in its early stages, driven by an anticipated earnings recovery and potential Fed rate cuts.