Economy News

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.