Global economic update: United States, Europe, and more.
Decline in consumer confidence in the U.S., interest rate cuts in China and Mexico, and more. Check out the weekly financial summary.
- United States: Consumer confidence recorded its largest drop in three years in September. However, the economy grew at an annualized rate of 3% in Q2 2024, and unemployment claims decreased to 218,000.
- Europe: In Germany, business activity fell to a seven-month low, and business sentiment contracted for the fourth consecutive month. The Swiss National Bank cut its interest rate to 1%.
- Japan: Manufacturing activity slightly declined, although the services sector remained strong, supporting economic growth.
- China: The People’s Bank of China lowered interest rates and implemented another round of significant stimulus to bolster the economy.
- Mexico: The Bank of Mexico cut the benchmark rate to 10.5%. Inflation continued to slow, and the economy grew by 2% year-on-year in July, driven by the primary sector.
Important Events in the Coming Weeks
- In the United States, ISM manufacturing and services indicators will be released on 10/01 – 03.
- In the United States, employment figures will be announced on 10/04.
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