Japan Falls to Fourth-Largest Economy Amid Unexpected Recession
Economy
Sharp Decline in January US Retail Sales Signals Economic Caution
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UK Economy Enters Recession, Challenging Sunak's Growth Pledge
"The United Kingdom's economy has officially entered a recession, marking a significant downturn and the weakest annual growth since the aftermath of the 2008 financial crisis, excluding the pandemic-impacted year of 2020. -
January Sees Unexpected Rise in Consumer Prices, Challenging Fed's Inflation Outlook
"consumer prices in January witnessed a rise that exceeded expectations, primarily driven by persistent increases in shelter costs.
The Latest
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US Economy Exceeds Expectations with 2.8% Growth in Q2, Signals Strong Consumer Spending
The U.S. economy demonstrated remarkable resilience in the second quarter, growing at a 2.8% annualized rate, significantly outpacing expectations. This robust performance, reported by the Commerce Department on Thursday, highlights the economy's strength despite ongoing challenges such as high interest rates and inflation. 
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Luxury Sector Reels as Chinese Economic Slowdown and Wealth Crackdown Persist
The luxury industry is grappling with a significant downturn in Chinese spending, a trend that analysts and executives do not expect to reverse this year. 
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June Home Sales Plunge as Market Shifts Toward Buyers Amid Rising Supply
Sales of previously owned homes in the United States dropped by 5.4% in June compared to May, signaling a notable shift toward a buyer's market as supply increases, according to data released by the National Association of Realtors (NAR). This decline brings the annualized sales rate to 3.89 million units, marking the slowest sales pace since December. The drop also mirrors a 5.4% decrease from June of the previous year, indicating a broader cooling trend in the housing market. 
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China Lowers Key Rates to Stimulate Economy Amid Weak Growth
In an unexpected move to bolster its faltering economy, China has reduced key interest rates, signaling a significant shift in its monetary policy. 
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US Jobless Claims Rise, Suggesting Labor Market Cooling as Fed Eyes Rate Cuts
In a week marked by new labor market data, the U.S. saw an increase in jobless claims, adding to the narrative of a cooling economy that aligns with the Federal Reserve's efforts to temper inflation. The latest figures show a rise in unemployment benefit applications, reflecting a trend that may prompt the Fed to consider rate cuts in the near future. 
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ECB Holds Interest Rates Steady, Leaving September Cut Open Amid Persistent Domestic Price Pressures
The European Central Bank (ECB) opted to maintain its current interest rates in a unanimous decision on Thursday, following the landmark cut in June. The Governing Council cited ongoing domestic price pressures and elevated services inflation as primary reasons for this hold. The decision keeps the ECB's key interest rate at 3.75%, aligning with market expectations amidst concerns over persistent inflationary pressures, particularly from the labor market. 
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IMF Raises Outlook for China and India Amid Tepid Global Growth
The International Monetary Fund (IMF) has revised its economic forecasts, reflecting a brighter outlook for China and India while downgrading expectations for the United States and Japan. Despite these adjustments, the overall global growth remains lackluster, with the IMF maintaining its projection of a 3.2% growth rate for 2024, unchanged from its previous forecast in April and slightly down from 3.3% in 2023. 
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U.S. Retail Sales Defy Expectations, Hinting at Economic Resilience
Retail sales in the U.S. remained flat in June, defying Wall Street's predictions of a decline, indicating a resilient consumer sector despite signs of a slowing economy. Economists had expected a 0.3% drop in spending, according to Bloomberg data. Instead, retail sales held steady, with May's sales also revised higher to a 0.3% increase from a previously reported 0.1%, as per Census Bureau data. 
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China's Q2 GDP Misses Forecasts, Economic Stimulus Expected to Intensify
China's GDP grew by 4.7% year-on-year in the April-June period, falling short of analysts' forecast of 5.1% and marking the slowest growth since the first quarter of 2023. 
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China Posts Record Trade Surplus as Export Surge Outpaces Sluggish Imports
China reported a record $99 billion trade surplus for June, underscoring a significant disparity between booming exports and declining imports. This record surplus, far exceeding the $85 billion expected by financial markets, reflects a complex economic landscape as importers rush to beat impending tariffs on Chinese goods while domestic demand remains tepid. 
