Jerry Lin
The Latest
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Oil Prices Slip Below $80 as China Demand Worries Weigh Heavily on Market
Oil prices began the week on a downward trajectory, with Brent crude holding below the $80 mark, as concerns over weakening demand from China, the world's largest oil importer, dampened market sentiment. By mid-morning in London, Brent crude futures had slipped 63 cents, or 0.8%, to $79.05 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 71 cents, or 0.9%, to $75.94 a barrel. 
Oil prices began the week on a downward trajectory, with Brent crude holding below the $80 mark, as concerns over weakening demand from China, the world's largest oil importer, dampened market sentiment. By mid-morning in London, Brent crude futures had slipped 63 cents, or 0.8%, to $79.05 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 71 cents, or 0.9%, to $75.94 a barrel. -
Oil Prices Drop Below $80 Amid China Slowdown and Easing Geopolitical Risks
Oil prices experienced a significant drop on Friday, falling more than $2 per barrel, with Brent crude dipping below the $80 mark. This decline has set the stage for a weekly loss, driven primarily by renewed concerns over China's economic health, which have overshadowed lingering geopolitical risks in the Middle East. 
Oil prices experienced a significant drop on Friday, falling more than $2 per barrel, with Brent crude dipping below the $80 mark. This decline has set the stage for a weekly loss, driven primarily by renewed concerns over China's economic health, which have overshadowed lingering geopolitical risks in the Middle East. -
Mortgage Rate Decline Spurs Refinancing Surge: What It Means for Homeowners
A significant drop in mortgage rates has triggered a wave of refinancing activity across the United States, with homeowners eager to take advantage of the opportunity to reduce their monthly payments. The average 30-year fixed-rate mortgage now stands at 6.49%, slightly higher than last week but still well below the peak rates seen earlier this year and the two-decade high reached last fall, according to Freddie Mac. 
A significant drop in mortgage rates has triggered a wave of refinancing activity across the United States, with homeowners eager to take advantage of the opportunity to reduce their monthly payments. The average 30-year fixed-rate mortgage now stands at 6.49%, slightly higher than last week but still well below the peak rates seen earlier this year and the two-decade high reached last fall, according to Freddie Mac. -
Japan’s GDP Beats Expectations, BOJ Eyes Potential Rate Hike Amid Strong Recovery
Japan's economy experienced a robust rebound in the second quarter of 2024, bolstered by a significant surge in private consumption and adding weight to the argument for further interest rate hikes. The country's Gross Domestic Product (GDP) expanded by an annualized 3.1% during the quarter, surpassing economists' expectations of a 2.1% increase. This marks a sharp recovery from the 2.3% contraction seen in the first quarter, signaling a stronger-than-anticipated resurgence in economic activity. 
Japan's economy experienced a robust rebound in the second quarter of 2024, bolstered by a significant surge in private consumption and adding weight to the argument for further interest rate hikes. The country's Gross Domestic Product (GDP) expanded by an annualized 3.1% during the quarter, surpassing economists' expectations of a 2.1% increase. This marks a sharp recovery from the 2.3% contraction seen in the first quarter, signaling a stronger-than-anticipated resurgence in economic activity. -
U.S. Retail Sales Surge in July, Defying Expectations and Easing Economic Fears
Consumer spending in the United States showed unexpected resilience in July, with retail sales rising by 1%, a figure that significantly exceeded Wall Street's expectations. The Commerce Department's report, released on Thursday, indicated a robust economic performance, bolstered by strong consumer activity despite ongoing inflationary pressures. This growth is a clear indicator that the American consumer, often viewed as the backbone of the economy, continues to drive economic momentum even in the face of broader concerns. 
Consumer spending in the United States showed unexpected resilience in July, with retail sales rising by 1%, a figure that significantly exceeded Wall Street's expectations. The Commerce Department's report, released on Thursday, indicated a robust economic performance, bolstered by strong consumer activity despite ongoing inflationary pressures. This growth is a clear indicator that the American consumer, often viewed as the backbone of the economy, continues to drive economic momentum even in the face of broader concerns. -
UK's Economic Growth Surges in Q2, Yet Signs of Slowdown Emerge as Challenges Persist
The United Kingdom's economy demonstrated robust growth in the second quarter of 2024, expanding by 0.6% as it continued its recovery from the shallow recession of the previous year. This marks the second consecutive quarter of strong growth, following a 0.7% expansion in the first quarter, the fastest pace in over two years, according to data released by the Office for National Statistics (ONS) on Thursday. However, the momentum appears to be waning as the economy enters the latter half of the year, signaling potential challenges ahead. 
The United Kingdom's economy demonstrated robust growth in the second quarter of 2024, expanding by 0.6% as it continued its recovery from the shallow recession of the previous year. This marks the second consecutive quarter of strong growth, following a 0.7% expansion in the first quarter, the fastest pace in over two years, according to data released by the Office for National Statistics (ONS) on Thursday. However, the momentum appears to be waning as the economy enters the latter half of the year, signaling potential challenges ahead. -
U.S. Inflation Eases to 2.9% in July, Lowest Since 2021 as Fed Considers Rate Cuts
Inflation in the United States continued its gradual decline in July, offering a glimmer of relief for consumers and fueling speculation about the Federal Reserve's next move on interest rates. The Labor Department reported Wednesday that the consumer price index (CPI), which measures the average change over time in the prices paid by consumers for goods and services, rose by 0.2% in July. This increase brings the annual inflation rate down to 2.9%, the lowest since March 2021, and slightly below the 3% rate recorded in June. 
Inflation in the United States continued its gradual decline in July, offering a glimmer of relief for consumers and fueling speculation about the Federal Reserve's next move on interest rates. The Labor Department reported Wednesday that the consumer price index (CPI), which measures the average change over time in the prices paid by consumers for goods and services, rose by 0.2% in July. This increase brings the annual inflation rate down to 2.9%, the lowest since March 2021, and slightly below the 3% rate recorded in June. -
Inflation Cooldown: Wholesale Prices Rise Less Than Expected, Easing Fed Rate Cut Path
A key measure of U.S. wholesale inflation showed a modest increase in July, adding further momentum to the possibility of the Federal Reserve lowering interest rates in the near future. The Producer Price Index (PPI), which tracks the prices producers receive for their goods and services, rose by 0.1% last month, according to the Labor Department's Bureau of Labor Statistics (BLS). This increase fell short of economists' expectations, who had forecasted a 0.2% rise. 
A key measure of U.S. wholesale inflation showed a modest increase in July, adding further momentum to the possibility of the Federal Reserve lowering interest rates in the near future. The Producer Price Index (PPI), which tracks the prices producers receive for their goods and services, rose by 0.1% last month, according to the Labor Department's Bureau of Labor Statistics (BLS). This increase fell short of economists' expectations, who had forecasted a 0.2% rise. -
Oil and Gold Prices Surge Amid Rising Middle East Tensions
Global commodity markets have experienced significant volatility as crude oil and gold prices surged, driven by escalating tensions in the Middle East and the ongoing conflict between Ukraine and Russia. The upward momentum in these markets reflects growing investor concerns over supply disruptions and an increased demand for safe-haven assets amidst geopolitical uncertainty. 
Global commodity markets have experienced significant volatility as crude oil and gold prices surged, driven by escalating tensions in the Middle East and the ongoing conflict between Ukraine and Russia. The upward momentum in these markets reflects growing investor concerns over supply disruptions and an increased demand for safe-haven assets amidst geopolitical uncertainty. -
U.S. Consumer Inflation Expectations Hit Record Low, New York Fed Survey Reveals
U.S. consumers are increasingly optimistic about the future of inflation, according to the latest Survey of Consumer Expectations released by the Federal Reserve Bank of New York. The survey, which reflects consumer sentiment regarding economic conditions, revealed that the three-year inflation outlook has dropped to a record low, a significant development as the Federal Reserve continues to grapple with price stability in a turbulent economic environment. U.S. consumers are increasingly optimistic about the future of inflation, according to the latest Survey of Consumer Expectations released by the Federal Reserve Bank of New York. The survey, which reflects consumer sentiment regarding economic conditions, revealed that the three-year inflation outlook has dropped to a record low, a significant development as the Federal Reserve continues to grapple with price stability in a turbulent economic environment.
