Forecasts & opinions
The President of the European Central Bank (ECB), Mario Draghi, hinted that the ECB may provide market stimulus in September at a press conference yesterday about the meeting of the Governing Council of the ECB. This stimulus may come in the form of new easing measures, due to concerns over the eurozone economy.
Britain's new prime minister, Boris Johnson had made it clear that Britain will leave the EU in October, without a backstop and perhaps with a new deal in his pre-election statements. Now that he is leading the country European chiefs have waisted no time in asking for a detailed Brexit plan.
Major banks around the world will put an end to their quantitative tightening according to BusinessWorld.
Federal Reserve (Fed) Chairman Jerome Powell has been hinting that interest rates will be cut in July due to economic risks and inflation pressures. Wall Street Journal commented on this at the end of last week by saying that the Fed is likely to cut rates by 25 bps this month and 'may make further cuts in the future given global growth and trade uncertainties.
Reuters reported this morning that the U.S and Japan are working towards a trade deal 'involving agriculture and autos that could be agreed by President Donald Trump and Prime Minister Shinzo Abe when they meet in New York in September.'
Both candidates for the position of Britain's next prime minister declared that the Northern Ireland backstop is something they will not consider in Brexit deal negotiations. These statements were given last night during a Sun debate and come after the negotiators of Brexit had one of the worst meetings since 2016 at the end of last week, according to European officials, who are opting for talks to become more hostile under the next British government.
The tumble of Bitcoin to as low as $9,872 over the weekend is said to be a result of a tweet by President Trump on Friday, according to CNBC. The tweet read "I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behaviour, including drug trade and other illegal activity."
According to official estimates released this morning, Singapore's economic growth slowed by 0.1 percent in the second quarter, which is the lowest rate in a decade.
During a testimony before the House Financial Services Committee yesterday, the Federal Reserve (Fed) chair, Jerome Powell, strongly hinted at the possibility that the Fed could soon cut interest rates.
The final decision, which may come about due to Donald Trump's trade war creating risks to the US economy and a global economic slowdown, could be made later this month when the Fed will have its next meeting, according to the New York Times.
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- UK retail sales rose sharply in July
- Swiss producer and import price index fell by 0.1% in July
- Japan financial minister Aso says he hopes markets will calm down
- China's new home prices firm in July - NBS