September 26th Financial News

Daily News

Summary:

Kugler backs further rate cuts if inflation continues to ease as anticipated; US Congress passes stopgap funding bill, averting an imminent government shutdown.

[Quick Facts]

1. Kugler backs further rate cuts if inflation continues to ease as expected.

2. US new home sales decline in August alongside falling house prices.

3. BOJ July meeting minutes note vigilance over upside risks to inflation.

4. US Congress passes stopgap funding bill, averting a government shutdown.

[News Details]

Kugler backs further rate cuts if inflation continues to ease as expected

In Wednesday's address, Federal Reserve Board Member Kugler expressed staunch support for the Fed's decision to cut rates by 50 basis points, underscoring concern for the job market. It is now appropriate for the Fed to focus on employment given signs of cooling yet resilient labor conditions. The FOMC must balance concerns to advance in taming inflation without causing undue hardship or weakening the economy. Should inflation progress as anticipated, Kugler would back extra rate decreases.

US new home sales decline in August alongside falling house prices

Data released by the US Department of Commerce revealed that annualized new home sales in August reached 716,000 units, above the predicted 700,000, but lower than July's 739,000. New home sales dropped by 4.7% month-on-month following a 10.6% gain in July. Median house prices declined 4.6% YoY to $420,600, marking the seventh consecutive monthly decline. Post a significant increase in July, August's drop in new home sales reflects buyers' patience amid declining mortgage rates despite warming market sentiment.

BOJ July meeting minutes note vigilance over upside risks to inflation

July's Bank of Japan (BOJ) policy meeting minutes indicated BOJ policymakers advocating gradual, timely interest rate hikes. Members unanimously agreed to stay alert to the risk of inflation exceeding forecasts. Several noted an upward adjustment to reach 0.25%, tempering monetary accommodation, was fitting. Some suggested phasing out extremely low rates incrementally to avoid abrupt future rate hikes.

US Congress passes stopgap funding bill, averting a government shutdown

Congress approved a stopgap spending bill on Wednesday to prevent a partial federal shutdown due next week, despite grievances from many House Republicans about leadership failing to negotiate fresh federal budget cuts.

Extending current discretionary spending levels of roughly $1.2 trillion annually until December 20th, the bill avoids mandatory furloughs for thousands of federal workers. It averts disruption of major government services weeks before the November 5th election.

Numerous House Republicans defied their leaders, voting against the stopgap measure, reflecting President Trump's earlier endorsement of a government shutdown unless controversial provisions banning non-citizens from federal election voting, already illegal, were attached to the spending bill.

[Today's Focus]

UTC+8 15:30 SNB Interest Rate Decision (Sept)

UTC+8 16:00 SNB Chairman Jordan's Press Conference

UTC+8 20:30 US Durable Goods Orders Prelim (Aug)

UTC+8 21:20 Fed Chair Powell Delivers Pre-recorded Video Remarks at Event Kickoff

UTC+8 21:25 Remarks by NY Fed President Williams

UTC+8 21:30 ECB President Lagarde, Vice-President Guindos, and Supervisory Board Chair Buch Speak

UTC+8 22:00 US Existing Home Sales (SA) (Aug)

22:30 Speech by Fed Governor Barr

01:00 Next Day: Fireside Chat Between Minneapolis Fed President Kashkari and Fed Governor Barr

Risk Warnings and Disclaimers

You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.

Add to Favorites

SAXO

Economic

Global Market Quick Take: Asia – September 26, 2024_1

Macro:

US new home sales fell 4.7% in August to 716k from 739k, but above the expected 700k, whereby new home supply was 7.8 months' worth (prev. 7.3 months' worth).

Sweden’s central bank, the Riksbank, maintained a dovish tilt at the September meeting, cutting rates for a third time by another 25bps to 3.25% and guiding for further rate cuts at the two remaining meetings this year to reach 2.75% by year-end. Next up today will be the

Swiss National Bank, which is also expected to cut rates, but key will be to watch the language on FX as the central bank may not be too welcoming of the franc strength now that disinflation has returned.

Macro events: SNB Policy Announcement, US Durable Goods (Aug), GDP Final (Q2), PCE Prices Final (Q2), Initial Jobless Claims (w/e 21st Sep)

Earnings: Costco, Accenture and Jabil

Equities: U.S. stocks saw mixed performances on Wednesday as investors evaluated the Federal Reserve's rate cut trajectory. The S&P 500 and the Dow declined by 0.2% and 0.7%, respectively, pulling back from earlier highs, with energy stocks such as Chevron (-2.4%) and Exxon Mobil (-2%) leading the losses. Conversely, tech stocks including Nvidia (+2.2%), Intel (+3.2%), and AMD (+2.3%) provided some support, helping the Nasdaq close flat. Micron surged 13% post market after reporting revenue and earnings that beat estimates and in additon projecting this quarter’s revenues to be between $8.5-$8.9 billion, above the $8.5 billion estimates. Looking ahead, investors are now focused on upcoming key economic data, including the GDP report tonight and the PCE inflation index on Friday.

Fixed income: Treasuries ended weaker across the curve as the market absorbed a $70 billion 5-year note auction and a surge in corporate bond supply. U.S. yields had decreased by 4 to 5 basis points across the curve, with spreads remaining within a narrow intraday range. The 10-year yields settled around 3.77%, down by 5 basis points for the day. With no major price catalysts, market focus shifted to duration events. The busy corporate issuance schedule was led by Oracle’s four-part offering, with the day’s total expected to exceed the top end of dealers’ forecasts of $25 billion for the week. The $70 billion 5-year note auction was solid, resulting in minimal price movement and stopping on the screws. Additionally, Treasury Secretary Janet Yellen is scheduled to speak at the U.S. Treasury Market Conference at 11:15 AM ET. Federal Reserve Governor Adriana Kugler expressed strong support for the central bank’s recent decision to lower borrowing costs by half a point last week, noting that further rate cuts would be appropriate if inflation continues to ease as anticipated.

Commodities: Oil stabilized after its largest drop in two weeks, as Libya's rival factions agreed on new central bank leadership, potentially allowing some crude production to resume. West Texas Intermediate stayed below $70 a barrel after a 2.6% decline on Wednesday, while Brent crude hovered near $73. Libya's eastern and western administrations "initialed an agreement" on the central bank board, with a signing ceremony scheduled for Thursday, according to the UN. A stronger dollar also pressured commodities priced in the currency, including oil. Spot gold hit a record $2,670.57 an ounce before trimming gains, having surged 29% this year, while silver climbed 34%. Indian gold demand is expected to be strong due to a reduction in import tax and an anticipated robust festival and wedding season. Base metals steadied as investors assessed the impact of a Chinese stimulus package on the world's largest metals consumer.

FX: The US dollar turned back higher due to its safe-haven appeal after significant Middle Eastern escalations and focus will turn back slightly to Fed today as Chair Powell and NY Fed’s Williams take to the wires along with a host of other committee members. Labor market focus also makes it key to watch the weekly US jobless claims print that will be out today. Activity currencies led the losses against the US dollar, with kiwi dollar plunging back below 63 cents and Aussie dollar failing at 69 cents and back below 0.6850. Japanese yen and Swiss franc were also in red despite being safe-havens with the former reaching three-week lows against the US dollar. The offshore Chinese yuan also retreated after trading below the key 7 handle against US dollar for a brief period yesterday.

To stay updated on all economic events of today, please check out our Economic calendar

Risk Warnings and Disclaimers

Add to Favorites

FxPro

Cryptocurrency

Market Picture

The crypto market rose 1.2% in 24 hours to $2.25 trillion, approaching the highs set exactly one month ago. New highs could attract more buyers and signal a break in the multi-month downtrend. The sentiment index rose to 59, the highest since late July, which looks like the optimal range for further gains. It is far from extreme greed, which signals overbought conditions, and fear-selling is behind us.

Bitcoin hit a new monthly high of $64.7K early on Wednesday but has since pulled back around $1000 – a common pattern of late. The first cryptocurrency has been struggling to find equilibrium near the highs of late last month and near the 200-day moving average. It will take new data and momentum to tip the price out of equilibrium. There is a risk that short-term gains in risk appetite on policy easing in the US and China will fade.

Tron is giving up positions for the second day in what so far looks like new bearish momentum after a corrective bounce. The focus will be on how the coin behaves on the decline from the current $0.15 to $0.1450. An update of the local lows will take the main scenario down to $0.132. The ability to stay above it will potentially open the way for an update of the highs at $0.168.

News Background

According to 10x Research, Bitcoin could hit new all-time highs in October thanks to Fed rate cuts and upcoming payments to creditors of bankrupt crypto exchange FTX.

Ethereum has grown almost twice as fast as Bitcoin since the Fed’s rate cut on 18 September. Following the monetary easing in the US, funding rates for ETH-based perpetual futures turned positive, according to CoinGlass data, reflecting increased demand for leveraged long positions.

According to QCP Capital, interest in the Ethereum options market has shifted from puts to calls. The implied volatility of ETH contracts exceeds that of Bitcoin by 9%, suggesting improved sentiment and potentially greater price movement.

Play Solana has opened pre-orders for the PSG1 blockchain-enabled handheld gaming console. The PSG1 supports Solana blockchain-based games and has a built-in hardware wallet.

Risk Warnings and Disclaimers

Add to Favorites

Justin

Economic

This undated picture shows the Bank of Korea headquarters in Jung District, Seoul. Courtesy of Bank of Korea.

Korea posted a trade surplus in intellectual property rights (IPRs) in the first half of the year, partly due to trade surplus in copyrights, central bank data showed Wednesday.

The country's cross-border IPR trade surplus stood at $140 million in the January-June period, compared with a surplus of $370 million in the second half of last year and a shortfall of $1.9 million a year earlier, according to the preliminary data from the Bank of Korea (BOK).

The IPR trade surplus stemmed partly from a narrowed deficit from trade of industrial property rights, including patents, which came to $1.13 billion in the first half.

The country posted a surplus of $1.34 billion in copyright trade, including cultural and art content, and software development in the first half of the year.

In particular, the country reaped a record trade surplus in cultural and art copyrights at $650 million, according to the data.

The country's manufacturing sector posted an IPR trade surplus of $1.66 billion in the first half, while the service sector posted a deficit of $1.62 billion, the data showed.

By country, Korea posted deficits with the United States and Britain of $850 million and $1.74 billion, respectively.

With China and Vietnam, the country logged surpluses of $1.25 billion and $910 million, respectively, according to the data. (Yonhap)

Source: Koreatimes

To stay updated on all economic events of today, please check out our Economic calendar

Risk Warnings and Disclaimers

Add to Favorites

Glendon

Economic

The stock market has long been a source of fascination for filmmakers, inspiring a variety of films that explore themes of greed, ambition, power, and the tumultuous nature of financial markets. From biographical dramas to thrilling narratives, these movies provide a captivating look at the world of finance, investment, and the consequences of high-stakes trading. Here’s a closer look at some of the best stock market movies to watch, each offering a unique perspective on the industry.

1. Wall Street (1987)

Directed by Oliver Stone, Wall Street is arguably one of the most iconic films about finance ever made. The film stars Charlie Sheen as Bud Fox, a young stockbroker who becomes entangled with Gordon Gekko, played by Michael Douglas, a ruthless corporate raider. Gekko's famous mantra, “Greed is good,” encapsulates the ethos of 1980s finance, and the film delves into the moral dilemmas and ethical gray areas of the financial world.

The film’s sharp dialogue and memorable performances make it a must-watch for anyone interested in the stock market. It captures the allure and pitfalls of Wall Street, showcasing the lengths to which individuals will go to achieve wealth and power.

2. The Wolf of Wall Street (2013)

Directed by Martin Scorsese and based on the memoir of Jordan Belfort, The Wolf of Wall Street follows the rise and fall of a stockbroker who engages in rampant corruption and fraud. Leonardo DiCaprio stars as Belfort, delivering a captivating performance that highlights both the excesses and consequences of a life driven by greed.

The film provides a raw and entertaining look at the hedonistic lifestyle of Wall Street in the 1990s, featuring lavish parties, drug use, and unscrupulous business practices. While it’s a cautionary tale about the pitfalls of greed, it also offers a compelling narrative that keeps viewers engaged.

3. Margin Call (2011)

Margin Call is a gripping drama that takes place over a 24-hour period at a large investment bank during the early stages of the 2008 financial crisis. The film boasts a stellar ensemble cast, including Kevin Spacey, Paul Bettany, and Jeremy Irons. It explores the moral dilemmas faced by employees when they discover the impending collapse of their firm due to risky investments in mortgage-backed securities.

The film offers a realistic portrayal of the high-stakes environment of investment banking and the difficult decisions that individuals must make when their actions could impact countless lives. Its realistic dialogue and intense atmosphere make it a standout in the genre.

4. The Big Short (2015)

Based on Michael Lewis's best-selling book, The Big Short chronicles the events leading up to the 2008 financial crisis through the eyes of several key players who foresaw the collapse of the housing market. Directed by Adam McKay, the film features an ensemble cast that includes Christian Bale, Steve Carell, Ryan Gosling, and Brad Pitt.

The film skillfully combines humor with a serious critique of the financial system, using creative storytelling techniques to explain complex financial instruments. It educates viewers about the causes of the crisis while keeping them entertained, making it one of the most insightful films about finance in recent years.

5. Boiler Room (2000)

In Boiler Room, Giovanni Ribisi stars as a young man who takes a job at a shady brokerage firm that engages in high-pressure sales tactics and dubious practices. The film explores themes of ambition, deception, and the moral implications of pursuing wealth at any cost.

Boiler Room provides a compelling look at the world of penny stocks and the unethical practices that can arise in the pursuit of quick profits. It’s an engaging film that offers both suspense and an exploration of the darker side of the stock market.

6. Trading Places (1983)

A classic comedy directed by John Landis, Trading Places stars Eddie Murphy and Dan Aykroyd as two men from opposite sides of the socioeconomic spectrum whose lives become intertwined due to a bet made by two wealthy brokers. The film cleverly critiques the disparities in wealth and opportunity while providing a humorous look at the stock market.

While primarily a comedy, Trading Places also includes insightful commentary on the financial industry, showcasing the unpredictability of markets and how fortunes can change in an instant.

7. Inside Job (2010)

For those seeking a documentary perspective, Inside Job provides an in-depth examination of the factors that led to the 2008 financial crisis. Narrated by Matt Damon, the film features interviews with financial insiders, politicians, and economists, offering insights into the systemic corruption that fueled the crisis.

Inside Job serves as both an educational resource and a cautionary tale about the vulnerabilities within the financial system. It’s a must-watch for anyone looking to understand the complexities of modern finance and the consequences of unchecked greed.

8. Too Big to Fail (2011)

Based on Andrew Ross Sorkin’s book, Too Big to Fail dramatizes the events surrounding the 2008 financial crisis and the efforts of key players in the government and financial institutions to stabilize the economy. The film stars William Hurt as former Treasury Secretary Henry Paulson and features a strong supporting cast.

The film provides a behind-the-scenes look at the decisions made during the crisis, highlighting the tension and urgency of the situation. It’s an informative and engaging portrayal of one of the most significant financial events in recent history.

9. Enron: The Smartest Guys in the Room (2005)

This documentary delves into the rise and fall of Enron, once one of the most successful companies in America. Enron: The Smartest Guys in the Room examines the corporate fraud that led to its collapse, showcasing the greed and deception at the heart of the scandal.

Through interviews, archival footage, and investigative journalism, the film reveals the catastrophic impact of Enron’s practices on employees and investors. It’s a powerful cautionary tale about the dangers of corporate greed and the need for transparency in business.

10. Wall Street: Money Never Sleeps (2010)

The sequel to the original Wall Street, Wall Street: Money Never Sleeps reunites director Oliver Stone with Michael Douglas, who reprises his role as Gordon Gekko. The film explores the aftermath of the 2008 financial crisis and the evolving dynamics of the financial world.

With themes of redemption and the consequences of past actions, the film provides a modern take on the challenges of Wall Street. It addresses the complexities of the financial landscape while delivering engaging performances from its cast.

Conclusion

Whether you’re a finance enthusiast or just looking for an entertaining story, these stock market movies offer a wide range of perspectives on the world of finance. From dramatic tales of ambition and corruption to insightful documentaries exposing systemic issues, these films are both engaging and thought-provoking. They remind us of the power of the stock market, the impact of individual choices, and the importance of ethics in business. So grab some popcorn and enjoy a cinematic journey through the highs and lows of the financial world!

To stay updated on all economic events of today, please check out our Economic calendar

Risk Warnings and Disclaimers

Add to Favorites

Glendon

Economic

In a world increasingly focused on clean energy and reducing carbon emissions, companies that provide alternative energy solutions have garnered substantial attention. One such company is Plug Power Inc. (PLUG), a pioneer in the hydrogen fuel cell industry. Investors have turned to this stock with high hopes, and platforms like FintechZoom have kept a keen eye on its progress, offering detailed stock analyses and market trends.

In this article, we will explore Plug Power’s financial performance, the factors driving its stock price, and the company's future outlook. With hydrogen set to play a crucial role in the global energy transition, PLUG stock is seen as a potential leader in this sector.

Overview of Plug Power

Plug Power is a leading provider of hydrogen fuel cell systems that replace traditional batteries in electric vehicles and industrial equipment. Since its founding in 1997, the company has grown to become one of the key players in the hydrogen economy, offering solutions across various industries, including material handling, transportation, and stationary power.

At the heart of Plug Power's business model is its development of hydrogen infrastructure, from production to distribution. With growing interest in hydrogen as a green energy source, Plug Power is working to position itself at the forefront of this evolving market.

Stock Performance and Market Sentiment

Plug Power’s stock has experienced significant volatility in recent years, driven by both market optimism and challenges faced by the company. During the 2020 clean energy boom, PLUG shares skyrocketed, riding the wave of excitement around renewable energy technologies. However, as the broader market cooled and the reality of near-term profitability hit investors, the stock saw a pullback.

Looking at 2023 and early 2024, PLUG stock has been a battleground for bulls and bears. On one hand, the company is making major strides in expanding its partnerships and scaling its operations, particularly in Europe and the U.S. On the other hand, persistent challenges, such as production costs, scalability issues, and delays in achieving profitability, have weighed on investor sentiment.

According to FintechZoom, Plug Power remains a high-risk, high-reward stock. As of mid-2024, the stock has shown signs of recovery as the global focus on clean energy intensifies, and hydrogen gains more recognition as a potential long-term solution for decarbonization.

Key Drivers Behind Plug Power’s Growth

Several factors are driving Plug Power’s stock performance and growth prospects, particularly as governments and businesses around the world look to reduce their carbon footprints.

Hydrogen Infrastructure Investments

Hydrogen is considered a key technology in achieving net-zero emissions by 2050. As a result, governments across the globe, including the U.S., Europe, and parts of Asia, have announced significant investments in hydrogen infrastructure. This trend benefits Plug Power, which is at the forefront of producing and distributing hydrogen fuel.

Partnerships with Major Companies

One of the strengths of Plug Power is its ability to secure partnerships with large corporations. The company has developed long-term relationships with Amazon, Walmart, and other major retailers, providing hydrogen fuel cells for their material handling operations. Additionally, Plug Power is working on projects with automakers, positioning itself as a supplier of hydrogen-powered transportation solutions.

Expansion into International Markets

Plug Power is making aggressive moves into international markets, particularly in Europe. The company has partnered with several European energy companies to develop hydrogen production facilities and fuel cell solutions. With Europe being one of the leaders in clean energy adoption, Plug Power’s expansion into the region is seen as a major growth opportunity.

Financial Challenges and Risks

Despite its growth potential, Plug Power faces a number of financial challenges. One of the most pressing issues is profitability. While the company has shown revenue growth, it has yet to consistently achieve positive earnings. The significant capital expenditures required for scaling its operations and building out hydrogen infrastructure have put pressure on its balance sheet.

Another challenge is the high volatility of the hydrogen market. While hydrogen is seen as a key player in the future of clean energy, the technology is still in its early stages, and widespread adoption could take years. This creates uncertainty around Plug Power’s short-term prospects, as the company may face continued headwinds if the market develops more slowly than anticipated.

Outlook for Plug Power Stock

Looking forward, Plug Power’s stock could see substantial gains if the company can overcome its financial hurdles and capitalize on the growing demand for hydrogen solutions. The company’s strategic investments in hydrogen infrastructure, along with its strong partnerships, make it well-positioned to benefit from the clean energy transition.

Analysts have a mixed outlook on PLUG stock. While some are bullish on the company’s long-term prospects, others are cautious due to its ongoing challenges with profitability and market volatility. Investors interested in Plug Power should closely monitor the company’s financial reports and developments in the hydrogen market.

FastBull Insights on Plug Power

FastBull, another trusted platform for financial insights, provides an in-depth analysis of Plug Power’s stock performance. Their coverage emphasizes the company's role in the hydrogen economy, but also highlights the importance of timing in entering this stock. According to FastBull, investors should consider both the macroeconomic conditions and the company’s earnings trajectory before making a move. With continued volatility in the energy sector, FastBull advises a cautious approach but acknowledges the significant upside potential for those with a long-term investment horizon.

FastBull’s insights also touch on the increasing importance of renewable energy investments, noting how institutional investors are beginning to favor green energy stocks like Plug Power. This trend could drive additional capital into the company, further boosting its stock price as the hydrogen economy gains traction.

Conclusion: Is Plug Power a Buy?

Plug Power represents a unique opportunity in the clean energy sector, particularly for investors looking to gain exposure to the hydrogen market. With strong partnerships, ambitious growth plans, and favorable government policies, the company is well-positioned to capitalize on the shift towards renewable energy.

However, the stock’s volatility and the company’s financial challenges should not be overlooked. Investors must be prepared for the ups and downs that come with investing in a company still finding its footing in a nascent industry.

For those with a high tolerance for risk and a long-term view, Plug Power could offer significant rewards. However, it is crucial to stay informed and consider expert insights, such as those from FintechZoom and FastBull, to make informed decisions about when to buy and sell PLUG stock.

To stay updated on all economic events of today, please check out our Economic calendar

Risk Warnings and Disclaimers

Add to Favorites

Warren Takunda

Economic

The global economy is “turning a corner”, according to the latest outlook from the Organisation for Economic Cooperation and Development (OECD) as it upgraded the UK’s growth forecast for this year to faster than that of Japan, Italy and Germany.

The OECD ranked Britain joint second among the G7 developed countries, behind the US, in its latest outlook on the global economy, but the UK is still expected to have the highest inflation in the group.

Describing the UK’s economic growth as “robust”, the OECD upgraded its growth for 2024 to 1.1% from a forecast of 0.4% made in May, as the country recovers from a mild recession at the end of last year. The forecast of 1.2% growth in 2025 was maintained.

In the May forecast, the UK was behind all other nations in the informal bloc but is now expected to outpace Japan, Italy and struggling Germany. Britain is now on par with Canada and France but behind the US.

However, Britons are still expected to face headwinds from rising prices, with inflation, which was 2.2% in August, at 2.7% across 2024. UK inflation is on course to remain at 2.4% for 2025, rising at the fastest rate in the G7.

Overall, the OECD said the global economy was “turning a corner” and lower inflation and cuts to the cost of borrowing by central banks would support “ongoing momentum” in most major economies. Those conditions wouldl allow the global economy to return to health after the shocks caused by the coronavirus pandemic and Russia’s invasion of Ukraine, it said.

The OECD’s chief economist, Álvaro Pereira, said he was surprised by the strength of the recovery earlier in the year after the UK economy contracted in 2023.

The OECD was among the most pessimistic economic forecasters when it made a judgment in May that low consumer spending and weak business investment would drag on Britain’s growth.

Business investment has remained low, but rising wages and low inflation boosted consumer spending by more than expected.

Pereira said the UK was in a similar situation to many European countries that needed to restrict debt levels.

“Not by introducing draconian austerity,” he said, “but it should be said that fiscal prudence is necessary.”

The Paris-based organisation reported that global trade was returning to pre-pandemic levels at a faster pace than expected after shipping firms found ways to avoid the Red Sea.

Meanwhile, weaker inflation meant real incomes had grown and consumer spending recovered in many countries.

However, the OECD said Asian ports were struggling to accommodate ships forced to take longer routes, pushing container costs up by 160% since last year.

Food prices were also stuck at much higher levels, reducing the spending power of people on low incomes.

Germany was one of the worst affected by higher food prices. Europe’s biggest economy had suffered a 16% increase in food prices above average wage growth since 2019 compared with a gap below 4% in Australia.

Workers in Germany earn 98% of their 2019 wages, while those in Australia earn more than 100%. UK workers earn almost 102% of their 2019 average wages, despite a near 9% increase in food prices above average wages.

The OECD is concerned that governments will seek to reduce spending deficits by increasing borrowing at huge cost when interest rates remain high.

“The bigger the debt, the bigger the amount is needed to pay interest bills,” Pereira said. “This will mean there is less money to spend on health, education and things like promoting growth,” he added.

The UK chancellor, Rachel Reeves, said: “Faster economic growth figures are welcomed, but I know there is more to do and that is why economic growth is the number one mission of this government.

“Next month’s budget will be about fixing the foundations, so we can deliver on the promise of change and rebuild Britain.”

Andrew Bailey, the governor of the Bank of England, said this week that he expected interest rates to be reduced “gradually” as inflation eased.

Source: TheGuardian

To stay updated on all economic events of today, please check out our Economic calendar

Risk Warnings and Disclaimers

Add to Favorites

Daily News

Remarks of Officials

Central Bank

Forex

FastBull Events

FastBull Featured

Devin

Mohammad Omar

Recent Searches

Top Searches

Markets

News

Analysis

User

24/7

Economic Calendar

Education

Data

September 26th Financial News

[Quick Facts]

[News Details]

[Today's Focus]

Global Market Quick Take: Asia – September 26, 2024

Macro:

Crypto Market Tests One-month High

Market Picture

News Background

Korea Logs Trade Surplus in Intellectual Property Rights in H1

Source: Koreatimes

10 Best Stock Market Movies to Watch

1. Wall Street (1987)

2. The Wolf of Wall Street (2013)

3. Margin Call (2011)

4. The Big Short (2015)

5. Boiler Room (2000)

6. Trading Places (1983)

7. Inside Job (2010)

8. Too Big to Fail (2011)

9. Enron: The Smartest Guys in the Room (2005)

10. Wall Street: Money Never Sleeps (2010)

Conclusion

FintechZoom Plug Stock: A Comprehensive Review of the Future of Clean Energy

Overview of Plug Power

Stock Performance and Market Sentiment

Key Drivers Behind Plug Power’s Growth

Hydrogen Infrastructure Investments

Partnerships with Major Companies

Expansion into International Markets

Financial Challenges and Risks

Outlook for Plug Power Stock

FastBull Insights on Plug Power

Conclusion: Is Plug Power a Buy?

UK Economy to Grow Faster Than Japan, Italy, and Germany This Year, Says OECD

Source: TheGuardian

Risk Disclosure