The US economy grew at a slower pace in the third quarter, but a surge in private payrolls in October suggests continued robust job growth despite recent economic challenges. The slowdown in GDP growth and positive employment data have sparked market reactions, with the dollar strengthening and short-dated yields surging.
The US economy is poised for a strong third quarter, with analysts predicting GDP growth of 3%. Resilient consumer spending and a booming services sector are driving this positive outlook. The Atlanta Fed’s GDPNow model forecasts even higher growth at 3.3%, highlighting the economy’s resilience amidst global challenges.
Stronger-than-expected GDP figures from China in the third quarter have sparked a significant rally in U.S.-listed China-based ETFs, as investors react positively to the economic growth. Key ETFs, including KraneShares CSI China Internet ETF (KWEB) and iShares China Large-Cap ETF (FXI), have witnessed substantial gains in pre-market trading.
U.S.-listed Chinese stocks experienced a pre-market rally on Friday, fueled by China’s better-than-expected third-quarter GDP growth. However, investor sentiment remains cautious despite stimulus measures, as a large-scale economic package is still absent.
China’s economic growth slowed to 4.6% in the July-September quarter, marking the weakest pace since early 2023, despite recent efforts to boost consumer demand and revitalize the ailing property sector. The latest data released by the Chinese government revealed the world’s second-largest economy struggling to meet the official target of “about 5 per cent” growth for 2024, a target many analysts consider ambitious without more significant measures. The ongoing slump in the property sector continues to pose a significant challenge for China as it tries to spur economic recovery.
Despite concerns about a potential recession, recent economic data suggests the US economy is holding strong. Robust retail sales, industrial production, and strong consumer spending growth have led to an upward revision in the Atlanta Fed’s GDPNow model, indicating a healthy third-quarter growth. Market strategist Ed Yardeni believes these positive indicators make the upcoming Fed rate cut timely and potentially beneficial for the market.
The global travel and tourism industry is poised for a record-breaking year in 2024, with its contribution to global GDP expected to surpass $11.1 trillion, marking a 12.1% year-over-year increase. This remarkable recovery, fueled by surging consumer demand, highlights the industry’s resilience and adaptability.
Stay informed with the top news stories from India and around the world, covering political developments, financial updates, and major events on August 30. From Supreme Court hearings to GDP announcements, this digest will keep you in the loop.
The US economy continues to show strength with a revised second-quarter GDP growth of 3%, fueled by robust consumer spending and improving corporate profits. This positive news boosted the US dollar and tech stocks while tempering expectations for interest rate cuts.
Aruba’s economy experienced a robust 11.2% growth in the first quarter of 2024, driven by a surge in tourism and increased construction activity. The island saw a significant increase in tourist arrivals and spending, despite a slight decrease in the average length of stay. Construction projects also contributed to economic expansion, boosting investments and domestic consumption.
