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Russia's Wartime Economy Overheats as Interest Rates Rise

Russia's central bank is expected to raise interest rates beyond their record 21 percent on Friday, as policymakers struggle to tame inflation in what President Vladimir Putin has described as an "overheating" war economy, reports the Financial Times. This move comes as Elvira Nabiullina, the hawkish

Gold Prices Head for Weekly Loss as Fed Rate-Cut Optimism Fades

Gold prices are set to decline for the week as investors reassess the interest rate outlook following the Federal Reserve's latest pronouncements and economic data releases, reports Bloomberg. Bullion traded near $2,590 an ounce on Friday morning, down approximately 2% for the week. While the Fed did

Oil Prices Dip on Demand Concerns and Strong Dollar

Oil prices fell in early Asian trading on Friday, as concerns about future demand growth and a strengthening dollar weighed on the market, reports Reuters. Both Brent crude and West Texas Intermediate futures fell, putting global oil benchmarks on track to end the week down over 2%. The decline was

Trump-Backed Funding Plan Fails, Government Shutdown Looms

The Republican-led House of Representatives rejected a temporary funding plan backed by President-elect Donald Trump on Thursday, with just over 24 hours to spare before a US government shutdown, reports Bloomberg. The move capped an extraordinary two days in Washington that tested the incoming president's power. Trump and

Japan's Inflation Accelerates, Keeping Rate Hike Prospects Alive

Japan's core inflation accelerated in November, rising to 2.7% year-on-year, according to government data released Friday, reports Reuters. This increase, slightly exceeding analysts' forecasts, keeps pressure on the Bank of Japan (BOJ) to consider further interest rate hikes. The BOJ, which opted to keep rates steady

Norges Bank Holds Steady, But First Rate Cut Nears

Norway's central bank, Norges Bank, has held its key policy rate at 4.5%, signaling its commitment to cooling inflation, but also hinting at an impending shift towards monetary policy easing, reports the Wall Street Journal. The decision aligns with a recent Wall Street Journal poll. The 4.

Italy's Bonds Poised for Gains as German and French Uncertainty Grows

While Italy's economic growth stalls and its debt burden continues to rise, investors are increasingly drawn to the country's government bonds, reports Reuters. This unexpected shift in sentiment stems from a growing perception that Rome's political landscape is far more stable than those in

South Korea's Potential Growth Rate Plummets to Around 2%, Warns Central Bank

South Korea's potential for economic growth is dwindling, according to a report released Thursday by the Bank of Korea (BOK), which attributes the decline to a lack of innovation and inefficient resource allocation. Reuters reports that the central bank estimates the potential growth rate, defined as the maximum

New Zealand Plunges into Recession, Prompting Calls for Deeper Rate Cuts

New Zealand's economy has fallen into recession, contracting far more sharply than anticipated in the third quarter, according to data released on Thursday by Stats NZ, as reported by Reuters. This dire outcome, exceeding even the Reserve Bank of New Zealand's (RBNZ) own pessimistic forecasts, is

China's Central Bank Steps Up Yuan Support After Fed Move

China's central bank has stepped in to support the yuan after the US Federal Reserve's latest interest rate decision sent the dollar soaring, reports Nikkei Asia. The People's Bank of China (PBOC) set the yuan's reference rate at 7.1911 per dollar