In an effort to anticipate potential tariffs on Chinese-made electric vehicles, Volvo has begun relocating production of its EV models to Belgium. This strategic move comes as the European Union considers cracking down on Beijing-subsidised imports, which could significantly impact the automotive industry. Volvo, a company majority-owned by China’s Geely, is taking proactive steps to
Economy
Despite the stronger-than-expected U.S. jobs data pointing to a robust economy, Wall Street experienced choppy trading on Friday. The U.S. economy generated approximately 272,000 jobs in May, surpassing the 185,000 forecasted by analysts. This led the benchmark S&P 500 to initially slip after the report, while U.S. Treasury yields climbed as traders reduced bets on
China’s exports showed promising growth for the second consecutive month in May, with a 7.6% year-on-year increase in outbound shipments. This growth indicates that factory owners are successfully finding buyers overseas, providing a glimmer of hope for the Chinese economy as it strives to recover from recent challenges. The data exceeded economists’ expectations, pointing to
The influence of big corporations on local economies can be profound and far-reaching, especially when it comes to setting competitive wages. A prime example of this can be seen in the case of Costco Wholesale opening a warehouse in a rural Japanese town near Tokyo, which led to a nearby noodle shop chain raising its
Global investors are facing a period of uncertainty as the U.S. economy’s ‘exceptionalism’ appears to be unwinding, signaling potential economic challenges ahead. Manufacturing activity in the world’s largest economy has continued to weaken, leading to a cautious approach from investors around the world. Asian share markets have shown mild weakness in response to the growing
The Consumer Financial Protection Bureau (CFPB) recently unveiled plans to create a public database aimed at identifying nonbank financial companies that have violated consumer laws. This initiative is geared towards exposing and deterring corporate repeat offenders within the financial sector. New Regulations The new regulations put forth by the CFPB will hold debt collectors, mortgage
The currency market began the week on a cautious note, with the dollar experiencing a slight dip on Monday following the revelation that U.S. inflation had stabilized in April. This development left the Federal Reserve with the option to potentially cut interest rates later in the year. In May, the dollar suffered its first monthly
The latest data from property consultant CoreLogic revealed that Australian home prices experienced a significant increase in May. This marks the largest monthly gain since October, with national home prices rising by 0.8%. This continuous growth trend over the past sixteen months has resulted in prices being up by 8.3% compared to the previous year.
The Russian government recently made changes to its mandatory sales of foreign currency for exporters. The new decree states that if more than half of the value of exporters’ contracts is paid in roubles, they will be exempt from certain currency exchange regulations. This move comes as a part of the government’s efforts to stabilize
The MSCI global equities index experienced a rebound in the afternoon as investors repositioned for month-end. After initially trading in the red, the MSCI All Country World Price Index turned positive ahead of a rebalance. The global index closed up 0.57% at 785.54, signaling a positive sign for those who are bullish in the market.