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“I have been consistently surprised at the resilience of consumer spending,” Christopher Waller, an influential member of the Fed’s board, said in a speech this month. “The acceleration of consumer spending on experiences (has) propelled us towards another outstanding quarter,” said CEO Jason Liberty. Wealthier households, in particular, have enjoyed substantial growth in home values and stock portfolios, which are likely juicing their spending. Spending on the bank's credit and debit cards by households with incomes below $50,000 has risen faster than spending by higher-earning clients. “Consumer spending across all segments from high to low has remained stable since March."

Persons: —, they've, ” Christopher Waller, ”, Jason Liberty, “, Tim Duy, they're, Julia Pollak, Sarah Wolfe, Morgan Stanley, Small, Bret Csencsitz, Aditya Bhave, Valerie Zaffina, Zaffina, Bhave, Biden, Christopher Suh, ___ Organizations: WASHINGTON, U.S, Federal Reserve, Royal Caribbean Group, Travelers, ZipRecruiter, Fed, Gotham, Bank of America, Visa Locations: U.S, New York City, COVID, Ramsey , New Jersey, I’m, Washington, New York

☆ How 3 stocks tied to China's economy are navigating its uneven post-Covid recovery
▼ + stars: | 2023-10-30 | by ( Paulina Likos | ) www.cnbc.com time to read: +7 min

But looking at quarterly numbers and commentary from multinational companies doing business there, the road back for the world's second-largest economy remains uneven. Club name Procter & Gamble (PG) flagged weakness in China when it reported its fiscal first quarter 2024 earnings. SBUX YTD mountain Starbucks YTD Given P & G's remarks, we hope Starbucks is still able to keep its China numbers moving in the right direction. Starbucks' growth in China, its second-largest market after the U.S., is still in its early stages. WYNN YTD mountain Wynn Resorts YTD Commentary from Las Vegas Sands gives us hope that Wynn Resorts might be able to continue last quarter's momentum in gross gaming revenue in Macao.

Persons: China — Estee Lauder, —, Nicolas Hieronimus, Andre Schulten, Let's, Estee Lauder, Lauder YTD, Estee, We're, there's, Wells, WYNN, Wynn, Jim Cramer's, Jim Cramer, Jim Organizations: Starbucks, Wynn Resorts, Vegas Sands, L'Oreal, Procter, Gamble, Deutsche Bank, Wynn, HSBC, CNBC, Wuhan International Plaza, Getty Locations: China, Sands, Macao, Asia, Hainan province, U.S, Dubai, Wynn Macau, Wuhan, Hubei province

☆ Qantas to fight regulator over cancelled flights tickets sale case
▼ + stars: | 2023-10-29 | by ( ) www.reuters.com time to read: +1 min

Qantas aircraft are seen on the tarmac at Melbourne International Airport in Melbourne, Australia, November 6, 2018. REUTERS/Phil Noble/File Photo Acquire Licensing RightsOct 30 (Reuters) - Qantas Airways Ltd (QAN.AX) on Monday said it will defend itself against Australia's competition regulator's accusations that the flagship carrier sold tickets to thousands of flights after they were after they were cancelled. Qantas said the Australian Competition and Consumer Commission's (ACCC) case, which accuses it of selling the tickets for flights for more than 48 hours after they were cancelled, does not constitute "fee for no service". "This is consistent with our obligations under consumer law and is what we did during the period the ACCC examined," Qantas said. Reporting by Sameer Manekar in Bengaluru; Editing by Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

Persons: Phil Noble, Sameer Manekar, Grant McCool Organizations: Qantas, Melbourne International Airport, REUTERS, Qantas Airways Ltd, Australian Competition, Consumer Commission's, Australian Stock Exchange, Thomson Locations: Melbourne, Australia, Bengaluru

LEWISTON, Maine (AP) — Dozens of Maine residents gathered at Sunday services to pray and support one another following a traumatic week in which a fellow Mainer gunned down 18 people in the worst mass killing in state history. The body of Card was found Friday in a trailer at a recycling center in Lisbon Falls. A stay-at-home order in place during the massive search was lifted Friday afternoon, hours before authorities announced they had found Card’s body at the Maine Recycling Corp. The Lewiston shootings were the 36th mass killing in the United States this year, according to a database maintained by AP and USA Today in partnership with Northeastern University. The database includes every mass killing since 2006 from all weapons in which four or more people, excluding the offender, were killed within a 24-hour time frame.

Persons: Daniel Greenleaf, Saints Peter, Paul, Robert Card, “ Greenleaf, ” Greenleaf, Card, Jim Ferguson, Michael Sauschuck, ” Sauschuck, William Brackett, “, ”, Billy Brackett, didn’t, ” Brackett, ‘, ’, Michael Casey Organizations: Saints, Authorities, Alcohol, Tobacco, Firearms, Explosives, State Department of Public, Card, Associated Press, Police, Central Maine Medical Center, Massachusetts General Hospital, Maine Recycling Corp, AP, USA, Northeastern University Locations: LEWISTON , Maine, Maine, Lewiston, ”, Lisbon Falls, Boston, Massachusetts, United States

☆ Lobster dinners, luxury goods, and go karting: everyday travelers are splashing out on their cruises
▼ + stars: | 2023-10-28 | by ( Brittany Chang | ) www.businessinsider.com time to read: +6 min

Onboard spending jumped from an average of $66 a day to $81 a day from the second quarter of 2019 to the same time in 2023. AdvertisementAdvertisementFrom WiFi to fancy dinners to go-karting at sea , cruise travelers have been spending big at sea. In the third quarter of 2021, Arnold Donald, the former president and CEO of Carnival Corp, was already noting "off the charts" onboard spend . Amid the influx of ultra-cheap cruises , onboard spend caught up to and surpassed 2019 levels before fares did. "It's a longer sales cycle that helps build that overall onboard revenue product," Mark Kempa, Norwegian's executive vice president and CFO, said during the call.

Persons: —, Arnold Donald, it's, Holland America —, Robin Farley, Patrick Scholes, Brittany Chang, Harry Sommer, Sommer, Mark Kempa, Jason Liberty, Liberty, Scholes, We're, couldn't Organizations: Service, Carnival Corp, Holland America, UBS, Truist Securities, Farley Travelers, Royal, Norwegian Cruise Line Holdings, Royal Caribbean Group, MSC, Cartier, Rolex Locations: Royal Caribbean, CocoCay, Norwegian

A 0.25 mg injection pen of Novo Nordisk's weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, September 1, 2023. "Supply of Wegovy is the most important thing for specialist healthcare investors covering Novo right now," said Barclays analyst Emily Field. Some analysts said a firm date would ease concerns that Novo's supply constraints could allow rival Eli Lilly (LLY.N) to get ahead, when it launches its Mounjaro weight-loss drug. Eli Lilly, the world's most valuable drug company ahead of Novo, has said it expects U.S. approval for the drug, currently licensed for diabetes, to be used for weight loss by the end of the year. Novo is spending billions to increase Wegovy output and hiring more contract manufacturers to fill the pens.

Persons: Victoria Klesty, Wegovy, Novo, Emily Field, Eli Lilly, Markus Manns, Manns, Catalent, Jefferies, Jacob Gronholt, Pedersen, Maggie Fick, Josephine Mason, Jane Merriman Organizations: REUTERS, Novo Nordisk, Wegovy, Barclays, U.S . Food, Drug Administration, Union Investment, Thomson Locations: Oslo, Norway, Victoria, COPENHAGEN, United States, Danish, Germany, Novo, U.S, Brussels, London

☆ Music streaming was 2022's top moneymaker for songwriters, composers
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

A man watches the sunset while wearing a headphone and listening to music, in Colombo, Sri Lanka February 23, 2023. REUTERS/Dinuka Liyanawatte/File Photo Acquire Licensing RightsOct 26 (Reuters) - Streaming became the largest source of income for composers and songwriters in 2022 and helped boost their collections by more than a quarter to 10.83 billion euros ($11.44 billion), a report showed on Thursday. After a boom during the pandemic, streaming collections have doubled from their pre-COVID levels and account for 35% of total collections for music creators, surpassing TV and radio. "It may not affect the graph lines of creators' collections in 2023, but it will in years ahead. CISAC is a network of authors' societies, protecting rights and representing interests of over four million creators of music, audio-visual, drama, literature and visual arts.

Persons: Dinuka, Bjorn Ulvaeus, Ulvaeus, CISAC, Juby Babu, Devika Organizations: REUTERS, International Confederation of, Authors, Composers, Thomson Locations: Colombo, Sri Lanka, Bengaluru

Small toy figures with laptops and smartphones are seen in front of displayed Comcast logo, in this illustration taken December 5, 2021. Revenue for the media giant’s third quarter rose 0.9% to $30.12 billion, beating analysts’ estimates of $29.68 billion, according to LSEG data. Comcast lost 18,000 broadband customers in the quarter, as it faces more competition from wireless carriers such as Verizon (VZ.N) and T-Mobile (TMUS.O), which offer broadband. Paid subscribers increased by 4 million in the third quarter, to 28 million, from the 24 million reported in the previous quarter. That growth was driven partly by the addition of Comcast subscribers who had been getting Peacock for free, and converted to paid subscribers.

Persons: Dado Ruvic, FactSet, Peacock, Oppenheimer, Helen Coster, David Gregorio Our Organizations: Comcast, REUTERS, Revenue, Verizon, Dominion, Thomson Locations: New York, Bengaluru

☆ US new home sales surged in September
▼ + stars: | 2023-10-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —New home sales in the United States surged higher in September from the month before, even as mortgage rates remained over 7%, making financing a home costlier and pushing people out of the market. This represents the fastest pace of sales since February 2022 and easily exceeds analysts’ expectations of a sales pace of 680,000. Sales of existing homes have been trending down since February and are down 20% year to date in September from a year ago. While new home sales are a much smaller share of the overall sales market than existing home sales, the inventory picture is rosier for new construction homes. This represents a supply of 6.9 months at the current sales pace.

Persons: Freddie Mac, ”, Kelly Mangold, Mangold Organizations: DC CNN, United States, US Department of Housing, Urban Development, Census, Federal Reserve, Real Estate Consulting, National Association of Realtors Locations: Washington, United, “

☆ Revenge travel is over — even in China, says CEO of InterContinental Hotels Group
▼ + stars: | 2023-10-24 | by ( Monica Pitrelli | ) www.cnbc.com time to read: +3 min

In this article IHG-GBIHG Follow your favorite stocks CREATE FREE ACCOUNTPent-up travel demand — which drove global travel recovery following the Covid-19 pandemic — is over, said Intercontinental Hotels Group CEO Elie Maalouf. "So we're really past revenge travel — even in China." The company's latest quarterly update showed travel demand remained strong during the close of the summer travel season. Elie Maalouf CEO of Intercontinental Hotels GroupThe company currently operates more than 6,200 hotels worldwide and has another 1,978 in the pipeline. "In the United States, there are about 9,000 hotels that we think are interested in joining a system.

Persons: Elie Maalouf, Maalouf, We're, —, it's, IHG, Garner Organizations: Intercontinental Hotels, CNBC, Hotels, Resorts, Dubai —, Holiday Locations: China, Greater China, Beijing, Shanghai, Guangzhou, Shenzhen, Americas, Europe, Middle East, Africa, Asia, —, Spanish, Dubai, ., Southeast Asia, Central Asia, United States

☆ Big banks are done reporting earnings. Here’s how our financial names performed against peers
▼ + stars: | 2023-10-22 | by ( Morgan Chittum | ) www.cnbc.com time to read: +7 min

Morgan Stanley vs. Goldman Sachs MS YTD mountain Morgan Stanely YTD Morgan Stanley reported better-than-expected third-quarter results on Wednesday. GS YTD mountain Goldman Sachs YTD As a point of comparison, outside our portfolio, Goldman Sachs on Tuesday also reported stronger-than-expected quarterly revenue and profits . Wells Fargo vs. JPMorgan WFC YTD mountain Wells Fargo (WFC) year-to-date performance On the money center side, Wells Fargo reported stellar quarterly results on Friday, Oct. 13, topping analysts' expectations for both earnings and revenues. Wells Fargo got a boost from better-than-expected net interest income and non-interest income, along with a decline in non-interest expenses. A combination file photo shows Wells Fargo, Citibank, Morgan Stanley, JPMorgan Chase, Bank of America and Goldman Sachs.

Persons: Morgan Stanley, Goldman Sachs, Jeff Marks, Wells Fargo, Wells, Morgan Stanley's, Morgan Stanely YTD Morgan Stanley, Marks, they've, James Gorman, Goldman, David Solomon, Mike Santomassimo, Jamie Dimon, Jim Cramer's, Jim Cramer, Jim, JPMorgan Organizations: JPMorgan, CNBC, Federal Reserve, Goldman, JPMorgan WFC, JPMorgan Chase, Citibank, Bank of America, Reuters Locations: Wells, Wells Fargo

☆ The era of cheap cruises is over. Here's how to find the best deal now.
▼ + stars: | 2023-10-21 | by ( Brittany Chang | ) www.businessinsider.com time to read: +5 min

In 2024 cruise fares will continue to increase past 2019 levels. Carnival Corp, for example, says it is "well positioned to drive 2024 pricing higher." AdvertisementAdvertisementSay goodbye to cheap cruises and get ready to dig deeper into your wallets for a 2024 cruise — demand is now driving future cruise fares to pre-COVID-19-pandemic levels. For 2024, pricing across the industry will be up about 8% compared to this year and 20% compared to 2019. AdvertisementAdvertisementThere's still one big culprit: pent-up demandCarnival Corp's CFO David Bernstein says the company is "well positioned to drive 2024 pricing higher."

Persons: —, itineraries, Tynan Smith, Patrick Scholes, David Bernstein, DANIEL SLIM, Josh Weinstein, Scholes, Smith, Brittany Chang Organizations: Carnival Corp, Service, Cruise, Truist Securities, Carnival, Getty Images, Royal Locations: Caribbean, Bahamas, Bermuda, AFP, Royal Caribbean

☆ After a summer of Barbenheimer and Beyoncé, can US consumers still afford the holiday season?
▼ + stars: | 2023-10-21 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

Minneapolis CNN —Ballpark attendance boomed this summer, Barbenheimer revived the box office and a Renaissance of live performances brought concerts into new Eras. However, it also could mean that holiday spending just might look a little different and skewed more toward experiences than it has done in past years. Respondents to KPMG’s 2023 holiday survey said they plan to spend 5% more this season, said Matt Kramer, KPMG’s consumer and retail national sector leader. “What stands out the most is this ‘leaning in’ to holiday travel and wanting to have those experiences with friends and family,” he said. A more comprehensive look at consumer spending will come at the tail end of the month when the Personal Consumption Expenditures data is released.

Persons: Barbenheimer, Everybody, ”, Keith Gentili, ” Taylor Swift, Allen J, “, Ted Rossman, that’s, ’ ”, aren’t, Matt Kramer, Tamara Charm, Elijah Nouvelage, Patrick T, Fallon, Gus Faucher, Nathan Howard, Nancy Vanden Houten, ’, ” Rossman, Matt Schulz Organizations: Minneapolis CNN —, New Hampshire, Los Angeles Times, Getty, Bankrate, McKinsey, Travelers, Hartsfield, Jackson Atlanta International Airport, Bloomberg, Commerce, Apple, PNC Financial Services, Shoppers, canaries, LendingTree Locations: Minneapolis, New, Inglewood , California, splurge, ’, Los Angeles, AFP, Georgetown, Washington, what’s, Oxford

☆ The housing market was already painful, ugly and anxious. Now the 8% mortgage rate is back
▼ + stars: | 2023-10-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

watch nowToday's housing market is a toxic mix of high mortgage rates, high prices, tight supply and strangely strong pent-up demand — and it's scaring off buyers and sellers alike. Now the popular 30-year fixed mortgage rate is at 8%, the highest in decades, making things even tougher. The result was record-low mortgage rates for two solid years. That, ironically, made the housing market even more expensive. They have little desire to trade the 3% rate they currently have for an 8% mortgage rate on a new purchase.

Persons: Matthew Graham, MND's Graham, He's, Lisa Resch, What's, Lawrence Yun, Yun Organizations: Mortgage News, Federal Reserve, National Association of Realtors, Compass, Washington , D.C, NAR, Buyers Locations: Washington ,, Florida, Tampa, Jacksonville, Orlando, Houston , Texas, Memphis , Tennessee, homebuilders, Horton

☆ Why now is actually a good time to buy a house
▼ + stars: | 2023-10-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

And yet, there's an argument to be made for getting in now if you can find something, even amid 20-year high mortgage rates and stubbornly high prices. Mortgage rates at 8% have sidelined a good portion of the competition. High mortgage rates are the new normalThat message doesn't appear to be getting through to prospective homebuyers, who have made themselves scarce as mortgage rates have continued their steady rise in 2023. AdvertisementAdvertisementFairweather sees mortgage rates staying where they are until the Fed begins to cut rates in mid-2024. That could cause mortgage rates to ease around 100 basis-points next year, dropping as low as 7%.

Persons: —, Barbara Corcoran, don't, Lawrence Yun, Daryl Fairweather, Fairweather Organizations: Service, Corcoran, National Association of Realtors, Federal Reserve

☆ We're lowering our price target on Morgan Stanley as shares tumble on earnings results
▼ + stars: | 2023-10-18 | by ( Jeff Marks | ) www.cnbc.com time to read: +6 min

Morgan Stanley (MS) reported better-than-expected third-quarter results Wednesday, even as investor disappointment over its wealth management business and the prolonged slump in investment banking weighed heavily on shares — prompting us to lower our price target on the Club holding. Bottom line Morgan Stanley shares plummeted by 6.6% Wednesday, to hit a new 52-week low of roughly $75 apiece. Wealth management revenues increased about 5% on an annual basis, but fell short of analysts' forecasts. Morgan Stanley management has previously said it would be misguided to extrapolate one quarter's results on net new assets to the next. The Morgan Stanley headquarters is seen in New York City on Jan. 17, 2023.

Persons: Morgan Stanley, it's, they've, James Gorman, Morgan Stanley repurchased, Jim Cramer's, Jim Cramer, Jim, Michael M Organizations: Club, Revenue, LSEG, Wall, Wealth, Federal Reserve, Equity, Capital, CNBC, Santiago, Getty Locations: IPOs, New York City

We are buying 75 shares of Morgan Stanley (MS), at roughly $73.79 apiece. Following Wednesday's trade, Jim Cramer's Charitable Trust will own 1,475 shares of MS, increasing its weighting in the portfolio to 3.87% from 3.68%. Shares of Morgan Stanley were down roughly 8% in midday trading Wednesday — hitting a new 52-week low — after the bank reported mixed third-quarter results before the opening bell. Morgan Stanley management has a target of adding $1 trillion in net new assets every three years. And with $235 billion in net new assets over three quarters, Morgan Stanley is still on track to reach its goal.

Persons: Morgan Stanley, Jim Cramer's, Morgan Stanley's, –, they've, James Gorman, Jim Cramer, Jim Organizations: Federal Reserve, CNBC, Getty

A logo of Taiwanse chip giant TSMC can be seen in Tainan, Taiwan December 29, 2022. The likely decline in profit also reflects a strong performance last year, when the company was still riding high on pent-up post-pandemic demand. The world's largest contract chipmaker is set to report net profit of T$195.9 billion ($6 billion) for July-September - its second straight quarter of profit decline, according to an LSEG SmartEstimate drawn from 19 analysts. Given that, much of Thursday's focus will be on TSMC's outlook for the fourth quarter and beyond. Fubon Securities expects a slow start to next year for TSMC, with 10% growth in the first quarter, predicting order cancellations towards the year end and mild restocking demand.

Persons: Ann Wang, SmartEstimates, Morgan Stanley, SmartEstimate, TSMC, Sarah Wu, Ben Blanchard, Emily Chan, Edwina Gibbs Organizations: REUTERS, Revenue, TAIPEI, Taiwan Semiconductor Manufacturing Co, TSMC's, Fubon Securities, TSMC, Apple, Thomson Locations: Tainan, Taiwan, Asia's, TSMC's Taipei

☆ CHART OF THE DAY: Here's the simple reason why home prices won't fall anytime soon
▼ + stars: | 2023-10-17 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

A steady decline in home inventory since 2006 is helping push home prices consistently higher. "Perhaps the housing market is not as interest rate-sensitive now as it historically has been," LPL Financial said. AdvertisementAdvertisementOur Chart of the Day is from LPL Financial, which highlights the ongoing relationship between home prices and existing home inventory. The chart shows that the resilient climb in home prices comes as existing home inventory has been steadily falling. "Perhaps the housing market is not as interest rate-sensitive now as it historically has been."

Persons: —, Patrick Harker, Harker, Jeffrey Roach, Roach Organizations: Service, LPL, Mortgage, Association

☆ Sparse inventory drives prices for new, used vehicles higher. 3 things to do when car shopping
▼ + stars: | 2023-10-17 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

Moreover, the strike might only affect a relatively small number of vehicles when compared to the auto market as a whole. Car shoppers hardly saw similar end-of-summer sales last year either because of a chip shortage that reduced production levels, added Caldwell. "It is absolutely a great time to look into the EV market, both for new and pre-owned," he said. Additionally, recurring price cuts from Tesla this year might also soften prices in the EV market as a whole, added Caldwell. Shopping tips for a low-inventory car market

Persons: Adam Gault, Jessica Caldwell, Edmunds, Gen Z, We're, They're, Caldwell, Tom McParland, There's, Kelley, EVs Organizations: Finance, Workers, United Auto Workers, Automatch Consulting, EV Locations: Edmunds

The exception among major commodities was copper, where imports of the unwrought metal were up in September from August, but down from the year earlier month. Copper imports were 480,426 metric tons in September, up from August's 473,330, but down 5.8% from 509,954 in September last year. For the first nine months of 2023, unwrought copper imports were down 9.5% to 3.99 million metric tons. Crude oil imports were 11.13 million barrels per day (bpd) in September, down from August's 12.4 million bpd, although it's worth noting that August was third strongest month on record. IRON ORE, COALIron ore imports dropped to 101.18 million metric tons in October, down 4.9% from August's 106.42 million, but it's worth noting that August was the strongest month since October 2020.

Persons: Aly, China's, Lincoln Organizations: REUTERS, Rights, Reuters, Thomson Locations: Port, Shanghai, China, Rights LAUNCESTON, Australia, August's

Jews in communities far from Israel gathered at synagogues this weekend for their first Shabbat services since Hamas militants attacked Israel, igniting an ongoing war. PITTSBURGH RABBI SAYS HAMAS ATTACK RESURFACES GENERATIONS OF TRAUMA FOR JEWISH PEOPLEThe deadly Hamas attack is not just another geopolitical event for Jewish people, explained one U.S. rabbi. It is drudging up generations of visceral trauma, especially in Pittsburgh – the city scarred by the deadliest antisemitic attack in U.S. history. “More Jews were killed last Shabbat … than on any other day since the Holocaust,” said Rabbi Daniel Fellman of Temple Sinai, during the first service following the violence in Israel. “It isn’t that Hamas wants the destruction of Israel.

Persons: PITTSBURGH RABBI, ”, Daniel Fellman, It’s, –, “, ” Fellman, Abel, Cain –, Cain, Seth Adelson, Beth Shalom, ” Adelson, Adelson, — Peter Smith, Jessie Wardarski, Rabbi Yehuda Teichtal, ” Teichtal, — they’ve, Berliners, — Kirsten Grieshaber, ” Modechai Ben Avraham, Shaar, ” Shaar Hashamayim, hunkered, Juval Porat, I’m, Beth Sholom, Michael Conway, Gayle Pomerantz, Robert Davis, —, ” Davis, ” — Giovanna Dell'Orto Organizations: PITTSBURGH, Hamas, Beth, Pittsburgh IN, Police, Associated Press, MIAMI BEACH, Miami, Lilly Endowment Inc, AP Locations: Israel, Pittsburgh, Temple Sinai, Pittsburgh IN BERLIN, Germany's, Berlin, Gaza, Germany, Berlin’s Wilmersdorf, Indonesian, Shaar Hashamayim, Tondano, Indonesia, North Sulawesi, MIAMI, Miami Beach, Fla, Miami Beach , Florida

☆ Already a humanitarian crisis, war with Hamas could have major impact on Israel's economy
▼ + stars: | 2023-10-11 | by ( Jason Gewirtz | ) www.cnbc.com time to read: +1 min

Israeli armuy soldiers deploy at a position near the border with Gaza in southern Israel on October 11, 2023. As Israel prepares for what could be a long war with massive humanitarian implications, there are also concerns about how a protracted fight could weigh on the country's dynamic economy. Israel's standing army, air force and navy is is comprised of 150,000 members. "The impact is substantial," said Eyal Winter, a professor of economics at Hebrew University in Jerusalem who has studied the economic impact of Israel's wars. But, he added, "there's also a major increase in tourism when the fighting ends due to pent up demand."

Persons: Israel, Eyal Winter, there's Organizations: Hebrew University Locations: Gaza, Israel, Jerusalem

☆ IMF says global economy 'limping along,' cuts growth forecast for China, euro area
▼ + stars: | 2023-10-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +6 min

サマリー Global growth forecast unchanged at 3.0% in 2023Inflation dropping but 'not quite there yet'-IMF chief economistIMF raises U.S. forecast, cuts outlook for China, euro areaMARRAKECH, Morocco, Oct 10 (Reuters) - The International Monetary Fund on Tuesday cut its growth forecasts for China and the euro area and said overall global growth remained low and uneven despite what it called the "remarkable strength" of the U.S. economy. The IMF left its forecast for global real GDP growth in 2023 unchanged at 3.0% in its latest World Economic Outlook (WEO), but cut its 2024 forecast by 0.1 percentage point to 2.9% from its July forecast. "The global economy is showing resilience. "We see a global economy that is limping along and it's not quite sprinting yet." It left Japan's 2024 growth outlook unchanged at 1.0%.

Persons: Pierre, Olivier Gourinchas, Gourinchas, It's, it's, Andrea Shalal, Andrea Ricci Organizations: IMF, Monetary Fund, Economic, International Monetary Fund, World Bank, Reuters, Labor, U.S, autoworkers Locations: China, MARRAKECH, Morocco, U.S, Ukraine, Israel, Marrakech, United States, Japan

☆ IMF says global economy 'limping along', cuts growth forecast for China, euro zone
▼ + stars: | 2023-10-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +7 min

China Daily via REUTERS Acquire Licensing RightsSummary Global growth forecast unchanged at 3.0% in 2023Inflation dropping but 'not quite there yet'-IMF chief economistIMF raises U.S. forecast, cuts outlook for China, euro areaMARRAKECH, Morocco, Oct 10 (Reuters) - The International Monetary Fund on Tuesday cut its growth forecasts for China and the euro zone and said overall global growth remained low and uneven despite what it called the "remarkable strength" of the U.S. economy. In its latest World Economic Outlook, the IMF left its forecast for global real GDP growth in 2023 unchanged at 3.0% but cut its 2024 forecast to 2.9% from its July forecast of 3.0%. Even in 2028, the IMF is projecting global growth of just 3.1%. You put all these things together and you have a slowdown in medium-term growth," Gourinchas told Reuters. If the real estate crisis deepened, China's growth could be lowered by as much as 1.6% percentage point, which in turn would knock 0.6 percentage points off global growth, Gourinchas said.

Persons: Pierre, Olivier Gourinchas, Gourinchas, It's, it's, Andrea Shalal, Andrea Ricci, Catherine Evans Organizations: REUTERS Acquire, IMF, Monetary Fund, World Bank, Reuters, Research, Labor, U.S, autoworkers, Thomson Locations: Jinhua, Zhejiang province, China, MARRAKECH, Morocco, U.S, COVID, Ukraine, Israel, Marrakech, United States, Japan

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