The US Treasury Secretary Janet Yellen has stated that a US default on sovereign debt would cause an economic catastrophe. The US service of debt has come into question, as interest rates have continued to surge and the US Congress fails to negotiate on a new debt ceiling.
The United States Bureau of Economic Analysis has just published the country's quarterly Advance GDP data. The markets expected that the GDP would have increased by 2.0% during the quarter. The data came in below expectations, as GDP had increased by 1.1%.
The United States Conference Board consumer confidence survey results have revealed that the index has reached a nine month low level.
The stock price of Facebook owner Meta has jumped $25.45 or 12.14% in US pre-market opening trading. The jump of the equity was caused by better than expected quarterly financial results.
The parent of Google has announced that the company would buy back stock for a total amount of $70 billion due to the company beating its first quarter earnings estimates.
Microsoft has announced that the company has launched a new data centre in Poland in the southern part of the country at Katowice.
The Swiss banking group UBS has revealed that due to setting aside emergency funds for covering investments in toxic mortgages the bank has reduced its first quarter profit by half.
Microsoft published its quarterly results after Tuesday's trading hours. The company has revealed stunning results, which caused the stock to trade up 8.37% at $298.72, before Wednesday's open. The stock price has reached levels not seen since April 2022.
The First Republic Bank has experienced another stock price drop, as the bank has revealed that its deposits have plummeted by mora than $100 billion.
Reuters has revealed that most investors have been buying short term, one-month US Treasury bills instead of longer term bonds due to the issues associated with the US debt ceiling.
The stock price of Nestle has spiked almost 2.00% due to the publication of the company's quarterly financial results. The company appears to be resilient against inflation, as it has hiked its product prices by 9.8%. However, as sales volumes have decreased, the company has experienced a -0.5% decline of what it calls real internal growth.
Reuters has reported that Chinese authorities have requested local banks to reduce deposit interest rates in an effort to stimulate domestic consumption.
The US House of Representatives is set to vote this week on a law that would increase the US sovereign debt ceiling.
Credit Suisse has announced that the company has lost $68 billion in assets in the first quarter of 2023.
Reuters has revealed that the electric vehicle maker Tesla intends to export its vehicles to Canada from China instead of North America.
The Governor of Bank of Japan Kazuo Ueda has stated that the central bank would need to first see forecasts of close to 2.00% inflation forecasts, prior to tweaking its ultra-loose monetary policy.
The Swedish IKEA store owner Ingka Group intends to invest $2.2 billion in expanding its operations in the United States and compete with US retailers.
Reuters has revealed that Deutsche Bank plans to reduce the bank's executive board members from 10 to 9 and fire employees in private banking and infrastructure departments.
The President of the Federal Reserve of New York John Williams has recently stated that inflation remains high and the Federal Reserve will act to lower it.
The US Treasury Secretary Janet Yellen has stated that the United States seek constructive and fair economic ties with China.
The CEO of Tesla Elon Musk has stated that the company would concentrate on sales growth instead of profits, as the company has reported lowest gross margins in two years.
Meta Platforms has enacted another wave of employee firing. This time the company has started to lay off engineers and tech teams.
The People's Bank of China officials have revealed that there is no basis to expect long-term deflation. Inflation is set to remain intact in the Chinese economy.
Heineken has revealed that the company expects an increase of beer consumption in Europe to offset an ongoing decline of demand in Asia.