The Swiss banking group UBS has announced a plan to reduce $10 billion in costs by firing 3,000 employees just in Switzerland.
Reuters has reported that Walmart has asked nearly 16,000 pharmacists in the United States to take pay cuts via a total labour hour reduction.
The US Bureau of Economic Analysis has released the PCE Price Index data and the Department of Labor has published the weekly Unemployment Claims. In theory, the financial markets were set to react to the publications. Although, market reaction was muted.
The Board Member of the Bank of Japan Naoki Tamura has revealed that after a more than a decade of monetary easing the central bank could change its policy at the start of 2024.
This week, Google revealed a number of new artificial intelligence tech tools and partnerships with other companies in the field. The announcement boosted the company's stock price.
The share price of the Vietnamese electric vehicle producer Vinfast have continued to surge, as the company's value has quadrupled to $160 billion.
Due to a system failure Toyota has suspended production at 14 domestic assembly plants. The domestic plants make up a third of the company's global output.
The Automatic Data Processing or ADP has released its National Employment Report. The markets expected the report to show an increase of US employment by 194,000. The actual published number is 177,000. The lower than expected number has boosted the US Dollar's decline. During just the first minute after the publication, the Dollar index lost 11 points or 0.11%.
Due to the recent strong quarterly results the Price to earnings ratio of NVidia has reached a low level not seen during the last eight months.
The government of Japan has stated that the country is at an infection point in a 25-year struggle with deflation, as a turning point appeared to be approaching.
The US Transportation Department has fined American Airlines for a total of $4.1 million for keeping thousands of passengers on the tarmac. This is the largest fine for breaking the law forbidding the action.
At 14:00 GMT, the Job Openings and Labor Turnover Survey results were published. It revealed that in the United States instead of 9.49 million job openings there are only reportedly 8.83 million jobs available. Due to the news, the US Dollar plummeted in value. Over the span of five minutes the Dollar index lost 0.38% or almost 40 base points.
The Chinese carmaker BYD has announced that it would acquire US firm's Jabil mobility unit for a total of $2.2 billion.
The 3M Company has agreed to settle nearly 260,000 lawsuits from military service members that have suffered hearing loss due to the 3M Combat Arms earplugs. The case is set to be settled by paying out $6 billion over the span of next five years.
Credit Suisse has lost a total of $4 billion in the second quarter of 2023, as reported by the Sonntagszeitung.
As the Evergrande shares resumed trading, the company's value plummeted by $2.2 billion or 79%.
The Governor of Bank of Japan Kazuo Ueda has stated that the slowdown of the Chinese economy is adding uncertainty to the future of the Japanese economy.
US officials have announced that they would soon announce a resolution to the ongoing Tesla autopilot investigation.
The Chinese government has developed a draft of a proposal to cut domestic stock trading stamp duties by 50%. The reduced taxation on trading is expected to boost investment and speculation that should increase local stock prices.
After experiencing a recession during the winter, the German economy has stagnated in the second quarter of 2023. The country has reported zero growth in the three months to July.
Reuters has reported that the European Central Bank policymakers were concerned about declining economic growth and where debating a possible stop to the ongoing monetary policy rate increases.
The Chairman of the US Federal Reserve Jerome Powell has just caused a US Dollar's surge. The head of the central bank has hosted a speech at the Jackson Hole Symposium revealing future monetary policy. The central bank is sticking to its 2.00% inflation target. The Federal Reserve sees room for more tightening. Interest rates are expected to be increased and
The US mobile carrier T-Mobile US has announced that due to increased costs the company would have to fire 7.00% if its workforce, which amounts to a total of 5,000 employees.
The US airline United Airlines has agreed upon a $30 million settlement with the family of a quadriplegic man, who was left in a vegetative state due to a deplaning incident.