- The Asia Pacific Economic Cooperation (APEC) countries are projected to experience a deceleration in economic growth in 2024 due to factors such as increased interest rates slowing U.S. growth, China’s ongoing struggle with economic recovery, and ongoing trade tensions between the two nations. The APEC Secretariat’s Policy Support Unit has released new predictions indicating a decrease in the growth rate for the 21-country region from 3.3% in 2023 to 2.8% in 2024. Carlos Kuriyama, the director of the APEC policy support unit, underscored the necessity for the U.S. and China to reconcile their differences to prevent further economic fragmentation.
- In Japan, wholesale inflation is decelerating as cost pressures alleviate. Government subsidies aimed at controlling gasoline and utility bills are anticipated to result in a deceleration in consumer inflation by the end of the fiscal year in March 2024, according to Takeshi Minami, the chief economist at Norinchukin Research Institute.
- Mary Daly, the President of the San Francisco Federal Reserve, has stated that it is premature to conclude whether the central bank’s rate hike cycle has ended, according to CNBC. Jerome Powell, the Chair of the Federal Reserve, and other policymakers have not yet determined the peak of the central bank’s policy tightening efforts.
- Peru’s central bank has signalled that the country might witness a third consecutive quarter of GDP contraction. Despite another cut in interest rates as prices ease, Peru continues to be in a recession.
- In Argentina, retail prices are projected to drop below 10% in October for the first time in over a year.
- The Reserve Bank of Australia has issued a warning about the potential for unexpected inflation increases.
- Calendar: This week we will know the data on average income and employment changes in the UK, as well as its inflation rate and producer price indices. Also, the gross domestic product and employment changes in the eurozone. Germany will publish the ZEW economic sentiment surveys. The US will release its Consumer Price Index. On the Asian side, Japan’s GDP growth and China’s industrial production and retail sales will be released.