Comment about the top story China shook the world of finance twice.
China’s most powerful regulators on Friday intensified the country’s crackdown on cryptocurrency with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks.
The Federal Reserve has cut its 2021 US growth forecasts and projects a 5.9% rate, versus 7% previously. Upcoming data will show if the coronavirus continues to undermine the recovery. Consumer confidence in September is on tap, after August readings came in well short of estimates, dropping to a six-month low.
The woes of debt-saddled Chinese developer Evergrande are gnawing at global markets. Unsurprising because the property sector has a bearing, direct or indirect, on a quarter of the country’s huge economy. China’s Evergrande problem today may dent global growth tomorrow.
The ECB reportedly expects inflation to hit 2% by 2025. Despite analysts’ skepticism, surging power prices and the seep-through elsewhere, including into inflation expectations, could mean it may not be too far off that mark. The ECB braces for sticky inflation and eyes the end of emergency stimulus.
Britain’s retail industry warned the government on Friday that unless it moves to alleviate an acute shortage of truckers in the next 10 days then significant disruption was inevitable in the run-up to Christmas.
|Tesla Inc CEO Elon Musk said on Friday that thanks to new semiconductor plants that are planned or under construction, the global chip shortage that has pummelled the car industry this year should be short-term in nature.|
|Apple’s iPhone 13 line hit the market Friday, and it’s bringing impressive changes to the smartphones’ cameras, batteries, and performance. The lineup includes the pint-size iPhone 13 mini, the iPhone 13, the iPhone 13 Pro, and the hand-stretching iPhone 13 Pro Max.|
|The Centers for Disease Control and Prevention backed a booster shot of Pfizer Inc and BioNTech SE COVID-19 vaccine for Americans aged 65 and older and adults with an underlying medical condition.|