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India to overtake China as fastest growing large economy in 2018: Report

India will overtake China to be the fastest growing large economy in 2018 and the country’s equity market will become the fifth largest in the world, says a report. According to a Sanctum Wealth Management report, when the rest of the world offers low growth and insufficient structural change, India, by contrast, is seen as a reforming economy with the prospect of strong long-term growth. “India will become the fastest growing large economy in the world, eclipsing China. Indian equity market will jump to become the fifth largest in the ...

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3% GDP three-peat? Economy may match feat last achieved under George W. Bush

Can the U.S. economy really make it three in a row? Three straight quarters of 3% growth, this is. The last time the economy managed such a feat was a long, long time ago — 2005 to be exact. The “oddsmakers” seem to think so. Economists surveyed by MarketWatch, for example, estimate that gross domestic product grew 3% in the fourth quarter. Even more optimistic are the New York and Atlanta Federal Reserve banks. The New York Fed’s Nowcast tracker puts fourth-quarter GDP at 3.9%. The Atlanta Fed’s GDP now ...

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Senate Fails to End Government Shutdown, Plans Procedural Vote

Lawmakers failed Sunday to end the federal government shutdown, which will stretch into a third day Monday as negotiations over immigration continued to roil Capitol Hill. The Senate was expected to hold a procedural vote at noon Monday on a measure that would keep the government funded through Feb. 8, but it wasn’t clear if it would have enough support to advance. A group of centrist senators from both parties had huddled Sunday in an attempt to chart a way out of the stalemate, fearing that it would harden as ...

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ECB Seen Closer to Signaling End to QE as Hawks Gain Sway

Economists brought forward their estimate of when the European Central Bank will set an end-date for its bond-buying program, amid signs that more optimistic views on inflation might be gaining sway among policy makers. While no action is expected at the Governing Council meeting on Jan. 25, almost half of respondents in a Bloomberg survey predicted the ECB will announce a definite end-date for asset purchases by June. Just 38 percent held that view in the previous survey last month. The first change in forward guidance is foreseen for March. ...

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New sectors accelerate China’s industrial growth in 2017

China’s industrial output expanded 6.6 percent in 2017, accelerating from 6 percent growth in 2016, official data showed. The strong performance was largely attributed to the sharp growth of new manufacturing sectors such as industrial robots, according to the National Bureau of Statistics (NBS). New-energy vehicles, industrial robots, solar power and integrated circuit outshone most other industries in terms of output in 2017, growing 51.1 percent, 68.1 percent, 38 percent and 18.2 percent, respectively, year on year. On the other hand, mining and cement sectors saw their output decline 1.5 ...

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Softer but better growth expected for Chinese economy in 2018

China’s economic performance beat market expectations in 2017, but will the bullish momentum continue into the new year? A moderation in GDP growth is the popular view among global investors given a high comparison base, while a more balanced and sustainable economy is expected to take shape faster. China’s economy totaled 82.7 trillion yuan (about 13 trillion U.S. dollars) in volume in 2017, expanding 6.9 percent as it picked up pace for the first time in seven years. Stronger-than-expected growth data may indicate a further tightening of macro-prudential policy, but ...

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London finance chief sees fewer jobs shifting because of Brexit

Britain’s vast financial services industry will suffer far fewer job losses from Brexit than first feared, the City of London’s policy chief told Reuters, in remarks that will boost supporters of leaving the EU who say the threat has been exaggerated. Home to the world’s highest number of banks and largest commercial insurance market, the City of London is scrambling to prepare for the loss of easy access to the European trading bloc, its most serious threat since the 2007-2009 financial crisis. Catherine McGuinness, the political leader of the historic ...

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Greece welcomes S&P credit rating upgrade

Greece welcomed on Saturday the upgrade of Greek economy’s credit rating by Standard & Poor’s to B from “B-” as one more sign that the hard times come to an end and the country is moving steadily on the recovery path. “The positive developments that strengthen the feeling that the markets and investors’ confidence in the Greek economy is being steadily restored are not isolated incidents anymore,” commented the Greek Finance Ministry according to an e-mailed statement. The Greek officials noted that the S&P upgrade follows similar positive announcements by ...

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Spain Has Rating Raised to A- by Fitch on Economic Recovery

Spain’s credit rating was raised one level at Fitch Ratings, which said the country’s “buoyant” economic growth has helped reduce the government’s general deficit. The decision puts Spain in ‘A’ grade territory for the first time since 2012, when it was mired in a recession and a housing slump. It also marks the first upgrade for the country from a major credit-rating company in more than two years. “Spain is continuing to benefit from a reduction in macroeconomic imbalances underpinned by a strong, relatively broad-based, economic recovery,” Fitch said in ...

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EU’s Moscovici slams Ireland, Netherlands as tax ‘black holes’

A top EU official on Thursday accused several European countries, including Ireland and the Netherlands, of being tax policy “black holes” and promised to pressure them to change their ways. “Obviously many countries in the European Union are places where aggressive tax optimisation finds its place,” EU Economic Affairs Commissioner Pierre Moscovici told reporters in Brussels. “Some European countries are black holes (…) I want to address this,” he added. Former French finance minister Moscovici spoke ahead of an EU finance ministers meeting in which the bloc was expected to ...

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Majority of Americans say they are satisfied with the economy at levels not seen since dotcom boom, NBC/WSJ poll finds

Americans are now as satisfied with the U.S. economy as they were during the dotcom boom, a new poll from NBC News and The Wall Street Journal found. Sixty-nine percent of Americans said they were satisfied or somewhat satisfied with economic conditions in the country. That figure is up sharply from the mere 37 percent who said they were satisfied in June 2015. That economic satisfaction was found across the political spectrum. While 86 percent of Republicans said they felt good about the economy, 65 percent of independents and 57 ...

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The Risks Of Complacency About The Global Economy

Last year marked a turning point in the global economy. For the first time since the 2008-2009 financial crisis, the global economy was on a synchronous upswing, and its prospects over the short to medium term look equally promising. However, policymakers around the world cannot simply sit back and enjoy the bull run. Four key threats to continued economic growth loom on the horizon. The current economic expansion provides government leaders with the capital to address these threats. Failure to do so will all but ensure that the global economic ...

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Deadline Passes, Triggering Shutdown; Senate Rejects Short-Term Spending Bill

The Senate rejected a one-month spending bill early Saturday, triggering the shutdown of many government services and setting off a partisan fight over who would bear the political consequences. In a dramatic night of failed negotiations, Senate leaders extended the vote on the House’s short-term bill for more than an hour late Friday night as lawmakers attempted to strike a deal to avoid the shutdown. But efforts to agree to a stopgap measure floundered, leaving Congress with no way to avert the first major shutdown of a government under one ...

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Trump to tout U.S. economy, urge fair trade at elite Davos forum

U.S. President Donald Trump will be entering something of a lion’s den when he visits the elitist enclave of Davos next week, rubbing shoulders with the same “globalists” that he campaigned against in winning the 2016 election. Aides said some of Trump’s advisers had argued against him attending the World Economic Forum in order to steer clear of the event, which brings together political leaders, CEOs and top bankers. But in the end, they said, Trump, the first sitting U.S. president to attend the forum since Bill Clinton in 2000, ...

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A rough guide to the World Economic Forum

The World Economic Forum (WEF) 2018 is kicking into action in Davos, Switzerland and CNBC has the lowdown on what you need to know about the event, its participants, the food, security and coverage. Just what is Davos? The World Economic Forum’s annual meeting is a four-day event that is expected to attract over 2,500 participants, including many leaders from the world of politics, business and civil society. The event is taking place between January 23 and 26. The name “Davos” refers both to the Alpine ski resort where WEF ...

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