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U.S. job growth beats expectations; unemployment rate falls 3.5%

U.S. employers hired far more workers than expected in July, with the unemployment rate falling to a pre-pandemic low of 3.5%, providing the strongest evidence yet that the economy was not in recession. Nonfarm payrolls increased by 528,000 jobs last month, the Labor Department said in its closely watched employment report on Friday. Data for June was revised higher to show 398,000 jobs created instead of the previously reported 372,000. That marked the 19th straight month of payrolls expansion. The unemployment rate was at 3.6% in June. Economists polled by ...

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China moves to unleash market demand for stronger growth against external uncertainties

Against the backdrop of the COVID-19 pandemic and external complexities and uncertainties, China is maneuvering its policy toolkit to bolster the demand of its super-large domestic market to perk up the economy for stronger growth. At a high-profile meeting last week, Chinese leadership analyzed the current economic situation, stressing that macro policies should play a proactive role in boosting demand. Fiscal and monetary policies should be able to effectively offset deficiency in social demand. “Taking both immediate and long-term benefits into consideration, the policies emphasized efforts to expand domestic demand ...

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U.S. bond funds gain biggest weekly inflow in 11-months

U.S. bond funds recorded their biggest weekly purchase in eleven months in the week to Aug. 3 on expectations that slowing growth would prompt the Federal Reserve to slow down the pace of its rate hikes to aid the economy. According to Refinitiv Lipper data, U.S. bond funds obtained a net $9.37 billion in purchases, the biggest weekly inflow since Sept. 1. The U.S. gross domestic product fell at a 0.9% annualized rate in the second quarter, while the growth in U.S. factory activity weakened to a two-year low in ...

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EUROPE GAS-UK prompt prices rise on lower wind, undersupply

British prompt wholesale gas prices rose on Friday morning as exports resumed through the InterconnectorUK pipeline from Britain to Belgium, lower wind output and ahead of an liquefied natural gas (LNG) terminal outage next week. The British day-ahead contract rose by 53.00 pence to 310.00 pence per therm, while gas for immediate delivery was up by 47.00 pence to 305.00 pence per therm by 0843 GMT. The UK system was under-supplied by around 17.4 million cubic metres (mcm) on Friday morning, with demand expected to be at well above seasonal ...

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Germany’s energy U-turn: Coal instead of gas

Berlin has realized it will never again import as much energy from Russia as before the Ukraine war. So the challenge is to wean Germany off its dependence on Russian energy sources, and quickly. The question is how. Starting this week, German hard coal-fired power stations are restarting operations, which were being phased out because of the hugely detrimental climate impact on a world already ravaged by global warming. Germany’s goal had been to phase out all coal-generated electricity by 2038. But now, the government is swallowing the bitter pill ...

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Best Oasis Weekly Recycling Market Report, 5 August 2022

The era of stability is long gone with global economy facing multiple shocks, each one having a domino effect across all the industries

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China’s infrastructure investment up 15% in July, set to maintain strong growth in H2

China’s infrastructure investment accelerated in July amid a package of support policies, as the world’s second-largest economy revved up its growth engine to bolster a stable recovery amid downward pressure and mounting external uncertainties. In July, China’s infrastructure investment growth rebounded to about 15 percent year-on-year, thanks to sustainable funding and policy incentives as well as a low base effect, UBS economists led by Wang Tao said in a note sent to the Global Times on Thursday. Between January and June, investment in the infrastructure sector rose 7.1 percent year-on-year, ...

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Key events in developed markets next week

US: Next week’s inflation data is set to show prices rising more rapidly than the Fed would like to After a cumulative 225bp of Federal Reserve rate hikes, including two consecutive 75bp moves, financial markets are pricing just under 110bp of additional interest rate increases over the next six months. We continue to look for 50bp rate hikes in September and November with a final 25bp hike in December despite the US economy having fulfilled the requirement of a technical recession, with two consecutive quarters of negative GDP growth in ...

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STOCK MARKET SNAPSHOT FOR 06/8/2022

NASDAQ-Adv: 2,545 Dec: 2,026 NYSE-Adv: 1,868 Dec: 2,246 (Source: Nasdaq)

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Japan takes step into green GDP research

Japan on Friday took a first step into its research for a green gross domestic product (GDP) measurement that reflects the country’s progress in reducing greenhouse gas emissions in its economic growth. Prime Minister Fumio Kishida has made green transformation a key policy item as his government seeks to meet a pledge to cut carbon emissions by 46% in 2030 compared with 2013 levels, for which it needs to make a huge push into decarbonisation. The world’s third-largest economy grew 1.04% on average per year between 1995 and 2020 when ...

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Analysis: Banks are Twitter-deal escape hatch that Musk would struggle with

The banks that agreed to finance Elon Musk’s $44 billion acquisition of Twitter Inc (NYSE:TWTR) have a financial incentive to help the world’s richest person walk away but would face long legal odds, according to people close to the deal and corporate law experts. Twitter has sued Musk to force him to complete the transaction, dismissing his claim that the San Francisco-based company misled him about the number of spam accounts on its social media platform as buyer’s remorse in the wake of a plunge in technology stocks. The Delaware ...

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India’s Reserve Bank maintains the pace of tightening

RBI sticks with the 50bp playbook There was never much doubt that the Reserve Bank of India (RBI) would hike rates at its meeting today. What was in doubt was the amount by which rates would be raised. And in the end, the committee decided to raise the repo rate by 50bp, the same pace as in June, and more than the 35bp consensus view. This takes the policy repo rate to 5.4%. With inflation currently at 7.0% year-on-year, the monetary policy committee judged that further calibrated removal of accommodation ...

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Wan Hai Lines Holds Online Ship Naming Ceremony for New Vessels accompanied by a Charity Donation

Wan Hai Lines Ltd. held ship naming ceremonies for WAN HAI 351 、 WAN HAI 352 and WAN HAI 353 accompanied by a charity donation today (5TH . August). Due to the COVID-19 pandemic, a physical ceremony was replaced by an online one. WAN HAI 351、WAN HAI 352 and WAN HAI 353 are the first three vessels in the series of 3,013 teu containerships built by Japan Marine United Corporation Tsu Shipyard. Mrs. Yoshiko ISHII, wife of Director Executive Vice President; Manager, Tokyo Branch of Tosoh Logistics Corporation, Mrs. Keiko ...

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India to allow additional 1.2 mln T of sugar exports

India will allow the export of an additional 1.2 million tonnes of sugar, a government official said on Friday. The notification allowing exports would be issued by the end of the day, federal food secretary Sudhanshu Pandey told reporters on the sidelines of a news conference. Reuters reported last week that the government would allow additional sugar exports after allowing companies’ requests to let them ship out stocks that had piled up in ports and warehouses. Source: Reuters (Reporting by Aftab Ahmed in New Delhi Writing by Shilpa Jamkhandikar Editing ...

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Ukraine grain exports down 48.6% so far in 2022/23 season

Ukraine’s grain exports were down 48.6% year on year at 1.23 million tonnes so far in the 2022/23 season, the agriculture ministry said on Friday. Grain exports for the 2021/22 season ending June 30 rose 8.5% to 48.5 million tonnes, driven by strong shipments before Russia invaded Ukraine on Feb. 24. Ukraine’s grain exports have slumped since the start of the war because its Black Sea ports – a key route for shipments – were closed off, driving up global food prices and prompting fears of shortages in Africa and ...

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