Following mixed action in financial markets on Thursday, investors are clinging to a cautious stance on Friday. The US economic docket will feature Personal Consumption Expenditures (PCE) Price Index data for June, the Federal Reserve’s preferred gauge of inflation, alongside Personal Income and Personal Spending figures. Finally, the University of Michigan will release revisions to … Read more
By Naeem Aslam European and US futures are trading with extreme caution on Wednesday as traders are reluctant to make any big moves ahead of two important events. Observing the day’s price action reveals a tense atmosphere, because the US CPI report and the Fed’s monetary policy decision, followed by their press conference, are … Read more
President William Ruto believes that Kenyans are not overtaxed, citing the concept of ‘tax effort’ as a measure of tax revenue as a percentage of GDP. He argues that the government needs to increase tax effort to fund infrastructure projects and meet international standards for service delivery. However, he criticizes the reliance on IMF advice and GDP statistics, pointing out data quality issues and the impact of high taxes on citizens and businesses. Ruto suggests assessing the impact of taxes on the cost of living through household surveys to determine if Kenyans are indeed overtaxed.
The Cyprus economy’s growth rate in real terms during the first quarter of 2024 is positive, with a gross domestic product estimated at 3.5% year-on-year according to Cystat.
The German economy grew more than expected in the first quarter, with gross domestic product rising 0.2 per cent. The economy skirted a recession thanks to the construction sector and exports.
The text discusses market updates including GDP data for the Euro area and Germany, US economic docket, US Dollar performance, US Treasury bond yield, Japan’s intervention in foreign exchange markets, EURUSD gains and losses, Retail Sales data from Germany, Private Sector Credit and Retail Sales data from Australia, PMI data from China, AUDUSD performance, GBPUSD performance, and Gold price movements.