US mortgage refinance demand rises despite interest rates crossing back over 7%
Key points Home owners in the US are continuing to take mortgages despite high interest rates. Applications to refinance homes has now jumped 10% in the past week which is 4% higher than the same period YoY. Applications for new homes mortgages fell 5% for the week...
Turkey’s inflation rises to 68.5% despite successive rate hikes
Key points Inflation still runs wild in Turkey at 68.5%. Education cost had the highest inflation by 104% YoY, followed by hotels and eateries at 95% and health at 80%. Turkey's inflation data shows increased inflation rates despite the central bank imposing continued...
Eurozone gets economic boost as inflation slows down to 2.4%
Key points Inflation in the Eurozone slowed to 2.4% in March, a number lower than expected. The dip increases the chances of interest cuts later in the year. 20 nation region, the Eurozone just received an economic boost after recording lower inflation rates (2.4%)...
Choosing the Right Certificate of Deposit (CD) Term: A Comprehensive Guide
Introduction Certificate of Deposits (CDs) are a popular and low-risk investment option for individuals seeking to earn a fixed rate of return on their savings. One of the key decisions when investing in CDs is selecting the right term, which refers to the length of...
UK economy struggles as inflations continue to bite hard
Key Points UK’s Gross Domestic Product has shown no growth in Q3 2023 after registering a slight rise of 0.2% in Q2. The UK Finance Minister now decries high inflation, blaming it as the “greatest barrier” to their economic growth. Inflation rates in the UK are still...
Standard Chartered venture arm eyes setting up a crypto fund in UAE
Key Points Global banking giant Standard Chartered is eyeing setting up a crypto fund in the United Arab Emirates. The disclosure comes days after the UAE issued guidance on crypto regulation requiring VASPs to be licensed to increase the transparency of financial...
Europe’s Stripe rival Adyen losses $20 billion in a day
Key points Adyen, a money transmitter company, experienced a stock flash crash on Thursday by 39% after the company announced its slowest revenue growth on record. Adyen has been seen for a long as a growth stock after posting consistent revenue growth of 26% each...
FedNow showcases a DLT platform powered by Hedera Hashgraph
Key Points FedNow has showcased a new DLT-powered payments platform built on Hedera to its list that showcases service providers. The Federal Reserve previously indicated that it would not support or endorse any showcase providers featured on its website. The United...
UK economy sees a surprise 0.2% growth in Q2 as manufacturing output and household expenditure rise
Key points The UK economy has defied all odds and posted an impressive 0.2% growth despite projections that it would contract in Q2. The growth came as household expenditure rose in tandem with manufacturing output. Economists still fear the effects of high-interest...
JP Morgan calls off signal on a 2023 US recession but warns of existing risks heading to 2024
Key PointsWe doubt the economy will slip into a mild contraction in the next quarter- JP MorganRates still keep recession possibilities alive. Key Points JP Morgan, one of the largest banking institutions in the world, has called off its signal for a possibility of a...
US Credit Score downgrade sinks global markets
Key Points Fitch announced on Tuesday that it was downgrading the US long-term foreign-currency issuer default rating from AAA to AA+. The US Credit Score was always on the balance of being revised downwards by Fitch following the 2023 debt ceiling crisis. US Stock...
PacWest Bancorp stocks flash crash recover after a rescue merger with Banc of California
Key Points PacWest Bancorp shares have recovered after Bank of California struck a rescue merger deal. The bank's shares had crashed 27% in hours, slumping from $10.33 to $7.50 on July 25 PacWest Bancorp has been saved from becoming the latest bank to crash in a...