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President Biden calls China a"ticking time bomb" because of economic problems. At a political fund-raiser, Biden pointed to weak growth, high unemployment and an aging work force and warned that countries in trouble often do"bad things." A day earlier, the president issued an executive order to restrict investments in key tech sectors in China.
West Virginia Senator Joe Manchin, a Democrat, is considering the possibility of leaving the Democratic Party and declaring himself an independent before the 2024 election. Stocks are on track for a mostly negative week, with the S&P 500 index down by 0.2% and the Nasdaq Composite index down by 1.23% as of now. If this trend continues, both indexes would experience their second consecutive week of decline. The Nasdaq hasn't seen back-to-back weekly losses since December. In contrast, the Dow is the only index that has shown gains this week, with an increase of 0.3%.
Notably, interest payments on the federal debt amounted to $67 billion in July, and these payments have totaled $725 billion so far in FY 2023. This is in comparison to $589.5 billion during the same period in FY 2022. U.S. recession: yes, or no? While some big banks have walked back their recession warnings lately, plenty remain unconvinced, as show in this Bloomberg-generated update: • Outside markets: The U.S. dollar index was slightly weaker as the euro and British pound were both firmer against the greenback ahead of wholesale inflation data. The yield on the 10-year U.S. Treasury note was slightly lower, trading around 4.10%, with a mostly firmer tone in global government bond yields.
Looking ahead, the energy transition is likely to have more pronounced effects next year, as global demand growth is projected to halve to around 1 million barrels per day due to increased vehicle efficiency and greater adoption of electric cars. In the present moment, however, global oil markets are tightening, leading to inventories in developed nations falling about 115 million barrels below their five-year average.
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