Economy Global

The total profit generated by major industrial enterprises in China surpassed 5.86 trillion yuan (approximately $814 billion) during the January to October timeframe of this year, representing a decline of 4.3% compared to the same period last year, as reported by the National Bureau of Statistics of China. Read more: https://lnkd.in/dzdSHbnF #China #Economy #Trade #Profit

The Biden administration is allocating $7.865 billion in CHIPS Act funding to Intel Corporation to boost domestic semiconductor production in the U.S. This marks the largest grant under the CHIPS Act to date, though slightly less than the $8.5 billion initially designated in March. The CHIPS Act funding will support the construction and expansion of Intel’s semiconductor facilities across Arizona, New Mexico, Ohio, and Oregon, potentially creating up to 30,000 jobs. Read more: https://lnkd.in/dbXXBmR4 #USA #Technology #Fundig #Economy

The real gross domestic product (GDP) of the U.S. increased at an annual rate of 2.8% in the third quarter of 2024, according to the latest estimates released by the U.S. Bureau of Economic Analysis. In the second quarter, real GDP increased 3%. The data reflected upward revisions to private inventory investment and nonresidential fixed investment as well as downward revisions to exports and consumer spending. Read more: https://lnkd.in/d9GStDTe #USA #UnitedStates #Economy #GDPgrowth

Federal Reserve chair Jerome Powell recently stated that the central bank will continue assessing data to determine the “pace and destination” of interest rates to account for inflation that has slowed notably in the past year and is nearing the U.S. central bank’s 2 percent target. Powell’s comments came after the Fed cut interest rates by a quarter percentage point on Thursday to the 4.50-4.75 percent range. Read more: https://lnkd.in/dwKVsSZW #FederalReserve #interestrates #finance #banking

U.K. house prices hit a new record high in October, rising 0.2% from September, a fourth consecutive monthly increase. Year-on-year prices rose 3.9%, also slower than the 4.6% expansion in September. The average property price has reached a record high of £293,999, surpassing the previous peak of £293,507 set in June 2022, towards the end of the pandemic-era ‘race for space’. Read more: https://lnkd.in/d2suE_n9 #UnitedKingdom #Houseprices #UK #RealEstate

China’s central bank refrained from purchasing gold for its reserves for the sixth month straight in October, according to the latest official data. By the end of last month, China’s gold holdings stood at 72.8 million troy ounces. However, the value of the reserves rose to $199.06 billion from $191.47 billion at the end of September due to the recent surge in gold prices. The share of gold in China’s central bank’s overall reserves reached 5.7 percent at the end of October compared to 4.9 percent at the of April. Read more: https://lnkd.in/eftacqq2 #China #Gold #Goldreserves #markets

China’s services economy expanded at an accelerated rate at the start of the final quarter of 2024. Growth in new business reflected another solid rise in export orders in October, which led to a quicker rise in business activity while the level of backlogged work also increased. As a result of improving conditions in the services sector, service providers in China continued to raise staffing levels in October. The seasonally adjusted headline S&P Global Caixin China General Services Business Activity Index posted 52.0 in October, up from 50.3 in September, extending the period of expansion that commenced in January 2023. Read more: https://lnkd.in/dDQJq2AD #China #Economy #Chinese #economicrecovery

The value of China’s privately offered funds reached 19.64 trillion yuan ($2.76 trillion) at the close of September, according to industry data. A breakdown indicates that equity investment funds, totaling 10.89 trillion yuan, represent the largest segment, followed by securities investment funds and venture capital funds, as reported by the Asset Management Association of China. Read more: https://lnkd.in/gz3AmakY #China #Funds #Economy #Investments

Global venture capital (VC) investment surged from $75.4 billion to $94.3 billion between the first and second quarters of 2024, fueled by nine $1 billion mega-deals, the second-largest total on record in a single quarter. While VC investment rose to a five-quarter high, deals volume fell to 7,691, the lowest level globally since Q3 of 2016. This low level of deals mirrors current market conditions including the high interest rate environment and geopolitical uncertainties. Read more: https://lnkd.in/gXEf3atG #Markets #MarketNews #venturecapital #interestrates #finance

The youth unemployment rate in China fell to 17.6% in September from 18.8% in August, official data from the National Bureau of Statistics recently revealed, offering some relief after youth unemployment hit record highs for two straight months. The youth unemployment rate in China hit a record high of 21.3% in June 2023, prompting the country to stop publication of the benchmark until the change in methodology was made. Read more: https://lnkd.in/g2TjnqY5 #China #Unemployment #LaborMarket