President adds to borrowing costs concern as China tension fuels febrile market mood
A jittery, volatile week on global financial markets has burst into a frenzy of selling, triggered by heavy losses on Wall Street and comments by Donald Trump describing US interest rate hikes as “crazy”.
The Nikkei index in Tokyo was down by 4.25% on Thursday afternoon, while in Hong Kong the index was down 3.9% and Shanghai was at its lowest mark for four years after a plunge of 4.15%.
Related: Crazy Rich Asians can teach us about the region’s economic rise | Kenneth Rogoff
The Australian market has been caught up in the global sell-off amid worries that rising US long-term interest rates will impact economic growth. Keep across the day’s news at https://t.co/HBM7UKKl3C #ausbiz pic.twitter.com/rJMmt3qz1V
The carmaking giant will also invest more $3.45bn to expand its existing production capacity in China.
Under pressure from Congress, the Trump administration faces a dilemma: how to respond to the disappearance of Saudi journalist Jamal Khashoggi while ensuring that any punitive action does not alienate Riyadh, a key ally against Iran.
The storm clouds are gathering, but the world’s economies now have far fewer shelters from disaster than they did in 1929
Late last month Indonesia was hit by a devastating earthquake and tsunami that left thousands of people dead and missing. This week the International Monetary Fund arrived in the country to hold its annual meeting on the island of Bali. On the day when the IMF issued a warning about trouble ahead for the global economy, the latest report from the UN’s intergovernmental panel on climate change said the world had only a dozen years left to take the steps necessary to prevent a global warming catastrophe. The message is clear for those willing to hear it: get ready for a time when economic failure combines with ecological breakdown to create the perfect storm.
Even without the added complication of climate change, the challenge facing the finance ministers and central bank governors gathered in Bali would be significant enough. The IMF has cut its forecast for global growth, but the chances are that next year will be a lot worse than is currently forecast. The risks, the IMF says, are skewed to the downside. You bet they are.
Related: World economy at risk of another financial crash, says IMF
Former PM’s thinktank predicts impact could be twice that felt by export industries, with Chequers little better than no deal
Brexit will inflict long-lasting pain on Britain’s service sector, Tony Blair has warned as a report said Theresa May’s plans will be only marginally better than no-deal on the dominant industry.
An analysis carried out for the former prime minister’s Institute for Global Change said that crashing out and trading on World Trade Organisation (WTO) terms would see productivity 4.91% lower in 12 years’ time than if Britain remained in the customs union and single market.
Related: May faces Brexit battle as DUP threatens to sabotage government
The deal between Turkey and the United States regarding the northern Syrian town of Manbij is delayed “but not completely dead”, President Tayyip Erdogan was quoted as saying by Hurriyet newspaper on Thursday.
Washington Redskins’ RB Adrian Peterson dislocated his shoulder against the Saints. He says he will be back playing very soon. Unfortunately, this puts him at risk for suffering another instability episode and potentially worsening the tears in his shoulder.
Rescue workers scoured the rubble of devastated communities on Indonesia’s Sulawesi island on Thursday, the last day of the search for victims of a 7.5 magnitude quake and tsunami that killed more than 2,000 people two weeks ago.
U.S. President Donald Trump increased pressure on Saudi Arabia on Wednesday to provide information on what happened to missing Saudi journalist Jamal Khashoggi and said he wanted to get the bottom of what he called “a very serious situation.”