This week saw a variety of significant developments across markets, commodities, finance, and international affairs. In the US, markets remained volatile with the Consumer Price Index (CPI) for core inflation showing an unexpected rise in August. Meanwhile, energy markets faced turbulence, with oil recording its worst week in nearly a year. On the other hand, precious metals rallied on Friday, fueled by optimism around potential interest rate cuts. In a notable legislative move, New Jersey eliminated sales taxes on gold and silver, adding momentum to the precious metals market.
Financial and economic news remained a mixed bag. Bolivian inflation hit its highest level in nearly a decade at a 12-month rate of 5.19%, while Argentina’s inflation for August was projected at 3.9%. German inflation, on the other hand, dropped to its lowest point in over three years, prompting the European Central Bank (ECB) to cut interest rates by another 0.25%, bringing them down to 3.50%. This reduction follows a similar cut in June, putting the ECB within striking distance of its 2% inflation target. Japan’s second-quarter GDP also saw a positive uptick of 2.9% on an annualized basis, reflecting a more optimistic economic outlook.
In the political arena, tensions were high with a second reported assassination attempt on former US President Donald Trump and an active shooter incident on a golf course. Violent crime statistics continued to paint a grim picture compared to 2020, with figures showing a 40% increase in violent crimes overall. Notably, car thefts were up 42%, aggravated assaults increased by 55%, and violent attacks by strangers surged 61%. These figures underscore growing concerns over public safety in many parts of the country.
Corporate news highlighted both challenges and opportunities. Samsung announced plans to slash its global workforce by up to 30% amid stiff competition from Apple and Huawei. BMW had a rough week, with shares dropping 11.15%, marking the automaker’s worst day in more than four years, largely driven by sluggish demand in China. Boeing faced another setback, with over 30,000 workers poised to strike after rejecting a new labor contract, threatening to halt production of aircraft, including the best-selling 737 Max. Ally Financial, one of the largest US banks, reported rising delinquencies and charge-offs, causing significant concern in the financial sector, while Big Lots prepared for bankruptcy, planning to shut down 1,400 stores across the country.
In technology, Nvidia shares rebounded significantly, climbing 8.15% on Wednesday and another 3% on Thursday, driven by rising demand for chips. Nvidia has seen an impressive 143% increase in stock price in 2024, reflecting the company’s growing dominance in the tech sector. SpaceX once again made headlines by successfully completing the world’s first private spacewalk, pushing the boundaries of commercial spaceflight. Meanwhile, internationally, South America’s Paraguay River hit a record low, hampering critical trade routes for soy, corn, and other exports, while Bolivia declared a national emergency due to raging forest fires.
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