He is also concerned about Economic Uncertainty triggered from the conflict between israel and hamas as the death toll continues to rise. The bbc s economics editor Faisal Islam Sat down with him and asked if the Global Economy was heading in the right direction. Well, things are going in the right direction. What we are seeing is, despite these large shocks that you describe, the World Economy is still standing. No global recession, you know, no massive slowdown that would put us into huge unemployment rates. We havent seen that. We have seen a surge in inflation, but inflation is sort of coming down now, both Headline Inflation and core inflation, so thats the good news, things are improving, the Global Economy has been resilient. At the same time, the Growth Numbers we have, around 3 this year, 2. 9 for next year, this is way below historical average. So the Global Economy is limping along, its not sprinting but its been resilient. Right. Do you from this point see there are areas w
More than 4,000 are injured. Hamas says itll kill hostages if air strikes are launched without warning. It refuses to negotiate their release. In all honesty, i try not to imagine, because its too difficult, and these are the times where i break. And i dont want to break right now, because i want to keep pushing for the release of my mum and brother. More on those developments in a few minutes. Time for a look at the Business News now with ben thompson. Lets start with the latest Market Reaction to the events unfolding in israel and gaza. Markets have been on edge as they absorb the many potential ramifications from the conflict. Israels central bank moved to calm markets and stabilise their currency by saying it would sell up to 30 billion of foreign currency. The price of oil has been in focus jumping up by 5 on monday at one point but has since stabilised. But the big mover has really been us bonds with treasury yields falling the most since march as the conflict pushed investors to
About the Economic Uncertainty that will come from the conflict between israel and hamas as the death toll continues to rise. The bbc s economics editor faisal islam sat down Pierre Olivier gourinchas and asked if the Global Economy is heading in the right direction. Well, things are going in the right direction. What were seeing is despite these large shocks that you describe, the World Economy is still standing. No global recession, no massive slowdown that would put us into, you know, huge unemployment rates. We havent seen that. Weve seen a surge in inflation. But inflation is sort of coming down now, both Headline Inflation and core inflation. So thats the good news. Things are improving. The Global Economy has been resilient. At the same time, the Growth Numbers we have around 3 for this year, 2. 9 for next year this is way below historical average. So the Global Economy is limping along. Its not sprinting, but its been resilient. Right. Do you from this point see. There are area
Fighting continuing in israel today. President biden expected to speak shortly to pledge his support for israel. With the chaos in congress, what can the u. S. Actually do . What can they aprop pre yat . Nothing right now. And we are continuing to monitor the market reactions. Stocks continuing the Late Afternoon rally. Bond yields are falling. The dow was up half a percent, three quarters of a percent for the nasdaq and the s p up. A couple of individual names are in the hotels and travel and leisure broadly. Look at these increases. Hyatt up about 7 . Added to the s p mid cap it gives a boost because it goes into the index funds that managers have to buy. Truist also higher. The Company Reportedly in talks to sell the Insurance Business for 10 billion to stone point. This domscomes ahead of earning season. The human toll in the middle east continues to rise as the conflict enters its fourth day. President biden is expected to speak any moment now. So what kind of about what kind of r
Revenue. More labor strikes to come. Thousands of hospitality workers in vegas planning to picket this week after another round of failed negotiations with the casinos. Lets begin with the markets trying to build on yesterdays rally, jim. Were you surprised at all by what stocks and oil did . Yes. Actually i started my show last night by saying a little counterintuitive you could have both at the same time. If you take a look at the same time, obviously, vice chair jefferson speaks and boom, 1 30. They couldnt take the oil stocks down because of whats going on in the middle east. They didnt have the bonds because of columbus day. It was a threepronged oddity that the s p could roar and we didnt have the bonds to key off of and set up a picture that i think was counterintuitive to most people. You had logan and then jefferson talking about higherterm premiums and being mindful, they said, of the impact of higher rates. Yeah. I also think you had the note from edgar din any. Hes always d