China is experiencing a rare episode of sliding prices. Japans economy experienced this back in the 1990s and early 2000s. Now, this comes hot the heels of disappointing china trade data on tuesday, which showed that exports sank at their fastest rate since the pandemic, dropping by more 14 in the year tojuly, with imports also falling by more than 12 in the same period. Joining me now is duncan wrigley, Chief China Economist at pantheon macroeconomics. Thank you very much for being with us today. The Rest Of The World looking on in amazement. Considering the inflationary pressures the rest of us are dealing with. What do you read Between The Lines in this latest data . Between the lines in this latest data . Latest data . Ok, i mean, there are some latest data . Ok, i mean, there are some shortterm latest data . Ok, i mean, there are some shortterm factors i are some short term factors that push down the data for this month, there has been a surge of seasonal vegetables, the big pictu
2 , the catalyst was moodys downgrading the Credit Rating on several small and medium sized us banks, Including Mmt and pinnacle financial. The red flags raised the Ratings Agency included a potential recession, as well as problem side to the commercial real estate sector. As one analyst put it, any doubts about regional banking is bad for market sentiment. That wasnt helped by data from new york federal reserve, which showed for the first time americans owed more than 1 trillion on their credit cards. Traders have also been focused on corporate results, which so far have been better than expected. That was true for lyft, which reported results after the us market close, ebbo s small arrival is focusing higher revenue in the Third Quarter based in part by a Postman Damik rebound in ray jones. Meanwhile, an electric vehicle maker posted a narrower loss than expected and raised its Production Guidance for the full year. Elsewhere on wall street this morning, nine companies, including ban
close ties to politics. the financial conduct authority will be asking banks to disclose the number of accounts they have terminated or suspended and the reasons behind those decisions. hundreds of amazon sellers have complained that the online marketplace is withholding their money. amazon said it emailed sellers about a delivery date based reserve , which holds some money in case of refunds. but some sellers have written to their mps saying they cannot get the cash needed to run their businesses. shares of wework, the once globally hyped office space sharing company, have plunged after it raised substa ntial doubt about its future. the company s shares fell by close to 24% in extended trading in new york. wework was hit hard by the pandemic as social distancing rules drove people to work from home. and is facebook good or bad for your well being? we speak to one of the researchers behind a new global survey finding out just that, with some surprising results.