Global News Wednesday

*[Global News You Need to Know for Wednesday]*

*1. Retail sales in the US surged by 0.7% in July, beating market expectations and marking the largest increase since January 2023, maintaining a four-month streak of growth.*

*2. Dubbed the “new hawk king” of the Federal Reserve, Minneapolis Fed Chair Kashkari commented that inflation remains elevated and the resilience of the economy is surprising, signaling that he’s not ready to declare the end of the rate hike cycle.*

*3. The Atlanta Fed’s GDPNow model projects a robust 5% growth rate for the US real GDP in the third quarter, significantly higher than the 4.1% forecasted just a week ago.*

*4. According to US Treasury data, China’s holdings of US Treasuries dropped to $835 billion in June from $847 billion in May. Japan’s holdings increased to $1.106 trillion in June from $1.097 trillion in May.*

*5. Fitch Ratings has warned of possible downgrades for dozens of US banks, including Morgan Stanley, adding a layer of uncertainty to the financial sector.*

*6. Bank of America’s August fund manager survey shows that 60% of respondents expect rate cuts next year, the highest proportion since November 2008.*

*7. UK’s non-bonus average wage grew by 7.8% year-on-year in the three months leading up to June, marking the highest level since 2001. This prompted markets to price in a 25 basis point rate hike by the Bank of England in September, with the possibility of a 50 basis point hike rising to 20%.*

*8. Traders have pushed expectations for the European Central Bank’s peak interest rate to 4%, the highest since July 24.*

*9. Canada’s year-on-year CPI accelerated to 3.3%, surpassing the expected 3%, raising the likelihood of a September rate hike to 35% from the previous 22%.*

*10. Japan’s Finance Minister Taro Aso stated that they are closely watching exchange rate trends and won’t target specific levels when intervening.*

*11. Russia’s central bank raised rates by 350 basis points, aiming to curb inflation to the 4% target by 2024. Further rate hikes may be considered if inflation risks rise.*

*12. Russia will raise oil export duties by 27% to $21.4 per metric ton in September, marking the highest level this year.*

*13. Kazakhstan is reportedly reducing its 2023 oil production forecast to 89.4 million tons.*

*14. The world’s largest sovereign wealth fund, Norway’s Government Pension Fund Global, reported a 10% return or NOK 1.5 trillion ($142.6 billion) in the first half of this year.*

*15. Negotiations are ongoing between the US and Ukraine regarding the establishment of alternative food routes, according to The Wall Street Journal.*

*16. Argentina’s agriculture minister denies reports of a 15-day halt on beef exports.*

*17. Ukrainian Truth reported statements attributed to Stian Jenssen, the private office director for NATO’s Secretary-General, acknowledging that if Ukraine makes concessions favorable to Russia’s interests, it could become a NATO member.*

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