Aurelia Butler

Standard DigitalWeekend Print + Standard Digitalwasnow $75 per monthComplete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

Standard DigitalWeekend Print + Standard Digitalwasnow $85 per monthBilled Quarterly at $199. Complete digital access plus the FT newspaper delivered Monday-Saturday.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

In their latest Economic Balance Sheet Update, they highlight the impact of “higher-for-longer (H4L) interest rates,” which have notably weakened housing sales data.Strategas evaluates 14 broad U.S. economic sectors monthly, categorizing them as Assets or Liabilities. This month, their net balance sheet calculation declined to +1, signaling growing economic concerns. However, several key supports in the U.S. economy remain robust.Nonfarm payrolls, consumer spending, and business investment in capital and labor continue to drive consumer spending on goods and services.The analysts note that previously weak sectors, such as manufacturing, have begun to rebound, suggesting that the Federal Reserve still has a chance at achieving a soft landing in 2024. Nevertheless, higher interest rates are expected to exert additional pressure, particularly on small businesses and short-term borrowers like credit card users.Strategas’ outlook also includes a 60% chance of a soft landing and a 10% chance of an upside surprise this year. They anticipate the first Federal Reserve rate cut to occur in September, reflecting a cautiously optimistic yet vigilant stance on the economic landscape. More

LONDON (Reuters) – The European Union said on Thursday it had given final approval to roll out the remaining batch of tougher bank capital rules from January 2025, building on safeguards introduced after taxpayers had to bail out lenders in the global financial crisis over a decade ago.The bulk of the Basel III rules, written by the Basel Committee of banking regulators from the world’s major economies, has already been implemented, but the final batch includes a major addition known as an ‘output floor’.This safeguard aims to stop big banks, who can use their own computer models to calculate capital buffers, from gaming the system at the expense of smaller rivals, who must use more conservative calculation methods set out by regulators.”The rules adopted today will ensure that European banks can continue to operate in the face of economic shocks,” Vincent Van Peteghem, minister for finance for Belgium, which holds the EU presidency, said in a statement.”They will also make the banking sector more sustainable and better able to deal with the green and digital transitions. This is an important step towards deepening the Banking Union.”The bloc has included other rules, not part of the Basel norms, to harmonise the minimum requirements across the 27-country bloc for authorising branches of banks that are headquartered outside the EU.The package also includes transitional capital requirements for banks’ holdings of crypto assets, and changes to enhance how lenders manage environmental, social and governance (ESG) risks.EU states said the rules would start to be rolled out from January 2025, though European Central Bank policymaker Francois Villeroy de Galhau on Wednesday said they should be delayed if the United States is late, to avoid a competitive disadvantage for European banks.The Federal Reserve has proposed applying the final Basel rules from mid-2025, the same time as Britain, but huge U.S. industry pushback against the Fed’s “Basel Endgame” package has cast doubt on timings. More

Standard DigitalWeekend Print + Standard Digitalwasnow $75 per monthComplete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

TAIPEI (Reuters) – Taiwan’s trade-reliant economy is expected to grow at a faster pace in 2024 than previously forecast, owing to high demand for artificial intelligence (AI) applications abroad and solid consumption at home, the statistics office said on Thursday.Taiwan is a key link in the global technology supply chain for companies such as Apple Inc (NASDAQ:AAPL) and Nvidia (NASDAQ:NVDA), and is home to the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co Ltd (TSMC).Taiwan’s gross domestic product this year is now expected to be 3.94% higher than last year, the Directorate General of Budget, Accounting and Statistics said, revising upward the 3.43% forecast it issued in February.”The higher forecast is mainly because of substantial exports,” the agency told reporters. “The key factor is AI, which is developing very fast.”Exports of electronic components, information and telecommunications and video and audio products hit $95.1 billion from January to April, rising 25.1% year-on-year, it said. Exports in April rose for the sixth consecutive month, and may gain more momentum approaching the traditionally strong second half of the year, which bodes well for the island’s economic growth amid booming demand.The statistics agency now sees 2024 exports growing by 10.06% versus last year, up from 6.14% predicted earlier. In 2023, exports dropped by 9.8% year-on-year.”The robust global semiconductor cycle is positive for Taiwan’s growth outlook… Local consumption is equity-linked. The strong performance of the stock market generates positive wealth effect and backs retail sales,” ANZ said in a report this week.The agency also nudged up the 2024 consumer price index (CPI) forecast from 1.85% previously to 2.07%. That is slightly above the central bank’s 2% target.”Lower inflation allows the CBC (central bank) to keep rates through 2024,” the ANZ report said. The central bank holds its next rate-setting meeting in June, having unexpectedly raised the benchmark rate at its last meeting in March on inflation concerns.In the first quarter, the economy expanded 6.56% from a year earlier, the agency said, revising slightly higher a preliminary 6.51% reading, its fastest quarterly pace since the second quarter of 2021 when it grew by 8.07%. More