Anna's Daybreak News

Good morning news friends! Get ready to ride the waves of breaking news as we bring you the latest updates, dive into the most captivating stories, and surf the currents of the ever-changing world of current events. 📰🌟

• At the annual Federal Reserve gathering in Jackson Hole, keynote speakers Jerome Powell and Christine Lagarde stressed the need to keep interest rates high until inflation is contained.


• The two leaders grappled with deeper economic shifts that will make their jobs harder in deciding whether to extend historic strings of rate increases.


• Neither offered investors clues as to whether they would in fact extend rates in the coming months.


• This week, investors will be focusing on reports of payrolls, core inflation, and consumer spending, as these will be crucial in determining whether the Fed stands still or continues to tighten.


• The U.S. dollar dipped from a 12-week peak on Monday as investors closely watched the Federal Reserve's monetary path after Fed Chair Jerome Powell left open the door to further rate increases.


• Will the Central Bankers be able to stop the train in time before it crashes?
Source: Read More

• China’s slowing economic growth has become a global concern, as it was expected to contribute to nearly 1/3 of global economic growth this year.


• The weakened Chinese economy has caused a decrease in imports of materials such as construction materials and electronics, and this is predicted to have a significant further impact on economies worldwide.


• Prices are falling in China, which may help to combat global inflation.


• The China Securities Regulatory Commission (CSRC) approved the launch of 37 retail funds over the weekend, with 10 exchange-traded funds (ETFs) that track the small-cap CSI 2000 Index, seven tech-focused ETFs, and 20 innovative mutual funds.


• These funds have been created to guide fresh capital into the market and are part of the government's efforts to revive a stock market struggling for lift-off in an ailing economy.


• It's official - the Chinese economy is officially slowing, and the world better hold on tight for the ripple effects that are sure to ensue
Source: Read More

• The French government is paying winemakers in the regions of Bordeaux and Languedoc $215 million to sell off their surplus wine and shrink their vineyards.


• Demand for French wines has fallen, making the market more competitive. The pandemic has added to the woes, leading to a surplus of 3 million hectolitres (400 million bottles).


• The surplus will be distilled into pure alcohol, which can then be sold for less than market value to makers of hand sanitizer, perfume and other industries.


• As a result, French wine consumption has fallen 10%, 22%, and 34% in Spain, Germany, and Portugal, respectively.


• It looks like French wine drinkers have found a better hobby
Source: Read More

• Cryptocurrency brokers, including exchanges and payment processors, will soon be required to provide new information to the IRS.


• A proposed new tax reporting form called Form 1099-DA will be used to help taxpayers determine if they owe taxes.


• The definition of a "broker" would include centralized and decentralized digital asset trading platforms, crypto payment processors, and certain online wallets.


• The IRS and Treasury Department are accepting feedback on the proposal until October 30th.


• Join the Tax Evader Hall of Fame as the New IRS Rules Go Live in 2025
Source : Read More

Baked with love,

Anna Eisenberg ❤️