Hong Kong's comprehensive CPI in August rose by 2.5% year-on-year.
On September 20th, the Hong Kong Census and Statistics Department released the consumer price index for August 2024.
In the second quarter of 2024, Hong Kong's GDP rose by 3.3% year-on-year in real terms.
On September 20, the Hong Kong Census and Statistics Department released the preliminary figures of the Gross Domestic Product (GDP) for the second quarter of 2024 compared to the previous quarter, calculated according to economic activities.
Hong Kong Monetary Authority: The composite interest rate at the end of August was 2.52%, down 6 basis points from the previous month.
On September 20, the Hong Kong Monetary Authority announced the composite interest rates as of the end of August 2024.
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Nomura: There is no consumer-driven economic recovery, the ECB will lower interest rates more aggressively.
Nomura believes that the lack of consumer-led recovery will increase the risk of euro area economic growth falling short of expectations. It is expected that the European Central Bank may gradually decrease interest rates, lowering the deposit rate to 2.50% in September 2025, but the pace of rate cuts may be faster, and the terminal rate may also be lower than the level predicted by the institution.
Don't panic! The German central bank openly reveals that the "locomotive" of the European economy may have entered a recession.
In its latest monthly report, the German central bank expects that GDP growth in the third quarter may experience "stagnation or slight decline". If the economy shrinks in the third quarter, it would mean that Germany has officially entered a technical recession. The German central bank also emphasizes that a clear, widespread, and sustained economic recession is currently unlikely.
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European Central Bank board member Villeroy: may need to accelerate the pace of interest rate cuts.
European Central Bank Governing Council member Mario Centeno said in an interview with Politico that the European Central Bank may need to accelerate the pace of interest rate cuts to prevent inflation from falling below expectations. "Given where we are in the monetary policy cycle, we do need to minimize the risk of inflation falling below our target, because that is the main risk," Centeno said, as reported.
Paul Chan: The start of the interest rate cut cycle is expected to bring cautious positive effects to the Hong Kong economy.
Chan Mo-po stated on social media that the rate cut in the usa this time is in line with market expectations. It is widely expected that interest rates will continue to be adjusted downward this year.
The Federal Reserve significantly cut interest rates, expanding the policy space for global central banks.
The Federal Reserve has taken a big step to start an interest rate cut cycle and is determined not to fall behind the curve in terms of loose monetary policy. This has reshaped the policy outlook of central banks around the world.
Paul Chan: The US interest rate cut broadly meets market expectations. Hong Kong's interest rate adjustment does not necessarily follow suit.
John Tsang, Financial Secretary of Hong Kong, stated that the direction of interest rate trends in Hong Kong can be expected to align with that of the United States. However, the speed and extent of interest rate adjustments in Hong Kong depend not only on factors in the United States, but also on the local capital trend and market conditions in Hong Kong. It may not necessarily follow the exact same path.
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European Central Bank Committee: Patience must be maintained to achieve the 2% inflation target.
Joachim Nagel, member of the European Central Bank's Executive Board and President of the German Central Bank, stated that the European Central Bank has made good progress in reducing inflation, but patience is still required to fully achieve the 2% target.
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