The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
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Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Megvii is known for its facial recognition technology and while revenue grew over 350% in 2018, its losses have widened.Technologyread more
Economists slashed fourth-quarter GDP forecasts Thursday, and now see growth closer to 2 percent than 3 percent, after a surprise drop in December retail sales.
According to the CNBC/Moody's Analytics Rapid Update, economists in the survey see growth tracking at a median 2.4 percent pace, down 0.7 percentage point.
December's retail sales fell 1.2 percent, compared with an expected gain of 0.2 percent. Economists said the report, delayed by the government shutdown, was suspect since it was not consistent with other economic data, like strong December and January job gains.
"The most plausible economic explanation is that long-dormant wealth effects came back with a vengeance, and consumers slashed their holiday purchases when they saw their 401(k)'s going down the drain," J.P. Morgan economists wrote. "At any rate, retailers subsequently added an above-trend 21,000 jobs in January (and private employers overall added 296,000 jobs), so it's hard to see how that lines up with the December retail sales being the leading edge of more widespread weakness,"
J.P. Morgan cut its Q4 growth forecast to 2 percent from 2.6 percent.
Mark Zandi, chief economist at Moody's Analytics, said it is important to note that some economists have not yet updated GDP forecasts, and of those who have, the median is 2.2 percent. Last week, a narrowing of the trade deficit prompted economists to move up their forecasts, closer to 3 percent.
The 2.4 percent pace is closer to the trend before the tax cuts that took affect last year and gave a boost to growth.
Economists expect a 2 percent growth pace for the first quarter.