Federal Reserve officials conclude a meeting on Wednesday amid expectations they won’t change their monetary policy settings as counterparts elsewhere follow its dovish turn. A press conference by Chairman Jerome Powell will be eyed for insights into his view of the policy outlook as well as what he’s thinking about his inflation target and bond portfolio.
“While the Fed is not expected to take any policy action at its May 1 meeting, there will be plenty of action behind the scenes,” said Carl Riccadonna, chief U.S. economist at Bloomberg Economics. Perhaps as interesting will be a flood of data in the aftermath of last week’s news that U.S economic growth accelerated markedly in the first quarter, albeit driven by advances in trade and inventories, which may reverse. The high point will be Friday’s release of the U.S. jobs report for April, with a gain of 180,000 expected by the consensus of economists surveyed by Bloomberg News. A survey of manufacturers on Wednesday is also expected to show some signs of stabilizing.
Elsewhere, China releases its purchasing managers index on Tuesday, the same day that the euro-area is predicted to show its economy steadied in the first quarter.Other major data due include the U.S. report on personal income and spending on Monday, which is forecast to show spending outpacing income. On Wednesday, the Treasury will reveal its latest plan to keep selling debt to plug a record budget deficit. The U.S. and China will resume trade talks in Beijing amid hopes a deal is imminent.
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BUSINESS MAVERICK: China, South Africa and the middle-income trapChina and South Africa seem so distant and so different. Chinese economic growth has been fabulous; over the past decade, South Africa’s has been miserable. China is enormous; SA is small… and so on. But in one singular respect, China and South Africa are similar — they may be both caught in the middle-income trap. If there is such a thing.
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Business Maverick: Musk Makes Self-Driving Technology Tesla’s Costly New CallingTesla Inc.’s calling used to be bringing affordable electric cars to the masses. Elon Musk is now ripping up the script, vowing to pair self-driving technology with a sharing service that will make it crazy for consumers to buy other cars.
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Business Maverick: Monday April 28: Five Things You Need to Know to Start Your DayTakeaways from China’s Belt and Road forum. Japan markets are shut for the week, but there is a slew of key global data that traders will be watching. Incumbent Sanchez set to be returned as Spain’s PM after election. Here’s what’s moving markets.
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Business Maverick: Competition watchdog names and shames MTN, Vodacom for high data pricesThe Competition Commission’s provisional report on the cost of mobile data in South Africa has confirmed what many people have long suspected.
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Business Maverick: Kraft Heinz’s Problems Run Deeper Than Its CEOKraft Heinz Co.’s problems stem not from a single manager but rather an ethos brought to the company by its private equity owner, 3G Capital, and championed by billionaire Warren Buffett. And so it remains to be seen whether replacing the packaged-food giant’s CEO is enough to right the ship, writes Tara Lachapelle for Bloomberg Opinion
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Business Maverick: Gold worth billions smuggled out of AfricaBillions of dollars' worth of gold is being smuggled out of Africa every year through the United Arab Emirates in the Middle East – a gateway to markets in Europe, the United States and beyond – Reuters analysis has found. David Lewis, Ryan McNeill and Zandi Shabalala report on the extraordinary and rising problem of gold smuggling out of Africa. It used to be called 'artisanal'. Now its big business.
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Business Maverick: Banks Entice South African Millennials With Rap, Free FoodFrom free burgers and ride-hailing services to hip-hop concerts and discounted gasoline: South African banks are going all out to win customers as competition hots up.
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Business Maverick: China’s Xi Defends Belt and Road, Vows `Zero Tolerance’ of GraftChinese President Xi Jinping pledged to clean up his signature Belt and Road infrastructure program amid criticism the policy is indebting poorer nations and making them dependent on Beijing. What does Africa have to ensure its own economic growth and development? Is the _AfricanUnion implementing any plans that were last agreed on especially self-sustainability, free trade zone, strengthening of regional economic blocks, monetizing of Sports & Culture
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Business Maverick: Friday April 26: Five Things You Need to Know to Start Your DayU.S.-China trade talks circle around pharma, Tesla’s quarter proved to be one of the “top debacles” in 20 years of tech, and Joe Biden throws his hat in the presidential ring. Here are some of this morning’s key stories.
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Business Maverick: Impact investing could bridge the socialist/capitalist divideA conference this week examined one of the trickiest issues of our day: why is it proving so difficult to mobilise retirement funds to aid social upliftment? Meanwhile, inequality is rising and threatening to become a political time bomb, environmental crises are increasing, tax revolts are looming, and levels of violent social unrest could become unmanageable. Is there a solution? Cue impact investing.
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