HSBC's shares experienced a remarkable jump of over 3% early Wednesday, as a series of updates instilled a renewed sense of optimism among investors. The lender's commitment to purchasing approximately $3 billion in shares marks a significant step in its ongoing efforts to revitalize its flagging stock price. This latest move follows a $5 billion buyback announced earlier this year, indicating that the bank has now executed $18 billion in share buybacks during N Quinn's tenure as CEO.
The United States economy has defied expectations, posting a robust growth rate of 2.8% in the second quarter, according to recent data from the US Commerce Department. This unexpected surge not only surpasses the average estimate of 2% from economists polled by Reuters but also doubles the 1.4% growth seen in the first quarter. But that's not all—the inflation rate, as measured by the personal consumption expenditures (PCE) Price Index, has also shown a promising decline, rising by only 2.9% compared to the previous quarter's 3.7%. What does this mean for the economy and the Federal Reserve's upcoming policy meeting?
The rise of BRICS has been a topic of fervent debate since its inception, posing a significant question: is this economic partnership a serious contender to the Western-led financial order, or is it merely a collection of nations with fleeting influence? As the world watches, the answer remains shrouded in uncertainty.