In this week’s recap, US & international stock markets remained negative, as investors brace for interest rates to keep rising rapidly. FedEx warns about the overall health of the U.S. economy with its dropped guidance. FedEx shares were down -21.65% at $160.52. Goldman Sachs warning further -27% drop S&P could be coming if inflation hawks are right.
Inflation continues damaging US economy: Total US debt reaches 31 trillion; US inflation rose more exp in August +8.3% over the past year; US Grocery Prices Up 13.5% YoY; U.S. mortgage rates hit 6% for the 1st time since 2008; total consumer debt rose another $23.8B July to a record $4.644 trillion.
Uzbekistan signed deals worth $16B with China & $4.6 B with Russia during the Central Asian nation for the Shanghai Cooperation Organization summit. Deals with China include the construction of the China-Kyrgyzstan-Uzbekistan railway, while projects with Russia are in machinery, chemicals, petrochemicals & geology sectors.
Fighting erupted again between Armenian/Azerbaijan; agreement with railroads and unions avert a potential rail shutdown; glaciers now experiencing the most severe melting on record; Gautam Adani now surpassed Jeff Bezos becoming the world’s 2nd richest person; Bezos, Musk, Zuckerberg, and other billionaires lost billions of dollar during Tuesday stock market crash.