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Real-time News
Market news: EU member states have agreed to begin a new phase of negotiations for Ukraines accession to the EU.According to Axios: Meetings between Qatari and Iranian officials in Tehran are still ongoing.On July 10, a symposium on research and consultation regarding the construction of a modern industrial system was held in Beijing to discuss the findings of key investigations and research conducted by relevant democratic parties and the All-China Federation of Industry and Commerce. Wang Huning, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Chairman of the National Committee of the Chinese Peoples Political Consultative Conference, attended and delivered a speech. He stated that building a modern industrial system is a major strategic deployment made by the CPC Central Committee with Comrade Xi Jinping at its core, based on a profound understanding of the new round of technological revolution and industrial transformation, and a deep analysis of the situation and tasks of comprehensively building a modern socialist country. We must thoroughly study and implement General Secretary Xi Jinpings important expositions on building a modern industrial system, implement the tasks and deployments of the Fourth Plenary Session of the 20th CPC Central Committee regarding building a modern industrial system and consolidating and strengthening the foundation of the real economy, and earnestly carry out research, consultation, and policy advice work to contribute to building a new development pattern, promoting high-quality development, and advancing Chinese-style modernization.According to the Islamic Republic News Agency (IRNA), the Iranian memorial service will begin tonight and last for three nights.On July 10th, ING economists Marieke Blom and Amrita Naik Nimbalkar stated in a report that if the Eurozones savings rate falls to pre-pandemic levels, it could unleash demand for goods and services worth approximately 1% of GDP. In the first quarter of this year, household savings accounted for 14.3% of disposable income, higher than the five-year pre-pandemic average of 12.5%. In the US, the savings rate is projected to reach 10.2% by the last quarter of 2025, a level that could add nearly 2% to Eurozone GDP. With higher mortgage rates, slower credit growth, and precautionary saving dragging down spending, consumption is expected to remain weak. However, they stated that the shift from bank deposits to investments could lay the foundation for stronger spending and domestic demand in the coming years.
