Other news

Analysts' forecasts were fully justified: the Reserve Bank of Australia declared a new interest rate rise by 50 basis points. That is the fifth consecutive hike since May. The decision led to a seven-year rate maximum.

The day before, it became known that Liz Truss won the race for the Prime Minister post in Great Britain. She also succeeds Boris Johnson as the leader of the Conservative party after a long stand-off with Rishi Sunak, who previously served as the Minister of Finance.

Inflation in New Zealand peaked at 7.3% in the second quarter of the year.

According to Canadian consulting firm MWPVL International Inc., which monitors Amazon's presence in the real estate industry, the largest online retailer has decided to abandon dozens of existing and planned warehouses all over the United States.

J. B. Straubel, one of Tesla's top executives who has headed the technology department for years, is considering setting up a manufacturing facility in Europe with his company Redwood Materials, which specializes in battery recycling. According to insiders, Germany is a priority location for production.

On Monday, the Organization of the Petroleum Exporting Countries announced its decision to cut production as early as next month. The current contraction will be the first since the peak of the pandemic, and this is due to the upcoming global economic downturn, which will affect demand in one way or another.

Citigroup Inc. has backed rivals in cutting its mortgage lending staff. This can be attributed to low demand in the housing market caused by rising interest rates.

JPMorgan continues its international expansion aimed at gaining more sustainable revenue. This time the company is planning to increase its presence in Germany. Recently it has become known about an intention of the largest U.S. lender to create its own group of retail bankers on the territory of Germany.

Stock markets will face more turmoil this week. Investors will return to Wall Street on Tuesday for a shortened trading week. U.S. stock exchanges will be closed for business on Monday in honor of Labor Day.

OPEC+ will meet Monday to decide on oil production quotas. Five OPEC+ sources say the quotas will remain unchanged in October. At the same time, other sources do not rule out a small cut in production to maintain prices, which have fallen due to fears of an economic downturn.