Latest Developments

North America
CNBC Economy

Consumer sentiment is in the dumps despite a solid economy. Goldman Sachs blames 'lower happiness'

Goldman Sachs identified a potential culprit for sour consumer sentiment readings: A decline in happiness. The consumer sentiment index tracked by the University of Michigan hit record lows this year. The index fell 13% year over year in September, due to a drop of almost 8% from August alone. Economists have widely questioned why sentiment has remained depressed since the Covid pandemic, even as the economy hummed along on paper. Goldman economist Joseph Briggs told clients this week that the downward pressure may stem from broader pessimism in society. "Low reported economic sentiment likely reflects a more fundamental, downbeat assessment of the state of the world rather than the economy," Briggs wrote to clients. To be sure, Briggs said inflationary pressures are likely also hurting confidence. But he said "lower happiness" at large can partially explain the continued disconnect between sentiment and other measures of the economy's performance, such as gross domestic product growth or stock market performance, that offer rosier views. Briggs pointed to data from the University of Chicago's General Social Survey illustrating how happiness never fully recovered from a drop during the pandemic. The share of respondents feeling "very happy" fell to 23% in 2024 from 31% in 2016, survey data shows. The percentage reporting responses of "not too happy" rose from 13% to 20% over the same period, per the data. Overall happiness saw a sharper decline than the perception of financial satisfaction also tracked in the survey, according to Briggs' analysis of the data. Briggs isn't the only economist pointing the finger at declining happiness readings. Joanne Hsu, the director of Michigan's survey, told CNBC earlier this year that the downtrend in sentiment mirrors readings showing both decreasing happiness and trust in public institutions. Briggs also cited a connection between lower overall happiness readings and decreasing trust in institutions. He found that lower trust in these bodies caused a "disproportionate amount" of the decline in net happiness in recent years. Given the connection to non-economic variables, consumer sentiment readings may not improve even if the economy continues chugging along, Briggs said. As a result, consumer sentiment may become a less useful predictor of economic dynamics, he said. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Consumer sentiment is in the dumps despite a solid economy. Goldman Sachs blames 'lower happiness'
Europe
The Guardian

Patrick Clancy interview on 60 Minutes fails to provide big ratings boost for CBS

Patrick Clancy during his 60 Minutes interview. Photograph: CBS NewsView image in fullscreenPatrick Clancy during his 60 Minutes interview. Photograph: CBS NewsUS newsPatrick Clancy interview on 60 Minutes fails to provide big ratings boost for CBSAmid show’s major overhaul by Bari Weiss, Sunday’s episode draws third-smallest audience for a second episode in the past 25 years 60 Minutes’ blockbuster interview with Patrick Clancy, the ex-husband of Lindsay Clancy, failed to provide a major ratings boost for the Sunday show, according to audience figures released Tuesday. Sunday night’s episode of the newsmagazine show drew an average of 6.77m total viewers, the third-smallest audience in the past 25 years for the second episode of a season, adding to a disappointing debut for Bari Weiss, who, as CBS editor-in-chief, rewired the show, firing several high-profile correspondents in the run-up to the new season. The 59th season debuted on 13 September with an audience down sharply from the 58th season debut, drawing 7.94 million viewers compared with 10 million for last season’s first episode. That episode was the show’s lowest-rated season debut in the 21st century, though CBS News touted it as the most-watched non-sports program of the week and released a statement expressing satisfaction with the content of the program. “We are so proud of the exceptional journalism on display in our season premiere and we can’t wait to bring our audience another amazing show this coming Sunday,” the network said last week. The 20 September episode of the show barely edged last season’s second episode (6.45 million viewers), and it was likely hurt by not having NFL football as a lead-in program in all markets. But it featured what should have been an audience-boosting interview, with new correspondent Ross Douthat sitting down with Patrick Clancy, who described the killings of his children and the aftermath. Clancy’s new wife, fertility doctor Rachel Danis, also gave a brief interview. In a nod to the interview’s cultural significance and importance for the show, Weiss was in attendance for the conversation, sources said. The show also featured a timely segment on pushback against datacenters reported by correspondent Norah O’Donnell, along with a whodunnit piece from longtime sports-focused correspondent Jon Wertheim about Shergar, an Irish racehorse kidnapped in the 1980s. While Douthat’s interview with Clancy received generally favorable reviews, it evidently was not the ratings draw that CBS News executives had hoped. The show’s debut episode had also featured a blockbuster interview, with one of the American fighter pilots shot down over Iran in April. On a positive note for the network, the episode attracted 179.2m social views, surpassing last week’s record of 116.7m views.

Patrick Clancy interview on 60 Minutes fails to provide big ratings boost for CBS
Europe
BBC Business

Off sick? You need to phone your boss, back-to-work adviser says

Image source, Getty ImagesByLucy HookerBusiness reporterPublished23 September 2026, 11:40 BSTUpdated 58 minutes agoPeople off sick from work should keep in phone contact with their boss, government-appointed back-to-work expert Sir Charlie Mayfield has said. Getting bosses and workers to have a conversation, rather than simply exchanging emails and sicknotes, could help get people back into work, Sir Charlie, who is leading the Keep Britain Working taskforce, said. His latest report said health-related economic inactivity was costing Britain around £210bn a year in benefit payments and lost output. The report calls for more workplace support, external for people with health conditions and disabilities and the establishment of a Workplace Health System alongside the NHS. But improving communication was also a way to "rehumanise" the workplace and help prevent people dropping out of work altogether, Sir Charlie said. The report does not suggest that someone struck down by flu needs to croak through their symptoms over the phone or that bosses need to provide down-the-line sickbed sympathy if an employee is off with food poisoning. "I'm not worried about a day here and a day there. It is more about longer term issues," Sir Charlie told the BBC's Today Programme. But he said Britain was doing a "poor job" of handling sickness in the workplace, leading to more people becoming disengaged and dropping out altogether. "I have met so many people who have said to me, 'You know, I was signed off sick and I was off sick for a month, two months, three months, and I had almost no contact with my employer'," Sir Charlie said. Around 300,000 people leave work every year with a health condition, much of which is preventable, the report said. Sir Charlie said employees sometimes feared talking about long-term health issues with their employer. "But the fear is also felt by employers as well because they're afraid of causing offence or creating a complaint or a grievance," he added.

Off sick? You need to phone your boss, back-to-work adviser says
Asia-Pacific
The Straits Times

Her education business started from a 4-room HDB flat at age 24

Nicolette Ng started giving tuition at 24 and now runs the Write Edge chain of education centres. SINGAPORE – Nicolette Ng runs 12 education centres in Singapore, providing English writing enrichment to students. Her business, Write Edge, had humble beginnings, operating out of a four-room HDB flat when Ng was 24 years old. “My mother encouraged me to move to a small 130 sq ft shop unit, and from there, we grew to 60 students in a span of six months,” she said. She was then joined by co-founder Eileen Chin, and the business expanded by one shop a year over the next 12 years. By February 2027, she will have opened two more centres, taking the total to 14. Ng said: “In the early years, I thought success came just from working hard and moving fast. But as the company grew, I learnt that leadership also requires emotional resilience, self-awareness and the ability to navigate uncertainty, criticism and change.” She added that growth amplifies both her strengths and her blind spots. “I had to learn how to delegate, trust people, communicate more clearly and build systems that could scale beyond me,” Ng said. Ng also worked in communications and media, including at Singapore Press Holdings and Weber Shandwick. She handled media monitoring and content development, and supported regional projects. Ng holds a master’s degree in education (English language) from the National Institute of Education and a bachelor’s degree in English literature from Nanyang Technological University. She is married to a senior product manager in a technology company and they have a five-year-old child. I invest in the business itself – whether it is building stronger teams, improving our curriculum, or putting resources into systems that allow us to scale well. I also invest in my own development – through structured programmes, mentorship, retreats, workshops or any exposure that helps me become a better professional and leader.

Her education business started from a 4-room HDB flat at age 24
North America
CNBC Economy

UK inflation jumps to 3.1% as energy costs soar

The U.K.'s annual inflation rate jumped to 3.1% in August, pushed up by surging gasoline and diesel prices. The print, which was in line with economists' expectations, marked the first inflation reading above 3% since March. The country's Office for National Statistics (ONS) said that the spike was largely driven by rising motor fuel costs, which surged 23% year-on-year. The average price of gasoline rose by 9.1 pence ($0.12) per liter between July and August, the ONS said, putting average prices at their highest since Nov. 2022. Meanwhile, average diesel prices rose by 14.2 pence per liter in August. Inflation rose to 2.9% in July, as a government-regulated price cap on energy costs was revised sharply upward. Prices are continuing to rise as crude oil prices hover above $100 a barrel. Earlier this week, British motoring body the RAC said petrol and diesel prices had hit, since the Iran war began, with both fuels now at prices not seen in four years. The U.K., a net importer of energy, is particularly vulnerable to external energy shocks. The country's inflation rate rose to 2.9% in July, as a government-regulated price cap on energy costs was revised sharply upward. In August, the cost of electricity, gas and other household fuels jumped 6% year-on-year, the ONS said Wednesday. The U.K. is still grappling with a cost-of-living crisis sparked by post-pandemic inflation and surging energy costs that arose in the wake of Russia's full-scale invasion of Ukraine in 2022. Yields on U.K. government bonds, known as gilts, fell across the curve after Wednesday's inflation print. The yield on the 30-year gilt — which rose to a 28-year high on Tuesday — was last seen almost 2 basis points lower at 5.907%. The benchmark 10-year gilt yield was nearly 3 basis points lower at 5.365%. The inflation print comes before the Bank of England's Monetary Policy Committee announces its latest policy update on Thursday. Markets are pricing in more than an 80% chance of the central bank holding its key interest rate steady at 3.75%, according to LSEG data, but are anticipating a hike at its next meeting in November. Rising costs also add to the pressure on new Prime Minister Andy Burnham, who has pledged to tackle the cost-of-living burden but is also tasked with balancing the public books and placating the bond market.

UK inflation jumps to 3.1% as energy costs soar
Asia
The Hindu BusinessLine

India probes alleged dumping of seven products from China

The DGTR has initiated probes into alleged dumping of seven products from China following complaints from domestic manufacturers, while also investigating imports from other countries. | Photo Credit: iStockphoto India has started a probe into an alleged dumping of as many as seven products, including engineering and pharma sector goods, from China following complaints filed by domestic manufacturers. The investigations are carried out by the commerce ministry’s arm, the Directorate General for Trade Remedies (DGTR). According to seven separate notifications of the directorate, the seven products are – Para-tert-Octyl Phenol Formaldehyde Tackifier Resin (used in the tyre and rubber industry), Penicillin G and its salts (an active pharmaceutical ingredient), 6-Amino Penicillanic Acid (a vital drug intermediate), T-Shaped Elevator/Lift Solid Guide Rails, Amoxycillin Trihydrate (used in the pharma industry), Montelukast Sodium (a pharma sector raw material), and Copolymer Polyol (used in the manufacturing of mattresses). In their applications, the domestic players have alleged that the dumped imports of these products from China are impacting their businesses and they have requested the imposition of anti-dumping duties on these imports. The DGTR is also probing dumping of ‘AD - Isopropyl Alcohol’ (used in hand sanitisers) from the European Union, South Korea, Taiwan and the US. Another investigation is underway on alleged dumped imports of Pentaerythritol, a chemical which has applications in the paint and varnish industry, from Russia. “On the basis of the duly substantiated written application submitted by the applicant and having reached satisfaction based on the prima facie evidence submitted by the applicant concerning the dumping of the product...the authority, hereby, initiates an antidumping investigation,” one of the notifications said. If it is established that these dumpings have caused material injury to the domestic players, the DGTR would recommend the imposition of duties on these imports. US-China trade tensions and China’s significant industrial overcapacity pose a major risk of cheap Chinese goods being dumped in India. In the recent period, India has initiated multiple such probes against dumped imports of certain goods from China. Anti-dumping probes are conducted by countries to determine if domestic industries have been hurt because of a surge in cheap imports.

India probes alleged dumping of seven products from China
Asia
The Hindu BusinessLine

El Niño nears record levels as Pacific waters continue to warm

Models predict further warming of the tropical Pacific through the southern hemisphere spring, probably peaking in late spring or summer (December–February) and continuing into autumn 2027 (March). | Photo Credit: VENKATACHALAPATHY C El Niño has strengthened to near-record levels, with the Nino3.4 index reaching 2.72°C during the week ending September 27, the second-highest level on record. Models show further warming through spring (October-November), with most models peaking above 3°C. A positive Indian Ocean Dipole is also likely to develop during the same period, according to the Bureau of Meteorology, Australia’s Southern Hemisphere monitoring report. Oceanic and atmospheric indices point to a strong El Nino, with further intensification expected through the remainder of spring. The most recent value of the Nino3.4 index, for the week ending 27 September 2026, is +2.72°C, well above the El Nino threshold (+0.80°C). This is the second-highest value on record in the Bureau’s weekly sea surface temperature (SST) data since 2008, behind +2.76°C for the week ending 22 November 2015. All models, including the bureau’s, predict further warming of the tropical Pacific through the southern hemisphere spring, probably peaking in late spring or summer (December–February) and continuing into autumn 2027 (March). Relative-Nino3.4 values are expected to exceed the warmest on record since reliable records began in 1950, with most models forecasting a peak above +3.0°C. The Indian Ocean Dipole (IOD) is neutral at present; however, the value of the IOD index for the week ending 27 September 2026 is +0.76°C. The index has now been above the positive IOD threshold (+0.4°C) for the third consecutive week. An event is considered established when it is characterised by sustained values above this threshold. A positive Indian Ocean Dipole (IOD) is likely to develop during the Southern Hemisphere spring and continue into early summer, although model guidance indicates some uncertainty in the strength and duration of the event. A strong El Nino is also evident in the atmosphere with weakened or reversed trade winds over the western to central tropical Pacific, increased cloudiness over the central to eastern tropical Pacific, and decreased cloudiness over the Maritime Continent, which is the dominant pattern for September, the report said. The sea surface temperature (SST) analysis for the week ending 26 September 2026 shows warmer-than-average waters around much of Australia’s west, south and southeast, with SSTs up to 3°C above average. SSTs to Australia’s north and northeast have cooled over the past couple of weeks and are now more than 1°C below average in parts. Global SSTs are still at record levels. SSTs averaged over 60°S to 60°N were at their highest level on record for any month since records began in 1900, 1.04°C above the 1961–1990 average.

El Niño nears record levels as Pacific waters continue to warm
Europe
The Guardian

EU spends three times more on imports from China than bloc exports there

China and the EU are locked in talks to avert a trade war. Photograph: AFP/Getty ImagesView image in fullscreenChina and the EU are locked in talks to avert a trade war. Photograph: AFP/Getty ImagesEuropean UnionEU spends three times more on imports from China than bloc exports thereDays before Xi Jinping’s summit with Donald Trump, new study shows trade deficit ran at more than €1bn daily in July Consumers and businesses in the EU are spending three times more on Chinese imports than their counterparts in China are buying from the bloc, a study has shown. Customs data showed the gap between the EU’s imports from China and exports to China, the trade deficit, ran at more than €1bn (£860m) a day in July. The new data comes just days after the European commission president, Ursula von der Leyen, said the trade imbalance must be arrested, and before Xi Jinping’s summit with Donald Trump on Thursday in Washington. The Mercator Institute for China Studies (Meric) said: “The problem is no longer simply that the EU is buying more Chinese goods. China is selling more to Europe while buying less from it.” China and the EU are locked in talks about averting a trade war, and the EU’s trade commissioner, Maroš Šefčovič, will travel to Beijing to meet his Chinese counterpart on 8 October. “With the bilateral deficit now exceeding €1bn a day, the widening imbalance will almost certainly be high on the agenda at the planned EU-China meeting in October,” Meric said. Analysis of Chinese customs data by Meric showed the EU’s trade deficit hit €36.5bn in July alone, up from €32.2bn in July 2025. From January to July, the total deficit now stands at €234bn, about €21bn more than the first seven months of 2025. “The imbalance has now moved beyond three to one. For every €1 of goods the EU exported to China in July, it imported €3.10. The deficit was equivalent to €1.18bn a day,” Meric said. Sources in Brussels said one of the measures being considered is introducing quotas on hybrid vehicles and certain types of chemicals imported from China. Sales of hybrid vehicles rocketed after the imposition of extra tariffs on Chinese EVs in 2024 omitted to include hybrid electric cars, causing concern in the EU car industry. The latest figures show imports of hybrid cars that do not have to be plugged in have grown tenfold, from just under 4,000 vehicles sold in October 2024, to 50,000 in July 2026.

EU spends three times more on imports from China than bloc exports there
Europe
BBC Business

Sir Jim Ratcliffe suspends production at key UK plants blaming high gas prices

Billionaire Sir Jim Ratcliffe's industrial giant Ineos is pausing production at its three plants in Hull, blaming high UK gas prices. The firm said gas prices in the UK are twelve times higher than in the US, and eight times more expensive than the coal-based processes used by Chinese competitors. Sir Jim said: "We are being forced to mothball some of the most efficient plants in Europe, but with gas prices now 12 times the level in the US and 8 times that of China, we just cannot compete." The facilities produce raw materials used to make pharmaceuticals, clothing, cosmetics, detergents, construction materials and military explosives in the UK and Europe. Gas is a key ingredient in production. Ineos said the move will affect up to 1,000 of its staff, of whom 245 work directly at the site. But the BBC understands workers across the sites will be kept on while Ineos tries to buy liquefied natural gas (LNG) directly from the US at lower prices - which could take up to a year - or waits for gas prices to go down. Ineos is asking governments in the UK and the EU — where most of its products are exported to — to put in tariff protections against Chinese products. One plant makes acetic acid, which is used in vinegar, paint and glue. Another makes acetic anhydride, a key ingredient of aspirin, and the third makes ethyl acetate, which is used as a solvent and for decaffeinating tea and coffee. He said the current government's energy policy was "economic vandalism on an industrial scale". The wholesale price of natural gas — used for heating homes and generating electricity — has almost doubled in the UK and Europe since July. The disruption of supplies of oil and gas through the Strait of Hormuz following the US-Israel war in Iran has pushed up prices around the world. Ineos says that its plants in Humberside are "among the most efficient in the world", producing materials with half the carbon footprint of US rivals, and only one eighth the footprint of Chinese equivalents.

Sir Jim Ratcliffe suspends production at key UK plants blaming high gas prices