FOMCプレビュー：すぐに始めよう

Euro area: August inflation review

According to Eurostat's final release , the Euro area annual headline inflation stabilized at 2.0 4 % in August (vs. flash 2.05%) , unchanged from July. Core inflation, which excludes energy and food, alcohol and tobacco prices, held at 2.27% ( according to flash estimate ) , below 2.31% in the previous month. HICP inflation by components showed: The contribution of Services to annual headline inflation decreasing to 1.41pp (1.44pp in July). The contribution of Food, Alcohol and Tobacco going down to 0.62pp (0.63pp in July). The contribution of the Energy inflation at -0.18p...

China’s Corporate Squeeze: What Falling Markup Reveals About Economic Involution

This paper investigates the phenomenon of "involution" in the Chinese economy, which has been manifesting in recent years, squeezing corporate profits and hampering economic growth.We use the economic concept of markup as a primary analytical tool to measure the pricing power and profitability of Chinese firms. Our central finding is a sustained decline in corporate markup rates over the past decade, a trend that has accelerated sharply since 2019.This analysis demonstrates that there is no apparently collapsing demand, but rather a widespread "lower-price-for-volume" strategy driven by excess...