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S&P Global's September PMI data shows that the services sector drove strong economic growth, but manufacturing contracted for consecutive months, and uncertainty over the presidential election dragged business confidence to a two-year low. The Federal Reserve has cut interest rates by 50 basis points, and several officials have spoken on the economic outlook and policy path.
A KPMG survey of 1,300 global CEOs shows that 83% expect a full return to the office within three years, up from 64% last year. The survey found generational and gender differences: 87% of CEOs aged 60-69 expect a full return, compared to only 75% of those aged 40-49; male CEOs (84%) outnumber female CEOs (78%). KPMG warns of a "widening gap" between executives' and employees' views on the workplace.
The latest report from EY shows that the outcome of the 2024 U.S. presidential election will reshape the public policy environment. Vice President Harris and former President Trump hold notably divergent stances on six key issues: taxation, trade, regulation, climate, labor, and technology (including AI), and business leaders need to pay close attention.
Deloitte's latest quarterly survey shows that due to inflation, economic outlook, overseas conflicts, and uncertainty surrounding the November election, North American CFOs' willingness to take on risk has fallen to its lowest since 2009. Only 12% of CFOs believe the current environment is favorable for taking on greater risk, a sharp decline from 26% in the second quarter and 41% in the third quarter of 2023. 58% of CFOs say the outcome of the November 5 election is 'extremely or very significant' for their businesses.
The Financial Accounting Standards Board (FASB) has agreed to proceed with more than 30 proposed updates to the codification that underpins U.S. GAAP, setting a 90-day comment period. The changes are intended to clarify or correct unintended consequences, with no expected significant effect on current accounting practice. The proposal covers areas such as comparative financial statement requirements and beneficial interest calculations, drawing mixed reactions from stakeholders.
The Federal Reserve announced on Wednesday a 50 basis point cut to its benchmark interest rate, lowering it to a range of 4.75%-5%, marking the first rate cut since 2020. Chair Powell said the move reflects increased confidence in inflation easing and a strong labor market. The latest dot plot shows officials expect rates to fall to 4.4% by the end of this year and 3.4% by the end of next year.
Mastercard announced on Monday that its long-time CFO Sachin Mehra has been diagnosed with non-Hodgkin lymphoma, but the condition is early-stage, localized, and treatable. He will work remotely and continue participating in daily operations over the coming months. The company's disclosure strategy has been praised by governance experts for striking a balance between transparency and privacy.
U.S. retail sales rose 0.1% month-over-month in August, beating expectations, but most of the 13 subcategories declined, with e-commerce and personal care categories performing strongly. The Federal Reserve is about to announce its interest rate decision, and futures markets have raised the probability of a 50 basis point cut to 63%, with economists and Wall Street analysts differing on the magnitude of the cut.
Israeli startup Datricks announced the completion of a $15 million Series A funding round, with SAP joining as a participant and Team8 leading the round. The company focuses on an AI-driven risk detection platform designed to help businesses quickly identify financial risks such as fraud and compliance failures. The funds will be used to strengthen the platform's AI capabilities, expand large language model applications, and recruit senior sales engineers.
About 5,000 employees in Microsoft's finance department are using the company's self-developed AI assistant Copilot to optimize workflows. Cory Hrncirik, head of modern finance, revealed that the finance team has become a high-frequency user of Copilot and has achieved significant efficiency gains in scenarios such as reconciliation and variance analysis.