Economic News
- Finance
Make post-Brexit rules more competitive for City banks, government told
The government is under pressure again to ensure the City can prosper on the global stage in the wake of…
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U.S. economy’s growth slows in May due to inflation and weaker demand, S&P finds
The numbers: U.S. businesses expanded at the slowest pace in several months, a pair of surveys showed, reflecting the effects…
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Even a recession wouldn’t cure inflation, former Obama adviser says
There’s increasing talk that the Federal Reserve’s interest rate hikes will cause a U.S. recession next year, but even a…
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Russian soldier sentenced to life in prison for killing civilian
KYIV, Ukraine (AP) — A Ukrainian court sentenced a 21-year-old Russian soldier to life in prison Monday for killing a…
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Banking giants told to move staff to Europe as ECB Brexit review finds ‘empty shells’
A major European Central Bank review has slammed banks for not shifting enough resources to the EU in the wake…
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Buy the dip or sell the ‘rip’?: What’s ahead for stock investors as ‘sticky’ inflation fears heighten consumer concern
Investors, already grappling with a sinking stock market and fears that the U.S. economy may be heading for a recession,…
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U.S. House approves bill to take aim at gasoline ‘price gouging’
A closely divided U.S. House approved legislation Thursday to crack down on alleged price gouging by oil companies as prices…
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IRS audit rates keep dropping — especially for the 1%
No matter the size of a household’s budget, the increasingly short-staffed and cash-strapped Internal Revenue Service has been conducting fewer…
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High inflation and slowing growth raise the risk of a global downturn
The global economy is in danger of entering a period of so-called stagflation, or high inflation and weak growth, policymakers and corporate…
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Philadelphia Fed’s manufacturing gauge falls to lowest reading in two years
The numbers: The Philadelphia Fed said Thursday its gauge of regional manufacturing activity fell sharply to 2.6 in May from…
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A ‘summer of pain’? The Nasdaq Composite could plunge 75% from peak, S&P 500 skid 45% from its top, warns Guggenheim’s Scott Minerd.
The carnage playing out in the U.S. stock market on Wednesday is likely an amuse-bouche compared with the devastation on…
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Builders slow work on new homes as rising mortgage rates temper demand
The numbers: Construction of new houses fell slightly in April for the second month in a row, suggesting that rising mortgage…
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Meet the man behind the UK sanctions regime
“It feels a little bit like on variety TV shows years ago. You had those people who spin plates, and…
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U.K. inflation surges to 40-year high of 9% in April
U.K. annual inflation reached a four-decade high of 9% in April as higher energy prices fed through households’ utility bills,…
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U.S. retail sales climb in April in a sign economy still has vigor
The numbers: Sales at U.S. retailers rose a solid 0.9% in April and signaled the economy still has plenty of…
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Dow jumps over 300 points after retail sales data as investors await Fed’s Powell
U.S. stocks were in bounce mode Tuesday as retail sales for April suggested the economy remained healthy and investors awaited…
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El-Erian: Beware a global economy with little fires everywhere
Mohamed A. El-Erian, president of Queens’ College at the University of Cambridge, is a professor at the Wharton School of…
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Senate gives Fed Chairman Powell vote of confidence and a second 4-year term
Federal Reserve Chairman Jerome Powell on Thursday was given a vote of confidence by lawmakers. The Senate voted to confirm…
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UK Economy Slowed in the First Quarter
By Xavier Fontdegloria The U.K. economy continued to expand in the first quarter, albeit at a lesser pace than in…
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U.S. posts record $308 billion budget surplus in April as federal tax receipts surge
The numbers: The U.S. posted a budget surplus of $308 billion in April — the largest on record — owing to…
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U.S. stocks bounce in choppy trade after CPI shows inflation slows less than expected
Major stock indexes were higher in choppy price action after an eagerly awaited consumer price index reading showed U.S. inflation…
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German inflation reaches highest level in more than 40 years
Germany’s annual rate of inflation rose in April, posting the highest reading since fall 1981, according to the final data…
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Investors haven’t begun to price in recession — Here’s how far the S&P 500 could fall
The battered S&P 500 index is not pricing in a recession, according to DataTrek Research. “At 4,000, the recession odds…
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Weaponising financial services poses new threat to City exports
The unprecedented financial sanctions imposed on Russia after its invasion of Ukraine have not had quite the devastating impact on the…
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Fed can cool inflation this year and economic growth will continue, Williams says
The Federal Reserve can bring inflation down while maintaining a strong economy this year, said New York Fed President John…
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Here’s a list of 50 companies that are well-armed to beat back inflation
Another turnaround Tuesday may be in the cards after a litany of concerns including stagflation dragged the S&P 500 SPX,…
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3 Signs Red-Hot Inflation Is Cooling Off
Expectations for inflation are critical to how fast the Fed raises interest rates. Frederic J. Brown/AFP via Getty Images Good…
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Another rough week ahead? Dow futures slump more than 400 points Sunday
After a volatile week, Wall Street is bracing for more losses as U.S. stock-index futures fell sharply late Sunday. Dow…
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Why market swings signal a sign of more volatility to come
A 1,300-point drop in Dow Jones Industrial Average. A selloff in bonds that sends Treasury yields higher. Signs of panic…
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U.S. gains 428,000 jobs in April, and wages rise again — but labor force shrinks
The numbers: The U.S. added a solid 428,000 new jobs in April, but an acute labor shortage showed little improvement…
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Dow slumps more than 1,000 points as traders digest Fed rate rise
US stocks fell sharply, led by technology and other growth stocks, as investors assessed the implications of Federal Reserve’s most…
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U.S. productivity falls at fastest pace since 1947 and unit-labor costs soar
The numbers: The productivity of American workers and businesses sank at an 7.5% annual pace in the first quarter —…
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Kenneth Rogoff: The odds of a global recession are rising by the day
Kenneth Rogoff, professor of economics and public policy at Harvard University and recipient of the 2011 Deutsche Bank Prize in…
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Fed lifts interest rates and to wind down $9 trillion bond stockpile in double-pronged attack on high U.S. inflation
“Inflation is much too high and we understand the hardship it is causing,” said Fed Chairman Jerome Powell in what…
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Dow soars almost 900 points, stocks rally after Fed fires off biggest rate hike since 2000
U.S. stock indexes jumped Wednesday afternoon, after the Federal Open Market Committee delivered the first 50 basis-point interest rate hike…
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Fed lifts interest rates by 1/2 point and begins wind down of $9 trillion bond stockpile in June
Initially the Fed plans to reduce its holdings by $47.5 billion a month. After three months the Fed would ramp…
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Hendrik du Toit: Russia sanctions could prove an ‘expensive decision’ for the West
Hendrik du Toit, one of the City’s longest-serving fund management chief executives, has warned that “weaponising finance” to punish Russia…
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The decline in the U.S. birth rate bounced back from the early days of the pandemic
When the pandemic hit, the stay-at-home orders didn’t give American families more babies, instead, it generated a “baby bust.” Now,…
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U.S. stocks mixed as market awaits possibly the biggest Fed rate hike since 2000
U.S. stock indexes were mixed in choppy trade Wednesday morning, ahead of the outcome of a two-day Federal Open Market…
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U.S. trade deficit jumps 22% and tops $100 billion for the first time ever
The numbers: The U.S. trade deficit leaped 22% in March and topped $100 billion for the first time ever, reflecting…
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EU leader calls for Russian oil ban in new set of sanctions
The European Union’s top official on Wednesday called on the 27-nation bloc to ban oil imports from Russia and target…
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U.S. factory orders rise sharply in March, boosted by inflation
Orders for U.S. manufactured goods rose 2.2% in April, the Commerce Department said Tuesday. The gain was much stronger than…
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CBDCs shouldn’t be the only form of money, central bankers say
As central bankers in advanced economies consider launching their own digital currencies, top officials have warned that CBDCs should not replace existing payments…
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The Fed isn’t going to save bitcoin’s bear market
A bear market has settled in for tech stocks as the Fed turns hawkish. It doesn’t bode well for bitcoin and…
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Reserve Bank of Australia Raises Rates to Tame Soaring Inflation
By James Glynn SYDNEY–The Reserve Bank of Australia raised its official cash rate for the first time since November 2010…
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U.S. factories grow in April at slowest pace in 18 months, ISM finds
The numbers: The ISM barometer of American factories fell 1.7 points to 55.4% in April and showed the industrial side of…
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Dow drops more than 700 points as S&P 500, Nasdaq head for worst month since March 2020
U.S. stocks were trading sharply lower Friday afternoon, as investors weighed fresh inflation data while technology-related stocks suffered after disappointing…
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‘So bad, it’s good.’ This beleaguered stock market has one big asset on its side, say strategists.
A rough month for stocks is drawing to a close, and many investors likely won’t be sad to see the…
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Consumer sentiment jumps on lower gas prices and more optimism about the U.S. economy
The numbers: The final survey of U.S. consumer sentiment in April slipped to 65.2, but it still marked the highest reading…
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U.S. inflation rate surges to 6.6%, PCE index shows, but prices might also be peaking
The numbers: The Federal Reserve’s preferred measure of inflation rose a sharp 0.9% in March, but the increase largely stemmed…
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