NEW YORK (AP) — Some calm flowed back into markets worldwide Wednesday, and stocks on Wall Street are rallying toward their first gain in more than a week after the Bank of England moved forcefully to get a budding financial crisis there under control.
LONDON (AP) — The Bank of England took emergency action Wednesday to stabilize U.K. financial markets and head off a crisis in the broader economy after the government spooked investors with a program of unfunded tax cuts, sending the pound tumbling and the cost of government debt soaring.
LONDON (AP) — New British Prime Minister Liz Truss came under growing pressure Wednesday from opponents — and inside her Conservative Party — to reverse announced tax cuts that are fueling a financial crisis in an already struggling economy.
WASHINGTON (AP) — U.S. inflation surged to a new four-decade high in June because of rising prices for gas, food and rent, squeezing household budgets and pressuring the Federal Reserve to raise interest rates aggressively -- trends that raise the risk of a recession.
BEIRUT (AP) — The Lebanese Finance Ministry said Wednesday the crisis-hit country will hike its fixed exchange rate against the dollar to 15,000 Lebanese pounds starting in November, calling it a “necessary corrective action.”
BEIJING (AP) — China’s yuan fell to a 14-year low against the dollar Wednesday despite central bank efforts to stem the slide after U.S.
KANSAS CITY, Kan. (AP) — Republicans redrew Democratic Rep. Sharice Davids ' suburban Kansas City, Kansas-area district this year to make a third term harder for her to win, adding rural areas where former President Donald Trump did well and removing urban areas that Davids had carried handily.
TOKYO (AP) — Asian shares tumbled Wednesday after a wobbly day ended with mixed results on Wall Street as markets churn over the prospect of a possible recession.
Tokyo's Nikkei 225 index sank 2.2% to 25,984.51 while the Kospi in Seoul lost 2.8% to 2,161.86.
British pound stabilizes, but turmoil still roils UK economy
LONDON (AP) — The British pound has stabilized as U.K. authorities tried to ease investor concerns after the biggest tax cuts in 50 years sent the currency tumbling to a record low.
Stocks ended a wobbly day with mixed results on Wall Street as markets continue to be unstable amid worries about a possible recession.
The volatile trading came a day after the Dow Jones Industrial Average followed other major U.S.
LONDON (AP) — The British pound stabilized Tuesday as U.K. authorities tried to ease investor concerns after the biggest tax cuts in 50 years sent the currency tumbling to a record low and prompted some businesses to predict a devastating combination of a weak currency and rising interest rates.
LIVERPOOL, England (AP) — The leader of Britain’s main opposition Labour Party accused the governing Conservatives on Tuesday of losing control of the economy, and promised to take the U.K. out of an “endless cycle of crisis” if his party regains power after more than a decade.
ROME (AP) — The European Commission signed off Tuesday on the next 21-billion-euro ($20.2 billion) tranche of Italy’s pandemic recovery funds, a welcome infusion that comes amid questions about whether Giorgia Meloni and her euroskeptic party, which won the national election, will be able to keep the funding coming.
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Tuesday that stablecoins will need greater regulation as they become more widely used by consumers.
Stocks were mixed in Asia on Tuesday after closing broadly lower on Wall Street, where the Dow Jones Industrial Average fell into what’s known as a bear market.
Tokyo, Sydney and Shanghai advanced while Hong Kong and Seoul declined.
ROME (AP) — A party with neo-fascist roots won the most votes in Italy’s national election, setting the stage Monday for talks to form the country's first far right-led government since World War II, with Giorgia Meloni at the helm as Italy’s first female premier.
WASHINGTON (AP) — The Federal Reserve will have to keep boosting its benchmark interest rate to a point that raises unemployment and gets inflation down from unusually high levels, two officials said in separate remarks Monday.
LONDON (AP) — The Bank of England sought to reassure financial markets after the British pound touched an all-time low against the U.S.
LONDON (AP) — The pound is taking a pounding.
The British currency has taken a plunge, sliding against the U.S.
PARIS (AP) — France forecasts growth to slow down substantially next year in the EU's second-biggest economy, amid fears of a recession in neighboring Germany as the economic situation in Europe is slammed by the impact of Russia’s war in Ukraine.
PARIS (AP) — Russia's war in Ukraine and the lingering effects of the COVID-19 pandemic are dragging down global economic growth more than expected and driving up inflation that will stay high into next year, the Organization for Economic Cooperation and Development said Monday in a darkening outlook.
FRANKFURT, Germany (AP) — Europe's largest economy is sending recession signals.
ROME (AP) — A party with neo-fascist roots, the Brothers of Italy, won the most votes in Italy’s national elections, looking set to deliver the country’s first far-right-led government since World War II and make its leader, Giorgia Meloni, Italy's first woman premier, near-final results showed Monday.
A look at some of the key business events and economic indicators upcoming this week:
HOUSING MARKET BELLWETHER
The Commerce Department releases its August tally of new U.S. home sales Tuesday.
And now it begins: the great unravelling of monetary excess and faux prosperity that has characterised the past decade. Where it will end is still uncertain but the bursting of the monetary bubble must ultimately prove salutary for the global economy, and for the planet itself.
DUBAI, United Arab Emirates (AP) — Stores are selling winter clothes from last season in the middle of summer. Repair shops lack spare parts for appliances. There's a waiting list to buy a new car.
BERLIN (AP) — German Chancellor Olaf Scholz arrived Saturday in Saudi Arabia for the first stop of a two-day, three-country visit to the Middle East aimed at striking new energy deals and forging fresh alliances amid the economic and geopolitical turmoil resulting from Russia’s invasion of Ukraine.
ASSISI, Italy (AP) — Pope Francis, visiting Assisi, the birthplace of his namesake saint who was close to nature, called on Saturday for “courage” in abandoning fossil fuels and lamented that older generations didn't know how to protect the planet and secure peace,
Stocks fell sharply worldwide Friday on worries an already slowing global economy could fall into recession as central banks raise the pressure with additional interest rate hikes.
The Dow Jones Industrial Average fell 1.6%, closing at its lowest level since late 2020.
Dow hits 2022 low as markets sell off on recession fears
NEW YORK (AP) — Markets sold off around the world on mounting signs the global economy is weakening just as central banks raise the pressure even more with additional hikes to interest rates.
Markets sold off around the world on mounting signs the global economy is weakening just as central banks raise the pressure even more with additional hikes to interest rates.
The Dow Jones Industrial Average closed at its lowest point of the year Friday.
LONDON (AP) — The United Kingdom's new government outlined plans Friday to cut taxes and boost spending in an effort to bolster the faltering economy, but the high-risk moves sparked concerns that increased public borrowing will worsen a cost-of-living crisis and sent the British pound on its biggest one-day drop in 2 1/2 years.
DHAKA, Bangladesh (AP) — Standing in line to try to buy food, Rekha Begum is distraught. Like many others in Bangladesh, she is struggling to find affordable daily essentials like rice, lentils and onions.
KABUL, Afghanistan (AP) — Nabila works 10 hours or more a day, doing the heavy, dirty labor of packing mud into molds and hauling wheelbarrows full of bricks. At 12 years old, she’s been working in brick factories half her life now, and she’s probably the oldest of all her co-workers.
BEIJING (AP) — Asian stocks fell for a third day Friday after more rate hikes by the Federal Reserve and other central banks to control persistent inflation spurred fears of a possible global recession.
WASHINGTON (AP) — Average long-term U.S. mortgage rates jumped by more than a quarter-point this week to their highest level since 2008 as the Federal Reserve intensified its effort to tamp down decades-high inflation and cool the economy.
NEW YORK (AP) — President Joe Biden pledged on Thursday in his first face-to-face meeting with new Philippine President Ferdinand Marcos Jr. to work to strengthen relations with the Pacific nation after what he said had been some “rocky times” in the past.
LILBURN, Ga. (AP) — Like schools nationwide, those in Georgia face some big decisions in coming years.
But polls show K-12 education trailing among voter concerns this year, and candidates are spending more time talking about inflation, the economy, abortion and guns.
The U.S. Federal Reserve has been the most aggressive in using interest rate hikes to cool inflation that is battering both households and businesses this year.
WASHINGTON (AP) — The number of Americans filing for jobless benefits rose slightly last week with the Federal Reserve pushing hard to cool the economy and tamp down inflation.
Applications for unemployment benefits for the week ending Sept.
COPENHAGEN, Denmark (AP) — Norway's central bank on Thursday raised its key policy interest rate by a quarter-percentage point to 2.25%, as other banks around the world also move to bring down inflation.
BEIJING (AP) — Asian stock markets followed Wall Street lower on Thursday after the Federal Reserve delivered another big interest rate hike to cool galloping inflation and raised its outlook for more.
WASHINGTON (AP) — The CEOs of the nation's biggest banks appeared in front of Congress Wednesday and gave a dim view of the U.S. economy, reflecting the financial and economic distress many Americans are facing.
WASHINGTON (AP) — The Federal Reserve sent a sobering message Wednesday after it announced its latest big interest rate hike: It plans to keep raising rates as long as it takes to conquer the worst inflation bout in decades — even at the risk of causing a recession in the process.
Wall Street closed sharply lower after the Federal Reserve stepped up its fight against inflation by raising interest rates.
The S&P 500 lost 1.7% Wednesday, as did the Dow Jones Industrial Average.
NEW YORK (AP) — Mortgage rates have jumped, home sales have slumped and credit cards and auto loans have gotten pricier.
JOHANNESBURG (AP) — South African President Cyril Ramaphosa had an urgent meeting scheduled with his Cabinet on Wednesday to discuss the country’s electricity crisis, which has led to unprecedented levels of nationwide power blackouts in Africa's most developed economy.
The Asian Development Bank has downgraded its forecasts for growth in the region, citing the war in Ukraine, rising interest rates to combat decades-high inflation, and China’s slowing economy.
The Manila, Philippines-based lending agency revised its estimate for growth in developing Asian economies to 4.3%, down from an earlier forecast of 5.2%.
UNITED NATIONS (AP) — British Prime Minister Liz Truss, a politician often compared to “Iron Lady” Margaret Thatcher, is presenting herself to the world as a steely leader for tough times.
The new prime minister has come to the United Nations to argue that in an increasingly unstable world, like-minded allies need to band together against “those who seek to weaponize the global economy.”