G-7 leaders united behind Ukraine, aim at Kremlin oil money
ELMAU, Germany (AP) — Leaders of the world’s wealthiest democracies have struck a united stance to support Ukraine for “as long as it takes” as Russia’s invasion grinds on.
PARIS (AP) — The new speaker of France's lower house of parliament — the first woman to hold the post — vigorously defended the right to abortion Tuesday and called on the chamber to be “vigilant” about protecting it from reversal.
Stocks closed broadly lower on Wall Street Tuesday, after a discouraging snapshot of U.S. consumer confidence stoked investors' worries about the risk that sharply higher interest rates and pervasive inflation could trigger a recession.
Stocks slid on Wall Street Tuesday as the market remains gripped by uncertainty over pervasive inflation, rising interest rates and the potential for a recession.
The S&P 500, the Dow Jones Industrial Average and the Nasdaq fell.
WASHINGTON (AP) — U.S. consumer confidence slipped to its lowest level in 16 months as persistent inflation and rising interest rates have Americans as pessimistic as they've been about the future in almost a decade.
SINTRA, Portugal (AP) — The head of the European Central Bank said Tuesday that it will move gradually to combat soaring consumer prices with interest rate hikes in July and September but will keep its options open to “stamp out" inflation if it surges faster than expected.
BANGKOK (AP) — Global stocks were mostly higher Tuesday after a wobbly day on Wall Street as markets cooled off following a rare winning week.
Oil prices pushed higher and U.S. futures also advanced.
Oil price cap could strike Russia’s war chest — if enforced
GARMISCH-PARTENKIRCHEN, Germany (AP) — Leaders of the world’s biggest developed economies are looking for ways to cut off Russian President Vladimir Putin’s oil money, which is helping finance the war against Ukraine.
ELMAU, Germany (AP) — In 1975, leaders of the world’s wealthy democracies gathered to deal with an energy crisis sparked by a war and rampant inflation.
A look at some of the key business events and economic indicators upcoming this week:
HOME PRICE MONITOR
A limited inventory of homes for sale coupled with strong demand has helped keep U.S.
ELMAU, Germany (AP) — President Joe Biden and Western allies opened a three-day summit in the Bavarian Alps on Sunday intent on keeping economic fallout from the war in Ukraine from fracturing the global coalition working to punish Russia’s aggression.
WASHINGTON (AP) — Furious about surging prices at the gasoline station and the supermarket, many consumers feel they know just where to cast blame: On greedy companies that relentlessly jack up prices and pocket the profits.
MUNICH (AP) — President Joe Biden is out to sustain the global alliance punishing Russia for its invasion of Ukraine as he embarks on a five-day trip to Europe as the 4-month-old war shows no sign of abating and its aftershocks to global food and energy supplies are deepening.
LONDON (AP) — Train stations were all but deserted across Britain on Saturday, as the third day of a national strike snarled the weekend plans of millions.
Train companies said only a fifth of passenger services would run, as about 40,000 cleaners, signalers, maintenance workers and station staff walked off the job in Britain’s biggest and most disruptive railway strike for 30 years.
YARDLEY, Pa. (AP) — The shock quickly turned to sadness for Victoria Lowe.
The 37-year-old lawyer, working outside a cafe in suburban Bucks County, Pennsylvania, said she couldn't believe the Supreme Court stripped away the constitutional right to abortion that women have had her entire life.
Rising food costs. Soaring fuel bills. Wages that are not keeping pace. Inflation is plundering people's wallets, sparking a wave of protests and workers’ strikes around the world.
Stocks rally, driving Wall Street to a rare winning week
NEW YORK (AP) — Stocks racked up more gains on Wall Street Friday, as the S&P 500 had its best day in two years and just its second winning week in the last 12 to provide a bit of relief from the market’s brutal sell-off this year.
Stocks racked up more gains on Wall Street Friday, as the S&P 500 had its best day in two years and just its second winning week in the last 12 to provide a bit of relief from the market's brutal sell-off this year.
WASHINGTON (AP) — Back-to-back world leader summits in Europe opening this weekend will focus on uniting Western nations behind Ukraine in its fight against Russia's invasion and overcoming Turkey's opposition to NATO membership for Finland and Sweden.
BRUSSELS (AP) — A day after endorsing Ukraine's candidacy to join the European Union, the bloc's leaders turned their attention Friday to the severe economic turbulence from Russia’s war in the neighboring country as the conflict's full impact sinks in and the threat of recession rises.
BANGKOK (AP) — Shares were higher in Asia on Friday, tracking gains on Wall Street, where the market is headed for its first weekly gain after three weeks of punishing losses.
Tokyo's Nikkei 225 index added 0.9% to 26,411.64 and the Kospi in Seoul jumped 1.8% to 2,356.38.
Gas prices sting US workers who depend on their cars
DETROIT (AP) — Millions of Americans who rely on their cars for work are changing their habits, signing up for carpools or even ditching their cars for bicycles as gas prices recently hit $5 per gallon for the first time ever.
MEXICO CITY (AP) — Stung by stubbornly high inflation, Mexico’s Central Bank announced Thursday that it made a thre-quarter-point increase in its prime interest rate, to boost it to 7.75%.
The Banco de Mexico said in the announcement that domestic inflation hit an annualized rate of 7.88% in the first half of June, and it doesn’t expect to achieve its 3% inflation rate target until the second half of 2024.
ST. PAUL, Minn. (AP) — Republican gubernatorial candidate Scott Jensen called Thursday for tax cuts and a clampdown on government spending and regulations to help Minnesotans cope with the highest inflation rate in 40 years.
NEW YORK (AP) — The good news for stocks is that this year’s sell-off means they no longer look eye-wateringly expensive.
The bad news: That won’t matter if corporate profits give out.
A stock’s price rises or falls for essentially two reasons: how much cash a company generates and how much an investor is willing to pay for it.
WASHINGTON (AP) — As if their job weren't hard enough at a time of raging inflation, Chair Jerome Powell and his Federal Reserve colleagues have to do more these days than decide just how much to raise interest rates without triggering a recession.
WASHINGTON (AP) — Average long-term U.S. mortgage rates inched up this week following last week's mammoth jump, the biggest in 35 years.
Mortgage buyer Freddie Mac reported Thursday that the 30-year rate ticked up to 5.81% this week, from last week's 5.78%.
WASHINGTON (AP) — Fewer Americans applied for jobless benefits last week as the U.S. job market remains robust despite four-decade high inflation and a myriad of other economic pressures.
Applications for jobless aid for the week ending June 18 fell to 229,000, a decline of 2,000 from the previous week, the Labor Department reported Thursday.
COPENHAGEN, Denmark (AP) — Norway’s central bank raised its key policy interest rate from 0.75% to 1.25% on Thursday, saying “the prospects for a more prolonged period of high inflation suggest a faster rise in the policy rate than projected earlier.”
BEIJING (AP) — Asian stock markets were mixed Thursday after Wall Street edged lower amid fears higher interest rates will chill global economic growth.
Shanghai and Hong Kong advanced, while Tokyo and Seoul declined.
WASHINGTON (AP) — President Joe Biden on Wednesday called on Congress to suspend federal gasoline and diesel taxes for three months — an election-year move meant to ease financial pressures that was greeted with doubts by many lawmakers.
Biden calls for 3-month suspension of gas and diesel taxes
WASHINGTON (AP) — President Joe Biden is calling on Congress to suspend federal gasoline and diesel taxes for three months — an election-year move meant to ease financial pressures.
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell sought Wednesday to reassure the public that the Fed will raise interest rates high and fast enough to quell inflation, without tightening credit so much as to throttle the economy and cause a recession.
PRAGUE (AP) — The Czech Republic’s central bank once again raised its key interest rate significantly Wednesday as it tried to combat soaring inflation.
The hike of a percentage point and a quarter brought the interest rate to 7%, the highest level since early 1999.
SKOPJE, North Macedonia (AP) — A strike by government workers in North Macedonia disrupted services Wednesday over a pay dispute between unions and the country’s center-left government fueled by high inflation.
LONDON (AP) — Britain’s inflation rate hit a new 40-year high of 9.1% in the 12 months to May, figures showed Wednesday, as Russia's war in Ukraine drove food and fuel prices ever higher.
TOKYO (AP) — Asian shares were mostly lower Wednesday as markets shrugged off a Wall Street rally and awaited congressional testimony by Federal Reserve Chair Jerome Powell.
Japan’s benchmark Nikkei 225 shed 0.2% to 26,206.68.
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell won praise for his deft leadership during the maelstrom of the pandemic recession. As threats to the U.S. economy have mounted, though, Powell has increasingly struck Fed watchers as much less sure-footed.
SOFIA, Bulgaria (AP) — Bulgarian lawmakers on Tuesday started debating a no-confidence motion against the minority government, on the eve of the vote that could well topple centrist Prime Minister Kiril Petkov, elected just months ago on pledges to fight corruption.
Fed’s Powell facing rising criticism for inflation missteps
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell won praise for his deft leadership during the maelstrom of the pandemic recession.
RENO, Nev. (AP) — The attack ads already are airing and campaign fundraising emails are flooding into inboxes as one of the most competitive U.S. Senate races in the country gets rolling in Nevada, where candidates will be juggling voters' concerns about a volatile economy and inflation that is rising at its fastest pace in decades.
LONDON (AP) — Tens of thousands of railway workers walked off the job in Britain on Tuesday, bringing the train network to a crawl in the country’s biggest transit strike for three decades — and a potential precursor to a summer of labor discontent.
Charitable giving in the United States reached a record $485 billion in 2021, though the increase did not keep pace with inflation, according to a report Tuesday offering a comprehensive look at American philanthropy.
HARARE, Zimbabwe (AP) — Striking nurses and other health workers have brought Zimbabwe's government hospitals to a near standstill, straining a once vibrant public health system now plagued by a lack of medicines and basic supplies such as gloves.
MILAN (AP) — Neither inflation nor the war in Ukraine are threatening to take a bite out of the luxury fashion market, according to a study published Tuesday.
While much of the world is fretting over higher fuel and energy prices, the study by Bain & Company consultancy indicated that the global luxury market remains set for growth, largely due to the continued resiliency of the world’s wealthiest people.
A lot can happen in six months. That’s why, as we close out the first half of the year, it makes sense to check in on your financial life.
“With inflation, I think people this year are more heavily impacted than they probably have been in many years leading up to this point,” says Jason Dall’Acqua, a certified financial planner and founder of Crest Wealth Advisors in Annapolis, Maryland.
It’s not a summer heat wave that's making European leaders and businesses sweat. It's fear that Russia's manipulation of natural gas supplies will lead to an economic and political crisis next winter.
INDIANAPOLIS (AP) — Indiana will see another increase in state gasoline taxes starting July 1 amid promises of inflation relief — including a proposal to issue direct payments to Indiana residents later this month.
REHOBOTH BEACH, Del. (AP) — President Joe Biden said Monday that he will decide by the end of the week whether he would support a federal gasoline tax holiday, possibly saving U.S. consumers as much as 18.4 cents a gallon.
LONDON (AP) — Britain is facing its biggest rail strikes in decades after last-minute talks between a union and train companies failed to reach a settlement over pay and job security.
Up to 40,000 cleaners, signalers, maintenance workers and station staff are due to walk out for three days this week, on Tuesday, Thursday and Saturday.