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.
ELMAU, Germany (AP) — Leaders of the world’s biggest developed economies said Tuesday they would explore far-reaching steps to cap Russia's income from oil sales that are financing its invasion of Ukraine and struck a united stance to support Kyiv for “as long as it takes" as the war grinds on.
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.
ELMAU, Germany (AP) — Ukrainian President Volodymyr Zelenskyy on Monday underscored the urgency of helping his country’s military improve its position against Russia in a video meeting with leading economic powers, who in turn pledged to support Ukraine “for as long as it takes.”
GARMISCH-PARTENKIRCHEN, Germany (AP) — Leaders of the world’s biggest developed economies are weighing a cap on the price of Russian oil meant to strike at the main pillar of the Kremlin's finances following its invasion of Ukraine — and to limit the havoc that high energy prices are wreaking worldwide.
COLOMBO, Sri Lanka (AP) — Sri Lanka is sending two government ministers to Russia to negotiate for fuel — one of the necessities nearly exhausted as a result of the Indian Ocean nation's economic collapse.
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.
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.
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.
FRANKFORT, Ky. (AP) — Gov. Andy Beshear took action Thursday to combat any signs of price gouging at the pump, touting it as a consumer protection measure amid sky-high gas prices straining Kentuckians' budgets.
WASHINGTON (AP) — An oil industry meeting with Energy Secretary Jennifer Granholm to lower gas prices and boost domestic oil supplies was constructive, but did not produce a major breakthrough, administration and industry officials said Thursday.
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.
ABUJA, Nigeria (AP) — Nigeria is grappling with widespread fuel shortages that are forcing motorists to spend hours in lines to buy gas and causing prices to surge for transportation and basic commodities.
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.
BERLIN (AP) — Germany activated the second phase of its three-stage emergency plan for natural gas supplies Thursday, warning that Europe's biggest economy faces a “crisis” and storage targets for the winter are at risk after Russia reduced energy deliveries to several countries.
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.
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) — Facing stubbornly high gas prices that average about $5 a gallon nationwide, President Joe Biden on Wednesday urged Congress to suspend federal gasoline and diesel taxes for three months.
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.
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.
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.
WASHINGTON (AP) — In a pointed back and forth, the head of Chevron complained Tuesday that President Joe Biden has vilified energy firms at a time when gasoline prices are at near record levels and the president responded that the oil company CEO was being “mildly sensitive.”
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.
MADISON, Wis. (AP) — Gov. Tony Evers on Tuesday issued an executive order declaring that an abnormal economic disruption exists in Wisconsin due to a disruption of energy supplies, allowing himself to trigger a statewide ban on gasoline and diesel price gouging.
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.
Sales of previously occupied U.S. homes slowed for the fourth consecutive month as climbing mortgage rates and record high prices discouraged house hunters.
Existing home sales fell 3.4% last month from April to a seasonally adjusted annual rate of 5.41 million, the National Association of Realtors said Tuesday.
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.
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.
COLOGNE, Germany (AP) — At a gas station near the Cologne, Germany, airport, Bernd Mueller watches the digits quickly climb on the pump: 22 euros ($23), 23 euros, 24 euros. The numbers showing how much gasoline he’s getting rise, too.
MANILA, Philippines (AP) — Philippine President-elect Ferdinand Marcos Jr. expressed concern Monday about rising food prices caused in part by the war in Ukraine and said he will serve as secretary of agriculture when he takes office to prepare for a possible emergency.
REHOBOTH BEACH, Del. (AP) — Treasury Secretary Janet Yellen said Sunday that she expects the U.S. economy to slow in the months ahead, but that a recession is not inevitable.
Yellen offered a dose of optimism even as economists grow increasingly worried about a recession fueled by skyrocketing inflation and the Russian invasion of Ukraine.
The price of a foot of water pipe in Tucson, Arizona: up 19%. The cost of a ton of asphalt in a small Massachusetts town: up 37%. The estimate to build a new airport terminal in Des Moines, Iowa: 69% higher, with a several year delay.
WASHINGTON (AP) — Democrats are going to hold onto the House after November's midterm elections. They will pick up as many as four seats in the Senate, expanding their majority and overcoming internal dissent that has helped stifle their agenda.
WASHINGTON (AP) — Democrats are going to hold onto the House after November's midterm elections. They will pick up as many as four seats in the Senate, expanding their majority and overcoming internal dissent that has helped stifle their agenda.
Chuck and Terry Nowiski lived in their country-style farmhouse with a wrap-around porch for 36 years before it flooded. After hurricanes Matthew and Florence, they said “yes” to the state's offer to buy their place and tear it down.
LONDON (AP) — Russian hostilities in Ukraine are preventing grain from leaving the “breadbasket of the world" and making food more expensive across the globe, threatening to worsen shortages, hunger and political instability in developing countries.