11h ago| Global Economy

Big US banks gird for ‘mild recession’

Major US banks reported mixed fourth-quarter results Friday as executives pointed to the rising odds of a  “mild recession,” with inflation and interest rate hikes challenging households and businesses.

1d ago| Global Economy

US eyes ‘extraordinary measures’ to avoid default

The US Treasury Department said Friday it will likely begin  “extraordinary measures” next week to prevent a default on government debt, setting up a high-stakes showdown in Congress over raising the nation’s borrowing limit.

3d ago| America

US inflation to ease further

Consumer inflation in the United States is set to ease further in December, analysts say, in an encouraging trend that could bring some reprieve from rising interest rates.

3w ago| Global Economy

Oil price rises by $3 per barrel

Oil prices settled about $3 per barrel higher on Friday for a second straight week of gains after Moscow said it could cut crude output in response to the G7 price cap on Russian exports.

3w ago| America

US consumer confidence jumps in Dec: survey

Consumer confidence in the US economy spiked in December, bouncing more than expected as inflation expectations dipped and gas prices cooled, survey data showed on Wednesday.

4w ago| Global Economy

Fed may push rates higher, keep them there longer

Federal Reserve policymakers may need to lift US borrowing costs above the peak 5.1 per cent they penciled in just this week and keep them there perhaps into 2024 to squeeze high inflation out of the economy, three of them signaled on Friday.

January 16, 2023
January 16, 2023

Big US banks gird for ‘mild recession’

Major US banks reported mixed fourth-quarter results Friday as executives pointed to the rising odds of a  “mild recession,” with inflation and interest rate hikes challenging households and businesses.

January 15, 2023
January 15, 2023

US eyes ‘extraordinary measures’ to avoid default

The US Treasury Department said Friday it will likely begin  “extraordinary measures” next week to prevent a default on government debt, setting up a high-stakes showdown in Congress over raising the nation’s borrowing limit.

January 13, 2023
January 13, 2023

US inflation to ease further

Consumer inflation in the United States is set to ease further in December, analysts say, in an encouraging trend that could bring some reprieve from rising interest rates.

January 11, 2023
January 11, 2023

US banks get ready for shrinking profits

US banking giants are forecast to report lower fourth quarter profits this week as lenders stockpile rainy-day funds to prepare for an economic slowdown that is battering investment banking.

January 10, 2023
January 10, 2023

Dollar slips near seven-month lows

The US dollar on Monday neared its lowest in seven months against other major currencies, after data last week suggested the Federal Reserve could slow the pace of its rate hikes, while China re-opening its borders boosted riskier currencies.

January 9, 2023
January 9, 2023

US trade deficit narrows to smallest since late 2020

The US trade deficit narrowed more than anticipated in November on a fall in imports, government figures showed on Thursday, with drops seen in pharmaceuticals and household goods.

January 9, 2023
January 9, 2023

Auto industry races into metaverse at US tech show

Allowing the driver of an autonomous vehicle to watch a movie, a dealer to sell automobiles from a  “virtual” car lot, or an engineer to simulate how a new part fits: the auto industry is getting a tantalizing taste of the metaverse at the huge CES technology show.

January 8, 2023
January 8, 2023

US job gains robust in Dec

US job gains exceeded expectations in December while unemployment ticked down, a closely-watched government report said Friday, in a sign the labor market remains hotter than hoped by policymakers seeking to lower inflation.

January 3, 2023
January 3, 2023

US retail sales grow 7.6% in holiday season

US retail sales rose 7.6 per cent between November 1 and December 24, which encompasses a majority of the holiday season, as steep discounts lured deal-hungry consumers, a Mastercard report showed on Monday.

January 3, 2023
January 3, 2023

Dollar edges up but sentiment frail

The dollar edged up yesterday, pulling away from recent six-month lows against a basket of major currencies, for now.