Economy News

The US Federal Reserve is broadly expected to hike interest rates by 25 basis points Wednesday,even as concerns about the US banking system persist.Markets also anticipate the central bank will release projections about the economy and the future path of ...

After early investor relief about efforts to stop a banking crisis quickly dissipated, shares of Credit Suisse and UBS slumped. Credit Suisse shares tanked 62% in premarket trade to a new low, while UBS lost 7.1%.Banking stocks and bonds in ...

The price of crude futures slumped to their lowest level in two years on concerns that trouble in the banking industry could spark a global recession and curtail fuel demand.Market players have increased purchases of put options of oil with ...

Swiss Bank Credit Suisse has endured a rocky few months as it tries to return to profitability through a complex restructure that will see it drop its investment banking unit while focusing on its key wealth management business. However, this ...

Argentina, the second-largest economy in South America, has reported an annual inflation above 100% for the first time in over three decades. The country’s government statistics agency announced that February’s inflation reading clocked 102.5%.This was the first time inflation had ...

The failure of Silicon Valley Bank (SVB), which was trying to gain more traction with Chinese tech start-ups, has caused widespread concern in the world’s second-largest economy. The founders andmanagement of at least a dozen prominent Chinese firms have rushed ...

Silicon Valley Bank collapsed last week, making it the second biggest bank failure in US history and the largest failure of any American financial institution since the height of the subprime financial crisis almost 15 years ago. The bank, the ...

Bitcoin edged above $23,000 after Federal Reserve Chair Jerome Powell, speaking at an economics forum, said that inflation was lowering.The world’s biggest cryptocurrency climbed 1% to $23,236.80 while Ethereum rose 1.3% to $1,667.63. Bitcoin had been struggling to break back ...

China has announced its least ambitious GDP growth target in decades, a sign that the world’s second largest economy is facing significant domestic and global challenges. Economic officials announced a 2023 GDP growth target of just 5%, while acknowledging the ...

US Treasury yields rose this week as investors waited for new economic data and braced themselves for additional interest rate hikes by the Federal Reserve.The yield on the benchmark 10-year treasury climbed by seven basis points to 4.066%. The two-year ...

Tesla CEO Elon Musk, fresh from regaining his position as the world’s richest man, presented his “Master Plan 3” to investors. Among the topics Musk covered included how Tesla plans to scale its sales and operations, as well as how ...

There is growing evidence that market participants, policymakers and even a few economists have been hasty to declare victory on behalf of the US Federal Reserve in the fight against inflation.Now, an increasing number of economic data releases are giving ...

People born between 1981 and 1996, commonly referred to as millennials, have accumulated record-high debt of more than $3.8 trillion at the end of 2022, up a whopping 27% from 2019.During the COVID-19 pandemic, household debt was flat as government ...

Meta Platforms Inc said this past week it was releasing a new large-language model, the main software behind its artificial intelligence (AI) system. It signals a heating up of the AI “arms” race as technology companies scramble to integrate AI ...

Hong Kong’s COVID-ravaged economy will return to positive growth territory this year and expand by between 3.5% and 5.5%, as the city opens up and its major trading partner China’s economic prospects improve.The Asian financial hub was buffeted by a ...