Economy news

UK finance minister Jeremy Hunt presented his much-awaited budget plan aimed at saving £55 billion. Taxes are set to rise for everybody. The definition of who qualifies as a top earner has been widened to include more taxpayers. It will ...

Retail investors are flooding the debt markets, hoping to take advantage of some of the highest bond yields in more than a decade. The US Federal Reserve’s decisive monetary tightening has caused the 10-year treasury bond yield to hover around ...

Wholesale prices in the US climbed 8% in October from last year, the fourth straight decline and another sign that inflation pressures are waning from previously high levels.The annual wholesale inflation figure is a reduction from the 8.4% in September. ...

The London bourse has surrendered its post as Europe's most-valuable stock market, with France supplanting it. A weak pound and worries of recession in the UK are thought to be some of the factors behind the development.It is the first ...

The US Federal Reserve’s battle with out-of-control inflation has pushed up the average credit card APR (annual percentage rate) for Americans to 19.04% as of November 9.The information comes from bankrate.com and is the highest rate on its database since ...

China’s exports and imports unexpectedly fell in October, the first drop in both measures since May 2020, as soaring inflation and surging interest rates buffeted global demand.Grim trade figures released in October highlight the challenge for policymakers in China as ...

The Canadian economy recorded a massive job gain in October, coming in 10 times higher than expected, with the jobless rate remaining unchanged. The positive news came a week after a lower-than-expected interest rate hike by the Bank of Canada ...

While the Bank of Canada (BoC) once again hiked interest rates last week, its latest increase of 50 basis points was lower than the expected 75 basis points. It is the sixth-rate hike since March and brings the country’s official ...

After months of trying to energize the yuan, the People’s Bank of China has exhausted most of its policy tools, leaving it with some hard choices.The yuan now trades at 7.24 against the US dollar, a softer position brought on ...

It has been a turbulent week for the UK, both economically and politically. The headline news is, of course, the resignation of embattled prime minister Liz Truss, but that should not distract from the gloom facing the economy.Figures released this ...

The cost of living in France is becoming unbearable, with electricity bills surging because of a cut in Russian natural gas supplies that has sparked an energy crisis in Europe. Against this backdrop, tens of thousands of people took to the ...

Britain’s new finance minister has revealed a detailed reversal of the UK government’s tax-and-spending plans in a last-ditch effort to calm skittish markets and restore the government’s credibility.After just four days in the role, Jeremy Hunt announced he would scrap ...

The Bank of England (BOE) aims to further calm the bond market and ease liquidity pressures that arose after the Liz Truss government’s disastrous mini-budget announcement.The central bank has moved to quell worries about the expiry of its emergency bond-buying ...

After seven months of hiking interest rates at unprecedented speeds, the US Federal Reserve has hardly made a dent in inflation. Last week, consumer price data for September showed little improvement. Indeed, since March, overall consumer prices were up 8.5% ...

The Bank of England (BOE) continues to struggle to contain a crisis kindled by the UK government’s ill-advised plans to borrow lavishly to fund tax cuts. Fears remain that the country’s financial markets could once again spin out of control.Almost ...