Inflation hits record 8.9% in euro area, but economy grows

LONDON (AP) — Inflation in the European countries using the euro currency shot up to another record in July, pushed by higher energy prices fueled by Russia's war in Ukraine, but the economy managed better-than-expected, if meager, growth in the second quarter. Annual inflation in...

Asian shares mostly higher after further gains on Wall St

BANGKOK (AP) — Asian shares were mostly higher on Friday after another day of gains on Wall Street amid a deluge of news about the economy, interest rates and corporate profits. Tokyo, Hong Kong and Sydney advanced while Seoul and Shanghai declined. U.S. futures edged lower while...

Italy heads to early election after Draghi's coalition fails

ROME (AP) — Italy is headed for an early election after its president accepted Premier Mario Draghi's resignation Thursday and decided there was no possibility for cobbling together another government following the rapid collapse of the ruling coalition. The demise of Draghi’s...

Europe's central bank backs larger-than-expected rate hike

FRANKFURT, Germany (AP) — The European Central Bank raised interest rates Thursday for the first time in 11 years by a larger-than-expected amount, joining steps already taken by the U.S. Federal Reserve and other major central banks to target stubbornly high inflation. The move...

European Central Bank chief says forecasts don't point to recession this year or next but acknowledges 'horizon clouded'

European Central Bank chief says "economic activity is slowing” and Russia's war in Ukraine is “ongoing drag on growth”

European Central Bank raises interest rates by bigger-than-expected half-percentage point to combat record inflation

Italy political turmoil a headache for Europe's central bank

FRANKFURT, Germany (AP) — Italian Prime Minister Mario Draghi's offer to resign has sent unsettling ripples through financial markets, bringing back bad memories of Europe's debt crisis a decade ago and complicating the European Central Bank's job as it raises interest rates for the first time in...

EXPLAINER: Italy is used to crises, but this one is tough

ROME (AP) — Italy has seen dozens of governments since the end of World War II, so it's very accustomed to political crises. But the tumult now roiling its political parties is playing out differently as Premier Mario Draghi's future as the nation's leader hangs in the balance. ...

Pleas pile up in Italy for PM Draghi to rethink exit

ROME (AP) — Pleas were piling up Sunday in Italy aimed at persuading Premier Mario Draghi to stay in office instead of resigning as he tried to do last week after being let down by a populist coalition partner. Hundreds of mayors have signed an open letter. Union leaders and...