Latest Banking and credit News

Stocks closing mixed after new signs of cooling inflation

Aug. 11, 2022 16:50 PM EDT

NEW YORK (AP) — An afternoon pullback left stock indexes on Wall Street with a mixed finish Thursday, erasing most of their gains from a morning rally over new signs of cooling inflation. The S&P 500 closed 0.1% lower after having been up 1.1% in the early going. The Nasdaq...

How major US stock indexes fared Thursday 8/11/2022

Aug. 11, 2022 16:30 PM EDT

An afternoon pullback left stock indexes on Wall Street mixed Thursday, erasing most of their morning gains fueled by another encouraging report about inflation. The S&P 500 closed 0.1% lower. The Nasdaq also fell, while the Dow Jones Industrial Average rose slightly. Investors weighed new data...

Mexico raises key interest rate to 8.5%, highest in 16 years

Aug. 11, 2022 16:25 PM EDT

MEXICO CITY (AP) — Mexico’s central bank has raised its interbank interest rate by 0.75% to 8.5% Thursday — the highest level in the 16 years since comparable bank policies went into effect. The Bank of Mexico cited continuing inflationary pressures, and predicted inflation...

Hostage standoff at Beirut bank ends with gunman's arrest

Aug. 11, 2022 15:23 PM EDT

BEIRUT (AP) — A gunman demanding a Beirut bank let him withdraw his trapped savings to pay his father’s medical bills took up to 10 people hostage in a seven-hour standoff Thursday before surrendering in exchange for what a family lawyer said was $35,000 of his money. Bassam...

Asian shares track Wall Street gains on cooling inflation

Aug. 11, 2022 00:18 AM EDT

BANGKOK (AP) — Shares advanced Thursday in Asia after benchmarks closed at three-month highs on Wall Street as investors cheered a report showing inflation cooled more than expected in July. Hong Kong, Shanghai and Seoul saw gains of more than 1%. Tokyo was closed for a holiday....

Lower prices offer Americans slight reprieve from inflation

Aug. 10, 2022 16:16 PM EDT

WASHINGTON (AP) — Falling prices for gas, airline tickets and clothes gave Americans a little bit of relief last month, though overall inflation is still running at close to its highest level in four decades. Consumer prices jumped 8.5% in July compared with a year earlier, the...

Asian stocks fall ahead of US inflation

Aug. 10, 2022 00:25 AM EDT

BEIJING (AP) — Asian stocks followed Wall Street lower Wednesday ahead of U.S. inflation data that traders worry will show upward pressure on prices still is too strong for the Federal Reserve to ease off interest rate hikes. Shanghai, Tokyo, Hong Kong and Seoul declined. Oil...

Public sector strike cripples cash-strapped Lebanon

Aug. 09, 2022 02:58 AM EDT

BEIRUT (AP) — Tarek Younes was once solidly middle class and felt he helped contribute to society as an inspector in the Lebanese government’s consumer protection agency. But the country's economic free-fall has eroded his income and civic pride. In his desperation, Younes has...

Asian shares mostly decline on global technology downturn

Aug. 08, 2022 23:57 PM EDT

TOKYO (AP) — Asian shares mostly declined Tuesday amid a global fall in technology shares, including Japan's SoftBank, which has reported hefty losses caused by the market downturn. Such worries are coming on top of concerns about inflation and what central banks might do to curb...

EXPLAINER: How do we know when a recession has begun?

Aug. 05, 2022 14:54 PM EDT

WASHINGTON (AP) — Whether the U.S. economy is heading for a recession got more difficult to answer Friday, when a report showed employers hired hundreds of thousands more workers last month than expected. The stunning strength made clear that a linchpin of the economy remains...