Latest Economy News

Asian shares trade mixed ahead of US jobs report

Feb. 02, 2023 23:18 PM EST

TOKYO (AP) — Asian shares were trading mixed Friday ahead of a closely watched U.S. jobs report that may affect global interest rates. Weaker than expected earnings reports from U.S. technology companies, announced after Wall Street trading ended, pulled Chinese benchmarks lower. ...

Bank of England rate hike says 'too soon to declare victory'

Feb. 02, 2023 12:24 PM EST

LONDON (AP) — The Bank of England announced another “forceful” increase in interest rates Thursday, saying it was too soon to declare victory against inflation that has slowed slightly but is still fueling a cost-of-living crisis, public-sector strikes and fears of recession. ...

Asian stocks rise after Fed sees inflation improving

Feb. 01, 2023 23:01 PM EST

BEIJING (AP) — Asian stock markets gained Thursday after the Federal Reserve said the U.S. economy is moving toward lower inflation but more interest rate hikes are planned. Shanghai, Tokyo, Hong Kong and Sydney advanced. Oil prices rose. Wall Street's benchmark...

India to raise spending on job creation ahead of election

Feb. 01, 2023 06:59 AM EST

NEW DELHI (AP) — Indian Prime Minister Narendra Modi’s government presented to Parliament on Wednesday an annual budget of $550 billion that calls for ramping up capital spending by 33% to spur economic growth and create jobs ahead of a general election next year. Finance...

South Korea logs record trade deficit as tech demand falls

Jan. 31, 2023 23:41 PM EST

SEOUL, South Korea (AP) — South Korea logged its biggest monthly trade deficit ever, at $12.7 billion in January, as exports of computer chips and other high-tech items sank and costs for importing oil and gas surged, the trade ministry said Wednesday. The growing shortfall...

Asian stocks higher ahead of Fed rate decision

Jan. 31, 2023 23:06 PM EST

BEIJING (AP) — Asian stock markets were higher Wednesday after Wall Street rose ahead of what traders hope will be the last Federal Reserve interest rate hike for some time. U.S. futures edged lower, while oil prices gained. Traders assume the Fed will announce a...

US consumer confidence lags as 2023 gets under way

Jan. 31, 2023 10:35 AM EST

American consumers are kicking off 2023 a bit less confident than they were at the end of last year as inflation and the possibility of a recession loom. The Conference Board reported Tuesday that its consumer confidence index slipped to a still-optimistic 107.1 in January, down from...

GM quarterly profit jumps 16% as sales rebound late in 2022

Jan. 31, 2023 09:56 AM EST

DETROIT (AP) — Rising factory output led to strong U.S. sales at the end of last year, pushing General Motors' fourth-quarter net income up 16% over the same period a year ago. The Detroit automaker made $1.99 billion from October through December, or an adjusted $2.12 per share,...

Europe scrapes out economic growth by dodging gas disaster

Jan. 31, 2023 09:03 AM EST

FRANKFURT, Germany (AP) — Europe’s economy scraped out meager gains at the end of last year as galloping inflation fed by high energy prices and Russia’s invasion of Ukraine deterred people from spending in shops and restaurants. Economic output crept 0.1% higher in the last...

Samsung's profit plummets amid global economic woes

Jan. 31, 2023 00:00 AM EST

SEOUL, South Korea (AP) — Samsung Electronics said Tuesday its profit for the last quarter plummeted nearly 70% as a weak global economy depressed demand for its consumer electronics products and computer memory chips. The company’s operating profit of 4.3 trillion won ($3.5...