Latest Economy News
US bribery and fraud charges are a big test yet for India's Adani, one of Asia's richest men
NEW DELHI (AP) — Indian billionaire Gautam Adani, one of Asia’s richest men, may be facing his biggest challenge yet with an indictment by U.S. prosecutors for alleged fraud and bribery. But it’s unclear just how the case will affect his businesses and own future — as well as the Indian...
Federal Reserve's likely slowdown in rate cuts could disappoint borrowers
WASHINGTON (AP) — Just a few weeks ago, the path ahead for the Federal Reserve looked straightforward: With inflation cooling and the job market slowing, the Fed appeared on track to steadily cut interest rates. In September, its officials predicted that they would reduce their...
Stock market today: Wall Street tumbles as the “Trump bump” fades and vaccine makers sink
NEW YORK (AP) — U.S. stocks tumbled Friday as the “Trump bump” that Wall Street got from last week’s presidential election, along with a cut to interest rates by the Federal Reserve, kept fading. The S&P 500 dropped 1.3% for its worst day since before Election Day to...
U.S. protectionism could undermine modest growth forecast for eurozone, says EU Commission
FRANKFURT, Germany (AP) — Europe's economy has left stagnation behind but is headed for only modest growth in coming months as consumers regain some of the purchasing power they lost to inflation, the European Union's executive commission said Friday. The bloc's economy remains at...
UK Treasury chief says she's not satisfied by paltry third-quarter economic growth
LONDON (AP) — Britain's Treasury chief Rachel Reeves said Friday that she is “not satisfied” by official figures showing the British economy's rebound from recession slowed down sharply in the third quarter of the year, as the country's top central banker voiced his concerns about the...
Japan's economy grows for a second straight quarter on the back of consumer spending
TOKYO (AP) — Japan’s economy eked out an annual rate of 0.9% growth in the July-September period as consumer spending held up, government data showed Friday. The world’s fourth-largest economy grew 0.2% in the fiscal second quarter, marking the second straight quarter of...
Powell says Fed will likely cut rates cautiously given persistent inflation pressures
WASHINGTON (AP) — Chair Jerome Powell said Thursday that the Federal Reserve will likely cut its key interest rate slowly and deliberately in the coming months, in part because inflation has shown signs of persistence and the Fed's officials want to see where it heads next. ...
The average rate on a 30-year mortgage in the US slips to 6.78%
The average rate on a 30-year mortgage in the U.S. edged lower this week, ending a six-week climb. The rate slipped to 6.78% from 6.79% last week, mortgage buyer Freddie Mac said Thursday. That’s still down from a year ago, when the rate averaged 7.4%. Borrowing...
US wholesale inflation picks up slightly in sign that some price pressures remain elevated
WASHINGTON (AP) — Wholesale prices in the United States rose last month, remaining low but suggesting that the American economy has yet to completely vanquish inflationary pressure. Thursday's report from the Labor Department showed that its producer price index — which tracks...
Stock market today: Wall Street drifts to a mixed finish after an inflation update
NEW YORK (AP) — U.S. stocks drifted to a mixed finish Wednesday after the latest inflation update boosted hopes that more help for the economy will arrive next month through a cut to interest rates. The S&P 500 was nearly unchanged and edged up by less than 0.1%, coming off...
