Latest Banking and credit News

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...

5 key takeaways from the July jobs report

Aug. 05, 2022 13:39 PM EDT

NEW YORK (AP) — July's jobs report was a stunner, in more ways than one. Despite raging inflation and anxiety about a possible recession, employers created 528,000 jobs last month, more than double market expectations. That's the fastest pace of hiring since February. While the...

India raises interest rate to 5.4%, in 3rd hike since May

Aug. 05, 2022 05:26 AM EDT

NEW DELHI (AP) — India’s central bank on Friday raised its key interest rate by 50 basis points to 5.4% in its third such hike since May as it focuses on containing inflation. Reserve Bank of India Governor Shaktikanta Das projected inflation at 6.7% in this financial year. June...

Asian stock markets rise ahead of US jobs data

Aug. 04, 2022 23:50 PM EDT

BEIJING (AP) — Asian stock markets rose Friday ahead of an update on the health of the U.S. jobs market while the Federal Reserve weighs whether more rate hikes are needed to cool surging inflation. U.S. futures and oil prices edged higher. Investors were looking...

Bank of England predicts recession at the end of the year

Aug. 04, 2022 13:31 PM EDT

LONDON (AP) — The Bank of England announced its biggest interest rate increase in 27 years on Thursday as it forecast that the war in Ukraine would fuel further inflation and tip the U.K. economy into a prolonged recession. Soaring natural gas prices are likely to drive consumer...

Employment market shows signs of cooling amid rate hikes

Aug. 04, 2022 10:06 AM EDT

NEW YORK (AP) — The employment market appears to have lost some of its sizzle, a development that could influence Federal Reserve policy and further raise concerns about an economic recession among investors. Job openings have been edging lower since April as rising inflation...

Argentina's latest economy minister warns he is no magician

Aug. 03, 2022 21:24 PM EDT

BUENOS AIRES, Argentina (AP) — Argentina’s third economy minister in a month was sworn in Wednesday, and as his first order of business Sergio Massa sought to bring down sky-high expectations for his tackling of the country's economic troubles. He made clear he would not announce...

Inflation in Turkey rises to nearly 80%, hitting consumers

Aug. 03, 2022 06:18 AM EDT

ISTANBUL (AP) — Annual inflation in Turkey soared to nearly 80% in July, official data showed Wednesday, with skyrocketing food, housing and energy prices hitting consumers hard. The Turkish Statistical Institute said consumer prices rose by 79.6% from a year earlier, up about 1...

How major US stock indexes fared Tuesday 8/02/2022

Aug. 02, 2022 16:36 PM EDT

U.S. stocks are closing lower as Wall Street’s modest August retreat continued another day. Stocks wavered over the day as investors are unsure whether the market’s strong run in July is the start of a turnaround or a temporary blip. The S&P 500, the Nasdaq and the Dow Jones...

Stocks start August with slide after best month since 2020

Aug. 02, 2022 03:07 AM EDT

Stocks on Wall Street gave up early gains and closed slightly lower Monday as investors began another busy week of company earnings and economic reports. The S&P 500 gave up an early gain to end down 0.3%. The Dow Jones Industrial Average dipped 0.1% and the Nasdaq fell 0.2%....