Latest Economy News
Wall Street soars to records as Dow leaps 500 in a rate-cut rally that swept the world
NEW YORK (AP) — Wall Street romped to records Thursday as a delayed jubilation swept markets worldwide following the Federal Reserve’s big cut to interest rates. The S&P 500 jumped 1.7% for one of its best days of the year and topped its last all-time high set in July. The...
Sri Lanka's presidential election a test for current leader, 2 years after its economy hit bottom
COLOMBO, Sri Lanka (AP) — Two years ago, food cart worker Fathima Shiyama had to wait in line, sometimes for days, to get cooking gas, fuel and other essentials. It was a test of patience for her and millions of other Sri Lankans as their country languished in economic and political chaos. ...
Will the Federal Reserve cut interest rates fast enough to deliver a 'soft landing'?
WASHINGTON (AP) — American consumers and home buyers, business people and political leaders have been waiting for months for what the Federal Reserve is poised to announce this week: That it's cutting its key interest rate from a two-decade peak. It's likely to be just the first in...
China's economy softens in August as Beijing continues to grapple with lagging demand
BEIJING (AP) — China’s economy softened in August, extending a slowdown in industrial activity and real estate prices as Beijing faces pressure to ramp up spending to stimulate demand. Data published by the National Bureau of Statistics Saturday showed weakening activity across...
Russian central bank hikes rates to fight inflation fuelled by military spending
MOSCOW (AP) — Russia's central bank hiked interest rates to their highest since the Kremlin sent troops into Ukraine more than 2 1/2 years ago, a step aimed at combatting the inflation fuelled by massive government outlays for the military — and by robust spending from Russian consumers in...
US consumer sentiment ticks higher for second month but remains subdued
WASHINGTON (AP) — Americans' outlook on the economy improved for the second straight month in September, bolstered by lower prices for long-lasting goods such as cars and furniture and the prospect of interest rate cuts by the Federal Reserve. The University of Michigan's consumer...
Stock market today: Wall Street climbs closer to its record high
NEW YORK (AP) — U.S. stocks pulled closer to their records on Thursday following a couple reports on the economy that came in close to expectations. The S&P 500 rose 0.7% and climbed back within 1.3% of its record set in July following a shaky summer. It remains on track for a...
US companies see record-low profits in China amid geopolitical tensions and slow growth, report says
HONG KONG (AP) — American companies in China are seeing record-low profits, with business confidence at an all-time low amid U.S.-China tensions and a slowing Chinese economy, according to a report published Thursday by a U.S. business group. Out of 306 companies polled, a...
China's August exports grow a robust 8.7%, beating forecasts while imports soften
HONG KONG (AP) — China’s exports grew for a fifth consecutive month, in a sign of growing demand abroad even as imports fell amid a slowing Chinese economy. Exports in August expanded by 8.7% to $308.65 billion compared to the same period last year, according to data released by...
Mario Draghi has solutions for Europe's sluggish economy. Will EU governments listen?
BRUSSELS (AP) — A long-awaited report on how to rescue Europe's economy from weak growth and red tape is in. The question is, how many of its recommendations will actually be enacted by the drawn-out decision-making process of the European Union? The report stands out from other...
