Latest Economy News
Stock market today: Asian shares slip after Wall Street ends its best month of '23 with big gains
HONG KONG (AP) — Asian shares declined on Friday even after Wall Street closed out its best month of the year with big gains in November. U.S. futures rose while oil prices continued to drop despite the latest extension of OPEC’s production cuts. Even with continued cuts to...
Some OPEC+ members will cut the oil that they send to the world to try to boost prices
LONDON (AP) — The OPEC oil cartel led by Saudi Arabia and allied producers including Russia made another big swipe at propping up lagging crude prices Thursday, expanding some output cuts into next year and bringing up-and-coming oil supplier Brazil into the fold. Lower oil prices...
Inflation in Europe falls to 2.4% as interest rates pack a punch. But the economy has stalled
LONDON (AP) — Europeans again saw some relief as inflation dropped more than expected to 2.4% in November, the lowest in over two years, as plummeting energy costs have eased a cost-of-living crisis but higher interest rates squeeze the economy's ability to grow. Inflation for the...
China factory activity contracts in November for 2nd straight month despite stimulus measures
HONG KONG (AP) — An official survey of Chinese manufacturers shows that factory activity contracted for a second straight month in November, an indicator of weak demand despite various stimulus measures aimed at supporting the economy. The official manufacturing purchasing...
Argentina's libertarian president-elect picks a former Central Bank chief as his economy minister
BUENOS AIRES, Argentina (AP) — Argentina’s president-elect, Javier Milei, announced Wednesday he has chosen Luis Caputo, a former finance minister and Central Bank chief known as an expert in markets, to lead the Economy Ministry when the right-wing leader takes office on Dec. 10. ...
Sri Lanka says it struck a deal with creditors on debt restructuring to clear way for IMF funds
COLOMBO, Sri Lanka (AP) — Sri Lanka said Wednesday that it has reached an agreement in principle with a group of creditors including India and Japan on debt restructuring, a crucial move toward unlocking a second instalment of a $2.9 billion bailout package from the International Monetary Fund. ...
US economic growth for last quarter is revised up to a 5.2% annual rate
WASHINGTON (AP) — Shrugging off higher interest rates, America's consumers spent enough to help drive the economy to a brisk 5.2% annual pace from July through September, the government reported Wednesday in an upgrade from its previous estimate. The government had previously...
The world economy will slow next year because of inflation, high rates and war, OECD says
WASHINGTON (AP) — The global economy, which has proved surprisingly resilient this year, is expected to falter next year under the strain of wars, still-elevated inflation and continued high interest rates. The Paris-based Organization for Economic Cooperation and Development...
Sweden's economy shrinks in the third quarter to signal that a recession may have hit the country
STOCKHOLM (AP) — Sweden's economy shrank in the third quarter of 2023 to mark the second time of contraction and signal that a recession may have hit the country. Data released Wednesday by Statistics Sweden showed that the country's gross domestic product declined by 0.3% in the...
The worst-performing major economy also faces a budget crisis. Germany's leader vows fixes, but how?
FRANKFURT, Germany (AP) — German Chancellor Olaf Scholz vowed Tuesday that his government will work “as fast as possible” to solve a budget crisis, but he offered few details on how he would achieve his goals of promoting clean energy and modernizing the struggling economy after a court...
