DAVOS, Switzerland (AP) — Soaring inflation. Russia’s war in Ukraine. Squeezed supply chains. The threat of food insecurity around the world. The lingering COVID-19 pandemic.
The risks to the global economy are many, and it’s led to an increasingly gloomy view of the months ahead as corporate leaders, government officials and other VIPs gather in Davos, Switzerland, for the World Economic Forum's annual meeting.
NEW YORK (AP) — Best Buy Co. posted first-quarter results Tuesday that showed shoppers pulled back on spending, while higher costs ate into profits.
The nation's largest consumer electronics chain also cut its annual outlook, noting a deteriorating macro economic environment.
WASHINGTON (AP) — Americans are becoming less supportive of punishing Russia for launching its invasion of Ukraine if it comes at the expense of the U.S. economy, a sign of rising anxiety over inflation and other challenges, according to a new poll.
NEW YORK (AP) — Stocks fell in morning trading on Wall Street Tuesday, weighed down by a big decline in tech heavyweights over concerns about persistently rising inflation's impact to their bottom lines.
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell, fresh off winning Senate confirmation for a second term earlier in the day, acknowledged for the first time Thursday that high inflation and economic weakness overseas could thwart his efforts to avoid causing a recession.
Americans on the cusp of retiring are facing a tough choice as they watch their nest eggs shrink: Stay the course or keep working.
A stock market slump this year has taken a big bite out of investors’ portfolios, including retirement plans like 401(k)s.
TOKYO (AP) — Asian shares were mostly lower on Tuesday as worries over inflation tempered optimism over President Joe Biden’s remark that he was considering reducing U.S. tariffs on Chinese imports.
FRANKFURT, Germany (AP) — The president of the European Central Bank on Monday gave the clearest sign yet that policymakers will aim to raise interest rates as soon as July to ease surging inflation.
WASHINGTON (AP) — Americans' financial health reached its highest level in nearly a decade last year, the Federal Reserve said Monday, spurred by a strong job market and government support payments.
TOKYO (AP) — President Joe Biden launched a new trade deal with 12 Indo-Pacific nations Monday aimed at strengthening their economies as he warned Americans worried about high inflation that it is "going to be a haul” before they feel relief.
Shares are mixed in Asia in cautious trading after Wall Street rumbled to the edge of a bear market on Friday.
WASHINGTON (AP) — With prices across the economy — from food, gas and rent to cars, airfares and hotel rooms — soaring at their fastest pace in decades, you might think Americans would tap the brakes on spending.
NEW YORK (AP) — Wall Street rumbled to the edge of a bear market Friday after another drop for stocks briefly sent the S&P 500 more than 20% below its peak set early this year.
NEW YORK (AP) — The bear came close to Wall Street but then backed off.
The stock market’s slump this year briefly pulled the S&P 500 into what's known as a bear market Friday, before a late rally put the index in the green.
PYEONGTAEK, South Korea (AP) — President Joe Biden opened his trip to Asia on Friday by touring a South Korean computer chip factory that will be the model for a plant in Texas, holding it out as an illustration of how deeper ties with the Indo Pacific can fuel technological innovation and foster vibrant democracies.
CANBERRA, Australia (AP) — Australians will go to the polls on Saturday following a six-week campaign that has focused on pandemic-fueled inflation, climate change and fears of a Chinese military outpost being established less than 2,000 kilometers (1,200 miles) off Australia’s shore.
BEIJING (AP) — Asian stock markets rose Friday after Wall Street fell closer to bear territory, China cut a key interest rate and Japanese inflation edged higher.
Market benchmarks in Shanghai, Tokyo, Hong Kong and Sydney advanced.
KOENIGSWINTER, Germany (AP) — Finance ministers for the Group of Seven leading economies grappled Thursday with deepening inflation concerns and the immediate effects of Russia’s war in Ukraine, with U.S.
NEW YORK (AP) — Kohl’s Corp. cut its annual earnings and sales forecast, as the department store chain joins a string of retailers stung with soaring inflation.
The reduction, announced Thursday, came as it reported fiscal first-quarter results that came below analysts' expectations.
WASHINGTON (AP) — President Joe Biden's pick to be the Federal Reserve's top banking regulator pledged Thursday to help reduce high inflation and provide “clear rules” to govern financial innovation.
WASHINGTON (AP) — Average long-term U.S. mortgage rates retreated modestly this week, but interest on the key 30-year loan remains at decade-high levels.
Mortgage buyer Freddie Mac reported Thursday that the 30-year rate slipped to 5.25% from 5.3% last week.
WELLINGTON, New Zealand (AP) — New Zealand’s government said Thursday it will hand out an extra few hundred dollars to more than 2 million lower-income adults to help them navigate what it describes as “the peak of the global inflation storm.”
SANTA FE, N.M. (AP) — New Mexico is delivering the first in a series of direct payments to the state's adult residents to offset higher consumers costs amid inflation.
Individual taxpayers who get direct deposit rebates are scheduled to receive $250 and couples who file jointly are set to receive $500 as early as Thursday.
TOKYO (AP) — Shares dropped sharply in Asia on Thursday after a broad retreat on Wall Street triggered by dismal results from major retailer Target that renewed worries over the impact of high inflation.
NEW YORK (AP) — The pandemic vastly changed the way Americans spend money and now as they return to pre-pandemic behavior, they’re tripping up retailers again.
That dynamic has only been intensified in recent months as inflation jumps sharply, and the latest financial report from Target underscores the challenges.
BONN, Germany (AP) — Treasury Secretary Janet Yellen warned Wednesday that Russia's February invasion of Ukraine has produced a sharp increase in food and energy prices that is contributing to a slowdown in growth and creating greater risk of global stagflation.
UNITED NATIONS (AP) — The United Nations on Wednesday significantly lowered its forecast for global economic growth this year from 4% to 3.1%, saying the war in Ukraine has triggered increasing global food and commodity prices and exacerbated inflationary pressures, upending the fragile recovery from the COVID-19 pandemic.
LONDON (AP) — Britain’s inflation rate rose to the highest level in 40 years last month as Russia's war in Ukraine fueled further increases in food and fuel prices.
BEIJING (AP) — Asian stock markets were mixed Wednesday after Wall Street rose and the Federal Reserve's chairman said it will raise interest rates further if needed to cool inflation.
WASHINGTON (AP) — Chair Jerome Powell on Tuesday underscored the Federal Reserve's determination to keep raising interest rates until there is clear evidence inflation is steadily falling — a high-stakes effort that carries the risk of causing an eventual recession.
NEW YORK (AP) — Walmart reported stronger sales for its fiscal first quarter, but its profit took a beating as the nation's largest retailer grappled with surging inflation on food and fuel and higher costs from a snarled global supply chain.
WASHINGTON (AP) — U.S. retail sales rose 0.9% in April, a solid increase that underscores Americans' ability to keep ramping up spending even as inflation persists at nearly a 40-year high.
The increase was driven by greater sales of cars, electronics, and at restaurants, the Commerce Department said Tuesday.
WASHINGTON (AP) — Jeff Bezos this weekend became the latest centibillionaire to launch a political fight on Twitter by denouncing a tweet from President Joe Biden about corporate taxes as “disinformation” and "misdirection."
LONDON (AP) — Bank of England Gov. Andrew Bailey on Monday rejected criticism that the institution didn’t move quickly enough to quash inflationary pressures, telling a parliamentary committee that monetary policymakers weren’t able to predict wars.
AUSTIN, Texas (AP) — Republicans aiming to retake control of Congress have already sharpened a message centering around blaming Democrats for high inflation, expensive gas, migrants crossing the U.S.-Mexico border and violent crime in some cities.
NEW YORK (AP) — Wall Street closed out another volatile week of trading with a broad rally Friday, though it wasn't nearly enough to keep the market from its sixth straight weekly drop, the longest such streak since 2011.
NEW YORK (AP) — It’s been a wild week in crypto, even by crypto standards.
Bitcoin tumbled, stablecoins were anything but stable and one of the crypto industry's highest-profile companies lost a third of its market value.
MEXICO CITY (AP) — No item is more essential to Mexican dinner tables than the corn tortilla. But the burst of inflation that is engulfing Latin America and the rest of the world means that people like Alicia García, a cleaner at a restaurant in Mexico City, have had to cut back.
MADRID (AP) — Spain and Portugal on Friday signed off on a temporary cap on natural gas prices, in a coordinated move described by Portugal’s environment minister as an “unprecedented” bid to temper soaring energy prices and inflation.
Asian shares bounced back Friday from losses earlier in the week, shrugging off data showing U.S. wholesale prices soared 11% in April from a year earlier.
The regional rally followed a mixed and muted close on Wall Street.
SACRAMENTO, Calif. (AP) — California's minimum wage will jump to $15.50 per hour next year, Gov. Gavin Newsom's administration announced Thursday, an increase triggered by soaring inflation that will benefit about 3 million workers.
WASHINGTON (AP) — The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell's high-stakes efforts to curb the highest inflation in four decades.
WASHINGTON (AP) —
Average long-term U.S. mortgage rates edged up again this week, with interest on the key 30-year loan at its highest level since 2009.
Mortgage buyer Freddie Mac reported Thursday that the 30-year rate ticked up to 5.3% from 5.27% last week.
WASHINGTON (AP) — U.S. producer prices soared 11% in April from a year earlier, a hefty gain that indicates high inflation will remain a burden for consumers and businesses in the months ahead.
The Labor Department said Thursday that its producer price index — which measures inflation before it reaches consumers — climbed 0.5% in April from March.