U.S. consumer sentiment fell modestly in August, as inflation expectations worsened slightly, a survey showed on Friday. The University of Michigan's final August reading on the overall index of consumer sentiment came in at 69.5 on Friday compared to 71.6 in July, and lower than a preliminary reading earlier in the month. 'While buying conditions for durables and expectations over living conditions both improved, the long-run economic outlook fell back about 12% this month but remains higher than just two months ago,' Joanne Hsu, the director of the University of Michigan's Surveys of Consumers, said in a statement.
Dollar hegemony has become a curse for the global economy. It serves the interests of no country, least of all the US itself.Erin Yao would like to take street dance classes and travel, activities she could not do during three years of COVID-19 restrictions in China.
JACKSON HOLE, Wyoming — The continued strength of the U.S. economy could require further interest rate increases, Federal Reserve Chair Jerome Powell said Friday in a closely watched speech that also highlighted the uncertain nature of the economic outlook. Powell noted that the economy has been growing faster than expected and that consumers have kept spending briskly — trends that could keep inflation pressures high.
TOKYO — Asian shares mostly fell Friday, discouraged by a Wall Street slump that followed a blowout profit report from Nvidia and mixed reports on the U.S. economy. Japan's benchmark Nikkei 225 dropped 1.8% to 31,713.24 in morning trading. Australia's S&P/ASX 200 dipped nearly 1.0% to 7,111.60. South Korea's Kospi lost 0.6% to 2,522.09. Hong Kong's Hang Seng slipped 1.0% to 18,035.97, while the Shanghai Composite shed 0.3% to 3,073.25. Tokyo inflation eased to 2.
THE HAGUE, Netherlands — Dutch brewer Heineken has completed its withdrawal from Russia, 18 months after Moscow launched its full-scale invasion of Ukraine, selling its business in Russia for just 1 euro, the company announced Friday. Heineken said it would incur a total loss of 300 million euros for the sale to Russian manufacturing giant the Arnest Group.
BEIRUT — Lebanon’s interim central bank governor called on the country’s ruling class Friday to quickly implement economic and financial reforms warning that the central bank won't offer loans to the state and does not plan on printing money to cover the huge budget deficit to avoid worsening inflation. Wassim Mansouri’s comments came nearly a month after he took over the leadership at the central bank after the term of his predecessor, Riad Salameh, ended on July 31.
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A Michigan storm with 121 kph winds downs trees and power lines; several people are killedA strong storm powered by winds of up to 75 mph (121 kph) in Michigan downed trees, tore roofs off buildings and left hundreds of thousands of customers without power.
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Prices at the Pumps: August 23, 2023In this episode of Prices at the Pumps with Dan McTeague, we discuss how the BRICS countries are affecting the global oil market, Irving Oil's plan to shut ...
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Nvidia’s AI Windfall Set to Rescue Nasdaq 100 From Dismal AugustFor the first three weeks of August, the artificial intelligence furor that powered markets all year turned cold. Nvidia Corp. just stoked the coals.
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