Shares limit losing streak to close higher after recovery from earlier sell-off
U.S. stocks closed higher after Friday’s rally helped par some losses earlier this week as concerns about lingering inflation and the resilience of the U.S. economy led greater volatility in recent sessions. The S&P 500 rose 2.4%, while the Nasdaq rose more than 3.8% in its best day since mid-March. The Dow added nearly 450 points. The sharpest move higher came after Federal Reserve Chairman Jerome Powell he reiterated Thursday in an interview with Marketplace public radio that two more hikes of 50 basis points were on the table for the next two Fed meetings and that officials were not…
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What the stock market could look like for the rest of 2022, according to experts
Stock market woes will persist in the second half of the year, but signs of hope will emerge for beleaguered investors, experts told ABC News of their predictions. The stock market experienced a historic decline in the first half of the year, and many of the same economic threats still loom as inflation remains sky-high and the Federal Reserve moves aggressively to control rising prices by raising interest rates. loan costs. That means volatility will continue to hit markets in the coming months, experts told ABC News. But the major indexes are likely to end 2022 higher than they are…
Read More »The economy contracted by 0.1% in the second quarter
Shoppers walk in the rain along Oxford Street in London. Tola Akmen/AFP/Getty Images The UK economy contracted in the second quarter of 2022 as the country’s cost of living crisis hit home. Official figures released on Friday showed gross domestic product (GDP) shrank 0.1% quarter-on-quarter in the second quarter of the year, less than the 0.3% contraction expected by analysts. It comes after GDP grew by 0.8% in the first quarter of the year. Last week, the Bank of England warned that it expects the UK economy to enter its longest recession since the global financial crisis in the fourth…
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The battle for the most powerful business group in Colombia
Walk around Medellín, Colombia’s second city, and you’re never far from a bank, office or store controlled in one way or another by Grupo Empresarial Antioqueño, the country’s most powerful business alliance. On street corners, there are branches of Bancolombia, the country’s largest bank. Inside gleaming glass towers is the headquarters of Grupo de Inversiones Suramericana, Colombia’s largest financial conglomerate, which has stakes in banking, insurance, pensions and asset management. Buy food in the city’s supermarkets and chances are it’s produced by Grupo Nutresa, which started as a Medellín chocolatier more than a century ago and is now one of…
Read More »How Sri Lanka’s economic collapse raises alarm bells for other emerging markets
During the 2010s, Sri Lanka had one of the fastest growing economies in asia Things took a 180-degree turn at the end of the decade when the country’s economy stumbled. In May 2022, the government defaulted on its debt for the first time in history. As inflation continued to run rampant, with massive shortages of food, fuel and medicine for the country’s 22 million people, Sri Lankans took to the streets, forcing the president, Gotabaya Rajapaksa., resign and flee the country. Although Sri Lanka has a new president, Ranil Wickremesinghe, protests continue. Inflation has risen beyond 50%, and could reach…
Read More »The Treasury is focused as investors await economic data
Long-term yields on US Treasuries edged lower on Friday as market participants sorted through a busy week of economic data. The benchmark 10-year Treasury yield fell 5 basis points to 2.84%. The yield on the 30-year Treasury note was also down about 5 basis points to 3.108%. Yields move inversely to prices, and one basis point is equal to 0.01%. The short-term 2-year Treasury yield edged up a few basis points to 3.25% after falling in the previous session. Friday brought more positive news on inflation. Imports fell 1.4% in July. Economists polled by the Dow Jones expected a 1%…
Read More »Dies at the age of 59 the former CEO of Deutsche Bank, Anshu Jain
Anshu Jain, the Indian-born banker who helped transform Deutsche Bank from a mostly domestic lender to a global financial titan, has died aged 59. City of London and Wall Street-educated Jain, who led Deutsche as co-chief executive from 2012 to 2015, was suffering from stomach cancer and died on Friday evening in the UK, his family confirmed. “We are deeply saddened that our beloved husband, son and father … passed away overnight after a fierce five-year battle with duodenal cancer,” Jain’s family said in a statement, adding that he had managed to survive his doctors’ original prognosis by four years….
Read More »Sensex ends up 345 pts and Nifty50 recovers 16,000 as market bounces back after 4 days
Market nearby | Sensex and Nifty50 end four-day losing streak Here are some highlights: –FMCG stocks continue to gain momentum: Tata Consumer, HUL among top assets –Auto stocks rise on positive brokerage note: Eicher, M&M, Tata Motors jump –Life insurer stocks rise on IRDAI reports setting growth target: SBI Life up two percent –Metal stocks weak as China reports below-estimated GDP: Nifty Metal falls 1 percent — IT stocks under pressure on weak outlook: HCL Tech among top Nifty losers –Syngene gains 4% after 10-year deal with animal health company Zoetis –TVS Motor, BEL, Cummins, Cholamandalam Investment, Bosch, PI Industries…
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