ECON

German economy ministry calls for joint EU response to US inflation act

BERLIN, Dec 9 (Reuters) – Germany wants a joint European response to the US Inflation Reduction Act that would involve simplifying rules on state support and expanding funding opportunities, according to a German economy ministry document seen by Reuters on Friday. The European Union could set up a program to promote green technology by combining …

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China’s producer prices fall, consumer inflation slows on soft demand

PPI falls for a second month Nov PPI -1.3% y/y vs -1.3% y/y in October Nov CPI +1.6% y/y vs +2.1% y/y in October BEIJING, Dec 9 (Reuters) – China’s factory-gate prices showed an annual fall for a second month in November while consumer inflation slowed, indicating weak activity and soft demand in an economy …

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US heading into shallow recession, no respite from rate hikes yet: Reuters poll

BENGALURU, Dec 9 (Reuters) – The US economy is heading into a short and shallow recession over the coming year, according to economists polled by Reuters who unanimously expected the US Federal Reserve to go for a smaller 50 basis point interest rate hike on Dec 14. The Fed has another half-point at least to …

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US weekly jobless claims rise; continuing claims at 10-month high

Weekly jobless claims increase 4,000 to 230,000 Continuing claims rise 62,000 to 1.671 million WASHINGTON, Dec 8 (Reuters) – The number of Americans filing new claims for jobless benefits increased moderately last week, while unemployment rolls hit a 10-month high towards the end of November, suggesting the labor market was gradually slowing down. Still, labor …

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Wall Street slides in broad-based selloff on recession worries

Meta drops on report of EU concern over targeted ads Indexes down: Dow 0.92%, S&P 1.26%, Nasdaq 1.63% Dec 6 (Reuters) – Wall Street’s main indexes slid on Tuesday, led by declines in Meta Platforms and other technology stocks as investors worried about a longer rate-hike cycle despite warnings of a potential recession next year. …

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Wall St falls after strong service-sector data feeds hawkish Fed fears

US service sector activity picks up in November Tesla slides on reports of production cut in China Indexes down: Dow 0.70%, S&P 0.98%, Nasdaq 1.12% Dec 5 (Reuters) – Wall Street’s main indexes fell on Monday after better-than expected service-sector activity added to jitters that the US Federal Reserve might continue on its aggressive policy …

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Asia shares bank on eventual China opening; oil earnings

https://tmsnrt.rs/2zpUAr4 China shares push higher, dollar slips More Chinese cities ease coronavirus controls Cap on Russia oil comes into effect, impact uncertain SYDNEY, Dec 5 (Reuters) – Asian shares extended their rally on Monday as investors hoped steps to unwind pandemic restrictions in China would eventually brighten the outlook for global growth and commodity demand, …

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Canada’s deep yield curve inversion adds to BoC rate hike dilemma

TORONTO, Dec 4 (Reuters) – As the Bank of Canada considers ditching oversized interest rate hikes, it is dealing with an economy likely more overheated than previously thought but also the bond market’s clearest signal yet that recession and lower inflation lie ahead. Canada’s central bank says that the economy needs to slow from overheated …

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Bank of England’s Dhingra warns of deeper and longer recession with higher rates

LONDON, Dec 3 (Reuters) – Bank of England rate-setter Swati Dhingra said in an interview published on Saturday that higher interest rates could lead to a deeper and longer recession, adding there were few signs that demands for higher wages risked a wage- price spiral. While most of her colleagues backed a 75 basis-point hike …

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