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Tag: economic growth

Stocks Slump as Wall Street’s Big Rally Fades, Yields Rise
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Stocks Slump as Wall Street’s Big Rally Fades, Yields Rise

By DAMIAN J. TROISE and ALEX VEIGA, AP Business WritersStocks are down on Wall Street in afternoon trading Wednesday, giving back some of their big gains from earlier this week as rising bond yields amp up pressure on markets again.The S&P 500 fell 0.4% as of 1:53 p.m. Eastern. The benchmark index is coming off its best two-day rally since the spring of 2020.The Dow Jones Industrial Average fell 80 points, or 0.3%, to 30,237 and the Nasdaq fell 0.6%.The broader market is still bruised from its stumble in September, but investors have been hoping that signs of a softening economy may convince central banks to temper their aggressive interest rate hikes. Wall Street is also preparing for the next round of corporate earnings reports to get a better sense of how hard the hottest inflati...
Statistics Canada set to release GDP figures for June, Q2 – National
Global News

Statistics Canada set to release GDP figures for June, Q2 – National

Statistics Canada is expected to release its latest reading on economic growth Wednesday morning. The agency is set to release gross domestic product figures for the month of June and the second quarter of this year.A preliminary estimate for the second quarter provided in Statistics Canada’s last report pointed to 4.6 per cent annualized growth, up from 3.1 per cent for the first three months of the year.RBC says GDP likely rose in the second quarter but there are “clear signs” it began losing steam over May and June. Trending Stories The central bank has called the Canadian economy “overheated” and has been combatting high inflation with a series of interest rate hikes. Story continues below advertisement With the annual inflation r...
Asian Shares Mixed on US Rally, China Economic Growth Woes
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Asian Shares Mixed on US Rally, China Economic Growth Woes

By YURI KAGEYAMA, AP Business WriterTOKYO (AP) — Asian shares were mixed Friday, as Chinese shares sank after leaders acknowledged the official 5.5% growth target for this year won't be met.Investors appear to have grown more convinced that the Federal Reserve may temper its aggressive interest rate hikes aimed at taming inflation after the Commerce Department reported the U.S. economy contracted at a 0.9% annual pace in the last quarter. That followed a 1.6% year-on-year drop in the first quarter.Investors were also cautiously eyeing regional tensions over China’s stance on Taiwan after President Joe Biden and China’s Xi Jinping spoke for more than two hours on Thursday. China left no doubt it blames the U.S. for a deteriorating relationship, but the White House said call's aim was to ...
US Economy Likely Grew Modestly, if at All, Last Quarter
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US Economy Likely Grew Modestly, if at All, Last Quarter

By PAUL WISEMAN, AP Economics WriterWASHINGTON (AP) — After going backward from January through March, the U.S. economy probably didn't do much better in the spring.On Thursday morning, the government will reveal just how weak economic growth was in the April-June quarter — and perhaps offer clues about whether the United States may be approaching a recession.The report comes at a critical time: On Wednesday, the Federal Reserve raised its benchmark interest rate by a sizable three-quarters of a point for a second straight time in its push to conquer the worst inflation outbreak in four decades. The Fed is aiming for a notoriously difficult “soft landing”: An economic slowdown that manages to rein in rocketing prices without triggering a recession.Forecasters surveyed by the data firm F...