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Tag: Prices

Asian Shares Gain, Oil Prices up After Russia Price Cap Deal
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Asian Shares Gain, Oil Prices up After Russia Price Cap Deal

Asian shares were mostly higher and oil prices rose Monday after the European Union and the Group of Seven democracies agreed on a boycott of most Russian oil and a price cap of $60 per barrel on Russian exports.Hong Kong’s benchmark jumped 3.7% and the Shanghai Composite added 1.6%.Hopes for fewer disruptions to manufacturing and trade have risen as Chinese authorities begin lifting some of the most onerous restrictions imposed to contain outbreaks of the coronavirus, even as they say their “zero-COVID” strategy — which aims to isolate every infected person — is still in place. The curbs have included lockdowns of neighborhoods or buildings, frequent mandatory testing and shutdowns of factories and other businesses.China recently saw several days of protests across cities including Sha...
Inflation Eases in Europe, but Still in Double Digits
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Inflation Eases in Europe, but Still in Double Digits

FRANKFURT, Germany (AP) — Inflation in the 19 countries that use the euro currency eased to 10% this month as fuel and utilities drifted down from painful highs, but it is near the record levels that have robbed consumers of spending power and led economists to predict a recession.The consumer price index was down from 10.6% in October, the European Union statistics agency Eurostat said Wednesday. That is the first decrease since June 2021. But the double-digit figure reflected prices for food, alcohol and tobacco rising faster, at a pace of 13.6% annually.Energy prices slipped to a 34.9% rate of increase, down from the astronomical 41.5% in October.Out-of-control inflation is being fed by high energy prices caused by Russia cutting off natural gas over the war in Ukraine as well as bot...
EU, US Edging Toward Trade Spat When Both Want Unity Instead
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EU, US Edging Toward Trade Spat When Both Want Unity Instead

By RAF CASERT, Associated PressBRUSSELS (AP) — The European Union and the United States are treading precariously close to a major trans-Atlantic trade dispute at a time when the two Western giants want to show unity in the face of challenges from Russia and China.EU trade ministers on Friday insisted they would be forced to respond if Washington stuck to all the terms of its Inflation Reduction Act, which is favorable to local companies through subsidies and, according to the EU, will unfairly discriminate against its firms that want to compete for contracts."Nobody wants to get into a tit-for-tat or subsidy race. But what the U.S. has done really isn’t consistent with the principles of free trade and fair competition,” Irish Trade Minister Leo Varadkar said.Even though the allies have...
Asian Stocks Down After Wall St Weekly Loss on Rate Fears
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Asian Stocks Down After Wall St Weekly Loss on Rate Fears

By JOE McDONALD, AP Business WriterBEIJING (AP) — Asian stock markets sank Monday after Wall Street ended with a loss for the week amid anxiety about Federal Reserve plans for more interest rate hikes to cool inflation.Hong Kong's benchmark fell more than than 3%. Shanghai, Tokyo and Sydney also retreated. Oil prices declined.All the major U.S. stock indexes ended with a weekly loss after a Fed official, James Bullard, rattled investors by suggesting the U.S. central bank's base lending rate might have to be raised to as much as almost double its already elevated level.“Bullard dimmed the light on rallies,” said Tan Boon Heng of Mizuho Bank in a report.Political CartoonsThe Hang Seng in Hong Kong dropped 3.02% to 17,448.64 after the territory's leader, John Lee, tested positive for the ...
Stocks Gain Ground After Wholesale Inflation Eases in US
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Stocks Gain Ground After Wholesale Inflation Eases in US

By DAMIAN J. TROISE, AP Business WriterNEW YORK (AP) — Stocks rose broadly in morning trading on Wall Street Tuesday after the government reported another decline in the pace of wholesale price inflation last month, the latest glimpse of hope that inflationary pressures in the U.S. might be easing.The S&P 500 index rose 1.5% as of 10:13 a.m. Eastern. The Dow Jones Industrial Average rose 273 points, or 0.8%, to 33,807 and the Nasdaq rose 2.4%.Technology stocks and retailers had some of the biggest gains. Apple jumped 3.5%. Walmart surged 6.9% after reporting strong financial results, raising its profit forecast and announcing an opioid settlement.Prices at the wholesale level rose 8% in October from 12 months earlier, the fourth straight decline. Every measure of the latest inflatio...
US Mortgage Rates Top 7% for the First Time in 2 Decades
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US Mortgage Rates Top 7% for the First Time in 2 Decades

By MATT OTT and ALEX VEIGA, AP Business WritersWASHINGTON (AP) — The average long-term U.S. mortgage rate topped 7% for the first time in more than two decades this week, a result of the Federal Reserve's aggressive rate hikes intended to tame the nation's stubbornly high inflation.Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate jumped to 7.08% from 6.94% last week. Last year at this time, rates on a 30-year mortgage averaged 3.14%.Higher mortgage rates reduce homebuyers’ purchasing power, resulting in fewer people being able to afford to buy a home at a time when home prices continue to climb, albeit more slowly than earlier this year. The combination of higher rates and home prices means a typical mortgage payment for a homebuyer is up hundreds of...
Stocks Open Lower After 2 Days of Gains; Netflix Jumps
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Stocks Open Lower After 2 Days of Gains; Netflix Jumps

NEW YORK (AP) — Stocks are opening lower on Wall Street Wednesday after two days of solid gains. The S&P 500 slipped 0.5% and the Nasdaq posted a slightly steeper decline. The Dow Jones Industrial Average was barely changed. Netflix shares soared 12% after the company said it picked up 2.4 million subscribers during the July-September period, a comeback from a loss of 1.2 million customers during the first half of the year. Electric car maker Tesla reports results after the bell. Bond yields rose, with the 10-year Treasury rising to 4.09% from 4.02% Tuesday. Crude oil prices rose slightly. The White House plans to announce another release of oil from the U.S. strategic reserve.THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.Wall Street stumbled before the opening be...
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...
Bank of England Fails to Reassure Markets After Pound Plunge
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Bank of England Fails to Reassure Markets After Pound Plunge

By JILL LAWLESS and DANICA KIRKA, Associated PressLONDON (AP) — The Bank of England sought to reassure financial markets after the British pound touched an all-time low against the U.S. dollar Monday, but its entreaty fell flat for investors concerned about a sweeping package of tax cuts that further jolted a faltering economy that the government’s plan was meant to prop up.The central bank said it was “closely monitoring’’ the markets and would not hesitate to boost interest rates to curb inflation. Its statement came after the pound plunged as low as $1.0373, the lowest since the decimalization of the currency in 1971, on concerns that tax cuts announced Friday by Treasury chief Kwasi Kwarteng would swell government debt and fuel further inflation as the United Kingdom teeters toward ...
US Stocks Rise Broadly, Remain on Track for Weekly Gains
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US Stocks Rise Broadly, Remain on Track for Weekly Gains

By DAMIAN J. TROISE, AP Business WriterNEW YORK (AP) — Stocks rose in afternoon trading on Wall Street Friday, keeping the market on track to break a three-week losing streak.The S&P 500 rose 1.2% as of 12:15 p.m. Eastern and is up 3.3% for the week. The Dow Jones Industrial Average rose 306 points, or 1%, to 32,078 and the Nasdaq rose 1.7%. Each index is on track for its first weekly gain in four weeks.Technology stocks and retailers had some of the biggest gains. Microsoft rose 1.8% and Amazon rose 1.6%.DocuSign jumped 8% after the electronic signature company reported strong second-quarter sales and raised its subscription forecast.Political CartoonsAll 11 industry sectors in the benchmark S&P 500 rose, though makers of household goods and utilities, which are typically consi...