Bloomberg Business

Oil retreated after testing a key technical level, but still held near a five-month high as shrinking US inventories and surging Chinese imports added to signs of a tightening global market.

Australia’s outdated tax system is buckling under spending pressure, prompting the Labor government to explore options to boost revenue to pay for programs including a vast defense build up and health care weeks before budget day.

The professional-services giant is slowing hiring of recent graduates after slashing 19,000 jobs.

(Bloomberg) — The euro jumped to its highest level in more than a year as the dollar dived against its major developed market peers, fueled by increasing market expectations that a worsening US economic situation will prompt the Federal Reserve to cut interest rates later this year.

A top Biden administration official planning Medicare’s first drug-price negotiations is talking directly with pharma executives and consulting with other agencies that buy medications for the government to begin hammering out details of the new policy.

(Bloomberg) — French protests against President Emmanuel Macron’s pension reform saw a sharp drop in mobilization on Thursday before a ruling on the law’s constitutionality.

Truist Financial Corp. plans to stop sales and trading of mortgage-backed securities and government-agency and Small Business Administration bonds by January.