Reuters US Economy

By Julie Gordon and Rod Nickel OTTAWA/WINNIPEG (Reuters) – Surging oil and wheat prices are allowing commodities exporter Canada to weather an economic storm threatening to tip many of its fellow G7 rich nations into recession. Russia’s invasion of Ukraine in February stranded the region’s wheat stockpiles and triggered Western sanctions on Russian crude, sending …

Analysis-What slowdown? Canada’s economy to top G7 on high oil, crop prices Read More »

By Balazs Koranyi SINTRA, Portugal (Reuters) – Bringing down high inflation around the world will be painful and could even crash growth but must be done quickly to prevent rapid price growth from becoming entrenched, the world’s top central bank chiefs said on Wednesday. Inflation is breaking multi-decade highs around the world as soaring energy …

Global central bank chiefs say they must prioritize inflation fight over growth Read More »

By Lucia Mutikani WASHINGTON (Reuters) – The U.S. economy contracted slightly more than previously estimated in the first quarter as the trade deficit widened to a record high and a resurgence in COVID-19 infections curbed spending on services like recreation. The Commerce Department’s third estimate of gross domestic product on Wednesday also showed some underlying …

U.S. economy contracts in Q1; outlook murky as unsold goods accumulate Read More »

By Gabriela Baczynska BRUSSELS (Reuters) -The European Union executive has “no updates” on granting Hungary access to 15.5 billion euros ($16.2 billion) in COVID-19 economic stimulus funds, a spokeswoman said on Wednesday. Hungarian Prime Minister Viktor Orban – locked in many battles with the EU over migration, human rights and his stance on Russia – …

‘No updates’ on unlocking billions for Hungary, says EU Commission Read More »

MADRID (Reuters) -Spanish 12-month inflation rose to 10.2% in June, the first time it has surpassed 10% since April 1985, from 8.7% in the previous month, preliminary data from the National Statistics Institute (INE) showed on Wednesday. The reading was higher than the 9.0% forecast by analysts in a Reuters poll. Core inflation, which strips …

Spain’s 12-month inflation surpasses 10% in June, first time since 1985 Read More »

PARIS (Reuters) – French Finance Minister Bruno Le Maire said companies in the energy and transport sectors should do more to return a part of their profits to help customers cope with inflation. “A small number of companies have during the crisis made profits in sectors such energy or transport…I want them to give me …

French Finance Minister: energy and transport firms must do more to ease inflation pain Read More »

By Lewis Krauskopf NEW YORK (Reuters) – Investors are assessing a recent U.S. stock market bounce after similar rallies have fizzled in 2022, a year that is on track for the biggest S&P 500 percentage drop in the first half of a year in over a half century. Although the S&P 500 jumped 6.4% last …

Analysis: Latest U.S. stocks bounce tests skepticism that rally can last Read More »

A look at the day ahead in markets from Julien Ponthus. Much of the market rebound from the lows hit on June 17 was credited to data being arguably bad enough to encourage central banks to go easy on their aggressive policy tightening plans yet good enough to suggest a recession could be avoided. But …

Marketmind: When bad data is just that Read More »

SAO PAULO (Reuters) – A group of Brazilian states has filed a lawsuit with the Supreme Court to overturn a law recently approved by Congress that caps the rate of the ICMS state tax on gasoline, electricity, telecommunications and public transportation at around 17%. In the lawsuit, 11 states, plus Brazil’s federal district, allege that …

Brazilian states sue government over tax cuts Read More »

BRASILIA (Reuters) – Brazil’s federal public debt rose 2.01% in May from the month before, with the average costs of domestic debt issuance jumping to the highest level in five years amid high inflation, the Treasury said on Tuesday. The debt stock reached 5.702 trillion reais ($1.08 trillion) in May after it had increased 0.45% …

Brazil’s public debt rises 2.01% in May, interest rates reach 5-year highs Read More »