ECO

US consumer spending ends 2022 on weaker footing; inflation slowing

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Consumer spending falls 0.2% in December Personal income increases 0.2%; savings rate rises to 3.4% Core PCE price index gains 0.3%; up 4.4% year-on-year WASHINGTON, Jan 27 (Reuters) – US consumer spending fell for a second straight month in December, putting the economy on a lower growth path heading into 2023, while inflation continued to … Read more

US inflation roller coaster prompts fresh look at long-ignored money supply

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NEW YORK, Jan 26 (Reuters) – The amount of money sloshing around the US economy shrank last year for the first time on record, a development that some economists believe bolsters the case for US inflation pressures continuing to abate. The Federal Reserve’s main measure of the nation’s money stock – known as M2 money … Read more

Strong US economic growth expected in fourth quarter, outlook darkening

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Fourth-quarter GDP forecast to increase at a 2.6% rate Strong consumer spending seen; other sectors to contribute Weekly jobless claims expected to rise moderately WASHINGTON, Jan 26 (Reuters) – The US economy likely maintained a strong pace of growth in the fourth quarter as consumers boosted spending on goods, but momentum appears to have slowed … Read more

Two energy giants, two green projects: one double-booking in the North Sea

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BP and Orsted clash over ‘Overlap Zone’ Carbon capture project vies with wind farm Conflict could undermine UK climate goals Similar disputes could loom in the North Sea LONDON, Jan 24 (Reuters) – Oil major BP plans to build a vast carbon capture project beneath the North Sea that would be crucial to Britain hitting … Read more

US home sales slump to 12-year low; glimmers of hope emerging

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Existing home sales drop 1.5% in December Sales fall 17.8% in 2022, sharpest annual decline since 2008 Median house price rises 2.3% from last year WASHINGTON, Jan 20 (Reuters) – US existing home sales plunged to a 12-year low in December, but declining mortgage rates raised cautious optimism that the embattled housing market could be … Read more

Fed to deliver two 25-basis-point hikes in Q1, followed by long pause

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BENGALURU, Jan 20 (Reuters) – The US Federal Reserve will end its tightening cycle after a 25-basis-point hike at each of its next two policy meetings and then likely hold interest rates steady for at least the rest of the year, according to most economists in a Reuters poll. Fed officials broadly agree the US … Read more

French workers strike nationwide, saying ‘no’ to Macron’s pension reform

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Police fire tear gas on fringes of Paris protest Government wants to raise retirement age by two years to 64 Railways, schools and refineries among those hit by strike Macron’s reformist credentials at stake in dispute Polls show widespread opposition to pension reform PARIS, Jan 19 (Reuters) – French workers went on strike and joined … Read more

China’s first population drop in six decades sounds alarm on demographic crisis

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BEIJING/HONG KONG, Jan 17 (Reuters) – China’s population fell last year for the first time in six decades, a historic turn that is expected to mark the start of a long period of decline in its citizen numbers with profound implications for its economy and the world. The country’s National Bureau of Statistics reported a … Read more

Cryptoverse: Bitcoin is back with a bonk

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Jan 17 (Reuters) – Bitcoin is on the charge in 2023, dragging the crypto market off the floor and electrifying bonk, a new meme coin. The No.1 cryptocurrency has clocked a 26% gain in January, leaping 22% in the past week alone, breaking back above the $20,000 level and putting it on course for its … Read more

China’s 2022 economic growth one of the worst on record, post-pandemic policy faces test

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China Q4 GDP growth slows; 2022 growth one of the worst on record 2022 GDP grows 3.0%, far below official target Dec factory output, retail sales weak but beat expectations Population shrinks for the first time since 1961 Policymakers vow to step up support for the economy in 2023 BEIJING, Jan 17 (Reuters) – China’s … Read more