Russia raised interest rates for the first time since emergency measures taken after the invasion of Ukraine almost 17 months ago, delivering a bigger increase than forecast by economists. The central bank on Friday lifted its benchmark to 8.5% from 7.5%. Almost all economists surveyed by Bloomberg expected a rate increase, with forecasts ranging between … Read More “Russia raises rates for first time since invasion aftermath” »
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As optimism grows that more developing nations can start unwinding painful interest-rate hikes, policymakers in three big emerging markets still have work to do to bring inflationary pressures to heel and backstop their ailing currencies. Central bankers in Turkey, South Africa and Russia — home to the three worst-performing currencies outside Argentina this year — … Read More “Trio of interest-rate hikes to buck emerging-market easing trend” »
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US retail sales rose by less than forecast, while an underlying measure of household spending pointed to a more resilient consumer at the end of the second quarter. The value of retail purchases rose 0.2% in June after an upwardly revised 0.5% increase in May, Commerce Department data showed Tuesday. The figures aren’t adjusted for … Read More “US retail sales edge higher as key metric shows resilient demand” »
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Britain’s economic growth will fall further behind the euro area next year, and inflation will remain stubbornly high, according to new forecasts that paint a bleak backdrop for the next general election. Gross domestic product is expected to grow by 0.6% in 2024, well below the 1% gain anticipated in the euro area, a monthly … Read More “UK economy is likely to fall further behind Euro area next year” »
Detroit is poised to mark the 10th anniversary of its historic bankruptcy by tapping the municipal bond market for $100 million of financing, most of which will go toward its program of reviving blighted neighbourhoods. The debt is scheduled to price on Tuesday, 10 years to the day after Michigan’s biggest city, groaning under debt … Read More “Detroit marks bankruptcy anniversary by borrowing big to tackle blight” »
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Global stocks headed for their best weekly gains since November on bets that the US monetary tightening cycle is nearing an end. The yen rallied for a seventh day. Most stock indexes advanced in Asia, while European and US equity futures were little changed. The gains in Asia helped extend the MSCI ACWI Index’s weekly … Read More “Stocks set for best week since November; yen gains: Markets wrap” »
