economy

Stock futures are flat after another losing week on Wall Street

Traders on the floor of the NYSE, July 1, 2022. Source: NYSE Stock futures were flat in overnight trading after the major averages finished another losing week. Stock futures tied to the Dow Jones Industrial Average slipped 30 points or 0.11%. S&P 500 futures dipped 0.08%, and Nasdaq 100 futures fell 0.04%. The moves come …

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Turkey’s rate of inflation hit 79% in June

Consumer prices increased by 78.6% last month compared to June 2021, driven by the soaring cost of food and drink and transportation. Food prices have almost doubled in a year, while the cost of transport was up 123%, according to data from the Turkish Statistical Institute. It is another grim milestone for a country that …

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Asia shares cautious as Wall St futures slide | financial markets

Asian share markets started cautiously on Monday as a run of soft US data suggested downside risks for this week’s June payrolls report, while the hubbub over a possible recession was still driving a relief rally in government bonds. The search for safety kept the US dollar near 20-year highs, though early action was light …

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Turkey’s annual inflation soars to almost 79%

Shoppers stroll the aisles of a bazaar in Konya, Turkey. The country is experiencing brutal inflation, with food and non-alcoholic beverage prices rising 70.3% year over year for March. Diego Cupolo | Nurphoto | Getty Images Inflation in Turkey rose close to 79% last month, the highest the country has seen in a quarter of …

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FTX signs a deal giving it the option to buy crypto lender BlockFi

Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, at the Bitcoin 2021 conference in Miami, Florida, on June 5, 2021. Eva Marie Uzcategui | Bloomberg | Getty Images FTX has signed a deal giving it the option to buy crypto lending company BlockFi. The agreement gives FTX the ability to buy BlockFi at a maximum price …

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There’s a massive pile-up of car, furniture exports bound for US

Labor slowdowns and strikes at the German and Netherland ports are creating a massive pile-up of export containers bound for the US that will take months to clear out. According to the bills of lading found through ImportGenius, some of the items that are exported out of these ports are critical components to the auto …

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Meta wants to oust workers who ‘shouldn’t be here’

Facebook parent Meta wants to cut ties with workers who can’t meet newly raised performance expectations as the company prepares for an economic downturn, CEO Mark Zuckerberg bluntly revealed this week. Zuckerberg’s frank admission came during a Q&A session with employees in which he warned that a recent slump in the markets “might be one …

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Micron, Kohl’s, Meta Platforms and more

Check out the companies making headlines in midday trading. Micron Technology – Shares of the chipmaker fell about 6% after the company issued disappointing fiscal fourth-quarter guidance and said weakening consumer demand will hurt smartphone sales. The warning pulled down other chip stocks, which were among the top decliners in the S&P 500. Western Digital …

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Atlanta Fed GDP tracker shows the US economy is likely in a recession

Federal Reserve Chair Jerome Powell reacts as he tests before a Senate Banking, Housing, and Urban Affairs Committee hearing on the “Semiannual Monetary Policy Report to the Congress”, on Capitol Hill in Washington, DC, US, June 22, 2022. Elizabeth Frantz | Reuters A Federal Reserve tracker of economic growth is pointing to an increased chance …

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The market’s worst first half in 50 years has all come down to inflation

Traders on the floor of the NYSE, June 13, 2022. Source: NYSE A multitude of factors conspired to generate the stock market’s worst first-half since 1970, but they all emanated from one word: inflation. The cost of living started the year running at levels the US had not seen since the early 1980s. Worse, Federal …

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