ECON

China’s trade suffers worst slump in 2-1/2 yrs as COVID woes, feeble demand take toll

China’s exports worst since Feb. 2020, miss forecast Imports fall steepest since May 2020 on sluggish demand Global economic slowdown, China’s COVID woes heap pressure Politburo meets points to domestic demand key driver in 2023, analyst says BEIJING, Dec 7 (Reuters) – China’s exports and imports shrank at their steepest pace in at least 2-1/2 …

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US banks warn of decline as inflation hurts consumers; shares fall

NEW YORK, Dec 6 (Reuters) – The biggest US banks are bracing for a worsening economy next year as inflation threatens consumer demand, according to executives Tuesday. JPMorgan Chase & Co (JPM.N) Chief Executive Jamie Dimon told CNBC that consumers and companies are in good shape, but noted that may not last much longer as …

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Wall Street dragged by recession fears, S&P on track for fourth decline

Meta falls on report of EU concern over targeted ads Energy stocks drop as crude trades at the lowest level since Jan Indexes down: Dow 1.39%, S&P 1.78%, Nasdaq 2.22% Dec 6 (Reuters) – Wall Street benchmarks tumbled again on Tuesday, with the S&P 500 on course for a fourth straight decline, as uncertainty around …

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Stocks slide, dollar steady as market gauges Fed’s rate policy

NEW YORK/LONDON, Dec 6 (Reuters) – Global stocks headed for a third straight day of losses on Tuesday and the dollar held steady as the market assesses how long the Federal Reserve keeps interest rates higher and the likelihood that policy provokes a recession. US stocks followed European shares lower, with all sectors in the …

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US services industry regained steam; factory orders accelerate

Services industry activity picks up in November Employment rebounds; supplier deliveries improve Factory orders increase 1.0% in October WASHINGTON, Dec 5 (Reuters) – US services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy as it braces for an anticipated recession next year. The survey …

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Wall St slides as services data spooks investors about Fed rate hikes

US service sector activity picks up in November Tesla cuts output plan for Shanghai plant for December-sources All S&P 500 sectors decline, with energy stocks hitting hard Indexes down: Dow 1.4%, S&P 1.79%, Nasdaq 1.93% Dec 5 (Reuters) – US markets ended Monday lower, as investors spooked by better-than-expected data from the services sector re-evaluated …

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Asia shares bank on eventual China opening; oil gains

https://tmsnrt.rs/2zpUAr4 China shares push higher, dollar slips More Chinese cities ease coronavirus controls Cap on Russia oil comes into effect, impact uncertain SYDNEY, Dec 5 (Reuters) – Asian shares extended their rally on Monday as investors hoped steps to unwind pandemic restrictions in China would eventually brighten the outlook for global growth and commodity demand, …

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UK economy to shrink in 2023, risks ‘lost decade’: CBI

LONDON, Dec 5 (Reuters) – Britain’s economy is on course to shrink 0.4% next year as inflation remains high and companies put investment on hold, with gloomy implications for longer-term growth, the Confederation of Business Industry forecast on Monday. “Britain is in stagflation – with rocketing inflation, negative growth, falling productivity and business investment. Firms …

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US labor market shrugs off recession fears; keeps Fed on tightening path

Nonfarm payrolls increase 263,000 in November Unemployment rate steady at 3.7%; participation rate falls Average hourly earnings rise 0.6%; up 5.1% year-on-year WASHINGTON, Dec 2 (Reuters) – US employers hired more workers than expected in November and increased wages, shrugging off mounting worries of a recession, but that will probably not stop the Federal Reserve …

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