Inflation rose 0.1% in August despite a sharp drop in gasoline prices

Inflation rose more than expected in August as higher housing and food costs offset lower gasoline prices, the Bureau of Labor Statistics reported Tuesday. The consumer price index, which tracks a wide range of goods and services, rose 0.1% for the month and 8.3% over the past year. Excluding volatile food and energy costs, the … Read more

Asian markets rise, South Korean stocks explode ahead of US CPI report

China’s tourism revenue still well below 2019 levels, data shows Domestic tourism revenue for the Mid-Autumn Festival hit 28.68 billion yuan ($4.16 billion), just 60.6 percent of pre-pandemic levels in 2019, official data showed. . Revenues have remained below 2019 levels since the pandemic hit in early 2020. Cinema ticketing site Maoyan showed the long-weekend … Read more

Japan travel stocks rise following report on easing of rules

North Asian refiners will receive a full allocation of Saudi crude in October, Reuters reports At least three refiners in North Asia have been told by Saudi Aramco that they will receive full contract volumes of crude in October, Reuters reported, citing people with knowledge of the matter. In its first cut in four months, … Read more

Fed’s Waller predicts ‘significant’ rate hike this month, backs data-dependent approach

On Friday, Federal Reserve Governor Christopher Waller echoed recent sentiments from his colleagues, saying he expects a big hike in interest rates later this month. He also said policymakers should stop trying to guess the future and instead stick to what the data says. “Looking ahead to our next meeting, I support another significant increase … Read more

European markets rise after ECB’s record rate hike; The BoE postpones its meeting

Bank of England delays policy meeting after Queen’s death The Bank of England announced on Friday that it would postpone the meeting of its September monetary policy committee for a week after the death of Queen Elizabeth II. The UK is in a period of national mourning following the death of the Queen, Britain’s oldest … Read more

Hong Kong’s Hang Seng rises 2%, leads Asian markets higher after Powell’s inflation comments

HSBC says latest inflation readings from China allow PBOC to maintain accommodative monetary policy China’s latest inflation figures give the People’s Bank of China room to maintain its current monetary stance, HSBC said in a note. “The moderation in price pressures gives the PBOC room to remain dovish,” said China economist Erin Xin. Xin added … Read more

Fed Chairman Powell pledges to raise rates to fight inflation ‘until the job is done’

Federal Reserve Chairman Jerome Powell in an appearance on Thursday stressed the importance of bringing inflation down now before the public gets too used to higher prices and comes to expect them like the standard. In his final comments outlining his commitment to fighting inflation, Powell said expectations played an important role and were key … Read more

Fed Chairman Powell pledges to raise rates to fight inflation ‘until the job is done’

Federal Reserve Chairman Jerome Powell in an appearance on Thursday stressed the importance of bringing inflation down now before the public gets too used to higher prices and comes to expect them like the standard. In his final comments outlining his commitment to fighting inflation, Powell said expectations played an important role and were key … Read more

European Central Bank raises rates by 75 basis points

The ECB announced a second consecutive increase in interest rates to combat galloping inflation. Daniel Roland | AFP | Getty Images The European Central Bank on Thursday announced a 75 basis point hike in interest rates, taking its benchmark deposit rate to 0.75%. “This major step precipitates the transition from the very accommodative level of … Read more

European markets are open at the close, stocks, news, data and earnings

New UK PM Liz Truss announces cap on energy bills to tackle cost of living crisis British Prime Minister Liz Truss announcement a stimulus package to help Britons cope with soaring energy bills. Truss said the typical household ‘will pay no more than £2,500 ($2,880) a year for each of the next two years’, which … Read more