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  • Aug 22, 2024

French Economy Gets Olympic Boost as Germany’s Malaise Deepens

(Bloomberg) -- French services expanded at the fastest pace in more than two years, driving Europe’s second-biggest economy as visitors from around the world flocked to Paris for the Olympic Games.Most Read from BloombergThe Serious Work That Free Play Can DoS&P Global’s Purchasing Managers’ Index for the sector surged to 55 in August from 50.1 in July, far above the 50 threshold that divides growth from contraction and the median estimate of 50.3 in a Bloomberg survey.A gauge for the private se

  • Aug 22, 2024

Labor dispute stops Canadian freight railroads and could cause major economic disruption in US

Both of Canada’s major freight railroads have come to a full stop because of a contract dispute with their workers, an impasse that could bring significant economic harm to businesses and consumers in Canada and the U.S. if the trains don’t resume running soon. Canadian National and CPKC railroads both locked out their employees after the deadline of 12:01 a.m. Eastern Thursday passed without new agreements with the Teamsters Canada Rail Conference that represents some 10,000 engineers, conductors and dispatchers. All rail traffic in Canada and all shipments crossing the U.S. border have stopped, although CPKC and CN’s trains will continue to operate in the U.S. and Mexico.

  • Aug 22, 2024

Bangladesh to hike interest rates to 9% in coming days to tame inflation, cbank chief tells BBC

The move comes after weeks of political unrest in the country fuelled a sharp rise in inflation, touching 11.66% in July, amid an ongoing struggle with shrinking reserves and exports from the mainstay garments industry taking a hit. Bangladesh Bank's new governor, Ahsan H. Mansur, appointed just a week ago, also said that he would raise interest rates further to 10% or more in the coming months. Mansur could not be immediately reached for a comment.

  • Aug 21, 2024

Bank of Korea signals rate cuts as inflation, growth slow

SEOUL (Reuters) -South Korea's central bank kept interest rates unchanged on Thursday but signalled it was ready to start easing policy as price pressures and growth eased, raising expectations for a rate cut at its October meeting. The Bank of Korea held the benchmark interest rate at 3.50%, a decision expected by 38 out of 40 economists surveyed by Reuters. However, the BOK said in its policy statement it now needed to "examine the proper timing of rate cuts while maintaining a restrictive monetary policy stance."

  • Aug 21, 2024

Shares buoyed, dollar battered as Fed readies rate cuts

Asian shares inched higher while the dollar was pinned to one-year lows on sterling and the euro on Thursday as Federal Reserve minutes showed policymakers were ready to start cutting U.S. interest rates. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2% in early trade and Japan's Nikkei rose 1%. "The unequivocal signal from the (Fed) minutes has been the catalyst for the latest leg down in the U.S. dollar," said National Australia Bank's head of currency strategy, Ray Attrill.

  • Aug 21, 2024

Oil Holds Near January Lows as Global Demand Concerns Escalate

(Bloomberg) -- Oil steadied near the lowest close since January as concerns about a US slowdown outweighed the lift from falling inventories.Most Read from BloombergThe Serious Work That Free Play Can DoBrent traded below $76 a barrel after a four-day slump, with selling pressure in that run exacerbated by trend-following algorithmic traders. West Texas Intermediate was near $72. US job growth was probably far less robust in the year through March than previously reported, adding to a string of

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