Currencies

Canada's second-quarter GDP contracts, rate cut bets increase

OTTAWA -Canada's economy contracted in the second quarter much more than anticipated on an annualized basis as U.S. tariffs squeezed exports, but higher household and government spending cushioned...

Canada's economy shrinks by more than expected in second quarter

TORONTO -Canada's economy contracted in the second quarter by a much larger degree than anticipated on an annualized basis as U.S. tariffs squeezed exports, but higher household and government...

US consumer spending strong; core inflation warmer on services

WASHINGTON -U.S. consumer spending increased by the most in four months in July while services inflation picked up, but economists did not believe strong domestic demand would prevent the Federal...

Inflation update tests Fed doves

What matters in U.S. and global markets today By Mike Dolan, Editor-At-Large, Finance and Markets Wall Street indexes continue to grind out new records as Federal Reserve...

North Korea posts fastest growth in 8 years in 2024, driven by Russia ties, Seoul says

SEOUL -North Korea's economy grew 3.7% in 2024, the fastest annual pace of growth in eight years, backed by expanded economic ties with Russia, according to estimates by South Korea's central bank...

NZ central bank chair Quigley resigns on fallout from governor's sudden exit

WELLINGTON -Reserve Bank of New Zealand Chairman Neil Quigley has resigned with immediate effect, Finance Minister Nicola Willis said on Friday, citing the fallout over the handling of the sudden...

Dollar trades lower with Fed cut in view, on course for monthly drop

NEW YORK -The dollar weakened against the euro and Swiss franc on Friday, on course for a 2% decline in August against a basket of currencies, as traders prepared for a U.S. interest rate cut by the...

Fed's Waller sees rate cuts over next 3-6 months, starting in September

Federal Reserve Governor Christopher Waller on Thursday said he wants to start cutting U.S. interest rates next month and fully expects more rates cuts to follow to bring the Fed's policy rate closer...

Fed's Cook sues Trump over his attempt to fire her; court hearing set for Friday

Federal Reserve Governor Lisa Cook filed a lawsuit on Thursday claiming President Donald Trump has no power to remove her from office, setting up a legal battle that could challenge long-established...

US second-quarter GDP revised higher as businesses boost investment in AI

WASHINGTON -The U.S. economy grew faster than initially thought in the second quarter, in part driven by business investment in intellectual property such as artificial intelligence, but tariffs on...

US weekly jobless claims fall amid low layoffs

WASHINGTON -The number of Americans filing new applications for jobless benefits fell last week, but tepid hiring could raise the unemployment rate to 4.3% in August. Initial claims for...

Microsoft fires four workers for on-site protests over company's ties to Israel

WASHINGTON -Microsoft has fired four employees who participated in protests on company premises against the firm's ties to Israel as it wages war in Gaza, including two who took part in a sit-in this...

Russia slashes 2025 economic growth forecast to 1.5% from 2.5%

MOSCOW -Russia sees economic growth in 2025 slowing to 1.5%, far below the earlier 2.5% forecast, as high interest rates imposed to reduce inflation have stifled borrowing, Finance Minister Anton...

Senate panel prepares to hold hearing on Trump's Fed pick, Bloomberg News reports

The Senate Banking Committee will hold a hearing next week to consider U.S. President Donald Trump's nomination of White House economic adviser Stephen Miran as a Federal Reserve governor, Bloomberg...

Bank of Canada Governor says bank will not review 2% inflation target next year

The Bank of Canada will not review its inflation target when its monetary policy framework comes up for renewal next year, Governor Tiff Macklem said on Tuesday, saying the current target has helped...

New BIS head stresses importance of central bank independence and accountability

LONDON -The new head of the Bank for International Settlements on Tuesday stressed the need for central banks to focus on inflation and, amid Donald Trump's escalating attacks on the Fed, for their...

Mantra of central bank independence shaken by Trump moves on Fed

FRANKFURT -U.S. President Donald Trump's attacks on Federal Reserve policymakers are emerging as the biggest threat in decades to central bank independence, which is widely seen as key to keeping...

Fed Governor Cook will sue to keep her job as Trump mulls replacement

WASHINGTON -Federal Reserve Governor Lisa Cook will file a lawsuit to prevent President Donald Trump from firing her, a lawyer for the embattled central bank official said on Tuesday, kicking off...

South American bloc Mercosur and Canada to resume talks for free-trade agreement

BRASILIA -Canada and South American bloc Mercosur will resume negotiations for a free-trade agreement, Brasilia and Ottawa announced on Monday after a meeting in Brazil's capital. ...