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The Latest Breaking News from Economy

Recession or not, the stock market is doing fine

The stock market keeps chugging higher despite growing evidence that the economy is in deepening trouble.

Axios

Eurozone inflation hits record 8.9% despite better-than-expected growth

Inflation in the European countries using the euro currency shot up to another record in July, pushed by higher energy prices fueled by Russia's war in Ukraine, but the economy still managed better-than-expected, if meager, growth in the second quarter.

France 24

Inflation Hits Record 8.9% in 19 Countries Using the Euro

Inflation in the European countries using the euro currency shot up to another record in July, pushed by higher energy prices driven partly by Russia's war in Ukraine, but the economy still managed some meager growth. Annual inflation in the eurozone’s 19 countries rose to 8.9% in July, an increase…

Asharq Al-Awsat

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China backs away from growth goal, sticks to virus controls

China's leaders effectively acknowledged the struggling economy won't hit its official 5.5% growth target this year and said Thursday they will try to prop up sagging consumer demand.

WEKU

Asian shares mixed on US rally, China economic growth woes

Asian shares are mixed as Chinese shares sank after leaders acknowledged the official 5.5% growth target for this year won’t be met

The Independent UK

Economy eclipses other issues in UK Conservative contest

Britain’s next prime minister will take office amid turmoil: galloping inflation, a war in Ukraine, souring relations with China and a changing climate

The Independent UK

ExxonMobil and Chevron shatter profit records; eurozone inflation hits record 8.9% – business live

US oil companies post huge earnings, as sky-high fuel costs hit consumers and drive up inflation

The Guardian - UK

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Here’s why the US economy shrinking in the 2nd quarter may not be so bad

WASHINGTON — In the most aggressive back-to-back interest rate increases since the early 1980s economic crisis, the Federal Reserve on Wednesday announced another hike of three-quarters of a percentage point and signaled more to come in its effort to beat back inflation despite the risk of a recession.

Los Angeles Times

Argentina's Fernandez bets on 'superministry' to stop economic bleeding

Argentine President Alberto Fernandez launched his latest effort to tackle an economy in crisis on Thursday, tapping one of the ruling coalition's most powerful figures to lead a new "superministry" on the same day the central bank hiked interest rates to 60%.

Reuters

US recession fears deepen as economy contracts for 2nd straight quarter: What about India?

NEW DELHI: World biggest economy contracted for the second quarter in a row on Thursday, triggering fears of recession.

The Times of India

After 2 Consecutive Quarters of Negative Economic Growth, Is America in a Recession?

Most Americans believe so.

Reason

China backs away from growth goal, sticks to virus controls

China’s leaders have effectively acknowledged the struggling economy won’t hit its official 5.5% growth target this year

The Independent UK

A Historical Analysis of Commodity Cycles from the 1970s to 2020s

The global economy periodically experiences steep movements in commodity prices, causing cyclic booms and busts. These are called commodity cycles, a complex process emerging from macroeconomic shocks, supply chain bottlenecks, and policy failures.

Benzinga

America tips into unofficial recession as global markets hold breath

Second successive drop as growth retreats 0.9% in the three months to June

Evening Standard

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Reuters

Worries over winter test support in Germany for Russia sanctions

The German government's hard line on Russia over the Ukraine war is coming under pressure at home amid growing worries about the resulting soaring energy prices and possible gas shortages in Europe's largest economy when winter comes.

Birmingham Post

First North Wales Growth Deal project launches

The North Wales Growth Deal is a £1 billion investment to the region’s economy

Tribune News Service

US economy shrinks for a second quarter, fueling recession fears

The drumbeat of recession grew louder after the U.S. economy shrank for a second straight quarter, as decades-high inflation undercut consumer spending and Federal Reserve interest rate hikes stymied businesses and housing.

The Independent UK

Yellen insists US not in recession as economy shrank 0.9 per cent in second quarter

Two negative quarters meets the informal definition of recession but many economists disagree

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The Guardian - US

When does a recession begin – and is the US in one now?

Question weighs on consumers, politicians and investors around the world as the Federal Reserve raises interest rates

Axios

U.S. economy shrinks for second straight quarter, igniting recession fears

It's not officially a recession yet, but the data shows the economy is on shakier footing as growth slows.

The Guardian - US

US economy shrinks in second quarter, signaling unofficial start of recession

The bad news will be a major blow for the Biden administration as it prepares for a tough midterm election season

The Independent UK

Liz Truss: Who is the foreign secretary hoping to become prime minister?

Social media savvy ‘human hand grenade’ seen as continuity candidate and currently ahead of Rishi Sunak thanks to questionable tax promises and neo-Thatcherite branding

Evening Standard

Conservative leadership race: London will be the engine room of our drive to level up Britain, vows Rishi Sunak

Rishi Sunak and Liz Truss are both sticking to Boris Johnson’s flagship levelling up plans

Asharq Al-Awsat

Egypt Calls on Insurance Industry to Contribute to Africa’s Transformation into Green Economy

Egypt’s Finance Minister Mohamed Maait called on the global insurance industry to actively contribute to Africa’s transformation into a green economy. He urged this industry to be a part of the solution to climate change by supporting investment in green projects. Maait made the remarks during his participation in the…

Evening Standard

Conservative leadership: Pragmatic Prime Minister is needed to navigate recession

City Voices: Candidates for PM must drop dogmatic approach to tax

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