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UNCOVERED: 9 - The Untold Story

Crude Oil Prices Continue Lower on Economic Gloom

August WTI crude oil (CLQ23 ) Friday closed down -0.35 (-0.50%), and Aug RBOB gasoline (RBQ23 ) closed down -3.49 (-1.41%). Crude oil and gasoline prices Friday extended Thursday's sell-off on economic gloom driven by the weak U.S. and Eurozone purchasing manager reports. The preliminary-June S&P U.S. PMI fell by...

Barchart

Crude Oil Prices Continue to Fall on Economic Gloom

August WTI crude oil (CLQ23 ) today is down -1.05 (-1.51%), and Aug RBOB gasoline (RBQ23 ) is down -0.533 (-2.16%). Crude oil and gasoline prices today have extended Thursday's sell-off on economic gloom driven by today's weak U.S. and Eurozone purchasing manager index reports. The preliminary-June S&P U.S. PMI...

Barchart

Eurozone sinks into recession as cost of living crisis takes toll

GDP shrank 0.1% in first quarter of 2023 and final three months of 2022 after revisions to earlier estimates

The Guardian - UK

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OPINION - Britain is the sick man of the West on inflation and now faces bitter medicine

First, the good news. Inflation is heading lower. US inflation peaked at 8.5 per cent late last year and is now running at around five per cent. Eurozone inflation peaked at 10.6 per cent and is now down to 6.1 per cent. UK inflation peaked at more than 11 per…

Evening Standard

Markets Today: Stocks Mixed as Debt Ceiling Bill Goes to the Senate

Morning Markets June E-Mini S&P 500 futures (ESM2 3) this morning are up +0.02%, and June Nasdaq 100 E-Mini futures (NQM2 3) are down -0.05%. U.S. stock index futures this morning are mixed. The broader market is finding support today on an easing of U.S. default concerns after the House...

Barchart

Why UK inflation is so high compared to EU and US and what to do about it

Britain has a bigger inflation problem than either the US or the eurozone, according to Bank of England policymaker Catherine Mann.

The Conversation

Stocks Jump as Bank Stock Rebound and Apple Soars

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is up +1.43%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +1.37%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +1.45%. U.S. stocks this morning are moderately higher as an...

Barchart

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Fed to raise interest rate again amid core inflation pressure

Expected hike in benchmark rate to a range of 5% to 5.25% could push US into recession

The Guardian - UK

Italy cracks down on asylum, boosting work visas instead

Italy's far-right government, led by PM Giorgia Meloni, recently made a change to its immigration policy. This involves a crackdown on residence permits for asylum seekers and an increase in deportation centres, in order to discourage illegal immigration. But the government also wants to increase the number of work visas…

France 24

Eurozone economy avoids recession ‘by a whisker’

Warmer winter, lower energy prices and China’s reopening help bloc surprise economists and stave off severe downturn

The Guardian - UK

Why is the UK’s inflation rate still higher than other wealthy countries?

The UK’s 8.7% CPI figure in March compares with 6.1% in the eurozone and 4% in the US

Evening Standard

UK inflation expected to dip below 10% as energy prices fall

Annual inflation may drop when official figures are released on Wednesday but UK rate still higher than eurozone

The Guardian - UK

Eurozone inflation falls sharply as energy prices drop

Annual rate down to 6.9% this month, with signs of cost of living pressures easing

The Guardian - UK

Why does the UK have highest inflation in G7 and is Brexit a factor?

Britain appears to be an international outlier after the shock reading in double digits this week

The Guardian - UK

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The Conversation

The European Central Bank seems to have got away with raising interest rates in the middle of a banking crisis – here's why

In the middle of a market panic that has felled two US banks and pushed several others to the brink, the European Central Bank (ECB) has raised interest rates by another 0.5 percentage points. The ECB’s president, Christine Lagarde, had been warning this was necessary to bring eurozone inflation back…

The Conversation

Are interest rates really going to keep rising sharply?

For anyone trying to understand where interest rates and inflation are heading, it has been a strenuous few days. Jay Powell, chairman of US central bank the Federal Reserve, warned senators he may have to do more to fight inflation than expected, indicating the prospect of interest rates rising more…

The Guardian - UK

ECB looking out for price gouging as fears grow over ‘greedflation’

Concerns that a big driver of price rises may be firms using inflation as excuse to increase profit margins

Radio France Internationale

European Union increases growth forecast as eurozone dodges recession

Europe's economy will grow more than previously forecast this year as it avoids a winter recession, with inflation expected to ease and gas prices continue to fall.

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The Guardian - UK

Britain to be worst-performing major economy this year, warns IMF; UK mortgage approvals tumble and company insolvencies surge – as it happened

Britain is the only G7 economy forecast to shrink in 2023, the IMF says, as higher energy prices, rising mortgage costs and increased taxes hit growth.

Radio France Internationale

Eurozone economy starts growing again with positive indications for 2023

The Eurozone economy grew in January for the first time in six months, raising hopes that Europe will manage to avoid recession this winter.

Asharq Al-Awsat

Iraq Tells Visiting Italy PM It Seeks Closer Economic Ties

Iraq's prime minister appealed to visiting Italian counterpart Giorgia Meloni on Friday for closer economic ties with his oil-rich country suffering from power cuts and decaying infrastructure. Meloni, who leads the eurozone's third-largest economy, is on her first bilateral trip outside Europe.

Evening Standard

Eurozone inflation slowdown raises hopes that price rises may be near their peak

Energy price rises ease while the pace of increasing food costs accelerates, with all eyes on the ECB’s next rate call

Newsroom.co.nz

The Catch-22 rules of the Euro Monopoly game

To make the eurozone more stable, it needs stricter and enforceable rules. But because it is so unstable, no such rules can ever be introduced, writes Oliver Hartwich

The Guardian - UK

Eurozone inflation hits record high of 10.7%; UK mortgage approvals, credit card borrowing fall – as it happened

Inflation jumps because of higher energy and food costs but eurozone avoids recession with 0.2% GDP growth in third quarter; wheat prices soar on world markets

Evening Standard

ECB makes biggest rate hike in eurozone history lifting rates by 0.75%

European Central Bank intensifies its fight against inflation but euro falls under parity with the dollar

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