Economy
World’s largest truckmaker says it’s facing enormous supply chain pressure
Supply chain disruptions are still rippling across the globe, and the head of the world’s largest truckmaker has warned that shortages of parts are slowing the production of thousands of its vehicles. Daimler Truck CEO Martin Daum told CNBC Wednesday that the current supply chain squeeze is among the worst he’s seen in his more […]
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UK inflation hits new 40-year high of 9.1% as food and energy price surge persists
More than four in five people in the U.K. are worried about rising living costs and their ability to afford basics necessities like food and energy over the coming months, according to a new survey. Tolga Akmen | Afp | Getty Images LONDON — U.K. inflation hit 9.1% year-on-year in May as soaring food and […]
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Stock futures are flat after markets claw back some losses from weeks of selling
U.S. stock index futures were flat overnight Tuesday after the major averages jumped in regular trading hours, attempting to claw back some losses following weeks of selling. Futures contracts tied to the Dow Jones Industrial Average, S&P 500 and Nasdaq 100 were little changed. During regular trading Tuesday, the Dow surged 641 points, or 2.15%. […]
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Goldman Sachs raises recession probability odds, cuts GDP outlook
A recession is becoming a more likely scenario for the United States as the Federal Reserve hikes rates with economic growth slowing, according to Goldman Sachs. Jan Hatzius, the firm’s chief economist, said in a note to clients Monday that a recession could come sooner than he and his team had previously expected. “We now […]
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Massive rail walkout kicks off in the UK with fears of a summer of strikes over pay
Forty thousand U.K. Network Rail staff and workers at 13 train operators have staged walkouts over pay in Britain’s biggest rail strike in 30 years. Jeff J Mitchell | Getty Images News | Getty Images LONDON — A days-long rail walkout that is causing severe travel disruption across Britain could be just the beginning of […]
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5 things to know before the stock market opens Tuesday
Here are the most important news, trends and analysis that investors need to start their trading day: 1. Wall Street set to bounce after S&P 500’s worst seek since 2020 The sign for Wall Street is seen with U.S. flags outside the New York Stock Exchange. Yuki Iwamura | Afp | Getty Images Dow futures […]
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Stocks making the biggest moves premarket: Kellogg, Lennar, Spirit Airlines and others
Check out the companies making headlines before the bell: Kellogg (K) – Kellogg jumped 8.1% in premarket trading after announcing plans to split into three separate public companies. One entity will comprise the snack and international cereal businesses, another the U.S. cereal business and the third will be a pure-play plant-based food producer. Lennar (LEN) […]
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Labor market ‘worse than the 1970s’ as strikes hit UK, Nobel Prize-winning economist says
A usually busy Waterloo Station is almost empty in London on June 21, 2022 as the biggest rail strike in over 30 years hits the UK. Ben Stansall | Afp | Getty Images LONDON – The labor market is “worse than the 1970s,” with massive rail strikes in the U.K. offering a sign of things […]
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Elon Musk says Tesla will lay off 3.5% of total workforce as ex-employees sue company
Tesla CEO Elon Musk. Patrick Pleul | AFP | Getty Images Elon Musk has sought to clarify how many Tesla workers will lose their jobs, following the launch of a lawsuit by former employees who claim the automaker breached U.S. labor laws. Speaking at an event hosted by Bloomberg Tuesday, Musk said Tesla would reduce […]
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Inflation is the ‘biggest poison’ for the global economy as recession risk rises, Deutsche Bank CEO says
Christian Sewing, Chief Executive Officer of Deutsche Bank, attends a session at the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 23, 2020. Denis Balibouse | Reuters Europe and the U.S. face a high likelihood of recession as central banks are forced to aggressively tighten monetary policy to combat inflation, according to […]
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