ECONOMY & MARKETS

U.S. politicians know high inflation can bring careers in public office to an early end, but it is ultimately up to the unelected officials of the Federal Reserve to control what is considered first and foremost a "monetary phenomenon." .

Hong Kong led strong gains in Asian stock markets on Thursday, buoyed by signs of progress in peace talks between Russia and Ukraine and by expectations of more support for China's wobbly economy.

Europe's stock markets consolidated strong gains made in Asia on Thursday, after China signalled more support for its spluttering economy and the Federal Reserve had pressed ahead with the first U.S.

Wall Street was set to trim some of the strong gains made in Asia on Thursday, after China had signalled more support for its spluttering economy and both the Fed and Bank of England pressed on with interest rate hike plans.

Wall Street stocks rebounded from early session losses on Thursday as investors weighed economic implications of the Federal Reserve's surprisingly aggressive interest rate stance, while oil prices surged on supply shortage concerns arising from the Russia-Ukraine conflict.

U.S. interest rates are on a far steeper and faster climb than previously anticipated following the Federal Reserve's liftoff on Wednesday, bringing to an end zero-interest-rate policy, or "ZIRP," that has been mostly in place since the 2008 Great Financial Crisis.

By Ahmad GhaddarLONDON -Oil prices climbed 6% on Thursday after the International Energy Agency (IEA) said three million barrels a day (bpd) of Russian oil and products could be shut in from next month and despite the U.S.

Oil prices climbed 8% on Thursday, extending a series of wild daily swings, as the market rebounded from several days of losses with a renewed focus on supply shortages in coming weeks due to sanctions on Russia.

Japanese households accumulated a record $17 trillion in financial assets as of December last year, roughly four times the size of its economy, as the COVID-19 pandemic kept consumers housebound, saving their money instead of spending it.

The Bank of England looks set to press on with raising interest rates on Thursday as it tries to stop soaring inflation from becoming engrained in the British economy.

Nearly 70% of Japanese firms expect the fall-out from the crisis in Ukraine to hurt earnings, a Reuters poll showed, with a majority of those citing a surge in oil prices as their primary concern.

Nearly 70% of Japanese firms expect the fall-out from the crisis in Ukraine to hurt earnings, a Reuters poll showed, with a majority of those citing a surge in oil prices as their primary concern.

Western sanctions and other actions to punish Russia over its invasion of Ukraine will impose costs on the United States and its allies, and policymakers needed to consider how to mitigate those impacts, U.S.

The Federal Reserve raised short-term interest rates on Wednesday by a quarter of a percentage point and signaled that it plans to lift them further in the coming months to battle high inflation, a shift that will likely be felt by most households.

The busiest U.S. seaport expects its robust flow of imports to continue in the near term, but is closely monitoring COVID-19 shutdowns in major cities in China, its executive director said on Wednesday.

At least 10 vessels carrying Russia-linked cargoes of crude and refined products were approaching the United States on Wednesday, as suppliers rushed to deliver ahead of the U.S.

Sri Lankan President Gotabaya Rajapaksa said on Wednesday he had decided to work with the International Monetary Fund to help solve the country's economic crisis.

Sri Lanka will work with the International Monetary Fund to help solve the country's economic crisis, President Gotabaya Rajapaksa said on Wednesday, setting a target of cutting its trade deficit by about 14% this year.

Gold steadied on Wednesday, with a weaker dollar offsetting pressure from higher U.S.

Gold fell to more than a two-week low on Wednesday as the safe-haven appeal of the metal was dimmed by hopes of progress in Russia-Ukraine talks, with rising bond yields adding pressure to bullion as markets braced for a U.S.

U.S. retail sales increased moderately in February as more expensive gasoline and food forced households to cut back spending on other goods like furniture, electronics and appliances, which could restrain economic growth this quarter.

U.S. retail sales increased moderately in February as more expensive gasoline and food forced households to cut back spending on other goods like furniture, electronics and appliances, which could restrain economic growth this quarter.

U.S. retail sales increased moderately in February as more expensive gasoline and food forced households to cut back spending on other goods like furniture, electronics and appliances, which could restrain economic growth this quarter.

Canada's annual inflation rate accelerated in February to hit a fresh 30-year high, with broad price gains hitting consumers at the gas pumps, in the grocery store and on housing, official data showed on Wednesday.

Wall Street's main indexes jumped on Wednesday, propelled by technology and financial stocks, as signs of progress in Ukraine-Russia peace talks lifted sentiment ahead of a widely expected interest rate hike by the Federal Reserve.

The S&P 500 closed up more than 2% while the Nasdaq rallied almost 4% on Wednesday as investors shrugged off initial jitters following the U.S.

Gold steadied on Wednesday, with a weaker dollar offsetting pressure from higher U.S.

Russia's invasion of Ukraine will affect the entire global economy by slowing growth and jacking up inflation, and could fundamentally reshape the global economic order in the longer term, the International Monetary Fund (IMF) said on Tuesday.

European stocks rose to near two-week highs on Wednesday after China promised to roll out more stimulus to boost its economy, while hopes of progress in Ukraine-Russia peace talks kept the mood buoyant.