ECONOMY & MARKETS

He delivered the news during an economic summit in Jackson Hole, Wyoming

Stock markets jumped on Friday as US Federal Reserve chief Jerome Powell made clear that the central bank was ready to cut interest rates, a message investors had been longing to hear.

Freight rail operations were set to resume across Canada following federal intervention to end a crippling disruption triggered by labor disputes at the country's two main operators.

Prices continue to rise as the median existing-home price was $422,600 in July.

The numbers released on Thursday were in line with estimates.

FOMC signaled that a rate cut could be on the table at the upcoming September 17-18 meeting, especially if economic data continues to align with expectations.

he preliminary review, released on Wednesday, revealed that there were 818,000 fewer jobs in March 2024 than originally estimated. This marks the largest downward revision to employment figures since 2009.

UK government borrowing jumped by far more than expected in July, official figures showed Wednesday, stoking fresh anxiety for the new Labour government ahead of its first budget in just over two months.

Trump stated that while he believes the president should be able to voice opinions on interest rates, he does not expect to dictate monetary policy. "It doesn't mean they have to listen, but I think it's fine for a president to talk," Trump said.

The European Commission said Tuesday it plans to slap five-year import duties of up to 36 percent on Chinese electric cars, unless Beijing can offer an alternative solution to the damaging trade row over state subsidies.

Railroads collectively handle approximately 40,000 carloads of freight daily, valued at around $1 billion. If negotiations drag on, sectors such as automotive, chemicals, forestry, and agriculture could be particularly hard-hit.

The adjustment comes after the investment bank had previously raised the odds from 15% earlier this month.

As part of their economic platforms, Vice President Kamala Harris and former President Donald Trump have both pledged to reduce costs for Americans.

The Kenyan government plans to raise about $1.2 billion by reinstating some unpopular taxes contained in a finance bill that was scrapped in the face of deadly street protests, a government minister said.

The release of the Fed minutes on Wednesday and Chair Jerome Powell's speech on Friday are expected to be key in influencing markets throughout the week.

This dip marks the second consecutive week of declining claims, reversing the upward trend seen earlier in the summer.

Short-term inflation expectations remain steady, with the one-year outlook holding at 3.0% and the five-year forecast unchanged at 2.8%.

Moynihan said a reduction could be necessary as early as September if inflation continues to ease.

If inflation continues to decline, Schmid said, he would grow more confident that the Fed is on track to achieve its price stability mandate.

The U.S. economy got some relief from a favorable unemployment report on Thursday, and the stock markets responded in kind with strong gains from the opening bell.

The economists maintained their prediction of a 45% chance of a recession occurring by the second half of 2025.

The Cboe Volatility Index (VIX), often referred to as Wall Street's fear gauge, climbed to 27.96, indicating increased expectations of market volatility.

The earlier sell-off was influenced by data indicating fewer U.S. jobs were created and a weak manufacturing sector.

The transactions were part of a pre-determined trading plan that Huang filed in March, which proved to be well-timed.

The S&P 500 and Nasdaq Composite ended the day at their lowest points since early May, while the Dow Jones Industrial Average closed at its weakest level since mid-June.

The Dow Jones Industrial Average fell nearly 1,000 points as investors reacted to fears that the Federal Reserve might be slow to implement significant interest rate cuts.

After European markets tanked and all three major U.S. indices saw significant drops during pre-market trading, the selloff ramped up after markets opened on Wall Street.

Trading boards showed a sea of red following another hefty day of losses on Wall Street, where heavyweight tech firms including Amazon and Microsoft took the brunt over worries an AI-fueled rally this year may have been overdone.

Growth in Southeast Asia's largest economy was 5.05 percent in the second quarter, slightly lower than the previous quarter's 5.11 percent, Statistics Indonesia said.