ECONOMY & MARKETS

Canadian home prices are dropping fast after surging during the coronavirus pandemic, but that is offering little relief for consumers who face sky-rocketing rents and fading buying power as interest rates rise.

Free-spending tourists in Europe are expected to drive brisk second quarter sales at French luxury groups LVMH, Gucci-owner Kering and Hermes, helping to offset the impact of disruptions in China from COVID-19 restrictions.

Britain's businesses grew at their slowest pace in 17 months in July and inflation pressures eased, according to an industry survey that might reduce pressure on the Bank of England to deliver a bigger-than-usual interest rate hike next month.

Central banks around the world are starting to sing from the U.S.

Central banks around the world are starting to sing from the U.S.

Europe's banks, facing a potential economic storm and a rise in borrowing costs for the first time in more than a decade, are set to show their weak spots when they update investors on how their business has fared this year.

Global stocks edged up on Friday to eye a sixth day of gains, while weak euro zone business activity data hit the euro and weighed on the bloc's debt.

Global stocks were marginally higher on Friday, eyeing a sixth day of gains as European markets rose, while weak euro zone business activity data hit the euro and weighed on the bloc's debt.

The global economy looks increasingly likely to be heading into a serious slowdown, just as the highest inflation in a generation prompts central banks to aggressively reverse the ultra-loose monetary policy adopted during the pandemic to support growth, data showed on Friday.

Worries over a global slowdown are casting a shadow over Asia's recovery prospects with factory activity growth slowing in Japan and Australia, keeping pressure on policymakers to support their economies while tightening monetary policy to combat inflation.

The euro continued its retreat from a more-than-two-week high as disappointing activity data from France and Germany pushed the single currency lower, a day after the European Central Bank highlighted the path for interest rates would be data dependent.

The euro continued its retreat on Friday from a more-than-two-week high as disappointing activity data from France and Germany pushed the single currency lower, a day after the European Central Bank raised interest rates for the first time since 2011.

The dollar rebounded strongly on Friday, but remained on track for its biggest weekly loss since late May after weak U.S.

The euro headed for its best week since May on Friday after the European Central Bank (ECB) raised borrowing costs more than expected overnight in its first rate hike since 2011.

South Korea's economic growth probably slowed a bit in the second quarter as falling exports and soaring import costs hurt private consumption that makes up about half of the economy, a Reuters poll found.

Oil prices fell on Friday on a weakening global demand outlook and the resumption of some Libyan crude oil output.

Oil prices climbed in Asia trading on Friday, rebounding from previous declines amid supply tightness and geopolitical tensions, even though weakened demand in the United States has cast a shadow on the market this week.

Oil prices were roughly unchanged in early trading on Friday after sliding around 3% in the previous session on weakened demand in the United States, the world's top oil consumer, and a pick-up in supply from Libya.

U.S. crude prices settled below $95 a barrel for the first time since April in choppy trading on Friday after the European Union said it would allow Russian state-owned companies to ship oil to third countries under an adjustment of sanctions agreed by member states this week.

Brent crude prices were little changed in choppy trading on Friday after the European Union said it would allow Russian state-owned companies to ship oil to third countries under an adjustment of sanctions agreed by member states this week.

Argentina will allow foreign tourists to exchange dollars at a significantly higher rate than previously available, the Ministry of Economy said on Thursday, as the country reckons with depleted foreign currency reserves.

Cuba's economy has begun to recover from the effects of the pandemic and should grow 4% this year, its economy minister said, although most Cubans have seen little sign yet of relief from food and energy shortages.

The board chief of Colombia's central bank on Thursday defended the monetary policy authority's decision not to intervene in movements of the country's peso, even as market volatility pushed other central banks in the region to take action.

More private equity firms are taking companies private, as lower corporate valuations make it easier to lure businesses away from the stock market at bargain prices.

Europe's STOXX 600 share index rose on Thursday, boosted by a run of upbeat corporate results although gains were limited as investors digested an oversized ECB interest-rate hike amid growing worries about a recession.

Euro zone stocks slipped in volatile trading on Thursday as investors assessed the impact of an aggressive 50 basis point interest-rate hike by the European Central Bank amid growing worries about a recession and a political turmoil in Italy.

The number of Americans enrolling for unemployment benefits rose for a third straight week last week to the highest in eight months and a closely watched gauge of factory activity slumped this month, the newest indications the U.S.

Italy led a selloff in southern European bonds on Thursday, after the European Central Bank delivered its first interest rate hike since 2011 but left some disappointed with an announcement on a new tool to contain debt market stress.

U.S. stocks ended higher on Thursday as electric automaker Tesla rose on its stronger-than-expected quarterly results, which helped offset a slide in telecom and energy shares.