ECONOMY & MARKETS

A rebound in stocks ran out of steam on Wednesday as concerns about the economic growth outlook and rising inflation knocked sentiment, while a UK inflation reading of 9% underlined just how much higher interest rates might be headed.

A rebound in stocks ran out of steam on Wednesday as concerns about the economic growth outlook and rising inflation knocked sentiment, while a UK inflation reading of 9% underlined just how much higher interest rates might be headed.

Asia's stock markets eked out their fourth straight session of gains on Wednesday, but the recent rally lost momentum as nagging doubts about inflation and the drag from rate rises overshadowed bits and pieces of good news about the global growth outlook.

Oil prices were stable on Wednesday as supply concerns and expectations that easing COVID-19 restrictions in China will boost demand eased losses from the previous session.

Oil prices rose on Wednesday on expectations that easing COVID-19 restrictions in China will boost demand and as supply concerns grew.

Oil prices rose more than $1 a barrel in early Asian trade on Wednesday on hopes of demand recovery in China as the country gradually eases some of its strict COVID-19 containment measures.

Japan's economy shrank for the first time in two quarters in the January-March period as COVID-19 curbs hit the service sector and surging commodity prices created new pressures, raising concerns about a protracted downturn.

Chicago Federal Reserve Bank President Charles Evans on Tuesday said he supports an initial burst of monetary policy tightening, and then a more "measured" pace of rate hikes to allow time to assess inflation and the impact of higher borrowing costs on the job market.

Shares in consumer discretionary and staples stocks were trading in opposite directions on Tuesday as encouraging retail sales data was countered by disappointing earnings and financial targets from Walmart, which blamed high inflation.

European Central Bank President Christine Lagarde has given national central bank chiefs a bigger say in policy meetings, asking her own board to speak less and set aside more time for debate, sources familiar with the process said.

European Central Bank President Christine Lagarde has given national central bank chiefs a bigger say in policy meetings, asking her own board to speak less and set aside more time for debate, sources familiar with the process said.

U.S. retail sales rose strongly in April as consumers bought more motor vehicles amid an improvement in supply and increased spending at restaurants, providing a powerful boost to the economy at the start of the second quarter.

Tunisia has resumed phosphate exports after 11 years, and expects to ship more than 300,000 tonnes this year due to a sharp increase in global demand and at least 600,000 tonnes next year, a senior official of the state phosphate company told Reuters on Tuesday.

On one side is a president questioning the integrity of the electoral system. On the other, a challenger warning he could roll back the country's biggest privatization in decades.

U.S. stocks rose on Tuesday, as Citigroup led a surge in bank shares after Berkshire Hathaway revealed a big stake and strong retail sales in April eased some concerns about slowing economic growth.

Wall Street's main indexes were set to open higher on Tuesday, as strong forecasts from Home Depot and United Airlines added to an upbeat global mood driven by hopes of easing crackdown on tech firms and COVID-19 in China.

Wall Street rallied on Tuesday, lifted by Apple, Tesla and other megacap growth stocks after strong retail sales in April eased worries about slowing economic growth.

Peru, the world's second-largest copper producer, risks losing out on billions of dollars of mining investment if the government fails to defuse protests that are hitting the industry and denting production, analysts and executives said.

China's slowing economy will struggle to stage the kind of stunning recovery it achieved from the early depths of the pandemic two years ago, as its formidable export machine teeters and options to revive investment and consumption dwindle.

Thailand's finance minister said on Tuesday this year's economic outlook was still good despite the state planning agency's downgrade of its growth forecast, adding he also hoped for a policy rate from the central bank that supports recovery.

India's wholesale prices accelerated at the fastest pace since at least April 2005, according to Refinitiv data, as the Ukraine war and a weak rupee pushed up energy and raw material costs for companies.

Britain's jobless rate hit a 48-year low in the first three months of 2022 and employers paid bigger bonuses to keep or attract staff, according to data that added to bets by investors on further Bank of England interest rate hikes.

Britain's unemployment rate fell to its lowest since 1974 in the first three months of this year, but soaring inflation led to the biggest annual fall in real earnings for most workers since 2013, official figures showed on Tuesday.

Indonesia's trade surplus jumped to its largest ever at $7.56 billion in April, as exports rose to a record high while imports grew slower than expected, data from the statistics bureau showed on Tuesday.

Indonesia's trade surplus jumped to its largest ever at $7.56 billion in April, as exports rose to a new record high while imports grew slower than expected, data from the statistics bureau showed on Tuesday.

Like for millions of people in developing and emerging market countries around the world, shopping for staple foods has turned from a necessity into a luxury for Selcuk Gemici.

The Bank of Japan must maintain current monetary stimulus to create sustainable increases in prices, corporate profits, jobs and wages, its deputy governor said on Tuesday, dismissing speculation about an early exit from accommodative settings.

Asian shares edged higher on Tuesday despite data reinforcing investor fears the global economic recovery may be more fragile than expected, even as inflationary pressures remain high.

Asian shares advanced on Tuesday, led by a jump in technology majors, as hopes grow for an easing of China's unprecedented regulatory crackdown on its once-freewheeling tech sector.