LONDON — Traders bet on more Bank of England rate cuts this year after weak retail sales data added to the latest in a run of data surprises this week. Sales volumes fell 0.3% month-on-month in December, the Office for National Statistics said Friday, versus the 0.4% increase forecast in a Reuters poll of economists. […]
China’s economy grew 5% last year, matching the government’s target, but in a lopsided fashion, with many people complaining of worsening living standards as Beijing struggles to transfer its industrial and export gains to consumers. The imbalance raises concerns that structural problems may deepen in 2025, when China plans a similar growth performance by going […]
US stocks surged higher Wednesday after an encouraging inflation report and blockbuster profits for some of America’s biggest banks. The Dow surged 703 points, or 1.65%, to close at 43,222. The S&P 500 rose 1.83% and the tech-heavy Nasdaq Composite ended the day higher by 2.45%. The closing bell concluded a rally on Wall Street […]
A marginal dip in the headline rate of inflation would not normally determine much, if anything. Inflation rising at 2.5% rather than 2.6% does not change much in big economics, nor in the cost of living squeeze felt by households. The fall is entirely accounted for by falls in hotel prices and a smaller-than-usual rise […]
Although many stores are closed on the federal holiday of New Year’s Day, the same isn’t the case for New Year’s Eve, which for 2024 falls on Tuesday, Dec. 31. And while most retailers are open on New Year’s Eve, many have shortened hours or close early. Here’s what’s open and closed on New Year’s […]
Garanti BBVA has added a new innovative solution to its range of digital banking products by launching a used vehicle digital loan available via mobile banking, making it the first of its kind in Türkiye. With this online loan, customers need only enter the required information, without the hassle of having to sign a loan […]
US markets wrapped up a blockbuster 2024 by marking an achievement so rare that it’s only ever happened a handful of times. Despite US stocks closing lower Tuesday in a disappointing December that saw the Dow drop over 2,000 points, or about 5%, and the S&P 500 slide 2.5%, this was a stellar year for […]
India on Tuesday delayed the implementation of market share caps for a popular digital payments method by two years, a move that will benefit Google Pay and Walmart (WMT.N), opens new tab-backed PhonePe. According to the proposal, first made in November 2020, digital payment firms would not be allowed to hold more than 30% share […]
Elon Musk has never been one to shy away from bold ventures, and his latest ambition might just blur the lines between social media and banking. With his recent appointment as the Minister of Government Efficiency in a prospective Trump administration, Musk appears poised to leverage his influence and experience to transform X—formerly known as […]
Michigan made is something to be proud of, but with a new administration coming into play at the White House next year questions about the financial outlook for 2025 continue to pop up. This comes as President Elect Donald Trump Tariff policy continues to loom over the economic future of the country. Trump announced back […]
Mortgage rates rose again this week to end the year slightly higher than where they began. The average 30-year fixed-rate mortgage rate was 6.85% for the week through Wednesday, according to Freddie Mac data. That’s up from 6.72% a week earlier. Average 15-year mortgage rates rose to 6% from 5.92%. “Mortgage rates increased for the […]
British shoppers risk starting the New Year with a debt time-bomb after spending a record £3.4 billion using the buy now, pay later (BNPL) type of credit over the festive period. New figures showed that more consumers than ever have turned to the unregulated form of credit to fund Christmas this year. Despite Labour’s vow […]
