Economy Financial News

A workers union and Canada's two major freight railroads wrapped up a nine-hour arbitration hearing with the Canada Industrial Relations Board

U.S. stocks rallied closer to their records after the head of the Federal Reserve finally said out loud what Wall Street has been expecting for a while: Cuts to interest rates are coming soon to help the economy

Economists see the Bank of Canada cutting interest rates for a third consecutive meeting next week, continuing what’s anticipated to be a steady downward trend in borrowing costs over the next year as inflation eases.

Nearly 11 months into the war with Hamas, Israel’s economy is struggling as the country’s leaders grind ahead with an offensive in Gaza that shows no signs of ending and threatens to escalate into a wider conflict

Wellington-Altus Private Wealth chief market strategist Jim Thorne argues the Fed must quickly get inflation to its neutral rate on Making Money.

Federal Reserve Chair Jerome Powell all but proclaimed mission accomplished in the fight against inflation and signaled that interest rate cuts are coming in a much-anticipated speech in Jackson Hole, Wyoming

rate cuts are most likely to start from its September meeting. «Indian markets are expected to follow gains seen in the US stock market, as the likelihood of a „soft landing“ for the global economy increases amid signs of economic softening. A potential rate cut by the Fed would likely boost market sentiment and drive up stock prices,» said Pravesh Gour, Senior Technical Analyst at Swastika Investmart.

U.S. stocks rallied closer to their records after the head of the Federal Reserve finally said out loud what Wall Street has been expecting for a while: Cuts to interest rates are coming soon to help the economy

With employees back at work, two Canadian railroads can resume operating.

The U.S. has imposed sweeping sanctions against hundreds of firms across Russia, Europe, the Middle East and Asia, accusing them of providing products and services that enable Russia’s war effort and aiding its ability to evade sanctions

Business groups are raising concerns about Ottawa’s decision to restrict the number of temporary foreign workers coming to Canada, warning that certain industries that are struggling to find workers could be adversely affected.

Volodymyr Zelenskyy's comments on India's crude oil trade with Russia may not have been in the right spirit, coming hours after his meeting with Prime Minister Narendra Modi in Kyiv during which New Delhi explained the market rationale for oil imports given its substantial requirements. Emphasising on India's «global influence», Zelenskyy suggested that India can help end Moscow's war in Ukraine by halting the oil trade that significantly funds the Russian military. «You can stop Vladimir Putin and halt his economy, and put him really in his place,» Zelenskyy told members of the Indian media on Friday night in Kyiv, referring to his meeting with Modi earlier in the day.

₹3,01,684 crore into the Indian stock markets till 21 August, up nearly threefold from ₹1,08,887 crore a year earlier. At the same time, foreign institutional investors (FIIs) cut their investments to ₹15,940 crore from ₹1,40,105 crore a year earlier.

urban consumption, softer manufacturing sector growth and moderate government expenditure amid elections may have dragged down growth in the first quarter of FY25. India's economy likely grew by a median 6.85% in the April-June period from a year earlier, according to an ET poll of 14 economists, slipping from 7.8% in the last quarter of FY24 and 8.2% in the year before. The growth estimates ranged from 6% to 7.5%. The median figure is lower than the RBI forecast of 7.1% for the quarter. «Slowing of manufacturing activity and lower government expenditure during the election period likely contributed to the slowdown in output growth in the quarter,» said Shreya Sodhani, regional economist, Barclays, pencilling in 7.1% gross domestic product (GDP) growth in the June quarter. The government will release June quarter growth data on August 30. The general elections held in the April-June period impacted government spending.

As questions swirl around how long Canadian rail lines might stay dormant, some economists argue that the Bank of Canada ought to look past any disruptions as it looks to tame inflation and ease pressure on the stagnant economy.

Oil prices rose more than 1% on Friday as U.S. Federal Reserve Bank Chair Jerome Powell signalled interest rate cuts would be among the central bank's priorities in the coming months. Brent crude futures rose by $1.27, or 1.63%, to $78.49 a barrel at 9:50 a.m. CDT (1450 GMT), while U.S. West Texas Intermediate (WTI) crude futures rose $1.33, or 1.81%, to $74.34.

FOX Business’ Edward Lawrence shares highlights from Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole Economic Symposium.

NITI Aayog has constituted four technical inter-ministerial committees on standards, storage, transportation and utilization of carbon dioxide as India gears up to become net zero by 2070, the Aayog said. “The committees are tasked with preparing a robust policy framework to address the challenges related to Carbon Capture Utilization and Storage (CCUS) implementation in India, including technology readiness, high upfront capital costs, lack of infrastructure for its transportation transportation and storage, regulatory gaps, and public acceptance issues,” it said in a statement issued on Friday. The Aayog, in collaboration with US Department of State’s Bureau of Energy Resources organised a two-day workshop on the legal and regulatory frameworks and technical considerations for Carbon Capture Utilization and Storage (CCUS) which ended on Friday.

Shiv Sena (UBT) chief Uddhav Thackeray on Friday expressed disagreement with a Bombay High Court order restraining political parties from calling a bandh, but asserted the opposition bloc MVA has withdrawn its proposed shutdown in Maharashtra on Saturday over a sexual abuse case in a school. Addressing a press conference, Thackeray said the Maha Vikas Aghadi (MVA) has called off the August 24 (Saturday) bandh after the HC order, but leaders and workers from opposition parties will protest against the Mahayuti government with black bands tied around their mouth across the state. The former CM, whose party is a constituent of the MVA, said he will also join the protest. «We don't agree with the High Court order on bandh,» Thackeray maintained. Earlier in the day, the HC restrained political parties or individuals from proceeding with a Maharashtra bandh over the sexual assault incident, on August 24 or any future date, saying such a protest will paralyse normal life. A division bench of Chief Justice D K Upadhyaya and Justice Amit Borkar said if political parties and individuals were not restrained from proceeding with the call for bandh on Saturday, huge losses, not only in terms of economy and business but also essential services and basic amenities, including health services will occur, which needs to be prevented.

Goldman Sachs Group Inc. has lowered India’s growth forecast by 20 basis points each for this year and the next, citing a contraction in central government expenditure. The bank now expects the nation’s economy to expand at 6.7% in calendar 2024, and 6.4% in 2025. The current year’s downgrade factors a 35% year-on-year contraction in government expenditure during the April-June quarter that coincided with the weeks-long general election, the US bank’s economist led by Santanu Sengupta wrote in a report Friday. India’s growth next year will be hampered by the government’s commitment in the budget to bring down the fiscal deficit to below 4.5% of gross domestic product. Expansion will also face headwinds from slower real consumption growth, driven by a slowdown in household credit due to the Reserve Bank of India’s stricter rules to control unsecured lending by banks, the economists said.

Federal Reserve Chair Jerome Powell laid the groundwork Friday for interest rate cuts ahead, though he declined to provide exact indications on timing or extent.