Oil Driller Borr Sees Wave of Shallow-Water Rigs Retiring

(Bloomberg) -- Offshore oil contractor Borr Drilling Ltd. expects almost a third of the world’s fleet of shallow-water rigs to be retired in the coming years because of their age, leading to higher daily leasing rates.Most Read from BloombergManchester Is Giving London a Run for Its MoneyBoston’s Broke and Broken Transit System Hurts Downtown RecoveryA Warehouse Store Promises Housing for South LA, in BulkBiden Invests $100 Million to Fuel Housing ConstructionThe Cross-Continental Race Using Onl

US corporate bond spreads recover on promising economic data

U.S. corporate bond spreads, the premium over Treasuries that companies pay for debt, are starting to recoup some lost ground after recent strong economic data increased hopes for interest rate cuts and calmed recession fears. Junk bond spreads finished Wednesday at 346 bps, also 3 bps tighter this week, according to the ICE BofA High Yield Index.

Oil Halts Two-Day Drop on Iran Tensions, Strong US Retail Sales

(Bloomberg) -- Oil pushed higher after a two-day drop as jitters surrounding a potential Iranian attack on Israel and a strong US economic reading overshadowed persistent demand fears.Most Read from BloombergManchester Is Giving London a Run for Its MoneyBoston’s Broke and Broken Transit System Hurts Downtown RecoveryA Warehouse Store Promises Housing for South LA, in BulkBiden Invests $100 Million to Fuel Housing ConstructionThe Cross-Continental Race Using Only Public TransitWest Texas Interme

Top Fed official says he’s open to a rate cut in September because the central bank can’t ‘afford to be late’

Atlanta Fed President Raphael Bostic said waiting to cut rates is risky.

Barbara Corcoran: Buy a home now; don’t wait for a Fed rate cut

The self-made millionaire sees home prices rising once mortgage rates fall further.

Peru’s Economic Recovery Stalls in June as Growth Comes in Below All Forecasts

(Bloomberg) -- Peru’s economic recovery suddenly stalled in June, as the economy barely grew after two months of beating expectations. Most Read from BloombergManchester Is Giving London a Run for Its MoneyBoston’s Broke and Broken Transit System Hurts Downtown RecoveryA Warehouse Store Promises Housing for South LA, in BulkBiden Invests $100 Million to Fuel Housing ConstructionThe Cross-Continental Race Using Only Public TransitThe economic activity index, a proxy for gross domestic product, ro

Steadfast US Consumer, Job Market Allay Concerns About Economy

(Bloomberg) -- Fresh readings on retail spending and unemployment benefits quelled some of the restiveness about the US economy, parts of which remain restrained by elevated interest rates.Most Read from BloombergManchester Is Giving London a Run for Its MoneyBoston’s Broke and Broken Transit System Hurts Downtown RecoveryA Warehouse Store Promises Housing for South LA, in BulkBiden Invests $100 Million to Fuel Housing ConstructionThe Cross-Continental Race Using Only Public TransitThe value of

More Fed officials line up behind September rate cut

(Reuters) -Two more Federal Reserve officials on Thursday gravitated toward an interest rate cut next month as solid economic data prompted financial markets to further scale back bets the U.S. central bank would kick off its monetary easing cycle with a bigger-than-usual reduction in borrowing costs. St. Louis Fed President Alberto Musalem and Atlanta Fed President Raphael Bostic had previously been more wary than many of their colleagues about lowering borrowing costs too soon. Recent data "has bolstered my confidence" that inflation is returning to the central bank's 2% target rate, Musalem said during an event in Louisville, Kentucky.

Gold (XAU/USD) – Repeated Attempts at a Fresh All-Time High, US Retail Sales Weigh

Pakistan's internet firewall could cost economy $300 million, association says

Pakistan's economy could lose up to $300 million due to internet disruptions caused by imposition of a national firewall, the Pakistan Software Houses Association (P@SHA) said in a press release on Thursday. Islamabad is implementing an internet firewall to monitor and regulate content and social media platforms, according local media reports. The government denies the use of the firewall for censorship.