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September 12, 2024

Oil Rises for Second Day as Storm Hits Gulf, Algo Selling Slows

(Bloomberg) -- Oil gained for the second straight day after storm Francine disrupted crude production in the Gulf of Mexico and algorithm-driven traders took a break from sharp selling in recent sessions. Most Read from BloombergHow Americans Voted Their Way Into a Housing CrisisFor Tenants, AI-Powered Screening Can Be a New Barrier to HousingHousing’s Worst Crisis in Decades Reverberates Through 2024 RaceAfter a Record Hot Summer, Pressure Grows for A/C MandatesChicago Halts Hiring as Deficit T

September 12, 2024

The Palestinian economy is in free fall and will require billions to rebuild, the UN says

The Palestinian economy is “in free fall,” the United Nations reported Thursday, with production in Gaza plunging to one-sixth of its level before Israeli forces began a blistering military response to the Oct. 7 attacks in the territory. The report from UN Trade and Development, or UNCTAD, also warned of “rapid and alarming economic decline" in the West Bank, citing expanded Israeli settlements, land confiscations, demolition of Palestinian buildings and violence by settlers. The report made no mention of corruption in Palestinian institutions.

September 12, 2024

IMF says appropriate for U.S. Fed to start easing cycle as economy slows

The International Monetary Fund said on Thursday it was appropriate for the U.S. Federal Reserve to begin a long-awaited monetary easing cycle at its meeting next week as upside risks to inflation have subsided. IMF spokesperson Julie Kozack told a regular news briefing that the IMF expected the U.S. economy to slow over the rest of the year, and that this would be reflected in its updated World Economic Outlook forecasts in October.

September 12, 2024

Pakistan Cuts Rates to Revive Economy as Inflation Cools

(Bloomberg) -- Pakistan cut its benchmark interest rate for a third consecutive meeting as slowing inflation gave policymakers space to revive economic growth.Most Read from BloombergHow Americans Voted Their Way Into a Housing CrisisFor Tenants, AI-Powered Screening Can Be a New Barrier to HousingHousing’s Worst Crisis in Decades Reverberates Through 2024 RaceAfter a Record Hot Summer, Pressure Grows for A/C MandatesChicago Halts Hiring as Deficit Tops $1 Billion Through 2025The State Bank of P

September 12, 2024

Gold Climbs to a Record as US Data Bolster Fed Rate Cut Case

(Bloomberg) -- Gold climbed to a record after another faster-than-forecast US inflation print and an uptick in applications for unemployment benefits did little to alter bets that the Federal Reserve will cut interest rates next week. Most Read from BloombergHow Americans Voted Their Way Into a Housing CrisisFor Tenants, AI-Powered Screening Can Be a New Barrier to HousingHousing’s Worst Crisis in Decades Reverberates Through 2024 RaceAfter a Record Hot Summer, Pressure Grows for A/C MandatesChi

September 12, 2024

Oil prices climb 1% on concern about hurricane's impact on US output

(Reuters) -Oil prices rose more than 1% on Thursday, extending a rebound spurred by concern over Hurricane Francine's impact on U.S. output, though a gloomy demand outlook capped gains. Brent crude futures for November were up 95 cents, or 1.4%, to $71.56 a barrel by 1322 GMT. U.S. crude futures for October rose $1.02, or 1.5%, at $68.33.

September 12, 2024

Putin’s Ministers See a Rosy Economic Future Amid War, Sanctions

(Bloomberg) -- The government’s latest predictions for Russia’s economy through the rest of President Vladimir Putin’s current term suggest it will be in good shape by the next election. The optimism may be too good to be plausible amid intensifying sanctions and Russia’s continuing war on Ukraine. Most Read from BloombergHow Americans Voted Their Way Into a Housing CrisisFor Tenants, AI-Powered Screening Can Be a New Barrier to HousingHousing’s Worst Crisis in Decades Reverberates Through 2024

September 12, 2024

Where Money Managers See Dollar Going as Fed Cuts, US Votes

(Bloomberg) -- All signs point to a tough few months ahead for investors charting the dollar’s path, after the US presidential debate and a key inflation reading left markets anticipating heightened volatility through year-end.Most Read from BloombergHow Americans Voted Their Way Into a Housing CrisisFor Tenants, AI-Powered Screening Can Be a New Barrier to HousingHousing’s Worst Crisis in Decades Reverberates Through 2024 RaceAfter a Record Hot Summer, Pressure Grows for A/C MandatesChicago Hal

September 12, 2024

Wholesale inflation mostly cooled last month in latest sign that price pressures are slowing

U.S. wholesale price increases mostly slowed last month, the latest evidence that inflation pressures are cooling enough for the Federal Reserve to begin cutting interest rates next week. The Labor Department said Thursday that its producer price index — which tracks inflation before it reaches consumers — rose 0.2% from July to August. Excluding food and energy prices, which tend to fluctuate from month to month, so-called core wholesale prices moved up 0.3% from July and have risen 2.3% from August 2023.

September 12, 2024

US filings for unemployment benefits inch up slightly but remain historically low

Slightly more Americans filed for unemployment benefits last week, but layoffs remain at historically low levels despite two years of elevated interest rates. Jobless claims rose by 2,000 to 230,000 for the week of Sept. 7, the Labor Department reported Thursday. Weekly filings for unemployment benefits, considered a proxy for layoffs, remain low by historic standards, though they are up from earlier this year.

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