London CNN Business — There was good news and bad in Friday’s revised data about the UK economy. It grew — marginally — in the second quarter of the year, rather than shrinking as previously estimated. But the latest update from the Office for National Statistics also showed that the United Kingdom is the only […]
New York CNN — US officials are increasingly troubled by the United Kingdom’s proposal to slash taxes at a time of crushing inflation, a plan that has ignited turbulence in financial markets. UK Prime Minister Liz Truss’s tax-cut plan has drawn criticism from economists and investors and prompted the Bank of England to calm panicked […]
London CNN Business — A week ago, the Bank of England took a stab in the dark. It raised interest rates by a relatively modest half a percentage point to tackle inflation. It couldn’t know the scale of the storm that was about to break. Less than 24 hours later, the government of new UK […]
New York CNN Business — Warning lights are flashing in the global economy as high inflation, drastic rate hikes and the war in Ukraine take their toll. There is currently a 98.1% chance of a global recession, according to a probability model run by Ned Davis Research. The only other times that recession model was […]
This story is part of CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. New York CNN Business — After tumbling to a record low against the dollar, the British pound stabilized Tuesday, rising more than 1% to $1.08. But the economic policy that sparked the currency’s historic nosedive […]
New York CNN Business — So much for turnaround Tuesday on Wall Street. Stocks finished a volatile day mixed after rallying at the open. The Dow and S&P 500 are at their lowest levels since November 2020 and are both on a six-day losing streak. The Dow, which slid deeper into a bear market, fell […]
New home sales bounced back in August despite high prices and rising mortgage rates that have pushed some buyers away. Sales of newly constructed homes jumped 28.8% in August from July and were down just 0.1% from a year ago, according to a joint report from the US Department of Housing and Urban Development and […]
New York CNN Business — Lisa Altman used to take pride in being able to eat what she wanted without worrying much about the cost. When she was growing up, seconds weren’t served and side dishes were rare. “My mom had a budget every week, and she stuck to it,” she said. “As I got […]
Americans looking to buy or rent a home have had a rough year. Rents are up by double-digit percentages in some cities. Meanwhile, buying a home is the most unaffordable it has been since the mid-1980s. Mortgage rates have surpassed 6% and home prices remain just off the record highs hit in recent months, pricing […]
New York CNN Business — Well, it was nice while it lasted. After sinking every day for more than three months, US gas prices edged higher — by a penny — to $3.68 a gallon, on average Wednesday, according to AAA. That ends 98 consecutive days of falling pump prices, the second-longest such streak on […]
