Editor’s Note: A version of this story appeared in CNN’s Meanwhile in China newsletter, a three-times-a-week update exploring what you need to know about the country’s rise and how it impacts the world. Sign up here. Hong Kong CNN — When Xi Jinping came to power in 2012, he inherited a country at a crossroads. … Read more
This story is part of CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. New York CNN Business — The Nobel in economics is sort of the step-cousin of the Nobel family. It came about nearly 70 years after its literature and sciences counterparts, in 1969, and is technically … Read more
Editor’s Note: Gad Levanon is the chief economist at the Burning Glass Institute. He’s the former head of The Conference Board’s Labor Market Institute. The opinions expressed in this commentary are his own. To many economists and analysts, the US economy has represented a paradox this year. On the one hand, GDP growth has slowed … Read more
After rising for six weeks in a row, mortgage rates retreated last week. The 30-year fixed-rate mortgage averaged 6.66% in the week ending October 5, down from 6.70% the week before, according to Freddie Mac. Mortgage rates have more than doubled since the start of this year as the Federal Reserve continues its unprecedented campaign … Read more
This story is part of CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. New York CNN Business — All week, there have events in the news that have come in under of the banner of “this hasn’t happened since 2007/2008.” Yields on the 10-year Treasury briefly surpassed 4%, … Read more
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 … Read more
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 … Read more
Berlin/London CNN Business — Germany is nationalizing Uniper, its biggest importer of natural gas, as part of an €8 billion ($7.9 billion) plan to prevent an energy shortage this winter. Europe has been hit by soaring natural gas and electricity prices as a result of Russia’s invasion of Ukraine and its throttling of gas supplies. … Read more
CNN Business — Another month of falling gas prices gave Americans’ wallets a bit of a reprieve in August. That sent consumers back to stores last month. The Census Bureau reported Thursday that a key measure of August US retail sales rose unexpectedly by 0.3% on a monthly basis, following a revised decrease of 0.4% … Read more
New York CNN Business — The kids, the grandparents, the babysitter, maybe your favorite aunt or uncle. That’s it. You can blame inflation for families knocking friends, co-workers and extended families off your holiday gift lists this year. Persistent inflation – consumer prices increased by 8.5% in July over last year – has reshaped how … Read more