By Kevin Yao and Ellen Zhang BEIJING (Reuters) -China’s economy showed surprising resilience in August, with faster-than-expected growth in factory output and retail sales shoring up the recovery from the effects of COVID and heatwaves, but a deepening property slump weighed on the outlook. The better-than-expected figures show the world’s second-largest economy is gaining some…
BEIJING (Reuters) -China’s property sector contracted further in August, with falls in home prices, investment and sales, official data showed on Friday, as a mortgage boycott, widespread COVID lockdowns and a weak economy clouded confidence in the sector. Once a key driver of economic growth, China’s property market has lurched from crisis to crisis since…
FedEx said Thursday it is shuttering storefronts and corporate offices while putting off new hires in a belt-tightening drive brought on by drop-off in its global package delivery business. The company based in Memphis, Tennessee, warned it will likely miss Wall Street’s profit target for its fiscal first quarter that ended Aug. 31. And it…
By Rae Wee SINGAPORE (Reuters) – The dollar eased from multi-year highs on Friday after a strong rally earlier in the week, though expectations that the Federal Reserve would need to hike more to keep inflation in check sent Treasury yields higher and kept the greenback in demand. The towering dollar pushed the offshore yuan…
By Jonathan Stempel NEW YORK (Reuters) – A group of medical professionals that advocates against “radical, divisive, and discriminatory ideology” in healthcare sued Pfizer Inc on Thursday, saying the drugmaker runs a fellowship that illegally excludes white and Asian-American applicants. In a complaint filed in Manhattan federal court, the plaintiff Do No Harm called Pfizer’s…
By Stephen Culp NEW YORK (Reuters) – Wall Street ended sharply lower on Thursday, extending its losses in late afternoon trading as a raft of economic data failed to alter the expected course of aggressive tightening by the Federal Reserve amid growing warnings of global recession. The sell-off gathered momentum toward the end of the…
WASHINGTON (AP) — Average long-term U.S. mortgage rates climbed over 6% this week for the first time since the housing crash of 2008, threatening to sideline even more homebuyers from a rapidly cooling housing market. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate rose to 6.02% from 5.89% last week. The long-term average…
Boeing officials said Thursday they will find new buyers for some Boeing 737 Max jets that were built for Chinese airlines but can’t be delivered because China’s aviation regulator has not cleared the plane to fly after two deadly crashes. Boeing hopes the move will reduce its inventory of undelivered Max jets, which built up…
By Sinéad Carew NEW YORK (Reuters) – Wall Street indexes were firmly in the red after a choppy start to Thursday’s session while bond yields rose as investors digested economic data that provided the Federal Reserve little reason to ease its aggressive interest rate hiking cycle. Oil futures tumbled more than 3% on demand concerns…
By Tom Hals WILMINGTON, Del. (Reuters) – Billionaire Elon Musk accused Twitter Inc of fraud by concealing serious flaws in the social media company’s data security, which the entrepreneur said should allow him to end his $44 billion deal for the company, according to a Thursday court filing. Musk, the world’s richest person, amended his…
