U.S. 30-year fixed-rate mortgage plunges to lowest since May 2023, Freddie Mac says

By Makailah Gause NEW YORK (Reuters) – The average rate on the popular U.S. 30-year mortgage plunged to its lowest level since May 2023 this week, following days of market turbulence resulting from last week’s softer-than-expected employment report. The 30-year fixed-rate mortgage averaged 6.47% during the week ending Aug. 8, down from 6.73% in the…

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Exclusive-US to lift ban on offensive weapons sales to Saudi Arabia, sources say

By Humeyra Pamuk, Patricia Zengerle and Steve Holland WASHINGTON (Reuters) – The Biden administration has decided to lift a ban on U.S. sales of offensive weapons to Saudi Arabia, three sources familiar with the matter told Reuters on Friday, reversing a three-year-old policy to pressure the Kingdom to wind down the Yemen war. The administration…

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Global economy’s growing resilience at odds with rate cut expectations: Reuters poll

By Hari Kishan BENGALURU (Reuters) – Optimism about global growth prospects this year and next is building among hundreds of economists polled by Reuters, with risks still tilted toward higher inflation even as they cling on to their forecasts for interest rate cuts.  While most major central banks were successful last year in taming sky-rocketing…

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McDonald’s posts surprise drop in quarterly global sales as spending slows

(Reuters) -McDonald’s reported a surprise drop in quarterly global comparable sales on Monday, as the burger giant struggled to hold back budget-strapped customers from opting for cheaper meals at home. Global sales fell 1% in the second quarter, its first decline in 13 quarters, compared with analysts’ average estimate of a 0.53% rise, according to…

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Abbott shares slide after trial verdict, weigh on rival Reckitt Benckiser

(Reuters) -Abbott Laboratories’ shares fell nearly 7% premarket, while British peer Reckitt Benckiser slumped 9% on Monday, after the U.S. healthcare firm was ordered to pay $495 million in damages related to its formula for premature infants. A jury late on Friday found Abbott’s specialized formula for premature infants caused an Illinois girl to develop…

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