Bank of England hikes by 50 basis points, says UK may already be in recession
The Bank of England voted to raise its base rate to 2.25% from 1.75% Thursday, lower than the 0.75 percentage point rise that had been expected by many traders.
Financial News
Russia’s Putin announces partial military mobilization, drafts 300,000 reservists to send to Ukraine
Putin has put the Russian people and economy on a wartime footing as Moscow’s invasion of Ukraine continues.
Ether drops 15% since major Ethereum network upgrade as traders take profits and fret over rate hikes
Ether has fallen more than bitcoin since the Ethereum network underwent a huge upgrade called the merge.
India’s rice export ban: The Asian countries set to be hit hard — and those that’ll profit
Philippines, followed by Indonesia, stood out as the countries most vulnerable to India’s rice export ban the ban, according to Nomura.
Cramer’s week ahead: FedEx’s warning shows the Fed is further along in fighting inflation than expected
Cramer also previewed next week’s slate of earnings.
Germany promised Ukraine weapons but hasn’t delivered. Now, anger toward Berlin is rising
Germany’s reticence has prompted critics to look for ulterior motives for its reluctance — with some citing World War II.
‘I accept being ordinary’: China’s youth are turning their backs on hustle culture
Young people in China are growing disillusioned and frustrated with work and life, and some are now turning their backs on a crushing hustle culture.
Right-wing parties win Swedish election in historic political overhaul
Once a fringe party shunned by the political establishment, the far-right Sweden Democrats now stand on the cusp of influencing over government policy.
UK inflation rate unexpectedly dips to 9.9% as fuel prices decline
U.K. inflation slowed in August on the back of a fall in fuel prices, though food prices continued to rise as the country’s cost of living crisis persists.
Russia’s defeats in Ukraine have strategists worried about Moscow’s next move
Moscow now faces a “stark choice,” according to one strategist: face humiliating defeat and sue for peace, or resort to more extreme measures.