As Savings Slowly Shrink, Consumer Spending Is on Borrowed Time
Economy The Outlook For now, spending remains strong as consumers use hoard of savings to catch up on experiences they missed during the pandemic Source link
shrink
China’s exports shrink unexpectedly in October from COVID curbs, rising inflation and interest rates
China’s exports and imports unexpectedly contracted in October, the first simultaneous slump since May 2020, as surging inflation and rising interest rates hammered global demand while new COVID-19 curbs at home disrupted output and consumption. The bleak October trade figures highlight the challenge for policymakers in China as exports had been one of the few … Read more
Russia’s budget surplus evaporates as energy revenues shrink
Russia’s budget surplus for 2022 has almost evaporated after a sharp drop in energy exports during August led to a monthly deficit of as much as Rbs360bn ($5.9bn). Russia recorded a surplus of almost Rbs500bn in the first seven months of the year. But the cumulative total fell to only Rbs137bn last month, suggesting a … Read more
Oil ends higher as Iran deal remains elusive, U.S. crude stockpiles shrink (NYSEARCA:USO)
SlavkoSereda/iStock via Getty Images Crude oil closed at its highest levels in nearly a month after a volatile session Wednesday, propelling energy equities to the top of the day’s S&P sector leaderboard. Front-month Nymex WTI crude oil (CL1:COM) for October delivery ended +1.2% to $94.89/bbl, matching the gain in the top energy sector ETF (NYSEARCA:XLE), … Read more