EU member states agreed to cut gas consumption by 15 percent by March next year in an attempt to show a unified front against Russia. But implementing the deal won’t be easy.
Analysts said the central bank's move met market expectations and they took heart in Powell's statements that implied the central bank could undertake smaller interest rate hikes later in 2022 after two straight super-sized increases.
Alphabet's net income fell by 14 percent to $16 billion due to inflation, conflict and advertisers pullbacks, slowing the company's growth for the first time in two years.
The closely watched monthly purchase managers' index, or PMI, by S&P Global fell from 52.0 in June to 49.4, below the 50-point level that indicates growth.
The crisis triggered last week could lead to snap elections held as early as September, with polls projecting a likely far-right win.
US military thinks Nancy Pelosi's visit to Taiwan "is not a good idea right now," President Biden says after China threatened to respond with "forceful measures" should the House speaker tour the Beijing-claimed island.
Pressure groups continue a weeks-long movement against rising inflation and corruption in the Central American country, saying a deal with the government to end protests was "signed under pressure."
Italy’s Prime Minister Mario Draghi announced his resignation on Thursday, paving the way for the possibility of early elections and the far-right seizing power.
Lower-income and Black and Hispanic Americans have been hit especially hard since a disproportionate share of their income goes toward essentials such as transportation, housing and food.
The rising cost of living has triggered protests across the continent. Coupled with the prospect of energy rationing, it could pave the way for more discontent.
The patience of ordinary Germans is wearing thin as the country grows increasingly vulnerable to a severe energy crisis, posing a direct challenge to the Scholz administration.
Investors sold oil positions on worries that aggressive interest rate hikes to stem inflation will sharply slow economic activity and hit oil demand.
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