Economic News
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Yellen tells Congress US expected to hit debt limit Thursday
Treasury Secretary Janet Yellen has notified Congress that the U.S. is projected to reach its debt limit on Thursday and will then resort to “extraordinary measures” to avoid default
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UK economy grows unexpectedly by 0.1% amid strong services
The U.K. economy grew unexpectedly in November as the tight job market increased demand for employment services and soccer’s World Cup boosted hospitality
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China's trade surplus swells to $877.6B as exports grow
China’s trade surplus swelled to a record $877.6 billion in 2022 as exports rose 7% despite weakening U.S. and European demand and anti-virus controls that temporarily shut down Shanghai and other industrial centers
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Asian markets mostly higher, tracking Wall Street gains
Shares have advanced in Asia after news that U.S. consumer inflation slowed last month pushed Wall Street benchmarks higher
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Asian shares mixed ahead of key US inflation data
Asian shares are mixed ahead of a closely watched report on U.S. inflation viewed as a good indicator of whether Wall Street’s recent rising optimism is warranted or overdone
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Individual creditor names remain secret in FTX bankruptcy
The judge presiding over the bankruptcy of cryptocurrency exchange FTX Trading is allowing the company to maintain a veil of secrecy over the names of individual customers and creditors
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Can US avoid a recession? As inflation eases, optimism rises
For months, the outlook for the U.S. economy has been a mostly bleak one: Inflation hitting a four-decade high, consumer spending weakening, interest rates surging
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Davos report: Cost-of-living crisis overshadows climate
A report by the World Economic Forum says climate change is the global economy’s biggest long-term challenge but one the world is least prepared to tackle because of short-term problems led by a cost-of-living crisis
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Asia stocks echo Wall Street rally as inflation report looms
Asian shares are trading higher, boosted by a rally on Wall Street that came ahead of some potentially market-moving reports scheduled for later in the week
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Powell: Fed has only narrow role to play on climate change
The Federal Reserve has only a limited role to play in combating climate change, Chair Jerome Powell said Tuesday, a stance that puts him at odds with environmental activists who have pushed central banks worldwide to take steps to restrict lending to energy companies
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