UK inflation hits 10% as cost of living crisis accelerates

UK inflation hits 10% as cost of living crisis accelerates

Annual consumer price inflation reached 10.1% in July, according to data released by the Office for National Statistics on Wednesday, up from 9.4% in June. Rising food prices — up 12.7% since July 2021 — were the biggest contributor to the acceleration in inflation, the ONS said. The headline inflation rate was higher than forecast … Read more

UK inflation hits new 40-year high of 10.1%

UK inflation hits new 40-year high of 10.1%

Liz Truss and Rushi Sunak at The Sun’s Showdown: The Fight for No10, the last live debate for Conservative Party leaders. The next prime minister will face a historic cost of living crisis as food and energy prices rise and real incomes shrink. Dominic Lipinski | Dad Pictures | Getty Images LONDON — UK inflation … Read more

UK workers take biggest blow to real wages since record start

UK workers take biggest blow to real wages since record start

According to data from the Office for National Statistics released Tuesday, average real wages – which explain inflation – fell 3% between April and June compared to the same period last year. “The real value of wages continues to fall. Excluding bonuses, it is still falling faster than ever since comparable records began in 2001,” … Read more

China heat wave: Sichuan closes factories to save energy

China heat wave: Sichuan closes factories to save energy

Sichuan is a major manufacturing site for the semiconductor and solar panel industries, and power rationing will hit factories belonging to some of the world’s largest electronics companies, including Apple (AAPL) supplier Foxconn and Intel (INTC). The province is also China’s hub for lithium mines — a key component of electric car batteries — and … Read more

Economy resists sanctions attack for now

Economy resists sanctions attack for now

Russian President Vladimir Putin meets with the head of the Federal Financial Control Service (Rosfinmonitoring) Yury Chikhanchin at the Kremlin in Moscow, Russia, June 27, 2022. Mikhail Metzel | Kremlin | Sputnik | via Reuters Russia’s economy shrank in the second quarter — the first full three months since Ukraine’s invasion of Ukraine — and … Read more

Recession is spreading, warns Peter Boockvar

Recession is spreading, warns Peter Boockvar

There may be no escaping the recession. According to investor Peter Boockvar, the latest housing and manufacturing reports suggest it is quickly spreading to other parts of the economy. “People are not sensitive enough to this economic slowdown and what it will mean for corporate profits and profit margins,” Bleakley Advisory Group’s chief investment officer … Read more

Michael Burry dumps stock portfolio after market crash warnings

Michael Burry dumps stock portfolio after market crash warnings

Michael Burry’s Scion Capital Management dumped its entire equity portfolio in the second quarter as the legend of the ‘Big Short’ hedge fund raised its warnings of an impending stock market crash, a filing showed Monday. Scion sold its long positions on 11 companies in the second quarter, including bullish bets on Google parent Alphabet, … Read more

The US Economy Didn’t Get the Recession Memo

The US Economy Didn’t Get the Recession Memo

The brutal GDP report released on July 28, showing the economy had contracted for the second quarter in a row, led some to insist that the dreaded recession had already arrived. And in a way it makes sense: since 1948, every period of successive quarters of negative growth has coincided with a recession. But the … Read more

There is ‘truth’ that China claims the US is incompetent

There is ‘truth’ that China claims the US is incompetent

Jamie Dimon thinks there is “truth” in China’s claim that the United States is “incompetent and lazy” – although he added that it was a “mistake to say America has the short straw.” Dimon, whose net worth has been put at $1.5 billion by Forbes, warned of “storm clouds” on the horizon for the US … Read more

US freight rates have peaked, another sign that inflation is slowing down

US freight rates have peaked, another sign that inflation is slowing down

Trucks at the entrance to the Port of Oakland in Oakland, California, USA, on Thursday, July 14, 2022. David Paul Morris | Bloomberg | Getty Images U.S. freight rates were up 28% year over year but fell nearly 2% month-on-month in July, a likely signal that the U.S. market has reached peak freight rates, according … Read more