Dow plunges low to 2022 on fear of recession in global markets

BEIJING — Shares fell sharply worldwide on Friday on concerns that an already slowing global economy could slide into recession as central banks ramp up pressure with additional rate hikes. The Dow Jones Industrial Average fell 1.6%, closing at its lowest level since late 2020. The S&P500 fell 1.7%, close to the mid-June 2022 low, … Read more

IMF chief warns there will be ‘people on the streets’ worldwide unless measures are taken to reduce inflation

CNN — There will be “people on the streets” worldwide unless measures are taken to protect the most vulnerable from inflation, Kristalina Georgieva, the head of the International Monetary Fund (IMF), warned Wednesday. “It’s important to remember that this composite impact of multiple crises is already testing people’s patience and resilience. And if you don’t … Read more

How HSBC’s wealth manager proposes to protect your portfolio from inflation

Hong-Kong CNN Business — People around the world are looking for ways to protect themselves from the impact of stubbornly high inflation, and the rich are no exception. Nuno Matos, HSBC’s CEO of wealth and personal banking, told CNN Business that global investors “were not as active as they used to be,” with many looking … Read more

Shares fall as investors wait for Fed rate hike

New York CNN Business — So much for Wall Street sitting back and taking it easy in anticipation of the Federal Reserve’s latest interest rate decision on Wednesday. Shares fell Tuesday as investors worried about the impact of another major rate hike. The Dow fell more than 450 points, or 1.5%, in afternoon trading. The … Read more

Premarket trading: Wall Street dodged a rail strike crisis, but trouble ahead

A version of this story first appeared in CNN Business’s Before the Bell newsletter. Not a subscriber? You can sign up here. You can listen to an audio version of the newsletter by clicking on the same link. New York CNN Business — The White House announcement that a tentative deal has been reached to … Read more

BofA predicts downcycle merger outbreak

Mergers in software are about to break out. Top investment banker Rick Sherlund of Bank of America sees a wave of struggling companies putting themselves up for sale at lower prices due to the economic downturn. “You need to see more capitulation,” the vice chairman of the company’s technology investment bank told CNBC’s “Fast Money” … Read more

Interest rates: decline in household consumption is a sign that RBA will cut spot interest rates in 2023

This aggressive tightening has already increased the average variable mortgage rate in Australia by two-thirds, from 3.45 percent in April just before the first rate hike to 5.70 percent today. This is the highest variable mortgage rate since January 2013 and comes at a time when Australian mortgage holders are more indebted than ever. According … Read more

Reserve Bank of Australia review gives paper outline area for change

The Reserve Bank is facing a quirk about how it prepared Australias for rate hikes, with an independent inquiry considering a major overhaul of the institution’s operations. A publication for the review, the first independent probe since the 1990s, released Thursday, examines a wide range of potential reforms. They include a shake-up of the board, … Read more

Premarket Stocks: Ukraine’s Wins Are Exciting for Wall Street. The boost can fade quickly

A version of this story first appeared in CNN Business’s Before the Bell newsletter. Not a subscriber? You can sign up here. You can listen to an audio version of the newsletter by clicking on the same link. London CNN Business — Over the past week, Ukrainian forces have dealt a massive blow to Russia’s … Read more

The Big Threat to the U.S. Economy No One’s Talking About

This story is part of CNN Business’s Nightcap newsletter. Sign up for free to get it in your inbox, here. New York CNN Business — This Friday, tens of thousands of railroad workers are poised to go on strike, potentially bringing nearly a third of all U.S. freight to a standstill. It would be the … Read more