From the Fed to the currency crisis in Europe, here’s what’s behind this sell-off in the financial markets:

Stocks fell sharply, bond yields rose and the dollar strengthened Friday as investors heeded the Federal Reserve’s signal that the battle with inflation could lead to much higher interest rates and a recession. The sell-off was global on Friday, in a week in which the Fed raised interest rates by another three-quarters of a point … Read more

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

British pound plunges, bonds fall after tax cut announcement

Sterling hit its lowest level since July 1, 2020. Matt Cardy | Getty Images The controversial British pound fell 3% against the dollar on Friday after the new British government announced a radical economic plan to boost growth. Sterling had fallen to $1.0923 at 4:20 p.m. London time, increasing the losses it incurred after the … Read more

Turkey cuts interest rates again despite 80% inflation

The number of Russian tourists to Europe dropped dramatically during the summer, but rose in several other destinations, including Turkey (here). Onur Dogman | Sopa images | Light rocket | Getty Images Turkey’s central bank surprised markets again with its decision Thursday to cut its key interest rate, despite inflation in the country soaring above … Read more

Investors brace for potential rate cut amid 80% inflation in Turkey

An electronic board displays exchange rate information at a currency exchange office in Istanbul, Turkey on Monday, August 29, 2022. Nicole Tung | Bloomberg | Getty Images The Turkish lira hit a new all-time low on Thursday, trading at 11:30 am at 18,377 against the dollar in Istanbul, continuing its downward decline of more than … Read more

Asia’s emerging economies will grow faster than China’s

Chinese workers work on a construction site at sunset in Chongqing, China. Getty Images Asia’s emerging economies may be showing signs of recovery, but the Asian Development Bank (ADB) cut its growth forecasts for them again – thanks to China’s protracted zero-covid policy. But this will be the first time in more than three decades … Read more

2-year government bond yields above 4% for the first time since 2007

Two-year Treasury yields topped 4% for the first time since 2007 on Wednesday, as traders bet the Federal Reserve has much more to do in raising interest rates to fight inflation. The policy-sensitive 2-year Treasury rose by 4 basis points to 4.006%, a level not seen since October 2007. Meanwhile, the return on the benchmark … Read more

What to expect at the next Bank of Japan (BOJ) meeting as the yen falls?

The Japanese yen is hovering close to its weakest level since 1998, and authorities have suggested taking action to stem the currency’s decline. Ahead of the Bank of Japan’s rate decision later this week, CNBC is looking at whether Japan’s central bank could move away from its ultra-easy monetary policy as the Federal Reserve maintains … Read more

Disney World fans say theme park ‘lost its magic’

According to a new study, Disney World fans say the Orlando, Florida-based theme park has “lost its magic” due to rising ticket prices. The majority of respondents to a survey conducted by gambling website Time2play complained that a Disney World vacation is too expensive for families. A ticket to Disney World’s Magic Kingdom in 1971 … Read more

Egypt’s Suez Canal to raise transit tariffs by 15% by 2023

Egypt announced on Saturday that it will increase transit tariffs for all types of ships passing through the Suez Canal by 2023. According to a statement from the Suez Canal Authority, transit fees for tankers passing through the canal will increase by 15%. The increase for dry bulk carriers and tourist ships is 10%. The … Read more