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

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

US is in recession in housing market, homebuilders say

A worker drills plywood into a single-family home under construction in Lehi, Utah, on Friday, January 7, 2022. George Frey | Bloomberg | Getty Images Construction sentiment in the single-family market fell into negative territory in August as builders and buyers grapple with higher costs. The National Association of Home Builders/Wells Fargo Housing Market Index … Read more

Premium products are a priority as companies battle the cost of living

“As we make more premium drinks, it’s going to be harder for customers to replicate it at home, and we think that helps with the concept of commerce,” Starbucks CFO Rachel Ruggeri told CNBC’s “Squawk Box” on Aug. 3. Gary Hershorn / Contributor / Getty Images Personalized coffee, “prestige” skincare and “lofty” sauces and spreads … Read more

Saudi Aramco profit up 90% in second quarter amid energy price boom

An employee watches over Saudi Aramco’s oil mill in Abqaiq, Saudi Arabia October 12, 2019. Maxim Shemetov | Reuters Saudi oil giant Aramco on Sunday reported a staggering 90% increase in second-quarter net income and record half-year results as high oil prices continue to drive historic windfalls for “Big Oil.” Aramco said strong market conditions … Read more

How Sri Lanka’s economic collapse is raising alarm bells for other emerging markets

In the 2010s, Sri Lanka had one of the fastest growing economies in Asia. Things took a 180-degree turn at the end of the decade as the country’s economy faltered. In May 2022, the government defaulted on its debts for the first time in history. As inflation continued to spiral out of control, with a … Read more

Ultra-rich still shop for luxury despite inflation, recession fears

Prices for food, gas and travel have skyrocketed in the past year, but the wealthy seem to be shrugging this off and are still driving sales at luxury companies, where sneakers can cost $1,200 and sports cars can easily surpass $300,000. Companies targeting the ultra-wealthy, including Ferrari and Dior’s parent companies, Louis Vuitton and Versace, … Read more

CapitaLand Investment says investment is slowing amid economic red flags

Real estate investors are now being “careful and cautious” in allocating capital in the face of growing economic uncertainty around the world, said leading Singaporean real estate investment manager CapitaLand Investment. Thursday’s half-year financial results showed CapitaLand Investment’s first-half profit fell 38% to $433 million Singapore dollars ($316 million) as a result of a slower … Read more

Fed expected to stick to aggressive rate hikes, strategists say

Market strategists say the Federal Reserve is unlikely to change its aggressive rate hikes, despite positive signs this week that US inflation could ease. On Thursday, the producer price index fell surprisingly 0.5% in July from the previous month, compared to an estimate of 0.2% gain, according to a Dow Jones survey. Year-over-year, the index … Read more

Here the real estate problems in China can spill over

According to Moody’s, China’s real estate sector accounts for more than a quarter of the national GDP. Pictured here is a residential complex under construction on December 15, 2021 in Guizhou Province. Cost photo | Future publication | Getty Images BEIJING — China’s real estate problems could spill over into other major sectors if the … Read more

Economy contracts up 0.1% in second quarter

Shoppers walk through the rain on Oxford Street in London. Tolga Akmen/AFP/Getty Images The UK economy contracted in the second quarter of 2022, as the cost of living crisis hit the country. Official figures released Thursday showed gross domestic product (GDP) contracted by 0.1% quarter on quarter in the second three months of the year, … Read more