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Dow Falls More Than 500 Points as Wall Street Grapples With Recession Fears

Stocks fell on Tuesday as concerns about a possible recession in the U.S. weighed on investor sentiment. The Dow Jones Industrial Average fell about 600 points, or about 1.9%. The S&P 500 dipped 1.9%, and the tech-heavy Nasdaq Composite shed about 1.5%. The market has dropped in four of the past five weeks, and the S&P 500 is more than 20% below its record high. Concerns about economic growth are hanging over investors as the U.S. market looks to recover after a rough first half to the year. Some economists believe U.S. GDP declined for both quarters to start the…

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Gold Slips on Dollar Gains, Dips Below $1,800 on Recession Risks

People browsing gold jewelry in Istanbul on May 05, 2022. Gold prices were largely unchanged on Tuesday as investors stayed away due to a softening inflation outlook and impending interest rate hikes from top central banks. Burak Kara | Getty Images News | Getty Images Gold fell on Tuesday pressured by rate hike expectations and a stronger dollar, and dipped below a key support level of $1,800 an ounce amid growing recession fears. Spot gold fell 1.9% to $1,774.19 per ounce as U.S. gold futures dropped 1.52% to $1,774.1. The dollar firmed near two-decade peaks, making gold less attractive for…

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US Technically in a Recession? Breaking Down Atlanta Fed Numbers and Potential Impact

Money / Economy claffra / Getty Images/iStockphoto Fears of a U.S. recession moved from the worry stage to the reality stage late last week, according to a Federal Reserve tracker that says the recession has already begun. See: 10 Things You Should Always Buy at WalmartFind: 20 Best Places To Live on Only a Social Security Check The Federal Reserve Bank of Atlanta’s GDPNow tracker now predicts that second-quarter GDP will decline by 2.1%. That’s a reversal from the tracker’s early June prediction that second-quarter GDP would increase 0.3%, as reported by CNBC. A dip in the Q2 economy, coupled…

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Raising Interest Rates Is the Wrong Solution to the Inflation Problem

Raising interest rates to tame demand and therefore inflation is not the right solution as high prices have been mainly driven mainly by supply chain shocks, MBMG Group managing partner Paul Gambles told CNBC. "Supply is very difficult to manage, we are finding across a whole bunch of industries, a whole bunch of businesses, they're having very different challenges just turning the taps back on," he said. "And the Fed are the first ones to put up their hands and say monetary policy can't do anything about supply shock. And then they go and raise interest rates," he added. Raising…

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Euro Slides to Two-Decade Low as Recession Fears Mount

LONDON, July 5 (Reuters) - The euro sank to its weakest since late 2002 versus the dollar on Tuesday, as a jump in natural gas prices reignited worries about the euro zone economy and data showed business growth in the region slowed sharply in June.After the U.S. markets were closed for a holiday on Monday, Tuesday was proving to be a much more volatile session, with stocks reversing early gains and euro zone bond yields falling as investors sought out safety in government debt.News that Norwegian offshore workers began a strike on Tuesday that will reduce oil and gas output…

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Zimbabwe to Introduce Gold Coins as Local Currency Tumbles

HARARE, July 5 (Reuters) - Zimbabwe's central bank said it would start selling gold coins this month as a store of value to tame runaway inflation, which has considerably weakened the local currency.The central bank governor John Mangudya said in a statement on Monday that the coins will be available for sale from July 25 in local currency, U.S. dollars and other foreign currencies at a price based on the prevailing international price of gold and the cost of production.The "Mosi-oa-tunya" coin, named after Victoria falls, can be converted into cash and be traded locally and internationally, the central bank…

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ECB’s Nagel Warns Crisis-Tool Use Can Lead to ‘Dire Straits’

(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.Most Read from BloombergThe European Central Bank should be cautious about deploying tools to contain the borrowing costs of weaker nations, Bundesbank President Joachim Nagel said.In his first remarks on the matter since the ECB accelerated work on a crisis instrument, the German policy maker said officials should apply such measures only in “exceptional circumstances and under narrowly defined conditions.”He also observed that it’s “virtually impossible” to establish whether a widened spread between euro-area members is justified.“I would thus caution against using monetary-policy…

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Turkey’s Inflation Spirals Toward Peak That Barclays Sees at 88%

(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.Most Read from BloombergOne of the world’s worst inflation crises closed in further on another grim milestone in Turkey, and government efforts to help the population cope with the fallout only threaten to make it worse.Price growth has been in the double digits almost without interruption since the start of 2017, but it exploded this year near a quarter-century high on the back of soaring energy and other commodity costs.Data on Monday showed annual inflation accelerated for a 13th straight month to 78.6%…

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Traders Face Showdown With Bank of Japan as Policy Rips Assets

(Bloomberg) -- The yen sinking to even deeper lows. Short sellers driving Japanese bond yields through the central bank’s target. Stocks on a rollercoaster ride and credit investors running for the sidelines.Most Read from BloombergThese are some of the scenarios investors envisage as Haruhiko Kuroda doggedly clings to ultra-low interest rates in his final nine months as Bank of Japan governor. His clash with markets looks set to intensify as runaway inflation forces global rates higher while he tries to resist long enough to entrench price gains in Japan.“It all comes down to the BOJ’s policy and the weakness of…

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World Bank Says Recession Will Be ‘Hard to Avoid’ for Many Countries

Malpass joins many others on Wall Street and at central banks around the globe who are starting to warn about a sharp economic downturn. JPMorgan Chase (JPM) CEO Jamie Dimon referred to an economic "hurricane" on the horizon last week while Tesla's (TSLA) Elon Musk has said he has a "super bad feeling" about the economy.The reasons for the gloom? Malpass said in the World Bank's latest outlook Tuesday that "the war in Ukraine, lockdowns in China, supply-chain disruptions and the risk of stagflation are hammering growth."Stagflation, the combination of stagnant economic growth and high inflation, has become a major…

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Banks Get Burned by Risky Debt, Imperiling Buyout Activity: WSJ

By Laura Cooper July 3, 2022 9:03 am ETListen to article(2 minutes)Investment banks are facing big losses on leveraged buyouts they agreed to finance before markets soured, further chilling the outlook for deal activity.Bank of America

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