Germany on Wednesday agreed to nationalize Uniper SE, raising the government’s bill to rescue the energy giant to almost $30 billion. The move follows France’s takeover of European utility EDF last week.
European nations have put a collective $500 billion the past year into cushioning households and businesses from soaring energy prices.
First-time jobless claims rose by a modest 5,000 last week to 213,000, indicating the labor market remains tight.
On Wednesday, the Fed raised its benchmark interest rate by 75 basis points to a 3.00%-3.25% range and signaled more large increases would come. Risk assets like stocks and oil fell on the news, while the dollar rallied to a two-decade high. Wednesday marked the Fed’s third straight three-quarter-point increase, pushing borrowing costs to their highest level since 2008:
The number of foreign visitors to Japan topped 100,000 for the fifth month in August following the relaxation of strict border controls. Tourism visits to Europe, meanwhile, remain significantly below pre-pandemic levels:
Today is “Super Thursday” for central bank actions following yesterday’s U.S. rate hike:
Japan intervened in the foreign exchange market to buy yen for the first time since 1998, an attempt to shore up its battered currency after the Bank of Japan maintained ultra-low interest rates this week.
One-way flights out of Russia skyrocketed in price Wednesday after the nation’s government ordered an immediate call-up of 300,000 reservists to continue its invasion of Ukraine.
As many as 5.2 million people across the globe became millionaires last year, with nearly half in the U.S., according to Credit Suisse. The ranks of ultra-high net-worth people rose by 46,000 on widespread stock market and home-price gains.
The White House announced $2.9 billion in fresh assistance to address global food insecurity brought by Russia’s invasion of Ukraine.
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