Page 55 - Eco News Today

Turkey's central bank is expected to raise its policy rate sharply on Thursday in a strong signal that re-elected President Tayyip Erdogan has accepted some steps toward economic orthodoxy to address inflation that has soared under his watch.

British inflation defied forecasts of a fall in May and stayed far above price growth in the United States and elsewhere in Europe, pressuring the Bank of England to keep on raising interest rates despite the growing hit to mortgage-holders.

Egypt's Suez Canal Authority has seen revenues reach a record $9.4 billion in the current financial year, which ends on June 30, up from $7 billion in the previous year, Chairman Osama Rabea said on Wednesday.

Raising U.S. bank capital requirements to guard against future losses could increase the cost of credit but that may be justified to ensure the U.S. banking system is safe, Federal Reserve Chair Jerome Powell told Congress on Wednesday.

A quarter of workers surveyed by PwC expect to change jobs in the next 12 months, up from 19% last year, as they are increasingly left cash-strapped in a cooling economy while dealing with inflationary pressures.

British food manufacturers reported the first drop in their production costs since 2016 in May as lower commodity and energy prices and cheaper shipping outweighed a jump in wage bills, a Lloyds Bank report showed on Tuesday.

Australia's unemployment rate needs to rise to help contain inflation and avoid higher interest rates and a deep recession, a top central banker warned on Tuesday, after data showed little loosening in a still drum-tight labour market.

A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist.

Global oil prices fell on Monday, backing off last week's gains as questions over China's economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States.

Most stock markets in the Gulf fell in early trade on Monday, tracking oil prices lower, as concerns over China's faltering economic growth outweighed support from OPEC+ production cuts.