Page 86 - Eco News Today

Most stock markets in the Gulf ended lower on Sunday as investors focus in on the prospects of more Federal Reserve interest rate hikes as the U.S. closes in on a deal to raise its debt ceiling.

Oman posted a budget surplus of 1.144 billion rials ($2.97 billion) to the end of 2022, the Omani state news agency said.

For President Joe Biden, a debt-ceiling victory comes with a bittersweet taste. The White House and top congressional Republican Kevin McCarthy reached a tentative deal for lifting the government’s borrowing limit on Saturday night. Each party championed the deal as a crucial step toward avoiding a sovereign default. But between broad spending caps and stricter rules for food stamps, Republicans have more to celebrate than their Democratic peers. America and its creditors, generally, have even...

U.S. and UK markets will be closed, creating potential for outsized market moves.

Pakistan will share its upcoming budget details with the International Monetary Fund (IMF) in order to unlock stalled funds, Finance Minister Ishaq Dar said on Sunday.

Turkish President Tayyip Erdogan said in his victory speech on Sunday that inflation was the most urgent issue for the country, but said it would also fall, following the policy rate that was cut to 8.5% from 19% two years ago.

U.S. Commerce Secretary Gina Raimondo raised concerns about Chinese actions against U.S. firms operating in China with Chinese Minister of Commerce Wang Wentao during a meeting on Thursday in Washington, according to a U.S. readout.

The financial regulator of China's Wuhan city publicly exposed 259 firms with debt to the government and urged them to immediately pay up, local media reported on Saturday.

Brazil Finance Minister Fernando Haddad on Friday said the country is about to enter a downward cycle of interest rates, pointing out that inflation is "more behaved."

Iraq launched a $17 billion project on Saturday to link a major commodities port on its southern coast by rail and roads to the border with Turkey, in a move designed to transform the country's economy after decades of war and crisis.