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The bank joins a growing wave of experts warning the economy will endure more pain than previously expected as the Fed works to ease decades-high inflation.
Asian equities were mixed as Taiwan had a strong day, the Philippines underperformed, and Thailand had a market holiday for Asarnha Bucha Day, which according to Google, is a Theravada Buddhist festival.
If the old orthodoxy has any sway left in the modern economic landscape it aims for balanced growth. For a while there it did great until the global financial crisis blew a hole in it.
Bosch, Europe’s largest auto supplier, said it expects global bottlenecks because of a shortage of auto chips to continue into 2023. Automakers have been bracing themselves for continuing problems because of a chip shortage, but there have been reports this shortage could quickly turn into a glut.
Russia has found alternate demand sources for its oil & gas faster than Europe could find new sources of supply. It may use its leverage to extract additional pain in the West by refusing to reopen the Nord Stream 1 pipeline that is currently shut down for "scheduled maintenance."
The euro and the U.S. dollar are equal for the first time in 20 years, as Russia threatens to cut off gas to the west and inflation rates soar, sparking fears of a European recession.