An Iranian cargo vessel was struck early Sunday off Qeshm Island in the Strait of Hormuz, Iranian state media reported, as Tehran postponed plans to brief neighbouring countries on its contested efforts to manage shipping through the strategic waterway. The attack, which reports said killed one person and wounded four, renewed attention on the Strait of Hormuz after threats to shipping in the r
United States consumer prices accelerated in August, while a key measure of underlying inflation posted its largest increase in four months, reinforcing expectations that the Federal Reserve will raise interest rates. The Labor Department's Consumer Price Index (CPI) report on Friday followed strong readings in several components of the Producer Price Index (PPI) released on Thursday that feed
The United States Treasury Department on Wednesday said it will buy back up to US$6 billion of government debt in an operation aimed at keeping bond markets functioning. The much-anticipated announcement triples the normal buyback operation and follows a 19 August statement from Treasury Secretary Scott Bessent that the department would at least double the normal amount for already-issued secur
Major United States benchmark averages finished higher on Friday (Saturday AEST), as stronger consumer price data reinforced expectations that the Federal Reserve will raise interest rates next week to combat inflation. The Dow Jones Industrial Average rose 509.2 points, or 1%, to 52,573.3. The S&P 500 climbed 65.3 points, or 0.9%, to 7,657.0, while the Nasdaq gained 251.3 points, or 1%, to 26,
Consumer sentiment plunged in September amid heightened inflation fears, reaching its second-lowest level on record in the University of Michigan's monthly survey released Friday. The survey's headline index fell to 47.8, down 7.5% from August and 13.2% lower than a year earlier. It was the second-lowest reading in data dating back to 1952, with the record low reached in May as rising prices
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United States mortgage rates are moving towards 7% as a global bond sell-off, higher energy prices and persistent inflation concerns push borrowing costs higher, adding another hurdle for a housing market already under pressure from elevated prices and limited affordability. The average 30-year fixed mortgage rate reached 6.85% in the week ended 4 September, up six basis points from the previou
United States wholesale prices rose in August, according to data released Thursday that could play a key role in the Federal Reserve's upcoming interest rate decision. The producer price index (PPI), a measure of final demand costs for goods and services and a gauge of pipeline cost pressures, increased a seasonally adjusted 0.4% for the month, the Bureau of Labor Statistics reported. On an
United States existing home sales fell in August despite housing supply reaching its highest level in more than a decade, as buyers continued to face elevated mortgage rates and lofty home prices. Sales of previously owned homes fell 2% in August from July to 3.98 million units on a seasonally adjusted, annualised basis, according to the National Association of Realtors (NAR), following a 1.7%
Meta rolled out on Tuesday a long-awaited AI assistant that can autonomously send emails, sell a car and book travel on a person's behalf, despite internal concerns that the technology could mismanage access to sensitive personal data. The company's Muse agent, known internally as Hatch, is the centrepiece of CEO Mark Zuckerberg's plan to provide "personal superintelligence" to the billions of
Canada has imposed retaliatory tariffs on a wide range of United States goods worth C$27.6 billion, escalating a trade dispute with Washington after negotiations between the two countries collapsed last month. The duties, which took effect Tuesday, range from 15% to 50% across hundreds of U.S. products, including dairy, agricultural equipment, paper, household appliances and electronics. Tar
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