ECONOMY & MARKETS

The dollar rebounded strongly on Friday, but remained on track for its biggest weekly loss since late May after weak U.S.

The euro headed for its best week since May on Friday after the European Central Bank (ECB) raised borrowing costs more than expected overnight in its first rate hike since 2011.

South Korea's economic growth probably slowed a bit in the second quarter as falling exports and soaring import costs hurt private consumption that makes up about half of the economy, a Reuters poll found.

Oil prices fell on Friday on a weakening global demand outlook and the resumption of some Libyan crude oil output.

Oil prices climbed in Asia trading on Friday, rebounding from previous declines amid supply tightness and geopolitical tensions, even though weakened demand in the United States has cast a shadow on the market this week.

Oil prices were roughly unchanged in early trading on Friday after sliding around 3% in the previous session on weakened demand in the United States, the world's top oil consumer, and a pick-up in supply from Libya.

U.S. crude prices settled below $95 a barrel for the first time since April in choppy trading on Friday after the European Union said it would allow Russian state-owned companies to ship oil to third countries under an adjustment of sanctions agreed by member states this week.

Brent crude prices were little changed in choppy trading on Friday after the European Union said it would allow Russian state-owned companies to ship oil to third countries under an adjustment of sanctions agreed by member states this week.

Argentina will allow foreign tourists to exchange dollars at a significantly higher rate than previously available, the Ministry of Economy said on Thursday, as the country reckons with depleted foreign currency reserves.

Cuba's economy has begun to recover from the effects of the pandemic and should grow 4% this year, its economy minister said, although most Cubans have seen little sign yet of relief from food and energy shortages.

The board chief of Colombia's central bank on Thursday defended the monetary policy authority's decision not to intervene in movements of the country's peso, even as market volatility pushed other central banks in the region to take action.

More private equity firms are taking companies private, as lower corporate valuations make it easier to lure businesses away from the stock market at bargain prices.

Europe's STOXX 600 share index rose on Thursday, boosted by a run of upbeat corporate results although gains were limited as investors digested an oversized ECB interest-rate hike amid growing worries about a recession.

Euro zone stocks slipped in volatile trading on Thursday as investors assessed the impact of an aggressive 50 basis point interest-rate hike by the European Central Bank amid growing worries about a recession and a political turmoil in Italy.

The number of Americans enrolling for unemployment benefits rose for a third straight week last week to the highest in eight months and a closely watched gauge of factory activity slumped this month, the newest indications the U.S.

Italy led a selloff in southern European bonds on Thursday, after the European Central Bank delivered its first interest rate hike since 2011 but left some disappointed with an announcement on a new tool to contain debt market stress.

U.S. stocks ended higher on Thursday as electric automaker Tesla rose on its stronger-than-expected quarterly results, which helped offset a slide in telecom and energy shares.

The Nasdaq and the S&P 500 rose on Thursday as gains in electric automaker Tesla following its strong quarterly results helped offset a slide in telecom and energy shares.

The S&P 500 and the Nasdaq were set to open higher on Thursday as electric automaker Tesla topped Wall Street's profit target, while futures tracking the Dow struggled for direction.

Ukraine's central bank kept its main interest rate unchanged at a seven-year-high of 25% on Thursday and raised its 2022 inflation forecast to more than 30%.

Indonesia's central bank left its policy interest rate unchanged at a record low on Thursday but said it would lift yields on other short-term debt, taking the money market back towards pre-pandemic normality.

Global coal-fired electricity generators are producing more power than ever before in response to booming electricity demand and the surging price of gas.

South Korea on Thursday proposed a series of tax cuts for companies, workers and retail investors in stocks to support private-sector led economic growth as President Yoon Suk-yeol had pledged in the election campaign.

A surge in debt costs - pushed up by soaring inflation to twice their previous monthly peak - added to Britain's budget deficit in June, which was its highest since April 2021, data showed on Thursday.

Asian stocks inched lower while the dollar held firm on Thursday as a looming interest rate hike in Europe and uncertainty over the westward supply of Russian gas kept traders on edge.

The euro ticked higher on Thursday on relief that gas began flowing again along the biggest pipeline from Russia to Germany, though growth worries and an expected interest rate hike in Europe kept stocks from extending a modest rally much further.

Stocks see-sawed and the euro rose after the European Central Bank raised interest rates by a bigger than expected 50 basis points, its first increase in more than a decade, to quell runaway inflation as it plays catch up with other central banks.

A gauge of global stock markets lost ground after four straight sessions of gains, while the euro rose in volatile trading after the European Central Bank raised interest rates for the first time in more than a decade as it seeks to tame inflation.

A gauge of global stock markets rose for a fifth straight session while the euro edged up in choppy trading after the European Central Bank raised interest rates for the first time in more than a decade as it seeks to rein in inflation.