ECONOMY & MARKETS

Hungary's price caps on fuel, some basic foods and energy could stay in place for a longer period if the war in Ukraine is entrenched, sustaining high inflationary pressures, Prime Minister Viktor Orban said on Friday.

Big U.S. banks including JPMorgan Chase & Co and Citigroup appear set for some earnings boost from a pick-up in the battered credit-card business, but a possible recession would pull consumers back and bring losses on outstanding loans.

Japanese imports likely jumped in May at the fastest pace in six months, buoyed by surging raw material prices and the yen's decline to two-decade lows, a Reuters poll showed on Friday.

India's retail inflation likely slipped modestly in May, but stayed well above the Reserve Bank of India's upper tolerance limit for a fifth consecutive month, as lower fuel prices offset surging food costs, a Reuters poll found.

Asian shares tracked a global equities sell-off on Friday as rate hike guidance from the European Central Bank and jitters over upcoming U.S.

Global equity markets slumped and the dollar strengthened on Friday after a bigger-than-expected U.S.

Oil prices slipped on Friday but remained within touching distance of three-month highs as fears over new COVID-19 lockdown measures in Shanghai outweighed solid demand for fuels in the United States, the world's top consumer.

Oil rose on Friday and was on track for another weekly gain supported by solid fuel demand in the United States, although fresh COVID-19 alerts in Shanghai and Beijing curbed gains.

The U.S. Federal Reserve will hike its key interest rate by 50 basis points in June and July, with rising chances of a similar move in September, according to a Reuters poll of economists who see no pause in rate rises until next year.

Japan's wholesale inflation moderated in May but yen-based import prices surged at a record annual pace, data showed on Friday, a sign the currency's sharp decline was adding to strain for the economy heavily reliant on commodity imports.

Japan's wholesale inflation moderated in May but yen-based import prices surged at a record annual pace, data showed, underlining that the currency's slump was becoming a major strain for the economy heavily reliant on commodity imports.

Japan's wholesale prices rose 9.1% in May from a year earlier, slowing from the previous month's increase as the recent spike in fuel costs moderated, data showed on Friday.

Mexican inflation rose faster than expected in May, data from the INEGI national statistics agency showed on Thursday, prompting bets the Bank of Mexico will continue hiking interest rates to combat spiraling consumer prices.

Canada and Germany have already pledged over $2 billion to a new administered account set up by the International Monetary Fund to help war-torn Ukraine, and other countries have expressed interest, IMF spokesperson Gerry Rice said on Thursday.

Beijing has given tentative approval for Ant Group to revive its initial public offering (IPO) in Shanghai and Hong Kong, two sources told Reuters on Thursday, the biggest sign yet of a cooling of Beijing's tough stance on the technology sector.

The International Monetary Fund expects to further cut its forecast for global economic growth in 2022 next month, an IMF spokesperson said on Thursday, following moves by the World Bank and Organization for Economic Co-operation and Development (OECD) to cut their own forecasts this week.

The Bank of Canada on Thursday said the country's financial system faced an increased risk from highly indebted households, notably the rising number of people who have stretched to buy homes at elevated prices and are now vulnerable to rate hikes.

Hot inflation is the Bank of Canada's primary focus as it raises interest rates, a senior central bank official told Reuters on Thursday, making it clear that the bank was willing to accept a housing market correction in order to curb consumer price gains.

By David LjunggrenOTTAWA - Some Canadians who took out mortgages in 2020-21 could see their monthly payments jump by as much as 45% in 2025-26, given rising rates, according to a Bank of Canada scenario released on Thursday.

The number of Americans filing new claims for unemployment benefits increased to the highest level in nearly five months last week, but that likely does not mark a material shift in labor market conditions, which remain extremely tight.

The EMEA Credit Derivatives Determinations Committee said on Thursday it was deferring a decision over how to hold a potential auction on Russian credit default swaps (CDS) following an update on U.S.

Wall Street's main indexes slipped in choppy trading on Thursday as technology and growth stocks struggled for direction amid rising bond yields and weaker risk appetite on concerns around surging inflation and aggressive interest rate hikes.

U.S. stock indexes were set to open lower on Thursday as rising bond yields pressured technology and growth stocks, while concerns around surging inflation and the path for interest rate hikes sapped risk appetite.

Wall Street's main indexes fell in choppy trading on Thursday, as growth and bank stocks slipped amid weaker risk appetite ahead of a closely watched inflation report this week.

U.S. stocks ended sharply lower on Thursday in a broad decline led by Nasdaq as investors grew cautious ahead of data on Friday that is expected to show consumer prices remained high in May.

Argentina's benchmark interest rate is likely to be hiked another 200 basis points next week, analysts polled by Reuters estimated, as the central bank seeks to counter soaring and painful inflation that could top 70% this year.

The Spanish government will firmly defend its national interests in the wake of Algeria's decision to suspend a 20-year-old treaty of friendship and cooperation and ban all non-gas trade with Spain, a move that also alarmed Brussels.

Shares of Australia's "Big Four" banks fell further on Thursday to hit multi-month lows, as the central bank's largest interest rate hike in 22 years earlier this week sparked fears of a sell-off in the housing market.

Asian stocks fell, U.S. bond yields edged up and a surging dollar pushed to a two-decade high against the yen on Thursday as investors worried about the impact of rate rises ahead of a European Central Bank meeting later in the day.