Breaking News
Dec 20, 2022
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FedEx revenue in the fiscal second quarter declined 3% to $22.8 billion and net income dropped to $788 million from $1.04 billion and diluted earnings per share fell to $3.07 from $3.88 a year ago.
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The Consumer Price Index in the Euro Area in November was revised slightly higher to 10.1% from the previous estimate of 10.0%, lower than the record 10.6% in June, Eurostat said Friday.
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The Central Bank of Russia held its key lending rate at 7.5% and cited elevated inflationary pressure. The central bank also lowered its 2022 inflation estimate to 12.0% from 12.6%.
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Oil futures declined 2% and extended three-week slide as recession worries dominated market sentiment. Brent crude in London fell to $79 and WTI crude in New York dropped to $74 a barrel.
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European markets declined 1% and extended weekly loss to over 3% and dropped to one-month on the worries of economic slowdown.
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The Swiss National Bank lifted its policy rate by 50 basis points to 1.0% and held its 2023 inflation outlook at 2.4%.
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The Bank of England raised its key lending rate by 50 basis points to 3.5% and held out for additional rate increases citing persistent inflationary pressures.
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The European Central Bank lifted its deposit policy rate by 50 basis points to 2.0%, the refinancing rate to 2.5% and the marginal lending rate to 2.75%.
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Market selloff on Wall Street accelerated and indexes dropped 2% after retail sales declined in November and weekly jobless claims rose to a 2-month high.
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Retail and food services sales fell 0.6% in November from the previous month and the sales decline was the largest in the year so far, the U.S. Census Bureau reported Thursday.
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