Ocean shipping orders are signaling a big drop in consumer demand

For the marine shipping industry to cut its carbon footprint in half by 2050, promising technology will need to become reality, and efficiency gains will need to increase as well. Lucy Nicholson | Reuters A significant consumer pullback is showing up in ocean shipping, with logistics managers telling CNBC they have seen a 20% drop … Read more

New York is now No. 1 port in a tipping point for US-bound trade

The MOL Maneuver container ship sails into port under the Verrazano-Narrows Bridge in the lower bay of the New York Harbor on March 25, 2021 in New York City. Gary Hershorn | Corbis News | Getty Images Historic import and export container processing in the month of August pushed the Port of New York and … Read more

Economists are divided on the risk of a US recession

Is the US economy showing no signs of a recession or hurtling inescapably towards one? Is it in fact already in one? More than a month after the country recorded two successive quarters of economic contraction, it still depends who you ask. Steve Hanke, professor of applied economics at Johns Hopkins University, believes the US … Read more

Euro zone inflation hits another record of 9.1% as food and energy prices soar

Inflation continues to hit new records just as the European Central Bank mulls another large interest rate hike for next month. NurPhoto / Contributor / Getty Images Euro zone inflation hit a new record high in August of 9.1%, according to flash figures from Europe’s statistics office Eurostat, with high energy prices the main driving … Read more

Sony raises price of PlayStation 5 console due to soaring inflation

In this photo illustration a PlayStation 5 logo seen displayed on a smartphone. Mateusz Slodkowski | SOPA Images | LightRocket via Getty Images Sony on Thursday raised the recommended retail price of its PlayStation 5 games console in several international markets citing the global economic environment, including high inflation. The Japanese gaming giant said that … Read more

Saudi Aramco profit surges 90% in second quarter amid energy price boom

An employee looks on at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. Maxim Shemetov | Reuters Saudi oil giant Aramco reported a stunning 90% surge in second quarter net income and record half year results on Sunday, as high oil prices continue to drive historic windfalls for “Big Oil.” Aramco said … Read more

Fed expected to stick with hawkish interest rate hikes, strategists say

The Federal Reserve is unlikely to pivot from its hawkish interest rate hikes despite positive signs this week that inflation in the US could be easing, according to market strategists. On Thursday, the producer price index surprisingly fell 0.5% in July from the prior month, compared with an estimate of a 0.2% gain, according to … Read more

Key US inflation print in focus

LONDON – European markets made a late surge on Wednesday after a key US inflation print showed price rises slowing faster than expected. The pan-European Stoxx 600 jumped 0.7% by mid-afternoon, having hovered around the flatline for much of the trading session. Travel and leisure stocks climbed 2.8% to lead gains as all sectors entered … Read more

US, Europe, China slowdown could hurt Asian exporters: HSBC

Asian exporters will face significant challenges as demand from major markets like the US, Europe and China slow down in the coming months, according to the chief Asia economist of HSBC. Manufacturers in Europe are already pulling back quite significantly, namely in Germany, Frederic Neumann told CNBC’s “Squawk Box Asia” on Monday. “Remember that Europe … Read more

Microsoft Xbox, Sony PlayStation, Nintendo: Video game earnings round-up

A gamer plays on Sony’s Playstation 5 console at his home in Seoul. Yelim Lee | AFP via Getty Images The giants of the video game world saw their sales slide in the second quarter, as initial tailwinds from the Covid pandemic faded. In the three months ended June, Microsoft, Sony and Nintendo each posted … Read more