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Recession risks re-ignited by banking crisis: Economy news
This weekly round-up brings you the latest stories from the world of economics and finance. Top economy stories: Banking crisis sparks recession fears; World Bank warns of ‘lost decade’ of global growth; Generative AI could create productivity boom and lift global GDP by 7{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}, says Goldman Sachs. 1. Banking crisis sparks recession fears Recession risks have been re-ignited by the recent banking collapses and rescue deals, and there are now concerns that global growth will weaken as the crisis heralds the end of the “easy-cash era” and the arrival of a credit crunch. “There is a sizeable risk that the ongoing banking trouble triggers a ‘sudden stop’ in lending, which…
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Biden faces massive political risks from banking turmoil
CNN — President Joe Biden could be damned if he saves the banking institutions or damned if he does not. A further key business intervention to prop up a bank on Thursday – not by the federal government but less than the auspices of the administration – underscored the nonetheless grave political peril of the unexpected disaster that erupted just about a week back. It also pushed the administration farther on to a fragile limb that could snap if the lender meltdown ended up to get even worse. Some of the country’s most effective banks, which includes JPMorgan Chase, Wells Fargo, Citigroup and Truist, blended to shore up teetering Very…
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Stocks crushed as banking fears rise, jobs report looms
Shares received crushed on Thursday as anxieties rippled as a result of the banking sector and traders remained on edge in advance of a essential February careers report slated for Friday morning. At the closing bell, the S&P 500 (^GSPC) was down 1.8{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}, the Dow Jones Industrial Ordinary (^DJI) was off by 1.6{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}, or 542 points, and the Nasdaq Composite (^IXIC) was down by 2{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}. Via Thursday’s shut the market was on rate for its worst 7 days of the 12 months, Bloomberg knowledge showed. The marketing on Thursday accelerated all over the investing session as a collapse in shares of SVB Financial (SIVB) pressured lender shares and elevated worries…
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