Financial system

CNN’s Nic Robertson reports on a statement from Russian President Vladimir Putin that all payments for Russian oil, from ‘unfriendly’ nations, will have to be done in rubles. Russia will no longer accept euros.

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BELFAST, UNITED KINGDOM - JUNE 17:  Russian President Vladimir Putin arrives at Belfast International Airport on June 17, 2013 in Belfast, Northern Ireland. The two-day G8 summit, hosted by UK Prime Minister David Cameron, is being held in Northern Ireland for the first time. Leaders from the G8 nations have gathered to discuss numerous topics with the situation in Syria expected to dominate the talks.  (Photo by Peter Muhly - WPA Pool/Getty Images)

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‘Right here’s the day Putin fights support against Europe’, says Nic Robertson

The US economy added 372,000 jobs in June, a signal that the labor market remains robust despite recession fears. CNN’s Christine Romans, Rahel Solomon and Zain Asher discuss the Bureau of Labor Statistics report.

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‘The US’s job machine is firing on all cylinders’: Romans on the June jobs file

Is a recession inevitable? Inflation and gas prices are up and stocks just posted their worst first-half in more than half a century. CNN Business Senior Editor Allison Morrow joins “Nightcap’s” Jon Sarlin to discuss what investors and analysts are predicting for the second half of 2022. To get the day’s business headlines sent directly to your inbox, sign up for the Nightcap newsletter.

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Recession is doubtless coming. How depraved will it be?

CNN’s Gabe Cohen reports on the increasing cost of child care across the US as inflation and teacher shortages force daycares to raise rates.

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Child care prices are rising. Survey how folks are coping

Citi’s Global Chief Economist Nathan Sheets tells CNN’s Julia Chatterley very high inflation could slow consumer spending by the fall.

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Citi chief economist: Recession risk is rising

Schwab Asset Management CEO Omar Aguilar explains why companies and consumers are better positioned financially today to deal with an economic downturn compared to the Great Recession.

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markets now omar aguilar recession_00000304.png

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Schwab top strategist: Customers ‘severely greater ready’ for downturn when put next to Gargantuan Recession

Inflation is at a 40-year high, and mortgage rates and rents are surging. Here’s why some renters say they aren’t sure they can pay their bills. CNN’s Omar Jimenez reports.

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‘Pay rent or pick some food’: Millions of renters uncertain if they might be able to accomplish rent

The UK has reached a 40-year high in inflation and faces a risk of recession amid a shrinking economy. CNN’s Clare Sebastian speaks with locals about pressures surrounding rising mortgage rates and food prices.

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Apprehensive UK financial system would perhaps well perhaps result in a recession amid 40-300 and sixty five days high inflation

Federal Reserve Chairman Jerome Powell said there is a risk that the Fed’s aggressive interest rate hikes cause an economic downturn in the United States. CNN’s Matt Egan reports.

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Sen. Elizabeth Warren (D-MA) questions Federal Reserve Chairman Jerome Powell about the impact raising interest rates will have on working Americans.

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Senate Banking Committee

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President Biden has urged Congress to approve a federal gas tax holiday. Amrita Sen, founding Partner and Chief Oil Analyst at Energy Aspects, explains why the policy is at “complete odds with what needs to happen in the medium term.”

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US singer-songwriter Beyonce performs during the 94th Oscars at the Dolby Theatre in Hollywood, California on March 27, 2022. (Photo by Robyn Beck / AFP) (Photo by ROBYN BECK/AFP via Getty Images)

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Former Trump economic adviser tells CNN’s Matt Egan why the Federal Reserve waited too long to hike interest rates and why recession fears are real.

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Former Director of the National Economic Council Gary Cohn

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Leaders at the World Economic Forum saw an uncertain “dichotomy” at play, as Russia’s war on Ukraine continues to scramble economic growth.

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The Federal Reserve has raised interest rates by three-quarters of a percentage point to help tame inflation, and Fed Chairman Jerome Powell says more hikes are likely. CNN’s Matt Egan reports.

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U.S. Federal Reserve Board Chairman Jerome Powell takes questions after the Federal Reserve raised its target interest rate by three-quarters of a percentage point to stem a disruptive surge in inflation, during a news conference following a two-day meeting of the Federal Open Market Committee (FOMC) in Washington, U.S., June 15, 2022.

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CNN’s Chief Business Correspondent Christine Romans breaks down how higher interest rates will impact your wallet.

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Danielle Hale, Chief economist for, breaks down which regions of the country continue to have the most affordable housing despite record level home sales. Hale also shares advice for homebuyers and sellers in the current market.

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A For Sale sign is displayed in front of a house in Washington, DC, on March 14, 2022.

Now taking part in chief economist shares her advice for homebuyers and sellers

Fresh York
CNN Exchange

For the essential time in 20 years, the change price between the euro and the US buck is kind of the identical – the two currencies are lower than one cent far off from parity.

The euro hovered round $1.004 on Monday afternoon, down about 12% since the start of the 300 and sixty five days. Fears of recession on the continent abound, stoked by high inflation and energy supply uncertainty induced by Russia’s invasion of Ukraine.

The European Union, which got roughly 40% of its gasoline through Russian pipelines sooner than the battle, is trying to within the reduce worth of its dependence on Russian oil and gasoline. At the identical, Russia has throttled support gasoline offers to some EU nations and no longer too long within the past lower the circulation within the Nord Circulate pipeline to Germany by 60%.

Now that serious share of gasoline import infrastructure in Europe, has been shut down for scheduled upkeep as a result of final 10 days. German officials alarm that it would no longer be turned on again.

The flexibility disaster comes alongside an financial slowdown, which has cast doubts over whether the European Central Bank can adequately tighten policy to elevate down inflation. The ECB announced that this could well hike ardour charges this month for the essential time since 2011, as the eurozone inflation price sits at 8.6%.

Nonetheless some sigh the ECB is powerful on the support of the curve, and that a no longer easy touchdown is all nonetheless inevitable. Germany recorded its first change deficit in items since 1991 final week as gasoline prices and customary supply chain chaos severely increased the worth of imports.

“Given the personality of Germany’s exports which would perhaps well perhaps be commodity-designate sensitive, it stays no longer easy to deem that the change stability would perhaps well perhaps toughen severely from here within the subsequent few months given the expected slowdown within the Eurozone financial system,” Saxo Bank foreign change strategists wrote in a up to date modern.

A series of aggressive ardour price hikes by central banks, including the Fed, coupled with slowing financial development will keep stress on the euro whereas sending traders towards the US buck as a edifying haven, sigh analysts.

The US Federal Reserve is well sooner than Europe on tightening, having hiked ardour charges by 75 basis capabilities whereas indicating that more price increases will attain this month.

This edifying haven retreat into the US buck would perhaps well perhaps become even more vulgar if Europe and the US enters a recession, warned Deutsche World Head of FX Review George Saravelos in a modern final week.

A scenario where the euro is trading below the US buck at a spread of $0.95 to $0.97 would perhaps well perhaps “well be reached,” wrote Saravelos, “if each and each Europe and the US ranking themselves lope-sliding in to a (deeper) recession in Q3 whereas the Fed is aloof hiking charges.”

That’s well favorable records for Americans with plans to talk to Europe this summer season nonetheless would perhaps well perhaps spell depraved records for financial world stability.