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Euro zone industrial production in June grew three times more than expected, data showed on Friday, mainly thanks to a jump in the output of capital goods. The European Union's statistics office Eurostat said industrial production in the 19 countries sharing the euro rose 0.7% month-on-month in June for a 2.4% year-on-year increase. Eurostat said that the production of capital goods, which include things like machinery, equipment, vehicles or tools, rose 2.6% on the month and 7.6% in annual terms.
More than half of Canadians believe the metaverse will be part of everyday life within the next decade, study says
Russia is considering buying the currencies of "friendly" countries such as China, India and Turkey to hold in its National Wealth Fund (NWF), having lost the ability to buy dollars or euros due to sanctions, the central bank said on Friday. The bank said it was sticking to the policy of a free-floating rouble exchange rate but highlighted that it was important to reinstate a budget rule which diverts excess oil revenues into the country's rainy day fund. In a report on its monetary policy for 2023-2025, the central bank said various options on how to return to the fiscal rule and replenish the NWF are now being discussed, taking into account the Western sanctions against Russia over its actions in Ukraine.
'When power goes out, every system we have shuts down'
Ensemble Montréal is demanding better protection for the Monarch butterfly. The party's elected representatives are asking the municipal administration to intensify pressure on the Government of Canada to protect lands north of the Montréal airport in perpetuity, working in collaboration with Montréal, the borough of Saint-Laurent and the city of Dorval.
Airlines canceled more than 600 flights in the United States on Thursday morning, as thunderstorms in Texas disrupted operations at one of the busiest airports in the country for a second straight day. The Federal Aviation Administration (FAA) said on Thursday that a mix of thunderstorms and clouds could delay flights at several hubs. More than 2,000 flights were delayed within, into, or out of the United States.
(Reuters) -The U.S. stock market's rebound in recent weeks has analysts and investors questioning whether 2022's deep downturn has ended, but how to spot an expiring bear market or a new bull market is not something everyone on Wall Street agrees on. The Nasdaq index's drop of about 0.6% on Thursday left the tech-heavy index up 20% from recent low on June 16, while the S&P 500 has also rebounded in recent weeks, now up 15% from its recent low in June. The recent gains led analysts at Bespoke Investment Group to declare on Thursday morning the Nasdaq had exited its recent bear market, even though the index remains down about 21% from its record high close last November, with trillions of dollars in stock market value still lost.
U.S. automakers and dealers are scrambling to figure out if they can still offer $7,500 tax credits to would-be buyers of electric vehicles (EVs), as Congress prepares for final votes today on a bill that includes a top-to-bottom overhaul of Washington's clean vehicle policies. Under the $430 billion climate, health care and tax bill that the House of Representatives is set to vote on Friday, rules governing the current $7,500 EV tax credit aimed at persuading consumers to buy the vehicles would be replaced by incentives designed to bring more battery and EV manufacturing into the United States. Manufacturers, dealers and consumers do not have answers to many basic questions about how the new rules will affect the way clean vehicles aimed at consumers - including fully electric and hybrid models - will be bought, sold and built, automakers, consultants and lobbyists said.
MEXICO CITY (Reuters) -Mexican leasing firm Unifin's debt restructuring is credit negative and could reflect tight refinancing conditions for Mexican financial institutions, Moody's rating agency said on Friday. "Unifin's restructuring and cessation of principal and interest payments will negatively affect Mexico's smaller finance institutions, whose own liquidity profiles and funding sources are strained by heightened global volatility and investors wary of Mexico's," non-bank financial institution sector, Moody's said in its report. Unifin's shares were down 7.21% in late trading Friday.
The University of Michigan's preliminary August reading on the overall index on consumer sentiment came in at 55.1, up from 51.5 in the prior month. "All components of the expectations index improved this month, particularly among low- and middle-income consumers for whom inflation is particularly salient," survey director Joanne Hsu said in a statement. Indeed, the survey's one-year inflation expectation fell to a six-month low of 5.0% from 5.2%, while its five-year inflation outlook edged up to 3.0% from 2.9%, holding within a range that has prevailed for the past year.
Japanese vehicle maker Hino Motors Ltd and its parent, Toyota Motor Corp, have been accused of historical misconduct in a class action lawsuit brought in the United States, Hino said on Friday. The case, in the Southern District of Florida, has been filed on behalf of those who bought or leased 2004-2021 model year Hino trucks in the United States, the company said in a statement. An investigation report this month by a company-commissioned panel said Hino, Toyota's major affiliate, had falsified emissions data on some engines going back to at least 2003, or more than a decade earlier than previously indicated.
WASHINGTON (Reuters) -Delta Air Lines can temporarily cut some flights at New York's LaGuardia and John F. Kennedy airports and Ronald Reagan Washington National Airport, the U.S. Federal Aviation Administration (FAA) said on Friday. The FAA said as a condition of approval that Delta "should offer customers a refund or rebook them on Delta or another carrier as needed for canceled flights at the three airports." Delta had asked the FAA to waive minimum slot requirements at the congested airports because of issues including New York airport construction, significant crew sick time, severe weather and air traffic control delays and cancellations.
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A lot of people seem to think so
North American markets enjoyed a broad-based rally Friday, bolstered by two encouraging U.S. inflation reports earlier in the week and a lack of any other major economic news on the day to offset them. With a near-total absence of market-moving events on what was a quiet day heading into a summer weekend, the S&P/TSX composite index still gained 187.93 points to close at 20,179.81. In New York, the Dow Jones industrial average closed up 424.38 points at 33,761.05. The S&P 500 index closed up 72.
Plunging valuations have made biotech companies tempting acquisition targets for cash-rich Big Pharma and a flurry of deals is just what the battered sector needs to turn a corner. Pfizer's $5.4 billion acquisition of Global Blood Therapeutics, which was announced on Monday, is the fourth deal in the sector since the pharma giant bought Biohaven for $11.6 billion in May, adding to optimism that large drugmakers are back in the market to pick up cheaper firms. Industry experts predict biotech firms that are closer to getting their product to market or already have a drug approved are likely to become M&A targets for large drugmakers, some of whom are staring at patent expirations of their cash cow drugs.
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"Electricity and gas prices started to re-accelerate, while price hikes are becoming more prevalent in goods such as processed foods," said Takeshi Minami, chief economist at Norinchukin Research Institute. Economists estimate the nationwide core CPI, which excludes volatile fresh food costs but includes energy, was 2.4% higher last month than a year earlier. Excluding periods when the indicator was skewed by effects of higher sales tax, the expected core CPI rise for July would be the fastest since August 2008.
Several hospitals in Ontario closed emergency departments last weekend due to a severe staffing shortage. In Premier Doug Ford’s throne speech this week, the government said it is working with stakeholders to identify possible solutions to ease the pressure facing the healthcare system. “Your government is actively engaging with health-system partners to identify urgent, actionable solutions and will implement whatever measures are needed to help ease immediate pressures,” Lt.-Gov. Elizabeth Dowdeswell said in the throne speech delivered on behalf of the Ford government. While the immediate issues facing the healthcare system, such as temporary emergency department closures, need to be addressed, the Public Policy Forum’s Sean Speer said the government must also focus on the long-term, structural problems in the system. “We know because of aging demographics, pressure on our healthcare system is only going to grow,” Speer said. “It’s going to require more than a short-term push if we’re going to ensure not just that these emergency rooms reopen in the short term, but that they are actually capable of serving patients over the long term.” If you have any policy-related questions, or feedback about the show, please email email@example.com.