Index provider MSCI said on Wednesday it will reclassify Argentina as an emerging market and start including Saudi Arabia in that classification, sharply broadening the investor base for both countries in a move that could be supportive of their local equities. The inclusion comes amid high anticipation over the market listing of Aramco, the state-controlled […]
Read moreU.S. home sales unexpectedly fell in May as an acute shortage of properties on the market pushed house prices to a record high. The National Association of Realtors said on Wednesday that existing home sales slipped 0.4 percent to a seasonally adjusted annual rate of 5.43 million units last month. It was the second straight […]
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Threatened by coalition partner, Merkel seeks to break migration deadlock
German Chancellor Angela Merkel will meet some of her European Union peers on Sunday to try break a deadlock on migration and head off a possible clash over the bitterly-contested issue at a June 28-29 EU summit. Merkel will be joined by French President Emmanuel Macron, as well as the leaders of Bulgaria and Austria, […]
Read moreVacation home sales on the tiny, toney island of Nantucket, a beach resort off the coast of Massachusetts, are seeing new life, and their prices are off the charts. If the first quarter is any indication, the dollar volume of sales will likely exceed $1 billion this year. Already, $268 million worth of homes sold […]
Read moreThe number of Americans seeking Social Security disability benefits is plunging, a startling reversal of a decades-old trend that threatened the program’s solvency. It is the latest evidence of a stronger economy pulling people back into the job market or preventing workers from being sidelined in the first place. The drop is so significant that […]
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OPEC set for a collision course over production policy ahead of landmark meeting
OPEC kingpin Saudi Arabia is struggling to convince some of the world’s largest oil producers over the need to increase oil output ahead of a key meeting on Friday. The Middle-East-dominated oil cartel is not scheduled to make a decision over production policy until later this week, although the gathering of OPEC and other exporters […]
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EU to hit $3.2 billion of US imports starting Friday in response to Trump's tariffs
The European Union will start charging import duties of 25 percent on a range of U.S. products from Friday after Washington imposed tariffs on EU steel and aluminum at the start of June, the European Commission said on Wednesday. The Commission formally adopted a law putting in place the duties on 2.8 billion euros ($3.2 […]
Read moreInterest rate volatility has dissuaded borrowers for months, but some returned to the mortgage market last week. Mortgage application volume increased 5.1 percent from the previous week, according to the Mortgage Bankers Association‘s seasonally adjusted survey. The gain was driven by applications to refinance a home loan, which rose 6 percent for the week but […]
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Hopes are rising of a breakthrough in one of Africa's longest conflicts
Eritrean President Isaias Afwerki raised hopes of a breakthrough in one of Africa’s most intractable conflicts on Wednesday by describing recent peace overtures from arch-enemy Ethiopia as “positive signals”. Speaking at a Martyrs’ Day event in the capital, Asmara, 72-year-old Isaias said he was sending a delegation to Addis Ababa to understand the position of […]
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The ECB has lost its independence in the wake of the debt crisis, a former member claims
The European Central Bank (ECB) has lost its independence after gaining additional powers following the 2011 sovereign debt crisis, a former member of its Governing Council has told CNBC. Panicos Demetriades, formerly head of the Cypriot Central Bank, served as an ECB Governing Council member between 2012 and 2014. He resigned from his post due […]
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