Blistering heat threatens a European economy that teeters on the brink
CNN
Carsten Brzeski, a top economist at the Dutch Bank ING, can tick off a long list of factors that could collectively tip Europe's economy into a recession.
There's record inflation, made worse by Russia's war in Ukraine. A weak euro is making it more expensive for businesses to import necessary goods. Italy, the bloc's third-biggest economy, is embroiled in a political crisis following the ouster of the country's prime minister.
But Brzeski is also keeping a close eye on extreme weather. A summer of dryness and blistering heat, exacerbated by climate change, is compounding headaches for businesses across Europe, weighing on economic output at a moment when every bit counts.
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Trump is threatening to take “strong action” against Iran just after capturing the leader of Venezuela. His administration is criminally investigating the chair of the Federal Reserve and is taking a scorched-earth approach on affordability by threatening key profit drivers for banks and institutional investors.
Perhaps no data point better encapsulates the American economy right now than this nugget from Delta’s quarterly earnings:
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Saks Global, the parent company of luxury retailer Saks Fifth Avenue, filed for bankruptcy protection late Tuesday, according to court documents filed in US Bankruptcy Court in Houston, Texas.
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Microsoft says it will ask to pay higher electricity bills in areas where it’s building data centers, in an effort to prevent electricity prices for local residents from rising in those areas. The move is part of a broader plan to address rising prices and other concerns sparked by the tech industry’s massive buildout of artificial intelligence infrastructure across the United States.
US consumer prices rose 2.7% annually in December, closing out a year that saw slight progress on inflation but continued affordability concerns for many Americans.
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What is Corporate America so afraid of?
President Donald Trump wants to juice the economy with dramatically lower interest rates, to take credit for a booming stock market and, perhaps most of all, for his handpicked Fed chair to get off the stage.