Oil Drops Below $69 as Weak Demand Data Add to Recession Worries
Oil fell for the third straight day as weak demand data from the US added to concerns that the global economy is heading toward recession.
Bloomberg Top News
Fed Can’t Protect US Economy From Debt Default, Powell Says
Federal Reserve Chair Jerome Powell said the failure to raise the US government debt limit would be unprecedented and have highly uncertain and negative effects on the economy.
US Is Vulnerable to China’s Lock on Key Minerals, Biden Aide Says
The US economy is vulnerable to China’s “lock” on critical mineral processing, a senior adviser to President Joe Biden said, likening the situation to the risk Europe faced from its reliance on Russia’s oil and gas amid its invasion of Ukraine.
US Would Support IMF Speeding Up Loan Funds to Argentina
The Biden administration would support speeding up disbursements from Argentina’s $44 billion program with the International Monetary Fund, if the nation’s authorities can successfully negotiate a new schedule with the lender, according to US officials familiar with the matter.
Pullback in Bank Lending Is Worrying, Guggenheim’s Schwartz Says
The recent wave of “idiosyncratic” regional bank failures is stabilizing, but a pullback in bank lending could be a cause for concern, Guggenheim Capital’s Chairman Alan Schwartz said in an interview with Bloomberg Television on Wednesday.
Franklin Templeton’s CEO Sees Fed Stoking Private Credit Demand
Private credit will keep stepping up as the banking system — stung by the pace of the Federal Reserve’s interest-rate hikes — pulls back on lending, said Jenny Johnson, president and chief executive officer at Franklin Templeton.
Morgan Stanley Is Sued by Outside Recruiter Alleging Race Bias
Morgan Stanley was sued by an external recruiter who claims it discriminated against him because he is Black, short-changing him on commissions he earned in placing diverse candidates at the bank — even as it treated them with racial bias as well.
Texas Power Demand Seen Breaking Summer Record in Grid Test
Texans are expected to consume a record amount of electricity this summer, forcing the state’s power grid to rely on wind farms and solar plants for the first time to meet peak demand during the season.
Zelenskiy Denies Ukraine Sent Drones to Hit Putin, Kremlin
Ukrainian President Volodymyr Zelenskiy denied Russian allegations that his government organized an attack on Vladimir Putin’s residence in the Kremlin by a pair of drones.
Goldman Moves to Settle Gender-Pay Lawsuit for About $200 Million
Goldman Sachs Group Inc. is racing to settle one of Wall Street’s biggest gender-discrimination cases, a move that could help avoid the spotlight and embarrassment of a class-action trial that’s weeks away.