Economy News Headlines

BEIJING (AP) — A survey shows China's manufacturing contracted this month, adding to signs a fragile recovery in the world's No. 2 economy is slowing.

By Masayuki Kitano and Hideyuki Sano SINGAPORE (Reuters) - Japanese government bonds plunged on Thursday, taking yields to their highest in a year and leading a selloff in bonds globally after Federal Reserve Chairman Ben Bernanke's remarks sparked worries of a reduction in U.S. monetary stimulus. Bernanke's comments, suggesting …

By Aileen Wang and Koh Gui Qing BEIJING (Reuters) - China's factory activity shrank for the first time in seven months in May as new orders fell, a preliminary survey of purchasing managers showed, adding to concerns that a recovery in the world's second-largest economy is sputtering. The flash HSBC Purchasing Managers' …

By Rob Taylor and Lincoln Feast CANBERRA (Reuters) - Ford Motor Co will shut its two Australian auto plants in October 2016, blaming a strong currency and costs that are hitting manufacturers just as the country looks for other sectors of its economy to cushion the end of a mining boom. Ford Australia will close its engine …

BANGKOK (AP) — Asian stock markets fell Thursday, weighed down by a contraction in China's manufacturing that adds to signs a shaky recovery in the world's No. 2 economy is slowing.

By Alex Dobuzinskis LOS ANGELES (Reuters) - Los Angeles Councilman Eric Garcetti declared victory Wednesday in his bid to become the next mayor and vowed to put the city's economic slump "in the rear-view mirror," capping a race shaped by dire fiscal forecasts and questions about the political clout of organized labor. …

By Lesley Wroughton WASHINGTON (Reuters) - The World Bank has proposed a $150 million loan for Jordan to help it with the cost of thousands of Syrian refugees fleeing the civil war in Syria, Jordanian and World Bank board sources said on Wednesday. "The (World Bank) board should act on it in June," one source told Reuters. …

WASHINGTON (AP) — The Federal Reserve is torn over when to slow its aggressive efforts to stimulate the economy.

By Pedro da Costa and Alister Bull WASHINGTON (Reuters) - The Federal Reserve's monetary stimulus is helping the economy recover but the central bank needs to see further signs of traction before taking its foot off the gas pedal, Fed Chairman Ben Bernanke said on Wednesday. A decision to scale back the $85 billion in bonds …

By William Schomberg and David Milliken LONDON (Reuters) - Britain's government should spend more now to fund investment and steer its economy back to recovery, the International Monetary Fund said on Wednesday, a call unlikely to be heeded by Chancellor George Osborne. Economic data earlier on Wednesday highlighted the …

By Lucia Mutikani WASHINGTON (Reuters) - Home resales rose in April to the highest level in nearly 3-1/2 years and prices surged, offering the economy a buffer from the stiff headwinds posed by belt-tightening by Washington. The National Association of Realtors said on Wednesday existing home sales advanced 0.6 percent …

WASHINGTON (Reuters) - Many Federal Reserve officials earlier this month wanted to see more evidence that the economy was recovering before shifting toward a tapering of their bond purchase program, the Fed said on Wednesday. "Most observed that the outlook for the labor market had shown progress since the program was started …

WASHINGTON (AP) — Several Federal Reserve policymakers this month favored slowing the Fed's efforts to maintain record-low long-term interest rates as early as June — if the economy showed strong and sustained growth. But those officials appeared at odds over what evidence would demonstrate such gains.

By Ryan Vlastelica NEW YORK (Reuters) - Stocks, bonds and currencies took a wild ride on Wednesday after Federal Reserve Chairman Ben Bernanke said the U.S. central bank's massive bond-buying program would remain in place for now, even as the Fed considers cutting back stimulus in coming months. Wall Street stocks jumped …

WASHINGTON (Reuters) - The European Central Bank could expand its monetary policy toolkit if needed to respond to threats to price stability, and must ensure the euro zone economy does not enter a downward spiral, ECB Executive Board member Peter Praet said on Wednesday. "We have an objective: price stability," Praet, who …

NEW YORK (AP) — Stocks are moving higher Wednesday after Federal Reserve Chairman Ben Bernanke said it was too soon for the central bank to pull back on its economic stimulus programs.

WASHINGTON (Reuters) - Below are highlights of the question and answer session of Federal Reserve Chairman Ben Bernanke's testimony on the U.S. economy to the congressional Joint Economic Committee on Wednesday. BERNANKE ON WHETHER HE WOULD SERVE A THIRD TERM: "I am not prepared to answer that question now." BERNANKE ON …

By Ellen Freilich NEW YORK (Reuters) - The U.S. government bond market has weakened in recent weeks but some investment strategists fear that this may only be the beginning of an extended sell-off. They point to the relative strength of the U.S. economy with the labor market stronger than anticipated, retail sales rising …

LONDON (AP) — The International Monetary Fund has called on Britain to do more to support the economic recovery, urging the government Wednesday to speed up investment in infrastructure and come up with a plan to privatize its bailed out banks.

WASHINGTON (Reuters) - Below is the text of Federal Reserve Chairman Ben Bernanke's prepared testimony on the U.S. economy to the congressional Joint Economic Committee on Wednesday. Chairman Brady, Vice Chair Klobuchar, and other members of the Committee, I appreciate this opportunity to discuss the economic outlook and …

ACCRA (Reuters) - Ghana's central bank raised its prime interest rate by one percentage point to 16 percent on Wednesday, citing potential inflation risks from a weakening cedi currency and high government spending. Central Bank Governor Henry Kofi Wampah said Wednesday's monetary policy committee also discussed risks to …

By Dhanya Skariachan (Reuters) - Staples Inc missed analyst estimates for profit and sales in the first quarter, hurt by a stronger dollar and weak sales in Europe and Australia. The lackluster numbers from the largest U.S. office supply chain came after rivals Office Depot Inc and OfficeMax Inc also reported weaker-than-expected …

The price of oil was little changed above $96 a barrel Wednesday as investors waited confirmation of a rise in U.S. crude stocks and the Federal Reserve's latest views on the U.S. economy.