The Philadelphia Fed saw its primary gauge measuring the sector jump from 0.3 in June to 21.8, far better than Wall Street estimates of 5 and the highest in a year.Economyread more
Stocks fell for a third straight day on Thursday as Wall Street digested a mixed batch of corporate earnings results.US Marketsread more
It's tempting to view Netflix as a possible replacement for the entire media ecosystem. But execs on its Q2 earnings call showed lower ambitions: It just wants to create the...Technologyread more
These are the stocks posting the largest moves midday.Market Insiderread more
Netflix blames its content slate, regional price increases and a "pull-forward effect" of its strong Q1 growth for the miss.Technologyread more
Jeffrey Epstein, a former friend of presidents Donald Trump and Bill Clinton, had asked a judge to release him on a bond of as high as $100 million or more.Politicsread more
Nancy Pelosi and House Democrats contend the $15 per hour minimum wage bill will lift workers who have not seen the benefits of a strong economy.Politicsread more
The strengthening of the president's formidable campaign war chest has led his organization, along with the Republican National Committee, to raise over $100 million in the...2020 Electionsread more
Treasury Secretary Steven Mnuchin says if the call goes well, he would expect in-person meetings to take place.Marketsread more
The filing came a day after the judge in Michael Cohen's criminal case ordered their release, saying that the end of a probe into those payments to alleged sexual partners of...Politicsread more
Toys R Us is opening two permanent stores in November — at Simon Property Group's Galleria mall in Houston and at Unibail-Rodamco-Westfield's Garden State Plaza mall in...Retailread more
China can avoid a "hard landing" if Beijing pursues reforms to state enterprises and sticks to a more market-driven and well-communicated exchange rate policy, International Monetary Fund Managing Director Christine Lagarde said on Thursday.
But Lagarde said spillovers from China's transition to a slower, more sustainable growth rate would continue to pressure oil and commodity exporters around the globe, increasing demands for financing help from the IMF and other international institutions.
She told an online media briefing that the IMF wanted to be ready to handle any emerging market difficulties with new and improved financing tools.
"China is going through that massive, multi-faceted transition and we do not expect a hard landing of China as has been talked about for many years," Lagarde said.
She noted that China's transition will still be difficult and create market volatility, however. Oil and metals prices, now two thirds below their most recent peaks in 2014, will likely stay low for some time.
As a result, the international financial safety net "needs to be strong and needs to be readily available to face any circumstances," Lagarde said.
The IMF will be working in coming months to improve existing financing instruments, such as credit and liquidity lines, as well as new instruments to address their situations.
Lagarde's remarks came as several oil and commodity exporters, including Peru, Nigeria, Angola and Azerbaijan, are in talks with the World Bank on financing to cope with widening budget deficits.
In a speech earlier on Thursday at the University of Maryland, Lagarde said a larger and more robust financial safety net would reduce the need for many emerging market countries to hold large foreign exchange reserves, freeing up funds for investments in infrastructure and education.
Lagarde said advanced economies should take steps to support growth through accommodative monetary policy and infrastructure spending, while emerging economies can help by boosting non-commodity revenues and allowing more flexible exchange rate policies.
One area where emerging markets could help ease fiscal pressures was to take advantage of low oil prices to reduce or eliminate fuel subsidies and replace them with more targeted programs to aid the poor, she said.