July 26, 2022
United States:
Tech Leads Stock Losses as Earnings Roll In: Markets Wrap
Stocks fell on Tuesday amid caution in global markets ahead of the Federal Reserve interest-rate hike.
The tech-heavy Nasdaq 100 underperformed, with giants Microsoft Corp. and Google’s parent Alphabet Inc. set to report their numbers after the market close. Retailers took a hit as Walmart Inc. tumbled after its surprise warning. Energy shares rallied with oil as European Union countries reached a political agreement to cut their gas use. Treasury yields fell and a dollar gauge rose.
Europe:
UK Economy Will Have Slowest Growth in G-7 Next Year, IMF Says
Britain will have the slowest growth among major industrialized nations next year as double-digit inflation and rising interest rates squeeze household spending, the International Monetary Fund said.
In its latest forecast, the fund downgraded the outlook for global growth and warned that the world economy was so fragile it may tip into outright recession. For now, it stopped short of predicting contractions for the leading economies.
Asia:
Japanese Insurers Sell Heatstroke Coverage During Sizzling Summer
As temperatures soar to unprecedented levels from Europe to Asia this summer, some Japanese insurance companies have begun selling policies to protect people struck down by the heatwave.
Sompo Holdings Inc. and Sumitomo Life Insurance Co., two of the country’s biggest insurers, are offering policies specifically designed to cover medical expenses arising from heatstroke.
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