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A new poll by Reuters shows that a large majority of economists said that the United States economy is headed for a short and shallow recession sometime in the coming year. This comes as the country is witnessing soaring inflation, which was at a four-decade high, prompting the Federal Reserve to announce several interest rate hikes since the beginning of this year in a bid to combat it.

What is a recession and a shallow recession?

A recession can occur in varying degrees and leave a significant impact on the economy; typically when an economy faces two consecutive quarters of negative gross domestic product (GDP), it could be said that a country is witnessing a recession. However, there are various additional formulas and complexities surrounding the discussion.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/fueling-recession-fears-the-us-economy-shrank-again-in-second-quarter-501488">Fueling recession fears, the US economy shrank again in second quarter</a>

For example, in the context of the US economy, the <a href="https://www.wionews.com/world/pandemic-effect-us-economy-set-to-outpace-china-first-time-since-1976-481005">COVID-19-induced recession</a> only lasted for two months, which is one of the shortest cycles on record, after the economic activity plunged in April 2020. Furthermore, the official call that an economy is witnessing a recession is taken by a panel of economists convened by the National Bureau of Economic Research (NBER).

Among other indicators, the NBER accounts for non-farm payrolls, retail sales and industrial production, however, the private non-profit research group also said that there are “no fixed rules” about measures and indicators that contribute information to the process or how they are weighted in their decisions.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/jeff-bezos-sounds-warning-bell-on-us-economy-as-he-asks-people-to-avoid-going-on-spending-spree-535758">Jeff Bezos sounds warning on US economy, urges people to avoid going on spending spree</a>

The group's definition of a recession is a “significant decline in economic activity that is spread across the economy and that lasts more than a few months.” It also believes that the depth, diffusion and duration of this downturn need to be met individually. Additionally, “extreme conditionals revealed by one criterion may partially offset weaker indications from another,” said the NBER.&nbsp;

Notably, the official call indicating that an economy is witnessing a recession is made at least a year or more after the downturn event has already occurred. Therefore, another approach, more focused on determining the onset of a recession, is the employment-based Sahm rule which says that when the three-month rolling average of the unemployment rate rises half a point from its low, an economy has entered a recession.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/fitch-inflation-and-fed-hikes-to-drive-us-economy-into-recession-526566">Fitch: Inflation and fed hikes to drive US economy into recession</a>

The rule was created by and named after a former Fed economist Claudia Sahm&nbsp;and used to determine the onset of a recession, which is quicker than official calls. In contrast to the aforementioned example of the COVID-19-induced recession, some other recessions can be deeper and scarring for the economy like the Great Recession or the Depression whose impact was so adverse that it reportedly took a decade or more to revive the labour market.&nbsp;

The speculations of the US economy entering a <a href="https://www.wionews.com/business-economy/us-recession-not-inevitable-economy-on-right-track-yellen-541427">“shallow recession”</a> have been around for quite a few months now, it is where the economic growth contracts only marginally and for a limited time. This comes after consecutive increases in interest rates by the Feds amounting to an overall hike of 375 basis points, since its first one in March, earlier this year which has sparked worries about an impending recession.&nbsp;

Reuters poll: Most economists expect a shallow and short recession

Reuters polled 84 economists between December 2 and 8 who unanimously expect the Feds to raise the interest rate by 50 basis points on December 14&nbsp;as the rate of inflation is running well above the central bank's two per cent target. However, after raising the interest rates by 75 basis points for the <a href="https://www.wionews.com/business-economy/us-federal-reserve-raises-interest-rate-by-075-again-in-a-bid-to-combat-inflation-530687">fourth consecutive time</a>, the economists believe that it will be a “slightly softer” hike of 4.25 per cent to 4.50 per cent this time around.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/dollar-gains-broadly-as-upbeat-us-data-muddles-fed-rate-hike-views-540382">Dollar gains broadly as upbeat US data muddles Fed rate hike views</a>

Economists who as a group can be slower with their forecast of recessions, as mentioned earlier, have also said that the probability of a recession in the upcoming year or two is at least 70 per cent which is up seven per cent from the last poll, said the report. Furthermore, 35 out of 48 economists said that the recession would be shallow and short, while eight economists said it would be long and shallow and four said there won’t be any recession.&nbsp;

Inflation is expected to stay over the Fed’s target until at least 2026, said the report, and while the<a href="https://www.wionews.com/economy/us-hiring-remains-robust-in-november-adds-263000-new-jobs-despite-soaring-inflation-539572"> labour market remains strong</a>, the bigger risk was that the rates would peak higher and later than expected. While some economists are expecting the fed funds rate to peak early next year at 4.75 per cent to five per cent, at least 24 of the 72 said that they believe it will go higher.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/us-economy-heading-into-a-shadow-recession-poll-541472">US economy heading into a shallow recession: Poll</a>

This comes amid signs of a slowing economy, particularly the housing market which was the epicentre of the 2008 recession in the US. Reportedly, home sales have decreased for nine months straight. Additionally, 27 of 45 economists who provided quarterly (GDP) forecasts estimate a contraction in economic growth for two consecutive quarters or more in the coming year.&nbsp;

(With inputs from agencies)&nbsp;

A new poll by Reuters shows that a large majority of economists said that the United States economy is headed for a short and shallow recession sometime in the coming year.

A new poll by Reuters shows that a large majority of economists said that the United States economy is headed for a short and shallow recession sometime in the coming year. This comes as the country is witnessing soaring inflation, which was at a four-decade high, prompting the Federal Reserve to announce several interest rate hikes since the beginning of this year in a bid to combat it. What is a recession and a shallow recession? A recession can occur in varying degrees and leave a significant impact on the economy; typically when an economy faces two consecutive quarters of negative gross domestic product (GDP), it could be said that a country is witnessing a recession. However, there are various additional formulas and complexities surrounding the discussion. ALSO READ | Fueling recession fears, the US economy shrank again in second quarter For example, in the context of the US economy, the COVID-19-induced recession only lasted for two months, which is one of the shortest cycles on record, after the economic activity plunged in April 2020. Furthermore, the official call that an economy is witnessing a recession is taken by a panel of economists convened by the National Bureau of Economic Research (NBER). Among other indicators, the NBER accounts for non-farm payrolls, retail sales and industrial production, however, the private non-profit research group also said that there are “no fixed rules” about measures and indicators that contribute information to the process or how they are weighted in their decisions. ALSO READ | Jeff Bezos sounds warning on US economy, urges people to avoid going on spending spree The group's definition of a recession is a “significant decline in economic activity that is spread across the economy and that lasts more than a few months.” It also believes that the depth, diffusion and duration of this downturn need to be met individually. Additionally, “extreme conditionals revealed by one criterion may partially offset weaker indications from another,” said the NBER. Notably, the official call indicating that an economy is witnessing a recession is made at least a year or more after the downturn event has already occurred. Therefore, another approach, more focused on determining the onset of a recession, is the employment-based Sahm rule which says that when the three-month rolling average of the unemployment rate rises half a point from its low, an economy has entered a recession. ALSO WATCH | Fitch: Inflation and fed hikes to drive US economy into recession The rule was created by and named after a former Fed economist Claudia Sahm and used to determine the onset of a recession, which is quicker than official calls. In contrast to the aforementioned example of the COVID-19-induced recession, some other recessions can be deeper and scarring for the economy like the Great Recession or the Depression whose impact was so adverse that it reportedly took a decade or more to revive the labour market. The speculations of the US economy entering a “shallow recession” have been around for quite a few months now, it is where the economic growth contracts only marginally and for a limited time. This comes after consecutive increases in interest rates by the Feds amounting to an overall hike of 375 basis points, since its first one in March, earlier this year which has sparked worries about an impending recession. Reuters poll: Most economists expect a shallow and short recession Reuters polled 84 economists between December 2 and 8 who unanimously expect the Feds to raise the interest rate by 50 basis points on December 14 as the rate of inflation is running well above the central bank's two per cent target. However, after raising the interest rates by 75 basis points for the fourth consecutive time, the economists believe that it will be a “slightly softer” hike of 4.25 per cent to 4.50 per cent this time around. ALSO READ | Dollar gains broadly as upbeat US data muddles Fed rate hike views Economists who as a group can be slower with their forecast of recessions, as mentioned earlier, have also said that the probability of a recession in the upcoming year or two is at least 70 per cent which is up seven per cent from the last poll, said the report. Furthermore, 35 out of 48 economists said that the recession would be shallow and short, while eight economists said it would be long and shallow and four said there won’t be any recession. Inflation is expected to stay over the Fed’s target until at least 2026, said the report, and while the labour market remains strong, the bigger risk was that the rates would peak higher and later than expected. While some economists are expecting the fed funds rate to peak early next year at 4.75 per cent to five per cent, at least 24 of the 72 said that they believe it will go higher. ALSO WATCH | US economy heading into a shallow recession: Poll This comes amid signs of a slowing economy, particularly the housing market which was the epicentre of the 2008 recession in the US. Reportedly, home sales have decreased for nine months straight. Additionally, 27 of 45 economists who provided quarterly (GDP) forecasts estimate a contraction in economic growth for two consecutive quarters or more in the coming year. (With inputs from agencies)

Poll shows that the US economy is headed for a shallow recession: Here’s what it means

US Treasury Secretary Janet Yellen said on Thursday (December 8) that a recession in US was 'not inevitable', adding that the economy was on the right track in lowering inflation. Yellen spoke with reporters during her visit to the Bureau of Engraving and Printing's currency facility in Fort Worth, Texas.

On "whether or not we can avoid a recession, I believe the answer is yes," she told reporters.

Yellen's comments came on the heels of a forceful campaign by the US central bank to cool demand this year, walking a tightrope between lowering consumer costs while trying not to tip the economy into a downturn.

Meanwhile, a Reuters poll said that the US&nbsp;economy is heading into a short and shallow recession over the coming year. The&nbsp;economists polled by Reuters unanimously expected the US&nbsp;Federal Reserve to go for a smaller 50 basis point interest rate hike on December&nbsp;14.

After raising the federal funds rate 75 basis points at each of the previous four meetings, all 84 economists polled from December&nbsp;2-8 expected the central bank to go for a slightly softer half a percentage point to 4.25 per cent-4.50 per cent&nbsp;this time.

There is still a feeling among economists that the US may experience downturn next year.

Yellen however, said that supply chain bottlenecks had begun to ease and new apartment rents have "essentially peaked," with the labour market cooling slightly as well.

"Without seeing significant net nationwide layoffs, I believe we're on the right track in terms of lowering inflation and a recession's not inevitable," she added.

Also Read | <a href="https://www.wionews.com/world/us-landmark-bill-to-protect-same-sex-marriage-passed-by-congress-541396">US: Landmark bill to protect same-sex marriage passed by Congress</a>

As businesses tone down their growth expectations and hiring plans, the number of people leaving their jobs has also dipped a little, she said.

Last week, Federal Reserve Chair Jerome Powell added it remains "very plausible" for the US to reach a soft landing, referring to a scenario where unemployment rises but the economy avoids a severe recession.

(With inputs from agencies)

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US Treasury Secretary Janet Yellen said on Thursday (December 8) that a recession in US was 'not inevitable', adding that the economy was on the right track in lowering inflation.

US Treasury Secretary Janet Yellen said on Thursday (December 8) that a recession in US was 'not inevitable', adding that the economy was on the right track in lowering inflation. Yellen spoke with reporters during her visit to the Bureau of Engraving and Printing's currency facility in Fort Worth, Texas. On "whether or not we can avoid a recession, I believe the answer is yes," she told reporters. Yellen's comments came on the heels of a forceful campaign by the US central bank to cool demand this year, walking a tightrope between lowering consumer costs while trying not to tip the economy into a downturn. Meanwhile, a Reuters poll said that the US economy is heading into a short and shallow recession over the coming year. The economists polled by Reuters unanimously expected the US Federal Reserve to go for a smaller 50 basis point interest rate hike on December 14. After raising the federal funds rate 75 basis points at each of the previous four meetings, all 84 economists polled from December 2-8 expected the central bank to go for a slightly softer half a percentage point to 4.25 per cent-4.50 per cent this time. There is still a feeling among economists that the US may experience downturn next year. Yellen however, said that supply chain bottlenecks had begun to ease and new apartment rents have "essentially peaked," with the labour market cooling slightly as well. "Without seeing significant net nationwide layoffs, I believe we're on the right track in terms of lowering inflation and a recession's not inevitable," she added. Also Read | US: Landmark bill to protect same-sex marriage passed by Congress As businesses tone down their growth expectations and hiring plans, the number of people leaving their jobs has also dipped a little, she said. Last week, Federal Reserve Chair Jerome Powell added it remains "very plausible" for the US to reach a soft landing, referring to a scenario where unemployment rises but the economy avoids a severe recession. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

US economy is heading into a short and shallow recession, say economists in poll

Canada-based TC Energy has announced that it is shutting down&nbsp;its oil pipeline in Kansas, US, after discovering an oil spill into a creek near Steele City, Nebraska.&nbsp;“We have shut down the Keystone Pipeline System and mobilised people and equipment in response to a confirmed release of oil into a creek, approximately 20 miles (approx. 32 kilometres) south of Steele City, NE,” it said in a statement.

The oil leak was detected on Wednesday at 9 pm (ET local time) after alarm bells rang and the pressure dropped in the system. The company said their “crews actively respond and work to contain and recover the oil.”

The company said that an estimated 14,000 barrels of oil have been discharged as of late Thursday.

So far, the company has not provided a timetable for restarting the Keystone Pipeline, which can transport more than 600,000 barrels of oil daily.

The pipeline transports crude oil from Canada to the United States, and there&nbsp;it is processed into gasoline.

It is unclear how the leak occurred, but a spokesperson of the PHMSA, an arm of the Transportation Department which overlooks safety regulations for pipelines, said that they are probing the cause of the leak.

Meanwhile, the news of the oil leak pushed up the oil prices in the US brief at $75.44 a barrel, before easing.

In recent trading, oil was up 0.8 per cent to $72.57 a barrel.&nbsp;The gains follow a steep selloff in recent days that left crude at levels unseen since December 2021, reports CNN.

(With inputs from agencies)

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Canada-based TC Energy has announced that it is shutting down its oil pipeline in Kansas, US, after discovering an oil spill into a creek near Steele City, Nebraska.

Canada-based TC Energy has announced that it is shutting down its oil pipeline in Kansas, US, after discovering an oil spill into a creek near Steele City, Nebraska. “We have shut down the Keystone Pipeline System and mobilised people and equipment in response to a confirmed release of oil into a creek, approximately 20 miles (approx. 32 kilometres) south of Steele City, NE,” it said in a statement. The oil leak was detected on Wednesday at 9 pm (ET local time) after alarm bells rang and the pressure dropped in the system. The company said their “crews actively respond and work to contain and recover the oil.” The company said that an estimated 14,000 barrels of oil have been discharged as of late Thursday. So far, the company has not provided a timetable for restarting the Keystone Pipeline, which can transport more than 600,000 barrels of oil daily. The pipeline transports crude oil from Canada to the United States, and there it is processed into gasoline. It is unclear how the leak occurred, but a spokesperson of the PHMSA, an arm of the Transportation Department which overlooks safety regulations for pipelines, said that they are probing the cause of the leak. Meanwhile, the news of the oil leak pushed up the oil prices in the US brief at $75.44 a barrel, before easing. In recent trading, oil was up 0.8 per cent to $72.57 a barrel. The gains follow a steep selloff in recent days that left crude at levels unseen since December 2021, reports CNN. (With inputs from agencies) WATCH WION LIVE HERE:

Keystone Pipeline shut down after oil spill, drives up fuel prices in the US

The US securities regulator has asked the trading companies to disclose to the investors any potential impacts from turmoil in cryptocurrency trading.&nbsp;In its new guideline released on Thursday, the Securities and Exchange Commission (SEC) has told the companies selling securities that they may have to share with their investors whether the firms have any financially material exposures to counterparties that have filed for bankruptcy.

"Companies may have disclosure obligations under the federal securities laws related to the direct or indirect impact that these events and collateral events have had or may have on their business," the SEC said in a sample letter, reports Reuters news agency.

The guidelines further state that the public firms should also inform their investors of any risks arising out of disruptions in crypto asset markets, depreciated stock prices, loss of customer demand and risk of legal proceedings.

The SEC’s corporate finance division urged the companies to adopt these recommendations as they prepare documents “that may not typically be subject to review by the division before their use.”

The latest missive by the SEC comes in the wake of the FTX saga, where the crypto firm filed for bankruptcy after loaning customer funds to a risky trading company that was founded by FTX’s former CEO Sam Bankman-Fried.

It is estimated that more than 100,000 customers were affected by the exchange’s failure.

On Wednesday, SEC chief Gary Gensler brushed aside criticisms that the agency failed to act against the crypto firms misusing customer funds.

Gensler said that the SEC would clamp down on the firms if they fail to comply with existing rules.

(With inputs from agencies)

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The US securities regulator has asked the trading companies to disclose to the investors any potential impacts from turmoil in cryptocurrency trading. In its new guideline released on Thursday, the Securities and Exchange Commission (SEC) has told the companies selling securities that they may have to share with their investors whether the firms have any financially material exposures to counterparties that have filed for bankruptcy.

The US securities regulator has asked the trading companies to disclose to the investors any potential impacts from turmoil in cryptocurrency trading. In its new guideline released on Thursday, the Securities and Exchange Commission (SEC) has told the companies selling securities that they may have to share with their investors whether the firms have any financially material exposures to counterparties that have filed for bankruptcy. "Companies may have disclosure obligations under the federal securities laws related to the direct or indirect impact that these events and collateral events have had or may have on their business," the SEC said in a sample letter, reports Reuters news agency. The guidelines further state that the public firms should also inform their investors of any risks arising out of disruptions in crypto asset markets, depreciated stock prices, loss of customer demand and risk of legal proceedings. The SEC’s corporate finance division urged the companies to adopt these recommendations as they prepare documents “that may not typically be subject to review by the division before their use.” The latest missive by the SEC comes in the wake of the FTX saga, where the crypto firm filed for bankruptcy after loaning customer funds to a risky trading company that was founded by FTX’s former CEO Sam Bankman-Fried. It is estimated that more than 100,000 customers were affected by the exchange’s failure. On Wednesday, SEC chief Gary Gensler brushed aside criticisms that the agency failed to act against the crypto firms misusing customer funds. Gensler said that the SEC would clamp down on the firms if they fail to comply with existing rules. (With inputs from agencies) WATCH WION LIVE HERE:

US securities regulator issues new guidelines for firms, makes cryptocurrency risk disclosure must

Federal Trade Commission (FTC) in the US filed a complaint on Thursday (December 8) that was aimed at blocking Microsoft's USD 69 billion bid to buy 'Call of Duty' maker gaming giant Activision. This is the biggest ever deal in the gaming industy. The FTC has filed the complaint over concerns that the deal would thwart competition.

Microsoft, the maker of gaming console Xbox had announced in January 2022 that it was buying Activision for USD 68.7 billion.

Microsoft President Brad Smith said they would fight the FTC. "While we believed in giving peace a chance, we have complete confidence in our case and welcome the opportunity to present our case in court," he said.

FTC said that Microsoft has a record of buying major gaming content and then using it to suppress competition.

"Microsoft has already shown that it can and will withhold content from its gaming rivals," said Holly Vedova, director of the FTC’s Bureau of Competition. "Today we seek to stop Microsoft from gaining control over a leading independent game studio and using it to harm competition in multiple dynamic and fast-growing gaming markets."

Shares in Microsoft and Activision both fell on news of the FTC complaint. Shares in Activision were down 2.3%, or $1.78 to $74.16, while Microsoft was down from earlier highs but still up 1% for the day to $246.78.

(With inputs from agencies)

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Federal Trade Commission (FTC) in the US filed a complaint on Thursday (December 8) that was aimed at blocking Microsoft's USD 69 billion bid to buy 'Call of Duty' maker gaming giant Activision.

Federal Trade Commission (FTC) in the US filed a complaint on Thursday (December 8) that was aimed at blocking Microsoft's USD 69 billion bid to buy 'Call of Duty' maker gaming giant Activision. This is the biggest ever deal in the gaming industy. The FTC has filed the complaint over concerns that the deal would thwart competition. Microsoft, the maker of gaming console Xbox had announced in January 2022 that it was buying Activision for USD 68.7 billion. Microsoft President Brad Smith said they would fight the FTC. "While we believed in giving peace a chance, we have complete confidence in our case and welcome the opportunity to present our case in court," he said. FTC said that Microsoft has a record of buying major gaming content and then using it to suppress competition. "Microsoft has already shown that it can and will withhold content from its gaming rivals," said Holly Vedova, director of the FTC’s Bureau of Competition. "Today we seek to stop Microsoft from gaining control over a leading independent game studio and using it to harm competition in multiple dynamic and fast-growing gaming markets." Shares in Microsoft and Activision both fell on news of the FTC complaint. Shares in Activision were down 2.3%, or $1.78 to $74.16, while Microsoft was down from earlier highs but still up 1% for the day to $246.78. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

US competition watchdog seeks to stop Microsoft-Activision mega gaming deal

In the latest updated from RBI MPC Meeting, the Central bank has raised the repo rate by 35 basis points to 6.25%; and has said that the inflation is likely to stay above 4% in next 12 months.

RBI raises repo rate by 35 basis points to 6.25 per cent

The U.S. trade deficit widened sharply in October as slowing global demand and a strong dollar weighed on exports. Watch this video to know more.

World Business Watch | US trade deficit rise 5.4 per cent to $78.2 billion in October

The U.S. National Highway Traffic Safety Administration (NHTSA) is opening new safety probes into 1.72 million Honda vehicles, 230,000 Jeeps and 390,077 Ram trucks.

World Business Watch | Safety probes into 1.72 million Honda vehicles

An Australian court fined U.S. ride-sharing app Uber as it broke consumer law by misleading customers with warnings they would be charged for cancelling some rides from 2017 to 2021.

World Business Watch | Australia fines Uber $14 million for misleading on fares

Oil futures were little changed in Asia on Wednesday as hopes of improved Chinese demand offset uncertainty about how a Western cap on Russian oil prices would play out, keeping markets on edge after a sharp fall in the previous session.&nbsp;

Brent crude futures edged up 3 cents, or 0.04 per cent, to $79.38 a barrel by 0717 GMT, after they fell below $80 for the second time in 2022 during the previous trading session.

US&nbsp;crude futures mostly traded sideways and were down 9 cents or 0.12 per cent to $74.16 a barrel.

Watch |&nbsp;Gravitas: OPEC thwarting the West's plans?

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Brent's slump on Tuesday was the largest daily decline since late September, which has traded in a $62 range this year.

Expectations of rising demand in China continued to be a positive driver, as the country posted fewer new COVID-19 infections for the second consecutive day and announced sweeping changes in its tough anti-virus policy.

China's national health authority said on Wednesday that asymptomatic <a href="https://www.wionews.com/topics/coronavirus">COVID-19</a> cases and those with mild symptoms can quarantine at home, in the strongest sign so far that China is preparing its people to live with the disease.

"China has (been) rapidly eased COVID-19 restrictions, which may boost demand," markets analyst Leon Li at CMC Markets said in a note.

Also read |&nbsp;<a href="https://www.wionews.com/world/moscow-says-will-not-accept-western-price-cap-on-its-crude-claims-russian-oil-will-continue-to-be-in-demand-540030">Moscow says will not accept western price cap on its crude, claims 'Russian oil will continue to be in demand'</a>

The reopening could see a 1 per cent boost to global oil demand, ANZ said in a client note.

Data earlier on Wednesday showed China's crude oil imports in November rose 12 per cent from a year earlier to the&nbsp;highest in 10 months, as companies replenished stocks with cheaper oil and as new plants started up.

A potential drawdown in US&nbsp;crude stockpiles of around 6.4 million barrels, according to API figures, also gave some sentiment support on the supply front.

However, uncertainty on how the price cap on Russian oil would impact supply contributed to volatility. Russia is considering three options, including banning oil sales to some countries and setting maximum discounts at which it would sell its crude, to counter the price cap imposed by Western powers, the Vedomosti daily reported on Wednesday.

"There's still tons of uncertainty in the markets today," said Claudio Galimberti, senior vice president at Rystad Energy, adding crude production in Russia may not drop as much as expected earlier.

Also read |&nbsp;<a href="https://www.wionews.com/world/oil-price-cap-will-not-affect-russian-military-operation-in-ukraine-540193">Oil price cap 'will not affect' Russian military operation in Ukraine</a>

Some weakness was attributed to a stronger greenback after it firmed from the earlier session and cautious activity in Asian stock markets.

Wall Street benchmarks also tumbled on Tuesday on uncertainty around the direction of Federal Reserve rate hikes and further talk of a looming recession.&nbsp;Those fears were sparked by strong economic data or hawkish signals from other policymakers.

Oil prices have dropped by more than 1 per cent for three straight sessions, giving up most of their gains for the year.

Some optimism remained that buyers could come back if the market bottoms out amid a contango price structure, where forward prices are higher than prompt prices.

"Energy traders are not confidently buying dips, but they will if the current selloff sends (US&nbsp;crude) prices close to the levels the Biden administration might refill the SPR, which is in the $70 region," a senior market analyst at OANDA Edward Moya said in a client note, referring to the US&nbsp;Strategic Petroleum Reserve.

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Oil futures were little changed in Asia on Wednesday as hopes of improved Chinese demand offset uncertainty about how a Western cap on Russian oil prices would play out, keeping markets on edge after a sharp fall in the previous session.

Oil futures were little changed in Asia on Wednesday as hopes of improved Chinese demand offset uncertainty about how a Western cap on Russian oil prices would play out, keeping markets on edge after a sharp fall in the previous session. Brent crude futures edged up 3 cents, or 0.04 per cent, to $79.38 a barrel by 0717 GMT, after they fell below $80 for the second time in 2022 during the previous trading session. US crude futures mostly traded sideways and were down 9 cents or 0.12 per cent to $74.16 a barrel. Watch | Gravitas: OPEC thwarting the West's plans? Brent's slump on Tuesday was the largest daily decline since late September, which has traded in a $62 range this year. Expectations of rising demand in China continued to be a positive driver, as the country posted fewer new COVID-19 infections for the second consecutive day and announced sweeping changes in its tough anti-virus policy. China's national health authority said on Wednesday that asymptomatic COVID-19 cases and those with mild symptoms can quarantine at home, in the strongest sign so far that China is preparing its people to live with the disease. "China has (been) rapidly eased COVID-19 restrictions, which may boost demand," markets analyst Leon Li at CMC Markets said in a note. Also read | Moscow says will not accept western price cap on its crude, claims 'Russian oil will continue to be in demand' The reopening could see a 1 per cent boost to global oil demand, ANZ said in a client note. Data earlier on Wednesday showed China's crude oil imports in November rose 12 per cent from a year earlier to the highest in 10 months, as companies replenished stocks with cheaper oil and as new plants started up. A potential drawdown in US crude stockpiles of around 6.4 million barrels, according to API figures, also gave some sentiment support on the supply front. However, uncertainty on how the price cap on Russian oil would impact supply contributed to volatility. Russia is considering three options, including banning oil sales to some countries and setting maximum discounts at which it would sell its crude, to counter the price cap imposed by Western powers, the Vedomosti daily reported on Wednesday. "There's still tons of uncertainty in the markets today," said Claudio Galimberti, senior vice president at Rystad Energy, adding crude production in Russia may not drop as much as expected earlier. Also read | Oil price cap 'will not affect' Russian military operation in Ukraine Some weakness was attributed to a stronger greenback after it firmed from the earlier session and cautious activity in Asian stock markets. Wall Street benchmarks also tumbled on Tuesday on uncertainty around the direction of Federal Reserve rate hikes and further talk of a looming recession. Those fears were sparked by strong economic data or hawkish signals from other policymakers. Oil prices have dropped by more than 1 per cent for three straight sessions, giving up most of their gains for the year. Some optimism remained that buyers could come back if the market bottoms out amid a contango price structure, where forward prices are higher than prompt prices. "Energy traders are not confidently buying dips, but they will if the current selloff sends (US crude) prices close to the levels the Biden administration might refill the SPR, which is in the $70 region," a senior market analyst at OANDA Edward Moya said in a client note, referring to the US Strategic Petroleum Reserve. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Oil steadies after fall as China demand revival hopes offset Russia price cap uncertainty

A secret service report says, Chinese hackers have stolen tens of millions of dollars worth of US Covid relief benefits since 2020. The secret service declined to provide any other details.

World Business Watch | Chinese hackers stole millions worth of US Covid relief benefits: Report

Legendary tennis coach Nick Bollettieri, who helped develop superstars such as Andre Agassi and Maria Sharapova, has died aged 91, the IMG Academy announced in a statement on Monday.

Legendary Tennis coach Nick Bollettieri dies aged 91, coached players like Agassi and Sharapova

An Australian regulator has sued American Express for alleged breaches of distribution obligations. A civil lawsuit was filled against American express. Watch full report to know more.

Australian regulator sues AmEx for alleged breaches of distribution obligations

The US services industry activity has unexpectedly picked up last month. Economy continues to create jobs last month and wage growth is accelerating.

World Business Watch | US services sector activity unexpectedly accelerates in November

PwC will shut its main London office from 23 December to 3 January, as well as some smaller sites to save energy. Watch this video to know more.

World Business Watch | PwC to close offices over Christmas to save energy

PepsiCo Inc is reportedly planning to lay off hundreds of workers from its headquarters in the North American snacks and beverages division, said a report by the Wall Street Journal, signalling that the layoff season might not be limited to Silicon Valley. The New York-based company has reportedly described these layoffs as a way to “simplify” the organisation.&nbsp;

The report by Wall Street Journal citing people familiar with the matter and internal documents said that these layoffs also indicate, “that corporate belt-tightening is extending beyond tech and media”.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/pepsico-plans-to-cut-hundreds-of-jobs-says-report-540462">PepsiCo plans to cut hundreds of jobs, says report</a>

Furthermore, a memo sent to the employees and reviewed by the publication said that the intention for these layoffs is “simplify the organisation so we can operate more efficiently.” Notably, as of December last year, PepsiCo employed over 300,000 people across the world with at least 129,000 workers in the United States.&nbsp;

The job cuts are set to affect hundreds of employees, one of the people familiar with the matter told the WSJ, including the company’s North American beverage business based in Purchase, New York and PepsiCo’s snacks and packaged-foods business, headquartered in Chicago and Plano, Texas.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/amazon-set-to-fire-20000-employees-including-top-managers-540087">Amazon set to fire 20,000 employees, including top managers</a>

This comes after the demand for the snack and beverage company’s products including Frito-Lay chips, Mountain Dew soft drinks, Doritos and so on, has reportedly been quite strong amid the country’s soaring inflation. However, like many other companies in the industry, have also increased their prices to offset higher costs of ingredients, transport and labour, said the WSJ.&nbsp; 
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PepsiCo Inc is reportedly planning to lay off hundreds of workers from its headquarters in the North American snacks and beverages division, said a report by the Wall Street Journal, signalling that the layoff season might not be limited to Silicon Valley.

PepsiCo Inc is reportedly planning to lay off hundreds of workers from its headquarters in the North American snacks and beverages division, said a report by the Wall Street Journal, signalling that the layoff season might not be limited to Silicon Valley. The New York-based company has reportedly described these layoffs as a way to “simplify” the organisation. The report by Wall Street Journal citing people familiar with the matter and internal documents said that these layoffs also indicate, “that corporate belt-tightening is extending beyond tech and media”. ALSO WATCH | PepsiCo plans to cut hundreds of jobs, says report Furthermore, a memo sent to the employees and reviewed by the publication said that the intention for these layoffs is “simplify the organisation so we can operate more efficiently.” Notably, as of December last year, PepsiCo employed over 300,000 people across the world with at least 129,000 workers in the United States. The job cuts are set to affect hundreds of employees, one of the people familiar with the matter told the WSJ, including the company’s North American beverage business based in Purchase, New York and PepsiCo’s snacks and packaged-foods business, headquartered in Chicago and Plano, Texas. ALSO READ | Amazon set to fire 20,000 employees, including top managers This comes after the demand for the snack and beverage company’s products including Frito-Lay chips, Mountain Dew soft drinks, Doritos and so on, has reportedly been quite strong amid the country’s soaring inflation. However, like many other companies in the industry, have also increased their prices to offset higher costs of ingredients, transport and labour, said the WSJ. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

PepsiCo to lay off hundreds of employees from its headquarters: Report

The global airline industry may report an estimated $6.9 billion in loss this year, said the International Air Transport Association (IATA), which is lower than previous estimates and significantly lesser than the loss reported in 2020 and 2021. In a first since 2019, the global airlines’ body also expects a small industry-wide profit for the upcoming year.&nbsp;

Notably, the loss estimated for 2022 has been reduced from $9.7 billion in June to $6.9, on Tuesday, which the IATA has attributed to an increased number of passengers and cost control by airlines amid a rise in fuel prices. Furthermore, they also expect a small industry-wide profit of $4.7 billion in 2023 with more than four billion passengers set to fly.&nbsp;

“That is a great achievement considering the scale of the financial and economic damage caused by government-imposed pandemic restrictions,” said the IATA Director-General Willie Walsh referring to the projected profit. This comes after the global airline industry reported massive losses in 2020 and 2021 due to the COVID-19 pandemic.&nbsp;

The global grouping of at least 290 airlines across the world, accounting for nearly 89 per cent of global air traffic, has also warned about how fragile this recovery is given that some airlines might continue to struggle with regulations, high costs and government policies.&nbsp;

“It's very important that everybody understands just how fragile the recovery is.&nbsp;Yes we are recovering; yes the momentum is improving; yes, we expect it to continue to improve in 2023” said Walsh.&nbsp;According to the IATA, the overall passenger yields are expected to grow by 8.4 per cent while the passenger revenues may increase to $438 billion. 
 
In 2023, the passenger demand which is an estimated 59.8 per cent is expected to surpass the capacity growth of 47.8 per cent, said the IATA referring to the Asia Pacific region which has witnessed a significant setback due to China’s zero-Covid policy and its impact on travel.&nbsp;

It added that if Beijing does not ease restrictions it could affect airlines' profitability for the upcoming year. However, another risk looming over the slightly positive outlook for 2023 may be the risk of some economies falling into recession, said the IATA. Notably, in 2021 the global airlines’ industry reported a loss of $42 billion and a $137.7 billion loss in 2020.&nbsp;

(With inputs from agencies)&nbsp;

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The global airline industry may report an estimated $6.9 billion in loss this year, said the International Air Transport Association (IATA), which is lower than previous estimates and significantly lesser than the loss reported in 2020 and 2021.

The global airline industry may report an estimated $6.9 billion in loss this year, said the International Air Transport Association (IATA), which is lower than previous estimates and significantly lesser than the loss reported in 2020 and 2021. In a first since 2019, the global airlines’ body also expects a small industry-wide profit for the upcoming year. Notably, the loss estimated for 2022 has been reduced from $9.7 billion in June to $6.9, on Tuesday, which the IATA has attributed to an increased number of passengers and cost control by airlines amid a rise in fuel prices. Furthermore, they also expect a small industry-wide profit of $4.7 billion in 2023 with more than four billion passengers set to fly. “That is a great achievement considering the scale of the financial and economic damage caused by government-imposed pandemic restrictions,” said the IATA Director-General Willie Walsh referring to the projected profit. This comes after the global airline industry reported massive losses in 2020 and 2021 due to the COVID-19 pandemic. The global grouping of at least 290 airlines across the world, accounting for nearly 89 per cent of global air traffic, has also warned about how fragile this recovery is given that some airlines might continue to struggle with regulations, high costs and government policies. “It's very important that everybody understands just how fragile the recovery is. Yes we are recovering; yes the momentum is improving; yes, we expect it to continue to improve in 2023” said Walsh. According to the IATA, the overall passenger yields are expected to grow by 8.4 per cent while the passenger revenues may increase to $438 billion. In 2023, the passenger demand which is an estimated 59.8 per cent is expected to surpass the capacity growth of 47.8 per cent, said the IATA referring to the Asia Pacific region which has witnessed a significant setback due to China’s zero-Covid policy and its impact on travel. It added that if Beijing does not ease restrictions it could affect airlines' profitability for the upcoming year. However, another risk looming over the slightly positive outlook for 2023 may be the risk of some economies falling into recession, said the IATA. Notably, in 2021 the global airlines’ industry reported a loss of $42 billion and a $137.7 billion loss in 2020. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Global airline industry to report billions in losses this year; may return to profit in 2023: IATA

The dollar gained against the yen, the euro and the pound on Monday after data showed that US&nbsp;services industry activity unexpectedly picked up in November, prompting speculation the Federal Reserve may lift interest rates more than recently projected.

The Institute for Supply Management (ISM) said its non-manufacturing PMI increased to 56.5 last month from 54.4 in October, indicating that the services sector, which accounts for more than two-thirds of US economic activity, remained resilient in the face of rising interest rates. Economists polled by Reuters had forecast the non-manufacturing PMI slipping to 53.1.

The survey followed on the heels of stronger-than-expected job and wage growth data for November released last Friday. Consumer spending also accelerated in October.

The upbeat reports have raised optimism the economy could avoid recession next year, with growth just slowing sharply, while also spurring speculation about how high rates will rise.

"The ISM services PMI data highlighted a US economy that's still showing some strength, despite tighter financial conditions," said Priscilla Thiagamoorthy, an economist at BMO Capital Markets. "While that's good news for the growth outlook, it's not so great for the Fed trying to dampen demand and ease inflation."

Fed Chair Jerome Powell said last week the US central bank could scale back the pace of its rate increases "as soon as December."

The dollar climbed 1.68% against the yen to 136.615 yen, bouncing from Friday's three-and-a-half month low of 133.62, while sterling, which had risen to a more than five-month high of $1.2345 in Asian trade Monday, was down 0.94% at $1.2178 at 2:15 p.m. EST (1915 GMT).

The euro slid 0.42% to $1.0494, having earlier climbed to $1.0585, its highest level since June 28.

The dollar index, which tracks the greenback against six peers, fell 1.4% last week, and 5% in November, its worst month since 2010.

But now speculation is growing that the Fed 'pivot' narrative has run its course.

"I think this issue about 'peak inflation, peak rates, peak dollar' - I think - is slowly turning into a 'persistence of inflation, a persistence of higher-for-longer interest rates," said Jane Foley, senior FX strategist at Rabobank.

The dollar's aggregate positioning against G10 currencies is now neutral, and at the lowest levels since August 2021, according to ING calculations based on CFTC data.

ING also believes that dollar softening may have run its course for now, given the possibility of the Fed maintaining its hawkish narrative for longer, that relaxing China's COVID restrictions could prove complicated, and that oil and gas prices could rise again.

The other major factor for markets on Monday was China, where several cities have been easing their COVID restrictions. Official messaging about how dangerous the virus is also has changed following recent, unprecedented protests against the government's uncompromising "dynamic zero-COVID" strategy.

This boosted China's yuan, and the dollar fell below 7.0 yuan in offshore trade for the first time since mid September, and was last at 6.9767.

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The dollar gained against the yen, the euro and the pound on Monday after data showed that US services industry activity unexpectedly picked up in November, prompting speculation the Federal Reserve may lift interest rates more than recently projected.

The dollar gained against the yen, the euro and the pound on Monday after data showed that US services industry activity unexpectedly picked up in November, prompting speculation the Federal Reserve may lift interest rates more than recently projected. The Institute for Supply Management (ISM) said its non-manufacturing PMI increased to 56.5 last month from 54.4 in October, indicating that the services sector, which accounts for more than two-thirds of US economic activity, remained resilient in the face of rising interest rates. Economists polled by Reuters had forecast the non-manufacturing PMI slipping to 53.1. The survey followed on the heels of stronger-than-expected job and wage growth data for November released last Friday. Consumer spending also accelerated in October. The upbeat reports have raised optimism the economy could avoid recession next year, with growth just slowing sharply, while also spurring speculation about how high rates will rise. "The ISM services PMI data highlighted a US economy that's still showing some strength, despite tighter financial conditions," said Priscilla Thiagamoorthy, an economist at BMO Capital Markets. "While that's good news for the growth outlook, it's not so great for the Fed trying to dampen demand and ease inflation." Fed Chair Jerome Powell said last week the US central bank could scale back the pace of its rate increases "as soon as December." The dollar climbed 1.68% against the yen to 136.615 yen, bouncing from Friday's three-and-a-half month low of 133.62, while sterling, which had risen to a more than five-month high of $1.2345 in Asian trade Monday, was down 0.94% at $1.2178 at 2:15 p.m. EST (1915 GMT). The euro slid 0.42% to $1.0494, having earlier climbed to $1.0585, its highest level since June 28. The dollar index, which tracks the greenback against six peers, fell 1.4% last week, and 5% in November, its worst month since 2010. But now speculation is growing that the Fed 'pivot' narrative has run its course. "I think this issue about 'peak inflation, peak rates, peak dollar' - I think - is slowly turning into a 'persistence of inflation, a persistence of higher-for-longer interest rates," said Jane Foley, senior FX strategist at Rabobank. The dollar's aggregate positioning against G10 currencies is now neutral, and at the lowest levels since August 2021, according to ING calculations based on CFTC data. ING also believes that dollar softening may have run its course for now, given the possibility of the Fed maintaining its hawkish narrative for longer, that relaxing China's COVID restrictions could prove complicated, and that oil and gas prices could rise again. The other major factor for markets on Monday was China, where several cities have been easing their COVID restrictions. Official messaging about how dangerous the virus is also has changed following recent, unprecedented protests against the government's uncompromising "dynamic zero-COVID" strategy. This boosted China's yuan, and the dollar fell below 7.0 yuan in offshore trade for the first time since mid September, and was last at 6.9767. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Dollar gains broadly as upbeat US data muddles Fed rate hike views

The FTX CEO and founder Sam Bankman-Fried took to Twitter on Sunday and said that he would testify before the United States House Financial Services Committee after he is done “learning and reviewing” the collapse of his cryptocurrency exchange platform. This comes after the committee said that it plans to hold a public hearing this month to investigate the collapse of FTX.&nbsp;

The FTX founder was responding to the Committee Chair Maxine Waters who had also taken to the microblogging platform last week and asked Bankman-Fried to participate in the panel's hearing scheduled for December 13.

“Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain,” said Bankman-Fried in response to the committee chair’s invitation.

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Rep. Waters, and the House Committee on Financial Services: 
 
Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain. 
 
I'm not sure that will happen by the 13th. But when it does, I will testify. <a href="https://t.co/c0P8yKlyQt">https://t.co/c0P8yKlyQt</a>
— SBF (@SBF_FTX) <a href="https://twitter.com/SBF_FTX/status/1599511560384225281?ref_src=twsrc%5Etfw">December 4, 2022</a></blockquote>
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“I'm deeply sorry about what happened. Clearly, I made a lot of mistakes or things I would be able to give anything to be able to do over again,” said the FTX founder at the 'Deadlock conference' hosted by CNBC News and The New York Times, speaking via video call, earlier this month. He also said that he didn't knowingly behave fraudulently.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/cryptocurrency-lender-blockfi-files-for-bankruptcy-ftx-fallout-rattles-crypto-industry-538578">Cryptocurrency lender BlockFi files for bankruptcy; FTX fallout rattles crypto industry</a>

Two individuals familiar with the matter said Bankman-Fried secretly transferred $10 billion in client money to affiliated trading firm Alameda Research, causing a liquidity crunch at the FTX. He has since told Reuters that did not move the money or run the research firm.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/former-ftx-ceo-sam-bankman-fried-apologises-for-his-mistakes-says-didnt-knowingly-commit-fraud-538944">Former FTX CEO Sam Bankman-Fried apologises for his 'mistakes,' says didn't knowingly commit fraud</a>

However, following the reports of the alleged incident prompted traders to pull $6 billion from the platform within three days while Binance, a rival exchange platform, declined to sign a rescue deal which led FTX to file for bankruptcy in November.&nbsp; 
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The FTX CEO and founder Sam Bankman-Fried took to Twitter on Sunday and said that he would testify before the United States House Financial Services Committee after he is done “learning and reviewing” the collapse of his cryptocurrency exchange platform.

The FTX CEO and founder Sam Bankman-Fried took to Twitter on Sunday and said that he would testify before the United States House Financial Services Committee after he is done “learning and reviewing” the collapse of his cryptocurrency exchange platform. This comes after the committee said that it plans to hold a public hearing this month to investigate the collapse of FTX. The FTX founder was responding to the Committee Chair Maxine Waters who had also taken to the microblogging platform last week and asked Bankman-Fried to participate in the panel's hearing scheduled for December 13. “Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain,” said Bankman-Fried in response to the committee chair’s invitation. Rep. Waters, and the House Committee on Financial Services: Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain. I'm not sure that will happen by the 13th. But when it does, I will testify. https://t.co/c0P8yKlyQt — SBF (@SBF_FTX) December 4, 2022 × “I'm deeply sorry about what happened. Clearly, I made a lot of mistakes or things I would be able to give anything to be able to do over again,” said the FTX founder at the 'Deadlock conference' hosted by CNBC News and The New York Times, speaking via video call, earlier this month. He also said that he didn't knowingly behave fraudulently. ALSO READ | Cryptocurrency lender BlockFi files for bankruptcy; FTX fallout rattles crypto industry Two individuals familiar with the matter said Bankman-Fried secretly transferred $10 billion in client money to affiliated trading firm Alameda Research, causing a liquidity crunch at the FTX. He has since told Reuters that did not move the money or run the research firm. ALSO READ | Former FTX CEO Sam Bankman-Fried apologises for his 'mistakes,' says didn't knowingly commit fraud However, following the reports of the alleged incident prompted traders to pull $6 billion from the platform within three days while Binance, a rival exchange platform, declined to sign a rescue deal which led FTX to file for bankruptcy in November. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

FTX’s Bankman-Fried to testify before US House committee after ‘learning and reviewing’ its collapse

Britain's economy is supposed to shrink point four percent next year. This comes as inflation remains high and companies put investments on hold with gloomy implications for longer term growth.

World Business Watch | UK risks 'lost decade': Industry Association

Oil prices are up today by one percent. This comes after OPEC+ yesterday denounced price cap imposed by EU, G7 and Australia on machine oil. Moscow is now trying to cover up the loss from sales of its crude oil.

World Business Watch: OPEC+, Russia meet ahead of fresh sanctions on Russian oil

Italy's Prime Minister Giorgia Meloni may water down plans to make it easier to settle small payments with cash rather than carts following talks with European commission over issue.

World Business Watch | Italy: Small payments with cash could be made easier

UK is dealing with another blow to economic ecosystem of the country. Housing prices there have dropped by 1.4 percent, the most in around two years. The average housing cost has fallen to a point where it has its flow value and marks the lowest drops in June of 2020.

World Business Watch | UK: Annual house price growth dragged to 4.4% in November

In India where just like preceding months, auto sales last month remain point. This has most of the car manufacturers registered positive growth momentum in the domestic market. Two wheeler sales which were muted until last month also saw a slight uptick.

World Business Watch: Festive season demand backs India auto sales

The year 2022 is now closing strongly in India. With technically high collection by agri food sector of 4.6 billion dollars in the country. With that, now India has overtaken China as best funded agri-food ecosystem in Asia Pacific region.

World Business Watch: Agri tech start-up investment add $4.6 billion in FY 22