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Manufacturing growth is slowing worldwide as China's COVID-19 curbs and Russia's invasion of Ukraine disrupt supply chains and keep inflation at the highest in years, while the growing risk of a U.S. recession poses a new threat to the global economy. Gauges of factory activity released Thursday in Japan, Britain, the eurozone, and the United States all softened in June, with U.S. producers reporting the first outright drop in new orders in two years in the face of slumping consumer and business confidence. S&P Global's flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, dropped to 51.2 this month from a final reading of 53.6 in May and the slowest growth pace in five months. The manufacturing component dropped to 52.4, the lowest in nearly two years, from 57 in May and was notably weaker than the estimate of 56 in a Reuters poll of economists. "Business confidence is now at a level which would typically herald an economic downturn, … [Read more...] about U.S. Recession Fears Darken Outlook For Global Growth

This is a carousel. Use Next and Previous buttons to navigate 5 SACRAMENTO, Calif. (AP) — Heat waves and drought gripping California highlight the urgency to slash fossil fuel use and remove planet-warming emissions from the air, a top state official said Thursday as discussions began on a new proposal for how the state will meet its ambitious climate goals. “I think every single Californian today knows that we’re living through a climate emergency,” said Jared Blumenfeld, secretary of the California Environmental Protection Agency. “And so what we’re doing today takes on additional importance and urgency.” He spoke as the California Air Resources Board opened a hearing on a plan updated twice each decade that sets a climate change roadmap for the state. This year's plan focuses on achieving carbon neutrality by 2045, which means the state would remove as much carbon from the air as it emits. The timeline is among the most ambitious … [Read more...] about California emissions, carbon neutrality plan draws criticism

Recap: Global stocks moved higher on Friday, heading for their first weekly gain in a month after fears of an economic recession, while inflation eased on declines in commodity prices. The SET index moved in a range of 1,549.98 and 1,576.05 points this week before closing yesterday at 1,568.76 points, up 0.6% from the previous week, in daily turnover averaging 62 billion baht. Institutional investors were net buyers of 8.05 billion baht, while retail investors bought 3.37 billion. Foreign investors were net sellers of 11 billion baht. Brokerage firms offloaded 401 million baht worth of shares. Newsmakers: The US economy is strong but faces an "uncertain" global environment and could see further inflation "surprises," Federal Reserve Chair Jerome Powell said Wednesday. A recession in the US is not "inevitable," Treasury Secretary Janet Yellen said Sunday, just days after the US Federal Reserve hiked interest rates, raising fears of an economic contraction. A … [Read more...] about A brief upturn in a punishing month for stocks