Egypt and Libya's unity government signed a series of cooperation agreements and several infrastructure contracts on Thursday as Cairo eyes reconstruction opportunities in its oil-rich neighbour.
U.S. business inventory accumulation slowed in July as motor vehicle retailers struggled to restock amid an ongoing global semiconductor shortage, which is forcing automobile manufacturers to scale back production. Business inventories rose 0.5% after increasing 0.9% in June, the Commerce Department said on Thursday. Inventories rose 7.2% on a year-on-year basis in July.
The Baltic Exchange's main dry bulk sea freight index slipped on Thursday after rising for five straight sessions as a dip in capesize rates overshadowed gains in the smaller vessel segments. * The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, lost 18 points at 4,215.
The Canadian dollar edged lower
against its U.S. counterpart on Thursday as oil prices fell and
investors weighed domestic data showing some weakening in
activity.
Brazil's Economy Ministry on Thursday raised its forecasts for inflation measured by the IPCA consumer price index to 7.9% this year, from 5.9% previously, and 3.75% in 2022, from 3.5% before. The ministry kept its forecasts for the expansion of gross domestic product at 5.3% this year and 2.5% next year.
U.S. retail sales unexpectedly increased in August as a surge in online and furniture store purchases offset a continued decline at auto dealerships, which could temper expectations for a sharp slowdown in economic growth in the third quarter.
* Retail sales increase 0.7% in August. * Core retail sales surge 2.5%; July revised down. * Weekly jobless claims increase 20,000 to 332,000. By Lucia Mutikani. U.S. retail sales unexpectedly increased in August, likely boosted by back-to-school shopping and child tax credit payments from the government, which could temper expectations for a sharp slowdown in economic growth in the third quarter.
Canada added 39,400 jobs in August, driven by a pick-up in hiring in the trade, transportation and utilities sector, a report from payroll services provider ADP showed on Thursday. The July data was revised to show 21,600 were lost rather than a gain of 221,300.
- Business activity for service sector firms in the New York region continued to grow in September but at a slower pace, according to a survey released on Thursday by the New York Federal Reserve.
Argentina's economy is predicted to grow 4% in 2022, while inflation is expected to hit 33%, according to a draft budget released just before midnight on Wednesday that lays out the embattled government's economic roadmap for next year.
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