Update on the latest in business:

FINANCIAL MARKETS

Stocks slip on Wall Street as messy May comes to a close

NEW YORK (AP) — U.S. stocks are slipping as Wall Street nears the end of a tumultuous month. The S&P 500 was 0.4% lower, and the Dow was down 152 points. Both indexes were down even more sharply in the morning, and the S&P 500 briefly erased all of an early drop of 1.3%.

Such swings have become the norm...

READ MORE

FINANCIAL MARKETS

Stocks slip on Wall Street as messy May comes to a close

NEW YORK (AP) — U.S. stocks are slipping as Wall Street nears the end of a tumultuous month. The S&P 500 was 0.4% lower, and the Dow was down 152 points. Both indexes were down even more sharply in the morning, and the S&P 500 briefly erased all of an early drop of 1.3%.

Such swings have become the norm on Wall Street, as stocks reel amid worries about a possible recession, inflation and rising interest rates.

The S&P 500 is on pace to close May with a small gain, as it’s swung through some of the wildest trading since early in the pandemic.

CONSUMER CONFIDENCE

US consumer confidence slips in May amid stubborn inflation

SILVER SPRING, Md. (AP) — U.S. consumer confidence edged down in May as Americans’ view of their present and future prospects dimmed in the midst of persistent inflation.

The Conference Board says its consumer confidence index dipped to 106.4 in May — still a strong reading — from 108.6 in April. The business research group’s present situation index, which measures consumers’ assessment of current business and labor conditions, also fell in May to 149.6 from 152.9 in April.

President Joe Biden is meeting with Federal Reserve Chairman Jerome Powell today as soaring inflation continues to carve up Americans’ earnings.

SUMMER TRAVEL

Canceled flights mar first weekend of summer for travelers

UNDATED (AP) — The unofficial start of summer is offering a troubling look at what lies ahead for travelers during the peak vacation season.

U.S. airlines canceled more than 2,800 flights over a five-day stretch including the Memorial Day weekend, as bad weather, crews calling in sick, and other factors snarled their operations. Delta Air Lines, which is usually among the top performers, had the worst record among major carriers with more than 800 canceled flights from Thursday through Monday.

EUROPE-INFLATION

Eurozone inflation hits record 8.1% amid rising energy costs

LONDON (AP) — Inflation in the 19 countries that use the euro currency hit a record 8.1% amid surging energy costs prompted in part by Russia’s war in Ukraine.

The latest data from European Union statistics agency Eurostat shows that annual inflation in May surpassed the previous record of 7.4% reached in the previous two months. Energy prices jumped 39.2%, highlighting how the war and the accompanying global energy crunch are making life more expensive for the eurozone’s 343 million people.

Inflation in the eurozone is now at its highest level since recordkeeping for the euro began in 1997. Food prices also rose 7.5%, while prices for goods were up 4.2% and the cost for services rose 3.5%.

GERMANY-DEUTSCHE BANK-RAIDS

Deutsche Bank, subsidiary raided over ‘greenwashing’ claims

BERLIN (AP) — Authorities in Germany have raided the offices of Deutsche Bank and its subsidiary DWS following claims that it was exaggerating the sustainable credentials of some of the products it sold. Frankfurt prosecutors said the probe focused on allegations of investment fraud, but no specific suspects had been identified yet.

A former manager in charge of sustainability at DWS has claimed that the asset management firm exaggerated the environmental and climate credentials of certain funds.

Deutsche Bank said in a statement that Tuesday’s raids were “directed against unknown people in connection with greenwashing allegations against DWS.” It said DWD was cooperating with ”all relevant regulators and authorities on this matter.”

SPAIN-CUSTOMER SERVICE

Can I talk to a human? Spain presents customer service bill

MADRID (AP) — Tired of speaking to a machine when you call the bank or power company?

Spain’s government wants to end those nerve-shattering conversations with a computerized answering service by making it obligatory for companies to offer a customer service worker when so requested by a caller. That is one among a battery of measures included in a customer service bill presented Tuesday by Spain’s left-wing coalition government. The bill would also seek to do away with long wait times by forcing companies to answer calls within three minutes.

The bill will need the approval of Spain’s Parliament before it can become law.

Copyright © 2022 . All rights reserved. This website is not intended for users located within the European Economic Area.