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JPMorgan issues US ‘wealth shock’ warning

US household wealth has fallen by at least $5 trillion so far this year amid an intense market selloff, according to a JPMorgan Chase note seen by Bloomberg. The losses could amount to $9 trillion by year-end, it estimated. According to the report, US billionaires are the biggest losers in …

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Worst of economic shock over for Russia – official

The Russian economy has overcome the first shock from the sanctions imposed by the West, according to Finance Minister Anton Siluanov. It won’t be easy to get over the restrictions, but prudent financial and budgetary policy will allow the country to withstand them and maintain financial sovereignty, he said on …

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World on brink of commodities shock – study

Global energy prices are projected to rise dramatically, culminating in the biggest price jump in commodities in nearly half a century, the World Bank has warned. According to the bank’s April Commodity Markets Outlook report, global energy prices, which have already seen a dramatic surge due to ongoing Covid-19 lockdowns …

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‘Recession shock coming,’ major US bank warns

The macroeconomic picture is deteriorating rapidly and could push the US economy into recession as the Federal Reserve tightens monetary policy to tame surging inflation, Bank of America (BofA) warned on Friday. “Inflation shock worsening, rates shock just beginning, recession shock coming,” BofA’s chief investment strategist, Michael Hartnett, wrote in …

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Bank of England warns of energy-price shock

The shock to incomes in Britain from rising energy prices will be bigger than in the 1970s, the Bank of England warned this week. British consumers and businesses are expected to come under severe pressure from the cost of living increase as the economy’s growth slows down. According to the …

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Get ready for global oil supply shock – IEA

Russia could be forced to cut crude production by nearly a third starting next month, as traders are reportedly reluctant to buy oil from the country amid Western sanctions, the International Energy Agency warned on Wednesday. “The prospect of large-scale disruptions to Russian oil production is threatening to create a …

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Socialists win shock majority in EU country general election

Portuguese Prime Minister Antonio Costa has declared victory after his Socialist Party secured 117 seats in the country’s 230-seat Parliament, marking only the second time in history the party has secured an outright majority. “An absolute majority doesn’t mean absolute power. It doesn’t mean to govern alone. It’s an increased …

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‘Fire and brimstone’: Liberals alarmed as Steve Bannon calls for ‘shock troops’ from GOP for ‘sweeping’ victory in 2024

Bannon reportedly met with Trump political appointees this week and discussed both the president’s and the party’s future, insisting “shock troops” would be needed to secure conservative victories.  “If you’re going to take over the administrative state and deconstruct it, then you have to have shock troops prepared to take …

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‘How big is this problem?’ UK doping chiefs face new scandal after shock investigation finds Team GB stars ‘carried out own tests’

2012 European champion hurdler Rhys Williams and Gareth Warburton, a multiple medalist at middle distance, were both found to have breached doping laws in 2014 when the black market steroid Dienedione showed up in their systems. Later, however, they were permitted to arrange private testing of the supplements they protested had …

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