Money

By Nathaniel Meyersohn, CNN Business Add Nike to the list of brands and stores discounting excess merchandise to clear it off shelves. Nike said Thursday its inventory levels soared 65% in North America, its largest market, and 44% overall last quarter from a year ago. After navigating limited supply in 2021 Nike is now carrying

Martha C. White for CNN Business After hitting an alarming 40-year high in June, the Federal Reserve’s preferred benchmark for consumer inflation is once again flashing a warning sign about the persistence of high prices. The Bureau of Economic Analysis said Friday the Personal Consumption Expenditures price index for August rose by 6.2% from a

By Nicole Goodkind, CNN Business Warnings of global recession are widespread, inflation is persistent and Russia is escalating the crisis in Europe. The macro picture for the economy is bleak, and markets are suffering. But in the midst of all of this turmoil, luxury automaker Porsche managed to make one of the biggest market debuts

By Mark Thompson, CNN Business There was good news and bad in Friday’s revised data about the UK economy. It grew — marginally — in the second quarter of the year, rather than shrinking as previously estimated. But the latest update from the Office for National Statistics also showed that the United Kingdom is the

By Chris Isidore, CNN Business Florida homeowners were already facing an expensive and difficult market for home insurance before Hurricane Ian. The devastating storm is about to make things worse — even for those fortunate enough to escape any damage. For the better part of two decades, the nation’s major insurers have wanted as little

By Amarachi Orie, CNN Business The portrait of King Charles III that will feature on British coins has been unveiled by the Royal Mint, the official maker of UK coins. The image, which will first appear on commemorative £5 and 50 pence coins to honor the life of the late Queen Elizabeth II, was designed

By Laura He, CNN Business Asian markets are careening toward their worst month since the Covid pandemic began, hit by a mighty US dollar and rising global recession fears. The MSCI Asia ex-Japan Index — which captures 10 major markets across Asia, excluding Japan — has fallen 12.8% so far this month, on track to

By Allison Morrow, CNN Business All week, there have events in the news that have come in under of the banner of “this hasn’t happened since 2007/2008.” Yields on the 10-year Treasury briefly surpassed 4%, a level not seen since 2008. That movement helped push mortgage rates to their highest level, 6.7%, since — wait

By Jackie Wattles, CNN Officials at NASA have signed a Space Act Agreement with SpaceX to investigate the benefits and risks of having a private mission provide service to NASA’s nearly 33-year-old Hubble Space Telescope, boosting it to a higher orbit to extend its life, the space agency announced Thursday. “Hubble is amazingly successful. …