One looming problem for the pharma industry is a deal in Washington that could allow the government to negotiate drug prices for the first time. Source link

Oil refiners are reaping record profits today. Recession fears are holding them back, though. Valero Energy one of the largest U.S. independent refiners, said Thursday that its net income in the second quarter reached $4.7 billion, nearly 29 times what it was a year earlier and well in excess of Wall Street expectations. The quarterly […]

Gross domestic product slipped again last quarter. You don’t have to think that the U.S. is in a recession to think it isn’t good. The Commerce Department on Thursday reported that GDP contracted at a 0.9% annual rate in the second quarter. As with the first quarter’s 1.6% decline, the news arguably wasn’t as bad […]

Listen to article (3 minutes) Three of the largest tech companies will be leaning heavily on their cloud operations to help weather the economic storm hitting other parts of their businesses. But even the cloud can get rained on. The segments will figure heavily in coming quarterly results this week from Amazon Microsoft and Google-parent […]

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Many companies are worried about the economy, but optimistic about their own businesses. Source link

As pharma companies begin reporting earnings next week, investors could be excused for paying closer attention to the Federal Reserve. With inflation red hot and a 0.75-percentage-point rate increase at Fed policy makers’ next meeting later this month nearly baked into the market, investors are looking for safety wherever they can find it, and drug […]

Governor Tiff Macklem defended a surprise jump in the Bank of Canada’s benchmark interest rate on Wednesday with the argument that “front-loaded” rate hikes are more likely to skirt a recession. But he also made it clear that the central bank is willing to go as far as it needs to “choke off the excess” […]

Banks are finally seeing some serious momentum in loan growth. But at this point, will it matter? Both businesses and consumers have dramatically picked up the pace of borrowing in the second quarter. Outside of a stimulus-aided surge early in the pandemic, U.S. bank loans’ seasonally adjusted, annualized 15% quarter-over-quarter growth rate in the second […]

The U.S. economy might be headed for a recession—or it might not be. Investors will be looking to bank earnings to clear up the question. The big banks start reporting second-quarter earnings this week, and what executives say about the state of the economy might matter to investors even more than how much profit the […]