US economy grows faster than expected in report out just ahead of elections
Growth is in sharp contrast to households’ assessment, reflected in Trump’s record-low approval ratings The US economy grew faster than expected in the third quarter as resilient consumer spending and AI-driven business investment more than offset the impact of higher oil prices stemming from the conflict in the Middle East.
Gross domestic product (GDP) increased at a 3.4% annualized rate last quarter, the commerce department’s bureau of economic analysis said in its advance estimate of the third quarter GDP on Thursday. Economists polled by Reuters had forecast GDP advancing at a 3.2% pace.
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Oil hits August low as Trump downplays Iran strikes
Brent crude fell nearly 3% to $89.66 on Tuesday as European shares rose after Trump said further military action against Iran did not seem necessary at that point.
US perpetual futures approvals draw risk warnings from Wall Street
The CFTC has approved crypto and single-stock perpetual futures, while traditional exchanges challenge how the products are classified and whether existing safeguards are adequate.
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