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AP
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Asian stocks have followed Wall Street lower ahead of U.S. inflation data traders worry will show upward pressure on prices still is too strong for the Federal Reserve to ease off interest rate hikes. Shanghai, Tokyo, Hong Kong and Seoul declined early Wednesday. Oil prices edged lower. Wall Street’s benchmark S&P 500 index lost 0.4% for its fourth daily decline. U.S. government data are expected to show headline inflation in July eased from the previous month's four-decade high of 9.1%. But traders expect core inflation, which strips out volatile food and energy, leaving rent and other expenses, to edge higher.

AP
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Asian shares are mostly declining amid a global fall in technology shares, including Japan’s SoftBank, which just reported hefty losses caused by the market downturn. Such worries are coming on top of concerns about inflation and what central banks might do to curb it. Shares fell Tuesday in Tokyo but rose in other regional markets. U.S. futures edged higher while oil prices fell. Analysts say regional tensions also remain a risk after the recent visit of U.S. House Speak Nancy Pelosi to Taiwan. Technology stocks were the biggest drag on Wall Street, where the benchmark S&P 500 edged 0.1% lower.

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Senate Majority Leader Chuck Schumer says Democrats have made changes in their giant economic bill that include paring part of their proposed minimum tax on huge corporations. Schumer described some of the revisions Friday as Democrats lined up the votes needed to deliver a campaign-season victory to President Joe Biden on his domestic agenda. Schumer also said bargainers dropped a proposed tax boost on hedge fund executives after pivotal centrist Sen. Kyrsten Sinema of Arizona said she would otherwise vote “no.” Schumer said the package would instead levy new taxes on companies that buy back their own stock.

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Sen. Joe Manchin sealed the deal reviving President Joe Biden’s big economic, health care and climate bill. But it was another Democratic senator, Kyrsten Sinema of Arizona, who quietly shaped the final product. Democrats pushed ahead Friday on the estimated $730 billion package that in many ways reflects Sinema’s priorities. On taxes, health care and climate change, Sinema has pushed her priorities into the bill. In the 50-50 Senate, every vote matters. She is putting hers to uses that infuriate some, wow others and point to her emergence as a powerful political figure.

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A Maine-based sporting goods chain that once had more than 200 stores on the East Coast is closing its remaining 35 locations. Olympia Sports was founded in 1975 by Edward Manganello, who opened his first store at the Maine Mall in South Portland. The Portland Press Herald reported that by 2013 it had 226 locations from Maine to Virginia. Remaining locations will close by September, and liquidation sales are underway.

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Reining in the soaring prices of insulin has thus far been elusive in Congress, although Democrats say they’ll try again — as part of their economic package that focuses on health and climate. The price of the 100-year-old drug has more than tripled in the last two decades, forcing the nation’s diabetics to pay thousands of dollars a year for the life-saving medication. Senate Majority Leader Chuck Schumer has said some language that limits the price of insulin will be added to the economic bill, but it’s not clear what that price point will be and who will be protected by that price cap.

AP
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Asian stock markets are higher ahead of an update on the health of the U.S. jobs market while the Federal Reserve weighs whether more rate hikes are needed to cool surging inflation. U.S. futures and oil prices edged higher. Investors were looking ahead Friday to U.S. employment figures for signs of weakness that might prompt the Fed to decide it needs to ease off aggressive rate hikes to cool inflation. Investors worry rate increases by the Fed and other central banks in Europe and Asia might derail economic growth. Fed officials point to a strong job market as evidence the economy can tolerate higher borrowing costs.

AP
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The Bank of England has projected that the United Kingdom’s economy will enter a recession at the end of the year. To tame accelerating inflation driven by the fallout from Russia’s war in Ukraine, the bank hiked interest rates Thursday by the largest amount in more than 27 years. The bank says inflation will accelerate to over 13% in the final three months of the year and remain “very elevated” for much of 2023. The bank’s forecasters say inflation will hit its highest point for more than 42 years amid the doubling of wholesale natural gas prices tied to the war. Central banks worldwide are struggling to control surging inflation without tipping economies into recession.

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Stocks are closing slightly lower on Wall Street Monday as investors began another busy week of earnings and economic reports. The S&P 500 fell 0.3%. The Dow Jones Industrial Average and the Nasdaq also closed lower. U.S. crude oil prices dropped, weighing heavily on energy companies. Retailers and consumer product makers made solid gains. Boeing jumped after it cleared a key hurdle with federal regulators to resume deliveries of its large 787 airliner. August’s subdued opening follows a solid rally for stocks in July that marked the best month for the the benchmark S&P 500 since November 2020.

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In a story published July 30, 2022, The Associated Press reported that the Congressional Budget Office estimated that an insulin bill would increase the price of the drug. The story should have made clear that CBO said the measure would reduce insulin costs for many consumers, but would drive up government costs and premiums charged by Medicare and private insurers.