The United States and European Union on Friday announced an agreement to speed up and enhance the use of artificial intelligence to improve agriculture, healthcare, emergency response, climate forecasting and the electric grid.

Major US banks reported mixed fourth-quarter results Friday as executives pointed to the rising odds of a  “mild recession,” with inflation and interest rate hikes challenging households and businesses.

The US Treasury Department said Friday it will likely begin  “extraordinary measures” next week to prevent a default on government debt, setting up a high-stakes showdown in Congress over raising the nation’s borrowing limit.

Consumer inflation in the United States is set to ease further in December, analysts say, in an encouraging trend that could bring some reprieve from rising interest rates.

US banking giants are forecast to report lower fourth quarter profits this week as lenders stockpile rainy-day funds to prepare for an economic slowdown that is battering investment banking.

The US dollar on Monday neared its lowest in seven months against other major currencies, after data last week suggested the Federal Reserve could slow the pace of its rate hikes, while China re-opening its borders boosted riskier currencies.

The US trade deficit narrowed more than anticipated in November on a fall in imports, government figures showed on Thursday, with drops seen in pharmaceuticals and household goods.

Allowing the driver of an autonomous vehicle to watch a movie, a dealer to sell automobiles from a  “virtual” car lot, or an engineer to simulate how a new part fits: the auto industry is getting a tantalizing taste of the metaverse at the huge CES technology show.

US job gains exceeded expectations in December while unemployment ticked down, a closely-watched government report said Friday, in a sign the labor market remains hotter than hoped by policymakers seeking to lower inflation.

US retail sales rose 7.6 per cent between November 1 and December 24, which encompasses a majority of the holiday season, as steep discounts lured deal-hungry consumers, a Mastercard report showed on Monday.

The dollar edged up yesterday, pulling away from recent six-month lows against a basket of major currencies, for now.

Orders for big-ticket US manufactured goods dropped more than expected in November,bogged down by a sharp decline in the aircraft segment, according to government data released recently.

Oil prices settled about $3 per barrel higher on Friday for a second straight week of gains after Moscow said it could cut crude output in response to the G7 price cap on Russian exports.

The US economy expanded 3.2 per cent in the third quarter, the Commerce Department said Thursday, in a further upward revision of data reflecting stronger consumer spending and investment than earlier estimated.

Consumer confidence in the US economy spiked in December, bouncing more than expected as inflation expectations dipped and gas prices cooled, survey data showed on Wednesday.

Federal Reserve policymakers may need to lift US borrowing costs above the peak 5.1 per cent they penciled in just this week and keep them there perhaps into 2024 to squeeze high inflation out of the economy, three of them signaled on Friday.

The Federal Reserve moderated its all-out campaign to cool inflation Wednesday, lifting the benchmark lending rate by a half percentage point as its policy actions ripple through the economy.

US central bankers open the second day of a key policy meeting Wednesday, with mounting anticipation of a smaller hike to its benchmark lending rate as inflation showed signs of easing.

US job gains were unexpectedly robust in November despite efforts to cool the economy, while unemployment held steady and wages ticked up, the government reported Friday.

US consumer spending increased solidly in October, while inflation moderated, giving the economy a powerful boost at the start of the fourth quarter as it navigates a high interest rate environment.