Another big increase in consumer prices last month led investors Wednesday to anticipate that the Federal Reserve would strongly consider raising interest rates by a full percentage point, which it hasn't done in decades, at its meeting later this month.
U.K. Prime Minister Race Is Shaken Up by Dark-Horse Candidate Penny Mordaunt
LONDON-The unpredictable contest to find a new British prime minister has produced a dark horse.
Penny Mordaunt, little known outside Conservative Party circles, is emerging as the biggest threat to former Chancellor of the Exchequer Rishi Sunak's campaign to take over as leader of the party. Seen as a long shot only days ago, she became the odds-on favorite Wednesday at betting houses in Britain after several polls showed her topping popularity polls with grass-roots Conservative members.
Crypto Crash Drags Lender Celsius Network Into Bankruptcy
Cryptocurrency lender Celsius Network LLC filed for bankruptcy protection Wednesday, a month after halting withdrawals in the wake of a collapse in digital currency prices that stretched the platform's business model past the breaking point.
The chapter 11 filing in New York follows weeks of market speculation about Celsius, which built itself into one of the biggest cryptocurrency lenders on a pitch that it was less risky than a bank, and with better returns for its customers. But it overextended itself offering lofty yields to crypto depositors and making large loans backed by little collateral, leaving itself little cushion in the event of a market downturn.
Write to paul.larkins@dowjones.com
Expected Major Events for Thursday
05:00/FIN: Jun CPI
06:00/GER: Jun WPI
06:00/SWE: Jun CPI
06:30/SWI: Jun Import Price Index
06:30/SWI: Jun PPI
07:00/TUR: May Industrial Production Index
07:00/SVK: Jun Core & net inflation development
07:00/SVK: Jun CPI
08:00/CZE: May Monthly Balance of Payments
08:30/UK: 2Q Bank of England Credit Conditions Survey
08:30/UK: 2Q Bank of England's Bank Liabilities Survey
10:00/IRL: Jun CPI
12:00/POL: May Balance of payments
All times in GMT. Powered by Onclusive and Dow Jones.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
07-14-22 0043ET
