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World shares are mixed as tensions escalate in Middle East

World shares were mixed on Wednesday, with European benchmarks mostly higher. Hong Kong's Hang Seng soared more than 6% while other Asian markets retreated as tensions escalated in the Middle East.

Oil prices extended gains after Iran fired dozens of missiles into Israel, potentially raising the risk of disruptions to supplies. That news overshadowed an upbeat report showing U.S. job openings rose unexpectedly in August as the American labor market continued to show resilience.

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Price of gold keeps climbing to unprecedented heights. Here's why

The rush for gold just keeps coming.

Gold hit another all time high this week. Recent gains for the precious metal are largely credited to ongoing economic uncertainty, geopolitical tensions and strong demand from central banks around the world.

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UK inflation is steady at 2.2% ahead of Bank of England's next rate decision

Inflation in the U.K. held steady at an annual rate of 2.2% in August, with higher air fares offset by lower fuel costs and restaurant and hotel bills, official figures showed Wednesday.

The latest reading from the Office of National Statistics means inflation remains just above the Bank of England's target of 2%.

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Japan's trade deficit grows while both imports, exports fall short of forecasts

Japan posted a trade deficit for a second straight month in August, the Finance Ministry said Wednesday, despite signs of sluggish consumer spending that weighed on imports.

Japan's trade deficit totaled 695 billion yen, or $4.9 billion, down 26% from a year earlier, the ministry said.

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Federal Reserve is set to cut interest rates for first time in 4 years

Having all but tamed inflation, the Federal Reserve is poised to do something Wednesday it hasn't done in more than four years: Cut its benchmark interest rate, a step that should lead to lower borrowing costs for consumers and businesses just weeks before the presidential election.

And yet an unusual air of uncertainty overhangs this week's meeting: It's unclear just how large the Fed's rate cut will be. Wall Street traders and some economists foresee a growing likelihood that the central bank will announce a larger-than-usual half-point cut. Many analysts foresee a more typical quarter-point rate cut.

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China announces sanctions on US companies selling arms to self-ruled Taiwan

China on Wednesday announced sanctions on American companies selling arms to the self-ruled island of Taiwan, which Beijing claims as its own territory and threatens to annex by force.

Chinese state media made the announcement, citing the Foreign Ministry, but gave no details on the companies involved. Taiwan is awaiting deliveries of F-16 fighter jets, Abrams tanks and a range of missiles from the U.S.

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Bill Gates calls for more aid to go to Africa and for debt relief for burdened countries

The billionaire Microsoft co-founder and philanthropist Bill Gates thinks the richest governments should increase their support for African countries that have been overshadowed by development funding increasingly going toward the humanitarian response to the war in Ukraine as well as support for refugees around the world in recent years.

"There's less money going to Africa at a time when they need it," whether it's for debt relief, vaccinations or to reduce malnutrition, Gates told The Associated Press in an interview. As a portion of aid money, the funds going to Ukraine are "substantial," he said.

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China to raise retirement age, now among the youngest in world's major economies

Starting next year, China will raise its retirement age for workers, which is now among the youngest in the world's major economies, in an effort to address its shrinking population and aging work force.

The Standing Committee of the National People's Congress, the country's legislature, passed the new policy Friday after a sudden announcement earlier in the week that it was reviewing the measure, state broadcaster CCTV announced.

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In premarket, Wall Street inches closer toward erasing last week's losses

Wall Street inched toward modest gains before the open Friday as markets continue to erase last week's sweeping losses.

Futures for the S&P 500 climbed 0.2% before the bell Friday while futures for the Dow Jones Industrial Average were 0.1% higher.

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Russian central bank hikes rates to fight inflation fueled by military spending in growing economy

Russia's central bank raised its key interest rate by a full percentage point to 19% to combat high inflation as government spending on the military strains the economy's capacity to produce goods and services and drives up workers' wages.

The central bank said in a statement Friday that "growth in domestic demand is still significantly outstripping the capabilities to expand the supply of goods and services." It held out the prospect of more rate increases to return inflation from the current 9.1% to the bank's target of 4% in 2025.

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