On top of the grievous toll in human life and misery, Israel's war against Hamas and Hezbollah has been expensive, and the painfully high financial costs are raising concerns about the long-term effect of the fighting on the country's economy.

Military spending has ballooned, and growth has stalled, especially in dangerous border areas that were evacuated. Economists say the country could face declining investment and higher taxes as the war strains government budgets and forces tough choices between social programs and the military.

The U.S. has sanctioned three people and four firms involved in a Lebanon-based sanctions evasion network accused of generating millions in revenue for the militant group Hezbollah.

Treasury’s Office of Foreign Assets Control also imposed sanctions on three people involved in trafficking of Captagon, an amphetamine, from Lebanon into Jordan.

With characteristic bravado, Donald Trump has vowed that if voters return him to the White House, "inflation will vanish completely."

It's a message tailored for Americans who are still exasperated by the jump in consumer prices that began 3 1/2 years ago.

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.

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.

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%.

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.

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.

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.

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.