International

US consumer confidence dips in November: survey

| By AFP |

US consumers were gloomier about the state of the American economy in November, likely due to a rise in gas prices and as recession risks loom, according to a survey released Tuesday.

The closely-watched consumer confidence index dipped to 100.2 in November, down two points from the month before, in a second straight month of decline, said think tank The Conference Board.

“Consumers’ expectations regarding the short-term outlook remained gloomy,” said Lynn Franco, senior director of economic indicators at The Conference Board.

The drop in consumer confidence this month, in line with analyst expectations, was “most likely prompted by the recent rise in gas prices,” she said.

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Data on consumers’ short-term outlook suggests the likelihood of a recession remains elevated as well.

“Inflation expectations increased to their highest level since July, with both gas and food prices as the main culprits,” Franco said.

Consumer inflation in the United States has been hovering at the highest level in decades, prompting the Federal Reserve to take aggressive steps to raise interest rates and cool the economy.

The central bank walks a tightrope trying to bring down surging costs while avoiding tipping the world’s biggest economy into a downturn.

For now, consumer intentions to buy homes, automobiles and big-ticket appliances have moderated.

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“The combination of inflation and interest rate hikes will continue to pose challenges to confidence and economic growth into early 2023,” Franco said.

But with inflation showing signs of easing and central bankers noting it would take time for policy effects to be realized, a growing number of voices including Fed officials have advocated for smaller steps in the coming months.

The consumer sentiment reading “remains depressed compared to pre-pandemic” levels, said economist Rubeela Farooqi of High Frequency Economics.

Overall, measures of sentiment “are sending a negative signal about household spending,” even if consumption continues to support growth for now, she added.

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International

Iran Reports 201 Dead, 747 Injured After U.S. and Israeli Strikes

The Iranian Red Crescent Society reported Sunday night (local time) that at least 201 people were killed and 747 injured following attacks carried out by Israel and the United States against the Islamic Republic.

A spokesperson for the humanitarian organization said more than 220 rescue teams have been deployed across affected areas and that relief operations are continuing without interruption. The official highlighted the difficulty of treating the large number of wounded and the urgent need for additional resources in impacted provinces.

Out of Iran’s 31 provinces, 24 have reported damage, according to a statement carried by the Isna news agency. This marks the first overall casualty toll released by Iranian state-affiliated media since the launch of the offensive.

Among the dead are 85 schoolgirls from a school in the southern city of Minab, according to the country’s judiciary. “The number of martyrs at the Minab girls’ school has risen to 85,” the local prosecutor’s office said, as quoted by the judiciary’s website, Mizan Online.

Iranian President Masud Pezeshkian described the attack as a “savagery” that “constitutes a new black page in the record of countless crimes committed by the aggressors.”

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Meanwhile, the international community continues to monitor the situation closely amid concerns about possible further reprisals and the broader impact on Middle East stability, energy markets, and global security.

AFP noted that it was unable to independently verify the casualty figures or the circumstances surrounding the events.

International

Pope Leo XIV Urges End to ‘Spiral of Violence’ in Middle East

Pope Leo XIV on Sunday called for an end to the “spiral of violence” in the Middle East, following military strikes by the United States and Israel against Iran and subsequent retaliatory bombardments in the region.

“Faced with the possibility of a tragedy of enormous proportions, I urge the parties involved to assume their moral responsibility and stop the spiral of violence before it becomes an irreparable abyss,” the pontiff told the crowd gathered in St. Peter’s Square at the Vatican.

Speaking during the Angelus prayer, the U.S.-born pope said stability and peace cannot be achieved through threats or weapons. “Stability and peace are not built with reciprocal threats or with arms that sow destruction, suffering and death, but only through reasonable, sincere and responsible dialogue,” he declared.

The leader of the world’s 1.4 billion Catholics also called for diplomacy to “regain its role” amid escalating tensions.

In addition, the pope urged Afghanistan and Pakistan to urgently resume dialogue after several days of clashes between the two countries.

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International

Security Council to Hold Emergency Meeting on Middle East Crisis

UN Secretary-General António Guterres on Saturday condemned the “military escalation in the Middle East” following attacks by the United States and Israel against Iran and Tehran’s retaliatory strikes, just hours before an urgent meeting of the UN Security Council.

“I call for the immediate cessation of hostilities and de-escalation,” Guterres said in a statement.

The Security Council is scheduled to meet on Saturday at 21:00 GMT (4:00 p.m. in New York) to address “the situation in the Middle East,” the United Nations announced.

The meeting, during which Guterres will deliver remarks, was convened at the request of France, Bahrain, Colombia, Russia and China, according to a diplomatic source.