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TOKYO (Reuters) -The dollar remained on the back foot on Wednesday after tumbling versus major peers overnight as a benign reading for U.S. producer prices reinforced bets on Federal Reserve interest rate cuts this year. New Zealand's dollar dropped sharply from a four-week high after the Reserve Bank of New Zealand reduced the key cash rate and flagged more cuts to come, surprising some market participants. Japanese Prime Minister Fumio Kishida's decision to not run for reelection in his party's leadership race next month had little effect on markets, analysts said.

(Bloomberg) -- Oil rose, after falling more than 2% on Tuesday, as an industry report pointed to a sizable drop in US crude stockpiles and tensions simmered in the Middle East. Most Read from BloombergBiden Invests $100 Million to Fuel Housing ConstructionIn DNC, Chicago’s Embattled Transit System Faces a High-Profile TestHow Chicago’s Gigantic Merchandise Mart Is Still Thriving as Office SpaceJohannesburg Mayor Quits Amid Infighting, Financial WoesGottheimer Calls for Rail Riders to Be Reimburs

(Bloomberg) -- New Zealand’s central bank cut interest rates, embarking on an easing cycle much sooner than previously indicated as the economy slumps and inflation slows. The local dollar plunged.Most Read from BloombergBiden Invests $100 Million to Fuel Housing ConstructionIn DNC, Chicago’s Embattled Transit System Faces a High-Profile TestHow Chicago’s Gigantic Merchandise Mart Is Still Thriving as Office SpaceJohannesburg Mayor Quits Amid Infighting, Financial WoesGottheimer Calls for Rail R

(Bloomberg) -- China’s economy probably failed to turn the corner on its worst stretch in five quarters, with an uneven recovery in July held back by consumer spending still lagging industrial activity and investment.Most Read from BloombergBiden Invests $100 Million to Fuel Housing ConstructionIn DNC, Chicago’s Embattled Transit System Faces a High-Profile TestJohannesburg Mayor Quits Amid Infighting, Financial WoesHow Chicago’s Gigantic Merchandise Mart Is Still Thriving as Office SpaceGotthei

(Bloomberg) -- Treasuries advanced after a weaker-than-expected US producer prices report bolstered the case for the Federal Reserve to cut borrowing costs more aggressively this year. Most Read from BloombergBiden Invests $100 Million to Fuel Housing ConstructionIn DNC, Chicago’s Embattled Transit System Faces a High-Profile TestJohannesburg Mayor Quits Amid Infighting, Financial WoesHow Chicago’s Gigantic Merchandise Mart Is Still Thriving as Office SpaceGottheimer Calls for Rail Riders to Be

A federal safety agency is recommending that air tours and other commercial aircraft operators be required to have certificated dispatchers to help pilots plan their flights. The National Transportation Safety Board said Tuesday that and other recommendations are based on a study of more than 500 accidents, some of them fatal. The NTSB said it began the study after seeing a “cluster of safety issues” from investigations of crashes between 2010 and 2022.

High interest rates and inflation push home improvement projects back