A sharp increase in gas prices likely pushed inflation higher in August compared with a year ago, yet a measure excluding energy and food costs is expected to fall for the fifth straight month, suggesting that the Federal Reserve's interest rate hikes are still bringing down prices for many goods and services.

The consumer price index is projected to have increased 3.6% last month from a year earlier, according to economists' forecasts compiled by data provider FactSet. The increase would be up from 3.2% in July, though still far below the peak of 9.1% in June 2022.

When she first moved to the Chinese tech hub of Shenzhen after graduating from college, Marguerite Wang imagined she would spend her career working hard in a big city. Instead, she's living with her parents in her hometown in northeastern China.

A record of more than one in five young Chinese are out of work, their career ambitions at least temporarily derailed by a depressed job market as the economy struggles to regain momentum after its long bout with COVID-19.

Stocks retreated Wednesday in Europe and Asia and oil prices rose ahead of a key report on U.S. inflation that could sway the Federal Reserve's future decisions on interest rates.

Germany's DAX shed 0.5% to 15,636.61 and the CAC 40 in Paris declined 0.5% to 7,213.81. In London, the FTSE 100 edged 0.1% lower, to 7,518.23.

The British economy shrank by 0.5% in July amid a series of strikes, particularly by doctors at the start of their careers, and unseasonably wet weather, official figures showed Wednesday.

The Office for National Statistics said the strikes by so-called junior doctors weighed on health sector activity, while the sixth wettest July on record hit retailers after a buoyant June, when business was brisk as a result of warm weather.

The U.S. House overwhelmingly approved measures Tuesday targeting Iran for its human rights record and placing restrictions on the country's ability to import or export its expanding arsenal of weapons.

The measures would impose a series of sanctions on Iran's supreme leader, president and other individuals as Washington seeks to further punish the Islamic Republic ahead of the one-year anniversary of nationwide protests. The resolutions will now go to the Senate, where it is unclear if the Democratic-controlled chamber will take them up.

The British Embassy Beirut on Wednesday announced that applications for the UK Government’s flagship Chevening Scholarships program are now open. Applicants should apply online via chevening.org/apply by November 7, 2023.

The scholarship, which is now in its 40th year, offers full financial support for scholars to study for any eligible master’s degree at over 150 UK universities whilst also gaining access to a wide range of exclusive academic, professional, and cultural experiences.

The U.S. Treasury on Tuesday slapped terrorism sanctions on a family network of seven individuals and businesses in Lebanon and South America accused of financing the militant group Hezbollah, including a Lebanese man who officials say was involved in two deadly attacks in Argentina in the 1990s.

Amer Mohamed Akil Rada was described as "one of the operational members" who carried out the attack on the Argentine-Israelite Mutual Association in Buenos Aires in 1994, which killed 85 people and wounded hundreds. A 1992 attack on the Israeli Embassy in Argentina killed 29 people.

The caretaker Cabinet on Tuesday approved the 2024 state budget and submitted it to parliament, with caretaker Prime Minister Najib Mikati calling the move an “achievement.”

“This is the first state budget to be approved within the constitutional timeframe since 2002 and this is a major achievement and heroism,” Mikati said at a press conference.

Poland's prime minister says his government will not lift its embargo on imports of Ukrainian grain as scheduled Friday because it would hurt Polish farmers.

"Poland will not allow Ukraine grain to flood us," Prime Minister Mateusz Morawiecki said Tuesday on the social media platform X, formerly known as Twitter.

North Korea's Kim Jong Un arrived in Russia on Tuesday for a meeting with President Vladimir Putin where they are expected to offer each other increased support in their escalating standoffs with the West.

Kim is expected to seek Russian economic aid and military technology in exchange for munitions to be used in Russia's war in Ukraine.