NewsNation Now

Major recession predicted, JCPenney bids for Kohl’s

(NewsNation) — Deutsche Bank rang the warning bell Tuesday, saying that conditions were ripe for a global recession.

One of the world’s leading banks, Deutsche pointed to consistent inflation and drops in just about all major indexes this month as indicators that the recession is looming, if it hasn’t started already. In April, the Nasdaq alone has lost 12%, with other indices not faring much better.

Deutsche Bank predicted a major recession, saying that aggressive interest rate hikes needed to get inflation under control would end up hurting the economy. The bank forecast that the economy could recover by 2024.

In other financial news, the owners of the JCPenney department store chain have made an offer to buy rival Kohl’s for $68/share, valuing the business at more than $6.8 billion. JCPenney intends to keep the stores as two separate brands, but cut costs by streamlining operations. The news gave Kohl’s shares a boost by the market close on Tuesday.