Category: Markets

Eurozone Labor Costs Jump 5.7 Percent Year on Year in 4th Quarter

March 17, 2023
Business & Marketscostseconomic policieseconomyenergyEuropeeurozoneinflationlaborMarketsrecessionWorld
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BRUSSELS—Eurozone labor costs jumped in the last three months of 2022 and third-quarter data was revised up as well, but the rise of the wage component was still roughly half the increase in consumer inflation, data showed on Friday. The European Union’s statistics office Eurostat said labor costs in the 19 countries that shared the…

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Billionaire Investor ‘Extremely Concerned’ About Financial Contagion Risk After First Republic Rescue

March 17, 2023
Business & MarketsCompanieseconomic policieseconomyFirst Republic BankMarketsSilicon Valley Bank CollapseUS
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Billionaire investor Bill Ackman said he is “extremely concerned” by the federal government-backed infusion of $30 billion to First Republic Bank by 11 of the top banks, saying the plan will create a “false sense of confidence” and risks the spread of contagion. On Thursday afternoon, 11 banks—including JPMorgan Chase, Wells Fargo, Citibank, and Bank…

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Wall Street Opens Lower as Bank Worries Linger

March 17, 2023
Business & MarketsCompanieseconomic policieseconomyinflationMarketsrecessionstocksUS
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Wall Street’s main indexes opened lower on Friday as investors remained wary about a potential banking crisis even as the country’s largest banks came to the rescue of troubled regional lender First Republic Bank. The Dow Jones Industrial Average fell 29.23 points, or 0.09 percent, at the open to 32,217.32. The S&P 500 opened lower…

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Amgen to Cut 450 Jobs in 2nd Round of Layoffs This Year

March 17, 2023
AmgenBusiness & MarketsCompanieseconomic policieseconomyinflationlayoffsMarketsrecessionUSUS News
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Amgen Inc. said on Thursday it would cut 450 jobs, or less than 2 percent of its workforce, making it the company’s second round of layoffs this year amid intensifying pressure on drug prices and high inflation. “We made these changes to realign our expense base in the face of intensifying pressure on drug prices…

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Dollar Slips as Bank Lifelines Shore Up Risk Appetite

March 17, 2023
Business & Marketseconomic policieseconomyForexglobalinflationMarketsrecessionstocks
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LONDON—The dollar slipped on Friday after top U.S. power brokers including the government and banks threw a lifeline to a struggling regional lender to ease stress on the financial system, which returned some confidence to investors. The rescue of First Republic Bank in the U.S. on Thursday boosted risk appetite globally on Friday as concerns…

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Oil Rises on Demand Hopes as Banking Fears Ease

March 17, 2023
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices firmed on Friday as a meeting between Saudi Arabia and Russia calmed markets and after support measures stabilized a banking crisis that set oil prices on course for their biggest weekly fall since December. Brent crude futures firmed by $1.09, or 1.46 percent, to $75.79 a barrel by 1040 GMT. U.S. West Texas…

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World Shares up After 1st Republic Aid Spurs Wall Street Rally

March 17, 2023
Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BANGKOK—Markets advanced Friday in Europe and Asia, tracking a rally on Wall Street after a group of big banks offered a lifeline to First Republic Bank, the latest U.S. lender in the spotlight for troubles in the banking industry. Shares rose in Paris, London, Tokyo, and Hong Kong but edged lower in Mumbai. U.S. futures…

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Stocks Rally After Battered First Republic Gets a Lifeline

March 16, 2023
Business & MarketsFirst RepublicMarketsstockstocks
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NEW YORK—Stocks rallied Thursday after a group of big banks offered a lifeline to the bank that investors had zeroed in on in their hunt for the industry’s next victim. The S&P 500 jumped 1.8 percent for its best day in nearly two months after 11 of the biggest banks said they would deposit a…

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Banking Issues Hiding Bigger Problem: Tavi Costa

March 16, 2023
Business & MarketsCredit SuisseeconomyEpochTVFirst RepublicInvestmentMarketsNTD BusinessSignature BankSilicon Valley BankstocksUSVideo
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First Republic Bank will receive $30 billion from some of the top U.S. banks in a bid to stabilize the troubled firm. It’s the third bank to be rescued in less than a week. First Republic, like Silicon Valley Bank and Signature Bank, reportedly had a large number of uninsured deposits, triggering fears that customers…

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