The Nasdaq rallied more than 2 percent on Tuesday as technology firms bounced back on easing concerns around the Omicron variant, while Intel jumped after plans to take its self-driving car unit public. Investors cheered the chip giant’s decision to list Mobileye in the United States in mid-2022, sending its shares 5.0 percent higher. The…
Big Tech, Chipmakers Power Nasdaq as Omicron Worries Subside
December 7, 2021
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German Industry ‘Not out of the Woods’ Despite Rise in Output
December 7, 2021
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BERLIN—German industrial output rose more than expected in October in a rare sign of strength in manufacturing, but analysts warned that supply bottlenecks for raw materials and intermediate goods would continue to hamper production in Europe’s biggest economy. The Federal Statistics Office said industrial output was up 2.8 percent on the month after a revised…
BMW Hits 1 Million EV Sales, Targets 2 Million Fully Electric Sales by 2025
BERLIN—BMW has sold its one millionth electric vehicle (EV)—including purely electric and hybrid vehicles—and plans to reach two million sales of purely electric vehicles by 2025, the German carmaker said on Tuesday. Around 70 percent of EVs sold so far were hybrids, board member Pieter Nota said in a roundtable with journalists, adding that the…
Commodity Currencies Boosted by Hopes Omicron Will Be Mild
December 7, 2021
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LONDON—The dollar index was steady and riskier currencies picked up on Tuesday, as traders bet that the Omicron variant of COVID-19 would not be as severe as previously expected. Asian shares staged a recovery overnight and oil prices climbed as risk appetite improved following reports in South Africa earlier in the week saying that Omicron…
Bitcoin Back Over $50,000, as Market Calms After Weekend Turmoil
December 7, 2021
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HONG KONG—Bitcoin rose 1.5 percent in early Asia on Tuesday, after firming overnight in line with equity markets and other risk assets, but many crypto traders remained on edge after Saturday’s sharp and sudden plunge. The world’s largest cryptocurrency was last around $50,800, having closed a choppy day on Monday 2.2 percent higher. “The general…
Oil Climbs More Than 2 Percent on Easing Omicron Fears, Iran Delay
December 7, 2021
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LONDON—Oil prices extended gains on Tuesday from a near 5 percent rebound the day before as concerns about the impact of the Omicron coronavirus variant on global fuel demand eased and Iran nuclear talks stalled, delaying the return of Iranian crude. Brent crude futures were up $1.66, or 2.3 percent, at $74.74 a barrel by…
Global Stocks Follow Wall Street Higher as Virus Fears Ease
December 7, 2021
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BEIJING—Global stock markets followed Wall Street higher Tuesday as anxiety about the coronavirus’s latest variant eased and China reported stronger November trade figures than expected. London and Frankfurt opened higher. Shanghai, Tokyo, and Hong Kong advanced. Oil prices rose more than $1 a barrel for a second day. Wall Street futures were higher after the…
Tyson Foods to Spend $50 Million in Bonuses on Frontline Workers
December 6, 2021
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Tyson Foods Inc. announced on Dec. 6 that it will pay $50 million in year-end bonuses to frontline and hourly meatpacking employees starting this month to attract and retain employees after the pandemic. A total of 86,000 Tyson employees in the United States will be eligible for the one-time bonuses that range from $300 to $700…
Dow Climbs Over 1 Percent on Cyclical Boost; Nvidia Weighs on Nasdaq
December 6, 2021
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The Dow rallied over 1 percent on Monday as economy-linked banks and energy stocks roared back after sharp declines in the previous week, while Nasdaq struggled to keep pace as Nvidia dragged down chipmakers. Blue-chip stocks such as Honeywell International, Chevron Corp., Goldman Sachs, 3M Co., and Boeing Co. gained between 1.4 percent and 3.8…
Omicron Shows Policymakers Can’t Let Guard Down: BIS
December 6, 2021
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LONDON—The newly-discovered Omicron variant shows policymakers and financial markets cannot lower their guard on COVID-19 and will have to calibrate their policies carefully, the Bank for International Settlements said on Monday. Dubbed the central bank to the world’s central banks due to its regular gatherings of decision makers, the Swiss-based BIS said Omicron had already…
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