DUBLIN—The head of the Eurogroup of euro zone finance ministers Paschal Donohoe is confident the region’s recovery can be sustained into next year even if the Omicron coronavirus variant requires new public health measures, he told the Reuters Next conference. Donohoe, who is Ireland’s finance minister, said his confidence reflected how economies have increasingly demonstrated…
Eurogroup Head Donohoe Confident Omicron Won’t Derail Recovery
December 1, 2021
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EU Seeks to Forge New Global Trade Rules With US
December 1, 2021
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BRUSSELS—The European Union has experienced a “breakthrough year” with the United States even if not all trade irritants are gone and now wants to work with its transatlantic ally to start forging trade rules for the future, the EU trade chief said. “One can say that this year was indeed a breakthrough year for EU–U.S….
Historic Number of Workers Quit Jobs to Become Their Own Bosses Amid COVID-19 Pandemic
A historic number of workers have become their own bosses amid the COVID-19 pandemic, according to data from the Bureau of Labor Statistics (pdf). As of October, there were about 9.44 million unincorporated self-employed individuals in the United States, as per the Bureau’s data. In that same month last year, there were about 8.78 million unincorporated self-employed individuals in the United…
Record Number of Workers Quit Jobs to Become Self-Employed Amid COVID-19 Pandemic
A historic number of workers have become their own bosses amid the COVID-19 pandemic, according to data from the Bureau of Labor Statistics (pdf). As of October, there were about 9.44 million unincorporated self-employed individuals in the United States, as per the Bureau’s data. In that same month last year, there were about 8.78 million unincorporated self-employed individuals in the United…
Wall Street Opens Higher After Virus-Driven Rout
December 1, 2021
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U.S. stocks jumped at the open on Wednesday, recovering from a sharp sell-off triggered by concerns over rising inflation and the new Omicron coronavirus variant. The Dow Jones Industrial Average rose 195.22 points, or 0.57 percent, at the open to 34,678.94. The S&P 500 opened higher by 35.82 points, or 0.78 percent, at 4,602.82. The…
Factories Facing Supply Headaches as Omicron Risks Emerge
December 1, 2021
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LONDON/TOKYO—Global factory activity accelerated in November although crippling supply bottlenecks remained, putting a cap on output and driving up the cost of raw materials, according to surveys published on Wednesday. Towards the end of the month, the newly-detected Omicron coronavirus variant emerged as a fresh worry for policymakers, who are already trying to pilot recovering…
OECD Says Inflation Is Main Risk to Economic Outlook
December 1, 2021
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PARIS—The main risk to an otherwise upbeat global economic outlook is that the current inflation spike proves longer and rises further than currently expected, the OECD said on Wednesday. Global growth is set to hit 5.6 percent this year before moderating to 4.5 percent in 2022 and 3.2 percent in 2023, the Organisation for Economic…
European Stocks Seen Reaching New Records in 2022: Poll
December 1, 2021
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LONDON/MILAN—Uncertainty about the COVID-19 pandemic has not dented prospects for European stocks to hit record highs in 2022, boosted by a recovery in corporate profits, according to a Reuters poll of 23 fund managers, strategists, and brokers. The poll, conducted over the past two weeks, predicted Germany’s DAX and France’s CAC 40 blue chip indexes…
OPEC+ Begins Two Days of Talks Amid Oil Rout
December 1, 2021
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LONDON—OPEC and its allies begin two days of meetings on Wednesday to decide whether to release more oil into the market or restrain supply amid an oil price rout and fears the Omicron coronavirus variant could weaken global energy demand. Oil prices fell to near $70 a barrel on Tuesday from as high as $86…
Euro Dollar Volatility Surges on Omicron, Bets on Fed
December 1, 2021
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London—The dollar edged up on Wednesday as euro-dollar volatility hit the highest level of the year in response to worries about the Omicron variant, while the dollar found support in renewed expectations for interest rates hikes. The dollar index rose 0.03 percent to 95.997 at 0920 GMT, after it registered its strongest month since June,…
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