The number of Americans applying for unemployment benefits remained relatively elevated last week, potentially another signal that Federal Reserve rate hikes are beginning to cool a surprisingly resilient labor market. U.S. applications for jobless claims were 264,000 for the week ending June 17, the same as the previous week’s revised number, the Labor Department reported…
Wall Street Opens Lower as Powell Firm on Interest Rate Hikes
Wall Street’s main indexes opened lower on Thursday, a day after Federal Reserve Chair Jerome Powell stuck to his hawkish stance on interest rate path and ahead of his second day of testimony before a Senate committee. The Dow Jones Industrial Average fell 51.05 points, or 0.15 percent, at the open to 33,900.47. The S&P…
Central Bankers Prepare for Long Battle With Inflation
Commentary On the longest day of the year, the U.S. House Committee on Financial Services welcomed Federal Reserve chairman Jerome Powell to address its concerns around inflation and weakness in the U.S. economy. Powell warned Congress that the fight against inflation is far from over, that the battle will be a long, hard slog, and…
Swiss Franc Falls, Norwegian Crown Surges After SNB, Norges Hikes
LONDON—The Swiss franc fell on Thursday after the Swiss National Bank (SNB) hiked its benchmark interest rate, while the Norwegian crown surged after a bolder Norges Bank move. The SNB raised its benchmark interest rate by 25 basis points to 1.75 percent, defying some market expectations of a bigger increase. Despite an easing in Swiss…
EPA Criticized Over ‘Disappointing’ Ethanol Mandates in New Renewable Fuel Standards
The Environmental Protection Agency (EPA) on June 21 unveiled its Renewable Fuel Standard, increasing the amount of biofuels that American refiners must blend into the nation’s fuel supplies from 2023 to 2025, but keeping in place lower mandates for homegrown corn-based ethanol. Under the new fuel standards, biofuel blending volumes are set at 20.94 billion gallons in 2023,…
Oil Dips With Interest Rates and Inventories in Focus
June 22, 2023
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LONDON—Oil futures dipped slightly on Thursday, with trader expectations of further interest rate hikes countered by potentially bullish U.S. oil inventory data after preliminary figures showed a fall in stocks. Brent futures eased by 47 cents, or 0.6 percent, to $76.65 a barrel at 0840 GMT and U.S. West Texas Intermediate (WTI) crude futures were…
Shares Ease, Dollar Steady in Central-Bank Heavy Day
June 22, 2023
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LONDON/SINGAPORE—Global shares eased on Thursday after Federal Reserve Chair Jerome Powell indicated U.S. rates had further room to rise, while the dollar held steady against the pound ahead of the Bank of England’s decision on monetary policy later on. The MSCI All-World index was down 0.1 percent, heading for a fifth straight day of declines,…
UK Inflation Rate Unchanged at 8.7 Percent in May
The UK’s Consumer Prices Index (CPI) inflation rate stayed at 8.7 percent in May, the same level as in April. Experts had forecast a fall to 8.4 percent, but inflation has proved more stubborn than expected. The inflation figure, which the Office for National Statistics (ONS) said is still at “a historically high level,” is…
House Digs Deeper Into Chinese-Owned Battery Company’s Rescinded Grant From Biden DOE
June 22, 2023
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bidenBipartisan infrastructure lawBusiness & MarketsChinaChina Business & EconomyChina NewsCompaniescongressDepartment of EnergyEconomyenergyEnvironmentExecutive BranchFinance & Business TiesGlobal ExpansionMarketsMicrovastPolicies & ImpactsPoliticsScienceSpecial TopicsstocksTechUSUS NewsUS-China relations
House Republicans have voiced worries about the Biden administration’s energy-related spending, questioning a Department of Energy (DOE) official about how a Chinese-owned battery manufacturer was on pace to get hundreds of millions in taxpayer money before the Biden administration yanked the money away last month. That company, Microvast, somehow qualified for a $200 million grant…
Australia Slips in Global Competitiveness Rankings as Economy Stumbles
June 21, 2023
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Australia has been ranked 19th out of 64 countries in a recent global ranking of national competitiveness. The International Institute for Management Development (IMD)’s World Competitiveness Yearbook 2023 has found that Australia’s low productivity, lack of entrepreneurial capacity, and cyber-attacks have taken their toll on its ranking. The IMD World Competitiveness Yearbook, first published in…
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