Now that the turkey has been gobbled up and the apple pie has been devoured, it is the official start of the holiday shopping season. But in today’s inflationary environment, retailers are bracing for cost-conscious shoppers, and cash-strapped customers are on the hunt for deals. Will this be the most unusual time of the year?…
German GDP Growth Raises Hopes of Less Severe Recession
BERLIN—The German economy grew slightly more in the third quarter than suggested by preliminary figures on the back of consumer spending, adding to signs that a coming recession will not hit as hard as initially feared, data showed on Friday. Europe’s largest economy expanded by 0.4 percent quarter on quarter and by 1.3 percent on…
Wall Street Mixed at Open With Black Friday Sales in Focus
Wall Street’s main indexes were mixed at the open on Friday, with investors closely monitoring the major retailers as Black Friday sales began against the backdrop of stubbornly high inflation and worries about a potential recession next year. The Dow Jones Industrial Average rose 19.0 points, or 0.06 percent, at the open to 34213.04. The…
Dollar Hovers Near 3-Month Low Amid Bets Fed Will Slow Hikes
LONDON—The U.S. dollar edged up on Friday but stayed near a three-month low and on track for a weekly loss as the prospect of the Federal Reserve slowing monetary policy tightening as soon as December preoccupied investors. The euro was set for weekly gains with the GfK institute survey bringing some relief, showing on Friday…
Oil Prices Rise, but Chinese Demand Worries Linger
November 25, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices rose on Friday in thin market liquidity, closing a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil. Brent crude futures were up $1.29, or 1.5 percent, to trade at $86.63 a barrel at 1024 GMT. U.S. West Texas Intermediate (WTI) crude futures were up…
Global Shares Mixed as Investors Eye China Virus Crisis
November 25, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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TOKYO—Global shares were mixed Friday as worries deepened about the regional economy and Japan reported higher-than-expected inflation. France’s CAC 40 was little changed, inching down less than 0.1 percent to 6,704.00. Germany’s DAX slipped 0.1 percent to 14,524.48. Britain’s FTSE 100 gained 0.1 percent to 7,473.46. The future for the S&P 500 gained 0.2 percent…
Head of New Zealand Reserve Bank Concedes It Is Engineering a Recession
November 24, 2022
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Adrian OrrAsia & PacificAustraliaBusiness & Marketseconomic policiesInternationalNew ZealandrecessionReserve Bank of New ZealandWorld
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Adrian Orr, governor of the Reserve Bank of New Zealand (RBNZ), admitted the bank was engineering a recession to lower inflation. The remark comes a day after the central bank raised the official cash rate (OCR) by a record 75 basis points to 4.25 percent. In its monetary policy statement (pdf), the RBNZ revealed the economy…
America’s Business Activity Slump Deepens as Manufacturing and Services Contract More Than Expected
November 24, 2022
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Business & Marketsbusiness activityeconomic outputeconomyindustrial outputManufacturing IndustryrecessionU.S. economic growthUS
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Business activity in the United States fell in November for the fifth consecutive month, with the manufacturing and service sectors registering declines according to a recent report by S&P Global. The Flash US PMI Composite Output Index was at 46.3 in November, down from 48.2 at the beginning of the fourth quarter, according to a…
An Economic Candle Burning From Both Ends
Commentary Some facts of our times follow. As you read, consider your own household and portfolios and how they measure up. Disposable personal income per capita has been in decline in real terms for 19 straight months. This is not just dollar amounts but dollars adjusted for purchasing power. We are just now level with…
Dollar Holds Losses as Fed Minutes Signal Slower Rate Hikes
LONDON—The U.S. dollar held onto losses on Thursday after the minutes from the Federal Reserve’s November meeting supported the view that the central bank would downshift and raise rates in smaller steps from its December meeting. The eagerly awaited readout of the Nov. 1–2 meeting showed officials were largely satisfied they could now move in…
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