LONDON—Oil prices rose on Wednesday, erasing earlier losses, after an incident involving a commercial vessel off the coast of Oman, but rising COVID-19 cases in China capped gains. Brent crude futures gained 65 cents, or 0.7 percent, to $94.51 a barrel by 0854 GMT, and U.S. West Texas Intermediate (WTI) crude futures rose 35 cents,…
Oil Prices Up After Incident Involving Vessel Off Oman Coast
November 16, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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Stocks Pare Losses, Dollar Falls After Biden Defuses Tensions Over Poland Blast
November 16, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—Global stocks pared losses and the dollar fell on Wednesday after U.S. President Joe Biden told G7 and NATO partners that a missile blast in Poland was caused by a Ukrainian defense missile, dispelling fears that it originated from Russia. Initial relief among investors was enough to encourage some flows back into equities and commodities,…
From Crypto Carnage to a Financial Crash?
Cryptocurrencies have been on the doldrums since the ‘Crypto Carnage’ of Spring 2021. Over the weekend, a Bahama-based crypto exchange FTX Exchange collapsed. It will probably not be the last one. Due to the massive financial speculation, induced by the credit (QE) programs of central banks, the crypto market grew into a hub of speculation….
Recession Unlikely in Australia, Says IMF
The International Monetary Fund expects Australia to dodge a recession but has downgraded its expectations for growth next year. The United Nations agency anticipates growth slowing to 1.7 per cent in 2023—less than the 1.9 per cent forecast in its world economic outlook released last month. In its annual health check on the Australian economy,…
The Age of Easy Money Is Over
November 15, 2022
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AnalysisBen BernankeBig TechBusiness & MarketsBusiness Columnistsdeieasy moneyESGFederal ReserveFTXinflationinterest ratesjerome powellOpinionquantitative easingrecessionSam Bankman-FriedU.S. economy
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Commentary What began in 2008 and continued for the better part of 14 years appears finally to be coming to an end. The era of cheap money and credit is over. It’s hard to wrap one’s brain around the implications. It will affect all of business life and personal finances. It will dramatically change financial…
Fed May Slow Pace of Rate Hikes Soon: Brainard
The Federal Reserve will likely soon slow its interest rates hikes, Fed Vice Chair Lael Brainard signaled on Monday, as the U.S. central bank tries to figure out how high borrowing costs need to go and how long they should stay there to bring down inflation. “I think it will probably be appropriate soon to…
Japan’s Economy Unexpectedly Shrinks as Hot Inflation, Global Slowdown Take Toll
TOKYO—Japan’s economy unexpectedly shrank for the first time in a year in the third quarter, stoking further uncertainty about the outlook as global recession risks, a weak yen and higher import costs took a toll on household consumption and businesses. The world’s third-biggest economy has struggled to motor on despite the recent lifting of COVID-19…
US Retailer Home Depot Leaves Outlook Unchanged as Housing Market Slows
Home Depot Inc. on Tuesday left its annual forecasts unchanged even as quarterly results topped Wall Street expectations, raising concerns about demand heading into the holiday season amid a slowing housing market. Shares in the largest U.S. home improvement chain slipped in early trade, with the number of transactions falling in the quarter as surging…
Euro, Sterling, Swedish Crown Surge Amid Slew of Data, German ZEW
LONDON—The euro, sterling, and Swedish crown rose against the U.S. dollar on Tuesday as traders assessed a slew of economic data, including UK and eurozone job figures plus German economic sentiment. Sterling rose 0.6 percent to $1.1830, trading not far from a 2–1/2-month top at $1.1855 from Friday ahead of a tough government budget plan…
Oil Falls by Over $1 a Barrel on Chinese Demand Concerns
November 15, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices fell by more than $1 a barrel on Tuesday as rising COVID-19 cases in China renewed fears of lower fuel consumption from the world’s top crude importer. Brent crude futures fell $1.07, or 1.15 percent, to $92.07 a barrel by 1005 GMT after settling 3 percent lower on Monday. U.S. West Texas Intermediate…
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