LONDON—Oil prices fell on Friday after top crude importer China widened its COVID-19 curbs, though benchmarks were poised for a weekly gain on supply concerns and surprisingly positive economic data. Brent crude futures dropped 50 cents, or 0.5 percent, to $96.46 a barrel by 1047 GMT, having climbed by 1.3 percent in the previous session….
Oil Falls as China Widens COVID-19 Curbs
October 28, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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World Shares Lower, Led by 3.7 Percent Drop in Hong Kong
October 28, 2022
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsMedia & Big Techrecessionstocks
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Shares skidded Friday in Europe and Asia, with heavy selling of technology shares pulling Hong Kong’s benchmark 3.7 percent lower. Germany’s DAX dropped 0.9 percent to 13,090.91 and the CAC40 in Paris lost 0.6 percent to 6,205.73. Britain’s FTSE 100 shed 0.6 percent to 7,029.81. The future for the S&P 500 was down 0.8 percent…
Business Equipment Spending Plunges in an Ominous Sign for US Economy
October 27, 2022
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Business & Marketscapital goods orderseconomymanufacturing indexManufacturing IndustryMarketsNational Association of ManufacturersrecessionUS
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Spending on business equipment fell in the month of September amid an overall decline in manufacturing activity, signaling a lack in business confidence across the economy. Core capital goods orders—non-defense capital goods orders excluding aircraft—fell by 0.7 percent in September, to $74.77 billion from $75.33 billion in the previous month, according to an Oct. 27…
It’s Finally Time to Pay for Ketchup and COVID
Commentary In the grand scheme, a half-million dollars may not seem like a lot. For a business that runs on relatively thin margins, though, any surprise cost increase can end up making a tremendous difference. So it was for Long John Silver’s circa April 2021. The “Great Ketchup Shortage” had just cost the restaurant chain…
How Good Is the GDP News?
October 27, 2022
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AnalysisBusiness & MarketsBusiness ColumnistsGDPgovernment spendinginflationOpinionrecessionU.S. economy
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Commentary We would all welcome good economic news. Even better, we would welcome a healthy economy. We have now a headline number that seems fine—an inflation-adjusted increase in Gross Domestic Product annualized at 2.6 percent. But right now, we are nowhere near finding our way back to economic health. The worrying signs are everywhere. The…
Wall Street Opens Higher as GDP Data Keeps Recession Worries at Bay
Wall Street’s main indexes opened higher on Thursday after data showed U.S. economic growth rebounded in the third quarter, keeping at bay worries about an imminent recession fueled by aggressive monetary policy tightening. The Dow Jones Industrial Average rose 223.03 points, or 0.70 percent, at the open to 32,062.14. The S&P 500 opened higher by…
Inflation Reduction Act Won’t Help Much Until Next Year, Now It’s About Showing Voters ‘We’re Listening’: White House
October 27, 2022
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Business & Marketseconomic policieseconomyExecutive BranchinflationInflation Reduction ActPoliticsrecessionUSUS News
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The White House acknowledged that many of the provisions of the Inflation Reduction Act won’t kick in until next year and said that, at this stage, it’s more about sending a signal to voters that the Biden administration is attuned to their concerns by “listening.” White House Press Secretary Karine Jean-Pierre made the remarks in…
ECB Raises Interest Rates Again, Trims Bank Subsidies
FRANKFURT—The European Central Bank raised interest rates again on Thursday and signaled it was keen to start shrinking its bloated balance sheet, taking another big step in tightening policy to fight off a historic surge in inflation. Worried that rapid price growth is becoming entrenched, the ECB is raising borrowing costs at the fastest pace…
US Economy Grew 2.6 Percent in Third Quarter Estimate but Future Outlook Cloudy
The U.S. economy rebounded in the third quarter after contracting for the first six months of this year, giving fuel to the view that the world’s largest economy may not be in a recession, though mounting signs of economic weakness suggest it may well again dive into negative territory. Government data released on Oct. 27…
US Economy Grew 2.6 Percent in 3rd-Quarter Estimate but Future Outlook Cloudy
The U.S. economy rebounded in the third quarter after contracting for the first six months of this year, giving fuel to the view that the world’s largest economy may not be in a recession. However, mounting signs of economic weakness suggest it may well dive again into negative territory. The economy expanded at a 2.6…
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