The purchase of new homes fell last month as mortgage rates surged and sapped demand, the latest data from the U.S. Census Bureau show. “Sales of new single-family houses in September 2022 were at a seasonally adjusted annual rate of 603,000 … This is 10.9 percent below the revised August rate of 677,000 and is…
New Home Sales Fall as Mortgage Rates Rise, Eroding Demand
October 27, 2022
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Business & Marketseconomyinflationlack of affordabilityMarketsnew home salesreal estaterecessionrising mortgage ratesU.S. home pricesUSUS Real Estate
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Dollar Rebounds After Recent Sell-Off as Traders Await ECB
LONDON/SINGAPORE—The dollar rallied on Thursday, after earlier falling to a one-month low in choppy trading ahead of an expected rate hike from the European Central Bank (ECB). The greenback has slid in recent days as investors have cheered signs that the U.S. Federal Reserve is considering slowing down its aggressive rate hikes in December. Yet…
Oil Rises on Strong Crude Demand, Despite China Fears
October 27, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil rose on Thursday, extending a rally of nearly 3 percent in the previous session, as optimism over record U.S. crude exports and signs that recession fears are abating outweighed concern over slack demand in China. Figures on Wednesday showed record U.S. crude exports, a hopeful sign for demand, even as crude stocks rose. The…
Global Stocks Mixed Ahead of US GDP, Europe Rates Decision
October 27, 2022
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BEIJING—Global stock markets were mixed Thursday ahead of an update on the U.S. economy and a European Central Bank meeting that is expected to raise its key interest rate to a 13-year high to fight stubborn inflation. London and Hong Kong advanced, while Frankfurt, Tokyo, and Shanghai declined. Wall Street futures rebounded. Forecasters expect U.S….
Consumer Confidence Resumes Downward Slide as US Inflation Fears Mount
U.S. consumer confidence started to decline again in October, after witnessing two continuous months of strong growth. High inflation rates, caused by years of low borrowing rates and persistent supply shortages, are beginning to take a toll on American consumers, as the economy is in the midst of a recession. The Conference Board’s Consumer Confidence…
Bank of Canada Slows Pace of Rate Hikes Amid Recession Fears, Raising Questions on Fed’s Next Move
The Bank of Canada (BoC) has decided to slow its pace of rate hikes amid fears of a major global recession. BoC Governor Tiff Macklem announced on Oct. 26, that the central bank would raise benchmark interest rates by 50 basis points to 3.75 percent on to combat inflation, for the smallest increase since June. This…
Steel Giant Shuts Down Plants in Germany, Sparking Energy Crisis Fears
October 26, 2022
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Business & MarketsCompanieseconomic policieseconomyenergyenergy crisisEuropeGermanyinflationMarketsrecessionRussia-Ukraine WarsteelWorld
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The energy crisis has been hitting Europe’s largest economy hard, with two of Germany’s largest steel manufacturing plants being forced to shut down. ArcelorMittal’s plan to deactivate one of its largest steel plants in Hamburg last month caused shockwaves through out the industry. The world’s second largest steel company also said it would later shut down…
Bank of Canada’s Half-Point Hike Viewed as Signalling the End of Rising Rates Is in Sight
News Analysis OTTAWA—The Bank of Canada gave a modest surprise on Oct. 26 by raising its overnight rate target by only 50 basis points (half a percentage point)—instead of 75 basis points—to 3.75 percent. Such a move could indicate the end is in sight for one of the most aggressive rate-hiking cycles the BoC has…
Unemployment Seen Climbing Much Higher Than Fed Expects as It Fights Inflation: Deutsche Bank
October 26, 2022
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Business & Marketseconomic policieseconomyFederal ReserveinflationPolicies & ImpactsrecessionunemploymentUSUS News
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Analysts at Deutsche Bank said in a recent note that the Federal Reserve’s fight to crush inflation could send the unemployment rate as high as 6 percent by the end of 2023, equivalent to around 4 million Americans losing their jobs. After initially downplaying rising inflation as a “transitory,” an embarrassed Fed has moved aggressively…
Google’s Ad Sales Slow Sharply, an Ominous Sign for US Economy
October 26, 2022
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Alphabet IncBusiness & MarketsCompanieseconomygoogle adsGoogle Adwordsinflationonline spendingrecessionTechTech NewsUS
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Google’s parent company Alphabet posted disappointing ad sales numbers in its third-quarter results, leading to a fall in the company’s share price, while indicating a dismal outlook for overall business confidence and the economy. Total operating income for the quarter ended Sept. 20 was $17.1 billion, a decline of more than 18 percent from 2021’s…
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