LONDON—The dollar slipped on Friday as investors awaited the latest U.S. jobs figures, after jumping in the previous session following a raft of central bank decisions. The U.S. currency dipped against the euro, reversing earlier gains. The euro was last up 0.17 percent to $1.093, remaining far above September’s 20-year low of $0.953. The Federal…
Oil Steadies as Market Eyes China Recovery and EU Embargo
February 3, 2023
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LONDON—Oil prices steadied on Friday but were on track for a second week of losses as the market awaited further signs of fuel demand recovery in China and the impact of an EU embargo and price cap on Russian oil products. Brent crude futures fell 18 cents, or 0.2 percent, to $81.99 a barrel by…
Global Shares Trade Mixed Ahead of US Jobs Report
February 3, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsMedia & Big Techrecessionstocks
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TOKYO—Global shares were trading mixed Friday ahead of a closely watched U.S. jobs report that may affect global interest rates. France’s CAC 40 lost 0.7 percent in early trading to 7,116.31, while Germany’s DAX dipped 0.9 percent to 15,362.64. Britain’s FTSE 100 added 0.2 percent to 7,832.20. U.S. shares were set to drift lower with…
European Central Bank Raises Rates by a Half Percent, Vows Another Large Increase in March
February 2, 2023
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The European Central Bank raised interest rates for the fifth consecutive time at its first meeting this year. The hawkish move in Europe is in contrast to the U.S. Federal Reserve, which slowed down its benchmark policy rate increase on Feb. 1, with a quarter-point hike. Central bank policymakers in Frankfurt vowed to continuing hiking policy…
Euro Hits 10 Month-High on Dollar, as Central Banks Chart Divergent Courses
SINGAPORE/LONDON—The euro sat at a 10-month high against the dollar on Thursday, ahead of a European Central Bank meeting at which markets expect a half-percentage point rate increase, a day after the U.S. Federal Reserve slowed the pace of its rises to 25 basis points. The Fed also said it had turned a corner in…
Oil Steady as Dollar Slumps and Russian Oil Products Ban Looms
February 2, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices were steady on Thursday after tumbling in the previous session as a weaker dollar boosted sentiment, though looming sanctions on Russian oil products added uncertainty over supply. Brent crude futures fell 10 cents, or 0.1 percent, to $82.74 a barrel by 0937 GMT while West Texas Intermediate (WTI) U.S. crude futures advanced 1…
Global Stocks Rise After Fed Sees Inflation Improving
February 2, 2023
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BEIJING—Global stock markets and Wall Street futures rose Thursday after the Federal Reserve said the U.S. economy is moving toward lower inflation but more interest rate hikes are planned. London and Frankfurt opened higher. Shanghai and Tokyo advanced. Oil prices rose. Wall Street’s benchmark S&P 500 index rose after the Fed increased its key lending…
The Fed and the Great Pillaging
February 1, 2023
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Commentary There are many ways to measure the amount of dollars that exist today but let’s choose M2 because it seems most reliable for now. There are now 21.3 trillion dollars extant. That’s $6 trillion more than existed just three years ago. For perspective, the entire USD money stock just ten years ago was $6…
Eurozone Factories Are Likely Over the Worst: PMI
LONDON—The downturn in eurozone manufacturing activity eased again last month suggesting the worst may be over, according to a survey that showed price pressures slackened and the fall in demand moderated, driving a surge in optimism. S&P Global’s final manufacturing Purchasing Managers’ Index (PMI) climbed to a five-month high of 48.8 in January from December’s…
Wall Street Opens Lower Ahead of Fed Decision; AMD Rises on Outlook
U.S. stock indexes opened lower on Wednesday as investors cautiously awaited the Federal Reserve’s decision on interest rates later in the day, while chipmaker Advanced Micro Devices climbed on an upbeat outlook. The Dow Jones Industrial Average fell 46.44 points, or 0.14 percent, at the open to 34,039.60. The S&P 500 opened lower by 6.53…
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