Wall Street’s main indexes opened lower on Wednesday as downbeat quarterly updates from Microsoft and Boeing added to fears of a recession, with technology shares leading the declines. The Nasdaq Composite dropped 187.74 points, or 1.66 percent, to 11,146.53 at the opening bell. The Dow Jones Industrial Average fell 195.60 points, or 0.58 percent, at…
Wall Street Opens Lower as Weak Earnings Updates Dent Sentiment
January 25, 2023
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US Business Activity Declines for Seventh Month in a Row as Recession Looms
January 25, 2023
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Business activity in the United States contracted for the seventh consecutive month in January, with both manufacturing and service sectors remaining in the red for the month, suggesting a downturn in economic activity. The S&P Flash U.S. PMI Composite Output Index for January came in at 46.6, up from 45 at the end of 2022,…
German Business Morale Brightens Further in January: Ifo
BERLIN—German business morale brightened in January as Europe’s largest economy started the new year with easing inflation and an improved outlook, a survey said on Wednesday. The Ifo institute said its business climate index rose to 90.2, in line with consensus according to a Reuters poll of analysts and up from a reading of 88.6…
Gold Slides as Dollar Steadies, Traders Eye US Data
January 25, 2023
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Gold prices slipped on Wednesday from a nine-month peak hit in the previous session as the dollar steadied and investors squared positions ahead of U.S. fourth-quarter economic growth figures. Spot gold was down 0.6 percent to $1,925.02 per ounce at 1152 GMT, after hitting its highest since late April on Tuesday. U.S. gold futures dropped…
Oil Slips as Recession Fears Offset Market Optimism for China’s Demand Recovery
January 25, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil slipped on Wednesday, adding to a decline in the previous session, as global recession worries edged out optimism for a demand recovery in China. Crude has rallied in 2023, with global benchmark Brent crude topping $89 a barrel this week for the first time since early December, on the ending of China’s COVID-19 controls…
Global Shares Mixed, China Markets Closed for Holidays
January 25, 2023
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TOKYO—Global shares were mixed Wednesday after Wall Street indexes finished little changed as investors awaited earnings results from major global companies. The U.S. government will release economic growth data for the fourth quarter on Thursday. Economists expect the economy expanded at an annual pace of less than 1 percent, down from 1.9 percent in the…
Farm Group Calls for Investigation of Record-High Egg Prices
January 24, 2023
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Just before testifying at an open meeting of the Federal Trade Commission (FTC) on Tursday, Farm Action, a nonprofit campaigning against corporate influence in the farm industry, sent a letter urging the FTC “to promptly open an investigation into the egg industry” (pdf). The price of eggs has skyrocketed in recent months, with prices up…
Some Inflation Harder to Contain, Says Economist El-Erian
Is inflation dead, or are rumors of its death greatly exaggerated? Mohamed El-Erian, an eminent economist and the chief economic advisor at Allianz, does not find the “inflation dynamics” to be “encouraging.” While speaking in an interview with CNBC on Monday, El-Erian explained that rampant price inflation has shifted from the goods sector to the…
Your Living Standards Have Declined Dramatically
January 24, 2023
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Commentary In the old days, shopping for groceries used to be a joy. By old days, I mean two years ago. Now, it is shocking and miserable. You look at these prices and wonder if you can even afford normal foods we took for granted. Everyone knows about the egg problem, which is being chalked…
Wall Street Opens Lower as Earnings Roll In, Chipmakers Retreat
U.S. stock indexes opened lower on Tuesday, as corporate reports from bellwethers including 3M, Johnson & Johnson, and GE pushed earnings season into high gear, while chip companies retreated after bouncing in the previous session. The Dow Jones Industrial Average fell 184.84 points, or 0.55 percent, at the open to 33,444.72. The S&P 500 opened…
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