LONDON—Oil futures fell by about 1 percent on Thursday, extending losses from the previous day, as a surprise jump in U.S. crude stocks weighed on the market along with fears of a recession that were heightened by disappointing U.S. retail sales and output data. Brent crude futures lost 65 cents, or 0.8 percent, to $84.33…
Oil Slips on Bearish US Data, Crude Stocks Build
January 19, 2023
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Global Shares Lower After Biggest Wall Street Retreat of Year
January 19, 2023
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TOKYO—Global shares were mostly lower Thursday as investors grew cautious after Wall Street’s biggest pullback of the year. France’s CAC 40 lost 0.4 percent in early trading to 7,052.61, while Germany’s DAX edged down 0.5 percent to 15,106.21. Britain’s FTSE 100 fell nearly 0.6 percent to 7,787.49. The future for the Dow Jones Industrial Average…
Retail Sales See Largest Monthly Decline in December as Americans Battle Inflation
Americans cut back on retail spending for a second consecutive month in December despite inflation easing slightly during the typically busy holiday shopping season, data from the Commerce Department showed on Jan. 18. Retail sales, at $677.1 billion, fell 1.1 percent in December, which was worse than expected and marked the largest monthly decline in 2022. Data for…
Hollywood Lost Over $500 Billion in Market Value in 2022
Hollywood studios lost over $500 billion in market value in 2022, with $120 billion of losses coming from Disney alone. The American movie industry, which once dominated the globe, is facing tough times ahead. Woke politics in entertainment and artistic interference from foreign regimes like communist China have taken a toll on viewership, creativity, and…
IEA Says Predicting Oil Demand to Hit Record High This Year on China’s Reopening
January 18, 2023
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Business & MarketsChinaChina Business & Economychinese lockdownseconomyenergyEuropeGold and CommoditiesIEAMarketsoil consumptionoil demandrecessionRussia-Ukraine WarUKUSWorld
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The International Energy Agency (IEA) says it predicts that demand for oil could reach record levels this year, given mainland China’s reopening of its economy. Demand for crude fell in the second half of 2022, as China’s ruling Chinese Communist Party (CCP) maintained its “zero-COVID” policy stance. The combination of mild weather and weaker industrial…
Yen Lower as BOJ Sticks to Ultra-Easy Policy, Losses Trimmed
LONDON—The yen dropped against major currencies on Wednesday after the Bank of Japan maintained ultra-low interest rates, although it recovered some ground on expectations for tighter policy in the coming months. The central bank stunned the market in December by raising its cap on the 10-year yield to 0.5 percent from 0.25 percent, doubling the…
Oil Prices Gain Around 1 Percent on Optimism Over China’s Recovery
January 18, 2023
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LONDON—Oil prices rose on Wednesday to their highest since early December on optimism that the lifting of China’s strict COVID-19 curbs will lead to a fuel demand recovery in the world’s top oil importer. Brent crude futures were up $1.21, or 1.41 percent, to $87.13 a barrel by 0942 GMT, while U.S. West Texas Intermediate…
World Shares Mixed, Yen Falls After BOJ Keeps Policy Intact
January 18, 2023
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BANGKOK—World shares were mixed Wednesday, with Tokyo gaining more than 2 percent after Japan’s central bank kept its lax monetary policy unchanged, dispelling speculation it would yield to pressure to tighten credit to counter rising inflation. Germany’s DAX lost 0.1 percent to 15,170.03 and the CAC 40 in Paris was down less than 2 points,…
Prices Will Keep Rising Despite ‘Peak Inflation’ Chatter, Warns Unilever CEO
Unilever CEO Alan Jope has warned of the possibility of persistently high prices in the near future even if inflation levels out, adding that soaring costs have not yet reached their peak. Jope made the comments while speaking to CNBC at the World Economic Forum in Davos, Switzerland, on Jan. 17, where the businessman was asked if…
Wall Street Opens Lower After Goldman Sachs Misses Profit Estimates
Wall Street’s main indexes opened lower on Tuesday after Goldman Sachs missed quarterly profit estimates, worsening sentiment already dented by downbeat economic data from China earlier in the day. The Dow Jones Industrial Average fell 80.29 points, or 0.23 percent, at the open to 34,222.32. The S&P 500 fell 0.01 percent to 3,999.09 points at…
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