Wall Street’s main indexes opened higher on Wednesday as focus shifted to a key inflation reading due later in the week, which would provide clues on how aggressive the Federal Reserve’s monetary tightening could be this year. The Dow Jones Industrial Average rose 49.93 points, or 0.15 percent, at the open to 33,754.03. The S&P…
US Dollar Holds Firm Ahead of US Inflation Data
LONDON—The U.S. dollar held its ground on Wednesday as traders waited for this week’s U.S. consumer price data to see whether it will confirm that inflation is in retreat. The euro flattened against the dollar after a European Central Bank policymaker said the cycle of interest rate increases was approaching its end, while ECB staff…
Oil Prices Broadly Steady Amid Rising US Stockpiles
January 11, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices were broadly steady on Wednesday as market participants were pulled in different directions by an unexpected build in U.S. crude and fuel inventories, global economic uncertainty, and China reopening its economy. Moving in and out of negative territory, Brent crude futures were up 53 cents, or 0.7 percent, at $80.63 a barrel by…
Global Economy ‘Perilously Close’ to Recession, World Bank Warns
The global economy will come “perilously close” to slipping into a recession this year, the World Bank warned in its latest semi-annual report. The international lender slashed its global economic growth forecast by close to half, to 1.7 percent, led by slowing growth in the world’s top economies of the United States, Europe, and China….
Global Stocks Mostly Rise as US Inflation Report Looms
January 11, 2023
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TOKYO—Global shares were mostly higher Wednesday, boosted by a rally on Wall Street ahead of some potentially market-moving reports due later in the week. France’s CAC 40 rose nearly 0.2 percent in early trading to 6,879.36, while German’s DAX added 0.3 percent to 14,813.45. Britain’s FTSE 100 gained 0.2 percent to 7,710.23. The future for…
American Banks Prepare for Decline in Profits, 17 Percent Drop Predicted for Top Six Banks in the Fourth Quarter
January 10, 2023
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Big banks in the United States are getting ready to deal with shrinking profits due to factors like an overall difficult economic environment, despite the fact that interest incomes have risen over the past year. JP Morgan Chase, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley are the six largest lenders in…
US Wholesale Inventories Rise Strongly in November as Demand Falters
WASHINGTON—U.S. wholesale inventories increased strongly in November, lifting the inventories-to-sales ratio to the highest level in nearly 2–1/2 years, as higher borrowing costs depressed sales. The Commerce Department said on Tuesday that wholesale inventories rose 1.0 percent as previously reported last month. Stocks at wholesalers increased 0.6 percent in October. Economists polled by Reuters had…
US Imports of Containerized Goods Retreat to Pre-Pandemic Level
January 10, 2023
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LOS ANGELES—U.S. imports of goods in ocean shipping containers in December fell to levels approaching those last seen before the COVID-19 pandemic, a new report said on Tuesday. Demand for kitchen appliances, furniture, big-screen TVs, apparel, and other retail goods softened late last year as record inflation bit into disposable income and consumers shifted spending…
Investor Peter Schiff Predicts More Pain in 2023
Peter Schiff, chief economist and global strategist of Euro Pacific Asset Management, is famous for his bearish takes. A falling stock market, a deep recession, and a sovereign debt crisis were among his predictions in the past. As the first trading week in January came to a close, The Epoch Times sat down with Schiff…
S&P 500, Nasdaq Open Lower After Powell’s Comments
The S&P 500 and the Nasdaq opened lower on Tuesday as concerns about interest rate hikes persisted after Federal Reserve Chair Jerome Powell’s comments did not provide further clarity on the monetary policy outlook. The S&P 500 opened lower by 3.52 points, or 0.09 percent, at 3,888.57, while the Nasdaq Composite dropped 27.93 points, or…
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