SINGAPORE/LONDON—The dollar steadied near its softest in seven months against the euro on Tuesday after more hawkish comments overnight from two U.S. Federal officials helped it to stem its recent losses ahead of remarks by Fed chair Jerome Powell due later in the day. The euro was at $1.0736, little changed on the day, trading…
Oil Steady as Market Awaits Clarity on Fed Rate Hike
January 10, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices were stable on Tuesday as the market awaited the Federal Reserve’s plans for rate hikes to gauge the impact on the economy and fuel demand. Brent futures for March were up 15 cents, or 0.19 percent, to $79.80 a barrel by 1036 GMT. U.S. West Texas Intermediate crude rose 32 cents, or 0.43…
Global Shares Ease After Fed Officials Dent Optimism
January 10, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—Global shares eased on Tuesday as investors took profit on the gains from the past two weeks after comments from two Federal Reserve officials injected a note of caution over the U.S. rate outlook, knocking equities, commodities, and other risk assets. The MSCI All-World index eased 0.1 percent, but remained in sight of Monday’s three-week…
Wall Street Expects Big Drop in Corporate Earnings and More Layoffs Starting January: Analysts
January 10, 2023
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Business & MarketsCompaniescorporate earningsEarnings Per ShareeconomyFed Rate Hikehigh inflationinflationlayoff workersrecessionUSUS News
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U.S. businesses are expected to see corporate earnings drop owing to a slowdown in the economy and rising interest rates, while many prominent tech firms will continue with staff layoffs starting this month, according to analysts. “Downgrades will be a key driver of the first quarter and especially this earnings season,” Joachim Klement, a market…
The Theory Behind Yield Curve Prediction
Commentary Since the U.S. yield curve inverted, predicting recession ahead, there have been voices again arguing “this time is different.” Like previous recessions, contrarians challenged the lack of theoretical basis behind it, others accused the yield curve slope as mainly governed by Fed policy which should be the true cause of boom-bust. In terms of…
Americans’ Spending Expectations Fall Sharply in Warning Sign for Economy
Americans are planning to spend less in the near term, according to a December survey from the Federal Reserve Bank of New York, which showed U.S. household spending growth expectations taking a sharp tumble in what could be a warning sign for the economy. Household spending growth expectations over the next 12 months fell by…
Americans’ Spending Expectations Fall Sharply in Warning Sign for Economy: New York Fed
Americans are planning to spend less in the near term, according to a December survey from the Federal Reserve Bank of New York, which showed U.S. household spending growth expectations taking a sharp tumble in what could be a warning sign for the economy. Household spending growth expectations over the next 12 months fell by…
Around 40 Percent of German Companies Expect Output Decline in 2023: IW Institute
BERLIN—Four out of ten German companies expect business to shrink in 2023, a survey by the German Economic Institute (IW) showed on Monday, blaming high energy costs, supply chain issues, and the continuing war in Ukraine. “The risk of a gas shortage in the 2022/23 winter season is no longer as present as it was…
Wall Street Opens Higher, Adding to Gains Made Last Week
NEW YORK—Stocks are opening higher on Wall Street, extending gains from last week when the market posted its first weekly gain in five weeks. Energy stocks were among the biggest winners as crude oil prices rose about 3 percent. Technology stocks were also higher. Macy’s sank after tempering its sales forecast for its current quarter…
Dollar Hovers Near 7-Month Lows After Jobs Data
LONDON—The U.S. dollar on Monday neared its lowest point in seven months against other major currencies after data suggested the Federal Reserve could slow the pace of its rate hikes, while China reopening its borders boosted riskier currencies. China’s offshore yuan neared its highest in five months against the U.S. dollar, while the Australian and…
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