LONDON—The dollar rose to an almost one-month high on Friday, after U.S. economic data highlighted a still-tight labour market that could mean the Federal Reserve keeps hiking interest rates aggressively. The number of Americans filing new claims for jobless benefits dropped to a three-month low last week while layoffs fell 43 percent in December, data…
Oil Prices Firm on Optimism Over China’s Reopening
January 6, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices edged higher on Friday on hopes of a Chinese demand boost, but the broader global economic outlook kept crude benchmarks on course for a weekly decline. Brent crude futures rose 56 cents, or 0.71 percent, to $79.25 a barrel by 1009 GMT. U.S. West Texas Intermediate crude futures were up 60 cents, or…
Global Stocks Tepid Before US Jobs Test; Dollar Stands Tall
January 6, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON, TOKYO—Global equities were set to end the first week of 2023 on a tepid note and the dollar stood tall as fears of higher U.S. interest rates hit market sentiment. The MSCI World equity index traded steadily on Friday, on course for its fifth consecutive weekly drop despite a brief rally earlier in the…
The Year 2023 Could See Mass Layoffs as Tech Job Cuts Soar 649 Percent From 2021
Tech companies laid off a large number of employees in 2022, with firms seemingly set to terminate even more employees this year as they plan for an impending economic downturn. Last year, employers announced plans to cut 363,824 jobs, up 13 percent from 321,970 job cuts announced in 2021, according to a Jan. 5th report from…
Mortgage Demand Drops to Lowest Level in 26 Years as Housing Market Slump Continues
January 5, 2023
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Business & MarketseconomyMarket Composite Indexmortgage applicationsmortgage demandmortgage ratesreal estaterecessionU.S. home pricesU.S. home salesUSUS Real Estate
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Mortgage demand has fallen in the past two weeks to its lowest level since the 1990s as elevated mortgage rates and fears of a recession take a toll on the market, according to latest data from the Mortgage Bankers Association (MBA). The Market Composite Index, which measures the volume of mortgage loan applications, fell 13.2…
US Jobless Claim Applications Fall to Lowest in 14 Weeks
WASHINGTON—The number of Americans applying for jobless benefits fell to the lowest level in more than three months last week, reflecting a still-robust job market despite the Federal Reserve’s efforts to cool the economy and bring down decades-high inflation. Applications for unemployment aid for the week ending Dec. 31 fell by 19,000 to 204,000, the…
Wall Street Opens Lower as Labor Data Fans Rate Hike Fears
Wall Street’s main indexes opened lower on Thursday after further evidence of a strong labor market spurred worries that the Federal Reserve could keep raising interest rates for longer than expected. The Dow Jones Industrial Average fell 78.05 points, or 0.23 percent, at the open to 33,191.72. The S&P 500 opened lower by 13.23 points,…
US Expected to See More Unemployment and Slower Hiring This Year
January 5, 2023
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Business & Marketsbusiness outlookeconomic policieseconomic recessioneconomyFed Rate Hikejob cutsrecessionU.S. unemployment rateUS
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The unemployment rate in the United States is set to worsen further as businesses are predicted to add fewer workers in the course of this year based on a quarterly Economic Indicator poll by Bankrate. The U.S. unemployment rate is expected to be at 4.6 percent a year from now, according to survey results published…
Dollar Wavers After Fed Minutes Offer Few Surprises
LONDON/SINGAPORE—The dollar was roughly flat in choppy trading on Thursday after the release of the latest Federal Reserve minutes. Details of the discussion from the central bank’s December policy meeting, released on Wednesday, showed policymakers remain focused on curbing inflation and do not envisage interest rate cuts in 2023. Analysts said the minutes were broadly…
Oil Rebounds After Biggest Drop in Decades at Start of Year
January 5, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil rebounded over 2 percent on Thursday after posting the biggest two-day loss for the start of a year in three decades with the shutdown of a U.S. fuel pipeline providing support, though economic concerns capped gains. Big declines in the previous two days were driven by worries about a global recession, especially since short-term…
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