The automotive market may be under stress as several experts call for a massive wave of repossessions in early 2023, with prominent figures like Tesla founder Elon Musk and Ark Invest’s Cathie Wood sounding the alarm about the potential impact on financial markets. “Potentially the biggest financial crisis ever,” Musk posted on Twitter Friday in response to…
Elon Musk: Auto Loans Could Be Source of ‘Biggest Financial Crisis Ever’
Impact of Grocery Price Hikes Uneven Among Holiday Season Shoppers
November’s 10.6 percent jump in food prices is having a mixed effect on people shopping for Christmas dinner and other holiday treats. Betty, a shopper at Jeff’s Marketplace in Lexington, Michigan, told The Epoch Times, “I’m cutting back this year. I’ll go without certain things which I can’t afford. “Eggs are up the most. A…
Eurozone Business Activity Falls at Slower Rate in December, Inflation Eases: PMI
BENGALURU—Eurozone business activity shrank at the slowest pace in four months in December, suggesting a likely recession ahead will be shallower than previously thought, a survey showed on Friday, while prices rose at the most modest rate in about a year. S&P Global’s flash Composite Purchasing Managers’ Index (PMI), seen as a good gauge of…
Wall Street Extends Losses as Recession Fears Weigh
Wall Street’s main stock indexes extended losses on Friday as fears of a looming recession, sparked by the Federal Reserve’s relentless battle against inflation, hammered sentiment. The Dow Jones Industrial Average fell 35.76 points, or 0.11 percent, at the open to 33,166.46. The S&P 500 opened lower by 4.84 points, or 0.12 percent, at 3,890.91,…
Dollar Holds on to Gains After Rallying on Rate Hikes
LONDON/TOKYO—The dollar was little changed on Friday after jumping in the previous session, as traders analyzed a raft of central bank rate hikes and grappled with the prospect that borrowing costs still have a way to climb. The euro was flat against the dollar in early European trading at $1.063. That followed a 0.5 percent…
Oil Falls, Still Set for Weekly Gain on Demand Hopes
December 16, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil fell on Friday as the market assessed the aftermath of interest rates hikes by central banks, but was poised for a weekly gain amid supply disruption concerns and hopes for a recovery of demand in China. Brent crude futures were down $1.56, or 1.9 percent, to $79.65 per barrel at 1200 GMT. West Texas…
Stock, Bonds Stung by Hawkish Central Banks
December 16, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—World stocks were stuck near one-month lows and government bond markets came under fresh selling pressure on Friday, a day after a slew of central banks jacked up interest rates and signaled that the fight to tame inflation was not over yet. Interest rates went up in the euro area, Britain, Switzerland, Denmark, Norway, Mexico,…
Recession Fears, Federal Reserve Dash ‘Santa Claus Rally’ Hopes as Market Plunges
The U.S. stock market suffered one of its worst days of 2022 as the leading benchmark indexes fell sharply on Thursday, dashing hopes of a year-end Santa Claus rally. Investors engaged in a broad-based selloff toward the end of the trading week. The Dow Jones Industrial Average (DJIA) plummeted as much as 919 points. The…
Stocks Plunge as Recession Fears, Federal Reserve Dash Investor Hopes
The U.S. stock market suffered one of its worst days of 2022 as the leading benchmark indexes fell sharply on Thursday, dashing hopes of a year-end Santa Claus rally. Investors engaged in a broad-based selloff toward the end of the trading week. The Dow Jones Industrial Average (DJIA) plummeted as much as 919 points. The…
Tourism Breathes Life Into NZ Economy, Drives 2 Percent GDP Growth
New Zealand’s economy expanded two percent over the September quarter after borders opened and business normalised, Stats NZ revealed. The figure was more than double expectations, with markets predicting an average of a 0.9 percent growth and the Reserve Bank of New Zealand (RBNZ) forecasting 0.8 percent. This was driven by the services industry, which…
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