SINGAPORE/LONDON—The dollar was little changed on Wednesday after some of the biggest U.S. banks warned of an impending recession, while China’s yuan firmed as authorities loosened some of the country’s zero-COVID rules. Top bankers from JPMorgan Chase & Co., Bank of America, and Goldman Sachs said overnight that the banks are bracing for a worsening…
Dollar Flat as Growth Outlook Darkens, Yuan Firms as China Eases Curbs
Oil Falls Close to 2022 Lows on Economic Worries, Easing Supply Fears
December 7, 2022
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LONDON—Oil weakened on Wednesday, with Brent crude falling close to its lowest this year, pressured by concern about recession and easing fears that a Western cap on Russian oil prices would significantly curb supply. Warnings from big U.S. banks about a likely recession next year weighed, and supported the U.S. dollar. A stronger dollar makes…
Stocks Sputter as Growth Fears Offset China COVID-19 Shift
December 7, 2022
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MILAN/SINGAPORE—World stocks eased on Wednesday and bonds remained supported after a chorus of Wall Street bankers warned about a likely recession ahead, tempering optimism about China’s major shift in its tough zero-COVID policy. Top executives at Goldman Sachs, J.P. Morgan, and Bank of America all sounded downbeat in remarks on Tuesday about the economic outlook,…
Airlines See Return to Profit in 2023, Clash With Airports
GENEVA—Global airlines are predicting their first industry-wide profit since 2019 next year as air travel rebounds from COVID-19 restrictions, while a new war of words erupted with airports on Tuesday over rising air fares and ground charges. Airlines lost tens of billions of dollars in 2020 and 2021 due to the pandemic, but air travel…
Wall Street Inches Lower at Open After Selloff on Fed Worries
U.S. stock indexes inched lower at open on Tuesday after a selloff in the prior session on fears the Federal Reserve could persist with interest rate hikes for longer, while focus shifted to Georgia runoff election that could decide the fate of the Senate. The Dow Jones Industrial Average fell 10.23 points, or 0.03 percent,…
Australia Central Bank Raises Rates to 10-year High, Says More Needed
SYDNEY—Australia’s central bank on Tuesday raised interest rates to a 10-year high and stuck with its projection that more hikes are needed to cool inflation, a stance taken as slightly hawkish by markets that were looking for signs of a pause in the near term. Wrapping up its last policy meeting this year, the Reserve…
US Services Industry Regains Steam; Factory Orders Accelerate
WASHINGTON—U.S. services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy as it braces for an anticipated recession next year. The survey from the Institute for Supply Management (ISM) on Monday followed on the heels of news last Friday that the economy continued to create…
Dollar Kept Aloft by Higher Fed Rates Bets, RBA Rate Hike Lifts Aussie
LONDON—The U.S. dollar index edged lower on Tuesday but stuck close to levels reached this week in the wake of strong services data in the United States which fuelled expectations for higher interest rates than recently forecast. The Australian dollar perked up from near one-week lows after the Reserve Bank of Australia (RBA) raised rates…
Oil Prices Fall on Higher US Dollar, Economic Fears
December 6, 2022
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LONDON—Oil prices fell in a volatile market on Tuesday, as a stronger U.S. dollar and economic uncertainty offset the bullish impact of a price cap placed on Russian oil and prospects of a demand boost in China. Brent crude futures fell 90 cents, or $1.09 percent, to $81.78 a barrel by 1055 GMT. West Texas…
Stocks Slip, Dollar up as Data Challenges Fed Pause Hopes
December 6, 2022
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SINGAPORE/LONDON—Global stocks headed for a third straight day of losses on Tuesday and the dollar rose after more U.S. data reinforced the belief among investors that the Federal Reserve might stick longer with aggressive interest rate rises. MSCI’s world index fell 0.3 percent, led by tech stocks which are often more sensitive to broader shifts…
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