Industrialist Elon Musk said Wednesday that instead of further tightening monetary settings, the Federal Reserve should “immediately” lower interest rates or risk a “severe recession” in the U.S. economy. Musk made the remarks in a post on Twitter, responding to a comment made by Tesmanian co-founder Vincent Yu, who predicted a “real economic recession” next year….
Elon Musk Says Fed Must Cut Rates ‘Immediately’ to Avoid ‘Severe’ Recession
Wall Street Opens Flat Ahead of Powell Speech
U.S. stock indexes opened flat on Wednesday ahead of comments from Federal Reserve Chair Jerome Powell that will be closely watched for signs of a slowdown in the pace of interest rate hikes by the central bank. The S&P 500 opened lower by 0.45 points, or 0.01 percent, at 3,957.18, while the Nasdaq Composite gained…
Consumer Confidence Drops to Four-Month Low, Future Outlook ‘Gloomy,’ Recession Risk ‘Elevated’: Conference Board
November 30, 2022
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American consumer confidence tumbled this month to a four-month low, amid a gloomy economic outlook, according to The Conference Board. The U.S. economy has been facing persistently high inflation, energy shortages, and rising interest rates since last year, raising the risk of a severe recession in 2023. The Conference Board’s Consumer Confidence Index fell to 100.2…
Dollar Heads for Biggest Monthly Loss Since 2010 Ahead of Powell Speech
LONDON—The dollar eased from a one-week high on Wednesday ahead of a speech by Federal Reserve Chair Jerome Powell, while optimism over a possible loosening in China’s COVID-19 restrictions set it on course for its biggest monthly loss since late 2010. Eurozone inflation in November showed the first monthly deceleration since June last year, as…
Oil up Over 2 Percent on Tighter Supply
November 30, 2022
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LONDON—Oil prices rose by over 2 percent on Wednesday on signs of tighter supply, a weaker dollar, and optimism over a Chinese demand recovery. Brent crude futures rose $2.06, or 2.48 percent to $85.09 per barrel by 1044 GMT. The more active February Brent crude contract rose by 2.02 percent to $85.95. U.S. West Texas…
Global Shares Mostly Higher Ahead of Fed Chair’s Key Speech
November 30, 2022
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TOKYO—Global shares were mostly higher on Wednesday, ahead of a closely watched speech by the Federal Reserve chief that may give clues about future interest rate hikes. Investors were also eyeing developments in China, where protests have erupted over the “zero-COVID” strategy that has confined millions of people to their homes, sometimes for months. France’s…
ECB’s Lagarde Says Inflation Hasn’t Peaked, May Surprise
FRANKFURT—Eurozone inflation has not peaked and it risks turning out even higher than currently expected, European Central Bank President Christine Lagarde said on Monday, hinting at a series of interest rate hikes ahead. Her comments, along with remarks by Dutch central bank chief Klaas Knot earlier, were likely to dampen speculation that the ECB was…
Yuan Rallies on Hopes of China COVID-19 Policy Relief, Euro Surges
The yuan jumped against the dollar on Tuesday amid hopes of a potential easing in the country’s strict pandemic restrictions following an unprecedented episode of unrest. The euro rose ahead of inflation data due on Wednesday. The offshore yuan surged 0.9 percent to 7.1850 a dollar. The onshore yuan was up 0.6 percent at 7.1666…
Oil Jumps on Hopes for Easing of China’s COVID-19 Controls
November 29, 2022
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LONDON—Oil prices jumped by 3 percent on Tuesday on hopes for a relaxation of China’s strict COVID-19 controls after rare protests in Chinese cities over the weekend. Brent crude futures gained $2.50, or 3 percent, to $85.69 a barrel at 1119 GMT. U.S. West Texas Intermediate (WTI) crude futures rose $1.98, or 2.6 percent, to…
Stocks and Oil Rise on Hopes of Looser COVID-19 Curbs in China
November 29, 2022
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LONDON/SYDNEY—Stocks and oil gained on Tuesday on hopes that public unrest in China might prompt an earlier loosening of COVID-19 curbs in the world’s biggest economy, with the yuan up and the dollar down as investor appetite for riskier assets grew. The Euro STOXX 600 gained 0.4 percent, recovering from its worst session in almost…
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