U.S. oil refiner PBF Energy is closing out one of the best financial years in its history, a wild bounce back from the brink in April 2020 when fuel demand and gasoline prices cratered during the pandemic and the company’s value swooned lower than what it had just paid to buy a California refinery. PBF’s…
H&M Shares Drop as September–November Sales Fail to Impress
COPENHAGEN—Shares in H&M, the world’s second-biggest fashion retailer, fell 4.5 percent in early Thursday trade as a 10 percent rise in net sales in the September–November quarter failed to match a recent pick up in some analysts’ expectations. H&M, which has struggled to keep up with bigger rival Zara, last month became the first big…
Tesla Shares Fall as Investors Bash Musk’s Twitter Focus
SAN FRANCISCO—Tesla shares extended declines to hit their lowest level in more than two years on Wednesday, as investors including a “fanboy” of CEO Elon Musk lashed out at Musk’s distraction from the electric car company following his buy of Twitter. Shares of Tesla, the world’s most valuable carmaker, is one of the worst performing…
Dollar Gains After Fed Meet, BOE and ECB in Focus
LONDON—The dollar strengthened across the board on Thursday after the Federal Reserve said it would deliver more interest rate hikes next year and before meetings of the Bank of England and the European Central Bank. The euro fell 0.67 percent to $1.0611, and sterling lost 0.9 percent to $1.2316, both falling from six-month highs hit…
Oil Steadies After Early Decline as More Rate Hikes Loom
December 15, 2022
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LONDON—Oil prices steadied on Thursday after early declines as the dollar firmed while the possibility of further increases to interest rates by central banks also heightened demand concerns. Brent crude futures rose 14 cents, or 0.2 percent, to $82.84 a barrel by 1055 GMT and U.S. crude futures added 1 cent to $77.29. Gains in…
World Shares Decline After Fed Warns of Higher Rates to Come
December 15, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BANGKOK—Shares skidded in Europe and Asia on Thursday after a retreat on Wall Street by investors dismayed over the Federal Reserve’s warning that still more interest rate hikes are in store following its latest increase. Oil prices fell and U.S. futures also dropped. The declines followed the U.S. Federal Reserve’s hike in its key short-term…
Stocks Stumble After Fed Hikes Rates, Signals More to Come
A bumpy day of trading on Wall Street ended with stocks broadly lower Wednesday after the Federal Reserve raised its benchmark interest rate in its fight against inflation and signaled that more hikes lay ahead. As expected, the central bank raised its key short-term rate by 0.50 percentage points, marking its seventh hike this year….
Stocks Edge Higher Ahead of Last Fed Meeting of the Year
NEW YORK—Stocks are opening slightly higher on Wall Street as markets hold on to hope that the U.S. Federal Reserve is ready to ease back slightly on its campaign to slow the economy with high interest rates. The Fed’s latest decision on rates is due out later Wednesday. It’s widely expected to raise its benchmark…
Dollar Wallows at 6-Month Lows Ahead of Last Fed Meeting of 2022
LONDON—The dollar traded at its lowest in six months against the euro and pound on Wednesday after data showed U.S. inflation is cooling off, which investors believe gives the Federal Reserve room to slow the pace of future rate hikes. After raising interest rates by 75 basis points at four successive meetings, the U.S. central…
Oil Prices up Amid Forecasts of 2023 Demand Uptick
December 14, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices rose on Wednesday after OPEC and the International Energy Agency (IEA) both forecast a rebound in demand over the course of next year and as U.S. rate hikes are expected to ease alongside slowing inflation. Brent crude futures rose 76 cents, or 0.9 percent, to $81.44 per barrel by 1144 GMT, while U.S….
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