BRUSSELS—Eurozone economic growth was stronger than previously estimated in the second quarter, data showed on Wednesday, as household spending recovered after half of year of stagnation despite the squeeze on disposable income from spiraling inflation. The European Union’s statistics office Eurostat said gross domestic product in the 19 countries using the euro rose by 0.8…
Eurozone Second Quarter Growth Revised Up, Supported by Household Spending
September 7, 2022
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King Dollar Stomps on Yen as US Yields Rise
September 7, 2022
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TOKYO/LONDON—The dollar was lord of all it surveyed on Wednesday, at a fresh 24-year peak on the yen and retesting a 20-year high on the euro after U.S. economic data reinforced the view that the Federal Reserve would maintain aggressive policy tightening. Economic jitters elsewhere, pushing investors to safety, also supported the U.S. currency. The…
Oil Rises After Russia’s Putin Threatens to Halt Supply
September 7, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices rose on Wednesday on threats that Russia will walk away from its energy supply contracts, reversing losses from earlier in the session when prices fell to their lowest since Russia invaded Ukraine. Brent crude futures were up 85 cents, or 0.92 percent, at $93.68 a barrel by 0931 GMT, having earlier hit their…
Stocks Fall on Rate Hike Bets, Yen Drops to 24-year Low
September 7, 2022
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LONDON—European stock markets opened in the red on Wednesday after U.S. economic data prompted traders to ramp up Federal Reserve rate hikes bets, pushing the dollar to a 24-year high against the Japanese yen. U.S. Treasury yields jumped and the dollar received a boost by data on Tuesday which showed the U.S. services industry picked…
Australia’s Annual Coal Export Exceeded $100 Billion for First Time, Pushing Trade Surplus to $43 Billion
September 7, 2022
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Australia has recorded its 13th consecutive accounts surplus in the June quarter on the back of a continued commodity boom, with the trade surplus hitting a record high $43.1 billion (US$29 billion). “The increase in the current account surplus was driven by higher commodity prices. Coal prices were elevated over the 2021-22 financial year, with…
Closing Prices for Crude Oil, Gold and Other Commodities (Sept. 6)
September 6, 2022
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Benchmark U.S. crude oil for October delivery rose 1 cent to $86.88 a barrel Tuesday. Brent crude for November delivery fell $2.91 to $92.83 a barrel. Wholesale gasoline for October delivery fell 4 cents to $2.42 a gallon. October heating oil fell 1 cent to $3.57 a gallon. October natural gas fell 64 cents to…
Euro, Sterling Bounce on Energy Policy Hopes, Climb All Over Tumbling Yen
September 6, 2022
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SINGAPORE/LONDON—The euro and sterling were on Tuesday trying to recover from multi-year lows against the dollar hit the day before, as policy makers tried to get a grip on the energy crisis, though the rate sensitive Japanese yen slipped to a new 24 year-low. The pound and euro both gained over 0.6 percent with the…
Oil Slides as Demand Fears Return After OPEC-Led Rally
September 6, 2022
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LONDON—Oil fell on Tuesday after a two-day rally as concern returned about weaker demand and the prospect of more interest rate hikes, trumping support from OPEC+’s first output target cut since 2020. New COVID-19 lockdowns in China have added to worries that high inflation and rate hikes will hit demand. The European Central Bank is…
Global Stocks Rise as Europe Wrestles With Gas Shortages
September 6, 2022
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BEIJING—Global stock markets and Wall Street futures rose Tuesday as Liz Truss prepared to become British prime minister and Europe wrestled with uncertainty about Russian gas supplies. London and Frankfurt opened higher. Shanghai and Tokyo gained. Benchmark U.S. crude rose more than $2 per barrel. The euro edged higher against the dollar. European markets were…
Italy’s Costs to Import Energy Will Double to 100 Billion Euros
CERNOBBIO, Italy—Italy’s net energy import costs are set to more than double this year to nearly 100 billion euros ($99.5 billion), the economy minister said, warning Rome could not spend indefinitely to cushion the blow on the economy. Italy relies on imports for three-quarters of its power consumption, increasing its vulnerability to Europe’s current energy…
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