U.S. new vehicle prices are expected to hit a record high in August on the back of strong demand despite rising interest rates, an industry report showed on Wednesday. Average transaction prices are set to reach a record $46,259, an 11.5 percent increase from a year earlier, according to the report from auto industry consultants…
US New Vehicle Prices to Hit Record High Despite Rising Interest Rates
August 25, 2022
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Ukraine War, Energy Crisis Send German Business Sentiment to Lowest Level Since June 2020
August 25, 2022
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BusinessBusiness & MarketscrisiseconomyenergyEuropeGermanyGold and CommoditiesinflationMarketsrecessionRussia-Ukraine WarsentimentwarWorld
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BERLIN—German business morale in August fell to its lowest reading since June 2020 amid high uncertainty due to the Ukraine war, the resulting energy crisis, and fears of an economic downturn in the third quarter, a survey said on Thursday. The Ifo institute’s closely watched business climate index fell for a third consecutive month but…
Euro Bounces Back to Parity as Investor Sentiment Improves
August 25, 2022
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LONDON—The euro briefly rebounded back above parity with the dollar on Thursday as the U.S. currency’s recent rally ran out of steam and investors waited to see whether Federal Reserve Chair Jerome Powell would sound a more hawkish tone at a symposium this week. A more bullish mood across markets also helped the euro, as…
Oil Prices Steady as OPEC+ Mulls Supply Cut
LONDON—Oil prices steadied on Thursday as producer group OPEC+ raised the prospects of curbing oil supplies while the prospect of an agreement that could return sanctioned Iranian oil exports to the market weighed. Brent crude eased 2 cents to $101.20 a barrel by 1033 GMT, while U.S. West Texas Intermediate crude was down 22 cents,…
Stocks, Euro Edge Higher as Markets Watch Jackson Hole
August 25, 2022
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LONDON—Share markets pushed higher and Europe’s bond markets and euro stole a breather from energy-price driven sell-offs on Thursday, as investors waited to hear the latest reaction of the world’s top central bankers to soaring inflation. Asia had tailgated Wall Street higher overnight and Europe’s bourses did the same as oil and gas stocks made…
Energy Bonanza Drives Shareholder Payouts to New Record
LONDON—Energy companies reaping record profits from soaring oil and gas prices have helped global dividend payments to shareholders soar above pre-pandemic levels and to a record quarterly high, data showed on Wednesday. Oil and gas firms, including state-controlled giants in Latin America, accounted for more than two-fifths of the growth in dividend payments in the…
Closing Prices for Crude Oil, Gold and Other Commodities (Aug. 24)
August 24, 2022
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Benchmark U.S. crude oil for October delivery rose $1.15 to $94.89 a barrel Wednesday. Brent crude for October delivery rose $1 to $101.22 a barrel. Wholesale gasoline for September delivery fell 13 cents to $2.80 a gallon. September heating oil rose 17 cents to $4.01 a gallon. September natural gas rose 14 cents to $9.33…
World at Rising Risk of Recession as Inflation Hits Consumers
August 24, 2022
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LONDON—The global economy is increasingly at risk of sliding into recession, surveys showed on Tuesday, as consumers faced with generation-high inflation rein in spending while central banks are tightening policy aggressively just when support is needed. And supply chains yet to recover from the coronavirus pandemic have been further damaged by Ukraine’s war and China’s…
Nord Stream Not in Charge of Aug. 31–Sept. 2 Portovaya Maintenance
August 24, 2022
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FRANKFURT—The Nord Stream 1 consortium is not in charge of a planned three-day maintenance at the Portovaya compressor station announced by Gazprom during which no gas will flow through the pipeline, a spokesperson for the company said. “Portovaya compressor station is located in the upstream transportation system and therefore outside Nord Stream AG’s area of…
US Core Capital Goods Orders Rise, but Momentum Slows
WASHINGTON—New orders for U.S.–made capital goods increased in July, but the pace slowed from the prior month, suggesting that business spending on equipment could struggle to rebound after contracting in the second quarter. Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, rose 0.4 percent last month, the Commerce…
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