BERLIN—The economic impact on Germany of Ukraine’s war will last years, influential economist Marcel Fratzscher of the German Institute for Economic Research told Reuters, adding that it could cost 3 percentage points of growth this year. Fratzscher, whose institute advises the government of Europe’s largest economy on macroeconomic policy, said the impact could last until…
War Hit to German Economy Will Last Years: Economist
August 24, 2022
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Business & MarketscrisiseconomisteconomyenergyEuropeGermanyGold and CommoditiesinflationMarcel FratzscherMarketsrecessionRussia-Ukraine WarUkrainewarWorld
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Brent Oil Climbs Above $100 a Barrel Amid Talk About OPEC Cuts
August 24, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Benchmark Brent oil climbed above $100 a barrel on Wednesday after Saudi Arabia suggested this week that OPEC could consider cutting output in response to poor liquidity in the crude futures market and fears about a global economic downturn. Brent for October settlement reached a three-week high, trading up $1.30, or 1.3 percent, at $101.52…
Global Shares Mixed After Modest Wall Street Fall
August 24, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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TOKYO—Global shares were mixed Wednesday as a wait-and-see mood set in following another— though more modest—day of sell-offs on Wall Street. Worries about inflation are weighing on investors’ minds, including in Asia. Inflation data for Singapore released earlier in the week showed inflation was still going strong, with core inflation headed higher to 4.8 percent…
Closing Prices for Crude Oil, Gold and Other Commodities (Aug. 23)
August 23, 2022
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Benchmark U.S. crude oil for October delivery rose $3.38 to $93.74 a barrel Tuesday. Brent crude for October delivery rose $3.74 to $100.22 a barrel. Wholesale gasoline for September delivery rose 4 cents to $2.93 a gallon. September heating oil rose 6 cents to $3.84 a gallon. September natural gas fell 49 cents to $9.19…
Macy’s Lowers Outlook Despite Solid Second Quarter
NEW YORK—Macy’s cut its outlook for the year Tuesday despite topping Wall Street expectations as it faces a glut of unsold inventory that has afflicted almost the entire retail sector. The department store earned $275 million, or 99 cents per share, in the three-month period that ended July 30, or $1 if one-time charges are…
Euro Slumps to Two-Decade Lows as Energy Crisis Bites
August 23, 2022
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Business & Marketseconomic policieseconomyenergyForexglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—The euro hit a fresh two-decade low on Tuesday, dealt a fresh blow by renewed concern that an energy shock will keep inflation elevated and makes a recession in Europe all but certain. China’s yuan weakened to a two-year low, while sterling briefly touched its weakest since March 2020. Business activity data from Europe was…
Oil Climbs as Tight Supply Moves Back Into Focus
August 23, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil rose $1 a barrel on Tuesday as tight supply moved back into focus as a result of Saudi Arabia floating the idea of OPEC+ output cuts to support prices and the prospect of a drop in U.S. crude inventories. The Saudi energy minister said OPEC+ had the means to deal with challenges including cutting…
Gobal Shares Mixed Amid Speculation About Fed Rate Hike
August 23, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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TOKYO—Global shares were mixed Tuesday amid speculation about another interest rate raise by the U.S. Federal Reserve. Benchmarks in Asia finished lower in Japan, Australia, South Korea, and China, but European indexes were mixed, rising in France and Germany while falling in Britain. Oil prices rose. France’s CAC 40 added 0.2 percent in early trading…
Global Shares Mixed Amid Speculation About Fed Rate Hike
August 23, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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TOKYO—Global shares were mixed Tuesday amid speculation about another interest rate raise by the U.S. Federal Reserve. Benchmarks in Asia finished lower in Japan, Australia, South Korea, and China, but European indexes were mixed, rising in France and Germany while falling in Britain. Oil prices rose. France’s CAC 40 added 0.2 percent in early trading…
Weaker German, French Data Compound Energy and Euro Woes
LONDON—Weakening economies in Germany and France piled more pressure on markets on Tuesday as decades-high inflation and surging gas prices drag Europe toward recession, pushing the euro to a 20-year low against the dollar. The S&P flash composite Purchasing Managers’ Index (PMI), which tracks manufacturing and services, showed that a downturn in Germany, Europe’s biggest…
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