WASHINGTON—The number of Americans filing new claims for unemployment benefits fell last week by the most in 20 months, the latest sign of the economy’s resilience that could push the Federal Reserve to resume raising interest rates in July. The unexpected decline in applications reported by the Labor Department on Thursday reversed a recent jump,…
US Weekly Jobless Claims Post Biggest Drop in 20 Months as Economy Shows Stamina
June 30, 2023
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Dollar Firm Ahead of PCE Numbers, Briefly Pokes Head Above 145 Yen
SINGAPORE/LONDON—The yen briefly weakened past the closely watched 145 per dollar level on Friday although traders’ fears of intervention by Japanese authorities kept it in check, while the dollar was also strong more broadly ahead of U.S. inflation data. Barring unexpected interventions, the day’s main event for FX markets is the U.S. personal consumption expenditure…
Oil Heads for 4th Straight Quarterly Decline
LONDON—Oil prices declined towards $74 a barrel on Friday and were on course for a fourth consecutive quarter of losses amid concerns over sluggish global economic activity and fuel demand. Benchmark Brent crude futures for September delivery were down 5 cents, or 0.1 percent, at $74.46 a barrel by 1120 GMT after earlier rising by…
Stocks Show Resilience to Wall of Rates and Inflation Worries
June 30, 2023
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LONDON—Global shares were steady on Friday as investors scrutinized inflation data from both sides of the Atlantic to cap a rollercoaster quarter for markets that upended bets on interest rates peaking. Oil was poised for its first monthly gain this year, as a big drawdown in U.S. oil stocks outweighed concerns that fuel demand will…
Mining Industry Got Australia Through Economic Recessions, Pandemic: Liberal MP
Queensland Liberal MP Garth Hamilton has commended Australia’s mining sector for sustaining the nation’s economic prosperity during the 90s recession, the GFC, and more recently through the pandemic. This comes as federal Labor Treasurer Jim Chalmers said that Australia’s resources sector has been “a force for good.” Speaking with Sky News on June 26, Hamilton…
US Economic Growth Last Quarter Is Revised Up to 2 Percent Annual Rate
WASHINGTON—Showing surprising resilience in the face of higher interest rates, the U.S. economy grew at a 2 annual pace from January through March as consumers spent at the fastest pace in nearly two years. Thursday’s revised figure from the Commerce Department sharply upgraded its assessment of first-quarter growth from its previous estimate of a 1.3…
Is Recession Timing Still Unpredictable?
Commentary Debate continues as to whether recession still lies ahead. The yield curve has pointed to an 80 percent chance of recession. But, when comparing today’s situation with the comparable U.S. real GDP contraction in 2008, its timing forecast has low accuracy. As the original literature documented, the yield curve only predicts a yes-no outcome…
Dollar Holds Near 7-month High Versus Yen on Policy Split; Swedish Crown Record Low
LONDON—The U.S. dollar touched a more than seven-month high against the Japanese yen on Thursday after their respective central banks reaffirmed divergent policy plans, while Sweden’s crown hit a record low after the Riksbank modestly raised its policy rate. Federal Reserve Chair Jerome Powell—speaking on a panel with Bank of Japan Governor Kazuo Ueda on…
Stocks Shrug Off Inflation Angst, Yen Bows to Dollar
June 29, 2023
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LONDON—World shares and the dollar inched higher and gold was at a three-month low on Thursday as traders’ attention continued to swing between the battle to lower inflation and speculation about currency market intervention in China and Japan. Europe’s regional STOXX 600 index barely budged in early trading after what had been its biggest rise…
Fiscal Policy Delaying US Recession: Strategist
Potentially the most forecasted economic downturn in U.S. history has stubbornly refused to appear. Why? NTD speaks to an economic research provider for some possible reasons. …
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