NEW YORK—Oil prices rose about 2 percent on Wednesday as a bigger-than-expected drop in U.S. crude stockpiles offset worries that further interest rate hikes could slow economic growth and reduce global oil demand. Brent futures were up $1.31, or 1.8 percent, to $73.57 a barrel at 11:15 a.m. EDT (1515 GMT), while U.S. West Texas…
Oil Prices Gain 2 Percent on Big Decline in US Crude Storage
June 28, 2023
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US Goods Trade Deficit Narrows; Retail Inventories Rise
WASHINGTON—The U.S. trade deficit in goods narrowed in May as imports fell, but the improvement was probably insufficient to prevent trade from being a drag on economic growth in the second quarter. The hit from trade on gross domestic product was, however, likely to be offset by a rise in inventory investment, with the report…
Yen Under Pressure; Aussie Slips as Inflation Slows
SINGAPORE/LONDON—The yen was under pressure against most other major currencies on Wednesday, even as Japanese authorities said they could intervene to prop it up, while the Aussie dollar dropped after data showed inflation eased in May. Market expectations that the Bank of Japan (BOJ) will keep interest rates ultra-low, while other central banks tighten monetary…
European Shares Climb, Yen Stumbles and Euro Shines
June 28, 2023
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LONDON/SYDNEY—European shares climbed on Wednesday as surprisingly upbeat U.S. economic news eased global growth concerns, while the embattled yen hit a 15-year low against the euro and Japan hinted at intervention to prevent further losses. Treasury yields inched higher on the strength of U.S. data, combined with hawkish commentary emerging from Portugal at a gathering…
US, California Headed Into Recession: Chapman Forecast
June 26, 2023
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Commentary The U.S. economy is wheezing, and with it California’s. The numbers tell the story, from Chapman University’s Economic Forecast Update, given at the school on June 22 by President Emeritus Jim Doti and his colleagues. The video can be found on YouTube. I’ve been attending Doti’s presentations for 36 years now, and he always…
California Could See Sharp Drop in Job Growth, Moderate Recession by 2024: Chapman Forecast
June 26, 2023
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California could face a sharp decline in job growth by the end of this year as the state grapples with a moderate recession, according to top economists at Chapman University. In its latest bi-annual economic forecast released June 22, the school forecast job growth in the state to drop to 1.3 percent by December, compared…
Wall Street Kicks Off Week on Mixed Note as Rate Worries Persist
Wall Street opened mixed on Monday, pressured by investor fears the Federal Reserve’s aggressive monetary tightening will hurt the U.S. economy and a decline in Pfizer after its decision to drop the development of a weight loss drug. The Dow Jones Industrial Average (.DJI) rose 3.36 points, or 0.01 percent, at the open to 33,730.79….
Drop in German Business Morale Points to Longer Recession
June 26, 2023
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BusinessBusiness & Marketseconomic policieseconomyEuropeGermanyinflationMarketsrecessionsentimentWorld
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BERLIN—German business morale worsened for the second consecutive month in June, a survey showed on Monday, indicating that Europe’s largest economy faces an uphill battle to shake off recession. The Ifo institute said its business climate index fell to 88.5 this month from 91.5 in May. A Reuters poll of analysts had predicted a smaller…
Dollar Surges to 15-month High Against Russia’s Rouble on Aborted Mutiny
LONDON/SINGAPORE—The U.S. dollar rose to a 15-month high against the rouble on Monday after dramatic weekend events in Russia, which saw an aborted mutiny by armed mercenaries. The dollar index also found some safe-haven support on lingering worries that the protracted monetary tightening cycles from major central banks would further hurt the global economic outlook….
Stock Market Today: Global Shares Decline After Armed Rebellion Quelled in Russia
June 26, 2023
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TOKYO—Global shares mostly fell Monday after a short-lived armed rebellion in Russia added to uncertainties over the war in Ukraine. France’s CAC 40 dipped 0.4 percent in early trading to 7,135.23. Germany’s DAX slipped 0.2 percent to 15,797.27. Britain’s FTSE 100 fell 0.8 percent to 7,403.10. The futures for the Dow Jones Industrial Average and…
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