Wall Street’s main stock indexes opened lower on Friday on worries that accelerating inflation in the face of a sturdy U.S. economy could prompt the Federal Reserve to err on the side of caution by keeping monetary policy restrictive through the year. The Dow Jones Industrial Average fell 19.84 points, or 0.06 percent, at the…
Will the Federal Reserve Hit Its Year-End Inflation Target?
Commentary After driving inflation to double-digits, the Federal Reserve has been adamant about monetary restraint to restore price stability. Can the Fed succeed? If so, at what cost? Further, what needs to be watched to conclude the Fed is achieving its objective? What must occur to conclude the Fed has succeeded? The answers depends on…
Dollar Powers to 6-Week High as Interest Rate Expectations Rise
LONDON/SINGAPORE—The dollar rose to a six-week high on Friday as strong U.S. economic data and comments from Federal Reserve officials led to traders betting more interest rate rises are coming. Data on Thursday showed the number of Americans filing new claims for unemployment benefits unexpectedly fell last week, and that monthly producer prices increased by…
Oil Heads for Weekly Loss on Rate Hike Worries, Ample Supply
February 17, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil fell almost 3 percent on Friday and was on course for a weekly decline, pressured by concerns of more U.S. Federal Reserve interest rate hikes that could weigh on demand, and signs of ample supply. Two Fed officials on Thursday warned additional hikes in borrowing costs are essential to lower inflation to desired levels….
Bird Flu Continues to Spread Worldwide, Threatening Poultry Supplies
February 17, 2023
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bird fluBusiness & MarketsCompanieseconomic policieseconomyEnvironmentMarketspoultryScienceUSUS NewsWorld
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Bird flu continues to spread across the globe, threatening stocks of poultry supplies. The disease is extremely deadly to poultry, so much so that entire flocks are often culled even when only one bird tests positive. The avian-borne virus has spread for the first time to several wild bird species that can transmit the virus…
Fed’s Bullard, Mester Advocated for Half-Point Rate Hikes at Last FOMC Meeting
February 17, 2023
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Business & Marketseconomic policieseconomyFederal ReserveinflationJames BullardLoretta MesterUSUS News
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Last month, the Federal Reserve voted to raise interest rates by 25 basis points, but two central bank officials revealed that they advocated for larger rate hikes to combat elevated inflation. St. Louis Fed Bank President James Bullard told reporters at the Greater Jackson Chamber in Jackson, Tennessee, during an event that he advanced the…
South Korea’s LG Chem Acquires Stake in US Lithium Firm
February 17, 2023
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Asia & PacificBusiness & MarketsCompanieseconomic policieseconomyenergyEnvironmentInvestmentLG ChemPiedmont LithiumScienceSouth KoreaTechUSUS NewsWorld
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South Korean chemical firm LG Chem said on Friday that it had acquired a stake in U.S. mining company Piedmont Lithium Inc. for $75 million in a bid to secure raw materials needed for its manufacturing of electric-vehicle (EV) batteries. The equity investment provides LG Chem with a 6 percent stake in Piedmont, which holds…
New South Wales Digs Itself Into Coal Reserve Hole
February 16, 2023
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AustraliaAustralian coalBusiness & Marketscoal price capcoal reservationeconomic policiesenergyInternationalNew South WalesOpinionViewpointsWorld
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Commentary New South Wales (NSW) has introduced a reservation policy for coal. A certain portion of coal produced in the state will be required by law to be sold within the state. The policy will likely come into effect on the 1st of April, but that doesn’t mean it’s a joke. This is one more…
Nestle Plans Price Hikes After Costs Eat Into Profits
February 16, 2023
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Business & MarketsCompanieseconomic policieseconomyEuropeGold and CommoditiesinflationMarketsNestleresultsRussia-Ukraine WarstocksWorld
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ZURICH/LONDON—The world’s biggest food group Nestle will lift prices again this year, Chief Executive Mark Schneider said on Thursday, after more costly ingredients contributed to making its 2022 profit miss market forecasts. Rivals have said they anticipate a more positive pricing outlook for shoppers in 2023. But Schneider said further rises were necessary to offset…
Wall Street Opens Lower as Producer Prices Rebound
U.S. stock indexes opened sharply lower on Thursday after stronger-than-expected producer prices data added fears that the Federal Reserve will keep raising interest rates to tame inflation. The Dow Jones Industrial Average fell 135.96 points, or 0.40 percent, at the open to 33,992.09. The S&P 500 opened lower by 32.85 points, or 0.79 percent, at…
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