LONDON—The dollar stalled on Thursday as investors scooped up higher-risk currencies after a run of strong U.S. economic data reinforced confidence in the global growth outlook, even though the Federal Reserve looks set to raise interest rates further. Data from the U.S. Commerce Department showed on Wednesday that retail sales in the United States rebounded…
Oil Slips on US Stock Build, Trading in Narrow Range
February 16, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices edged lower on Thursday after a large build in U.S. crude inventories but continued to trade in a narrow range as hopes for a Chinese demand recovery remained in focus. Brent crude futures fell 36 cents, or 0.42 percent, to $85.02 a barrel by 1042 GMT. U.S. West Texas Intermediate (WTI) crude futures…
Stocks Shrug Off Rate Risks as Data Tempers Recession Worries
February 16, 2023
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Business & MarketsCompaniescryptocurrencyeconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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Stocks rose on Thursday as economic data from around the world fed hopes that the global economy might not face as hard a landing as feared a few months ago, even as interest rates threaten to remain higher for longer than expected. The pan-European STOXX 600 index rose 0.5 percent, while London’s FTSE 100 continued…
Gas Drilling to Be Banned Along Entire NSW Coastline If Government Wins Election
February 15, 2023
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AustraliaBusiness & Marketseconomic policiesenergygas drillingInternationalLyle SheltonMatt Keannet zeroNew South Walesoffshore gas reservesWorld
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The New South Wales (NSW) government will override a court order to open up gas drilling along the state’s coastline if it wins the upcoming March election. Energy Minister and Treasurer Matt Kean described the move as standing “up for the environment.” The announcement comes after the Federal Court of Australia quashed a decision by…
‘The Biden Economic Plan Is Working’: Biden
February 15, 2023
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2024 electionbidenBusiness & Marketsdebt ceilingdeficiteconomic policieseconomyExecutive BranchinflationPolicies & ImpactsPoliticsSocial SecurityUSUS News
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President Joe Biden touted his record on the economy in a Feb. 15 speech at a union hall in Lanham, Maryland as speculation mounts as to whether the 80-year-old former senator will seek a second term. “Inflation is coming down, take-home pay for workers has gone up over the [past] several months. We’ve got more…
US Retail Sales Push Higher, Beating Forecasts Due to One-Time Factors
U.S. retail sales pushed higher last month, as they beat forecasts in the face of inflationary pressures, but this may be due to one-time factors. American consumers continue to spend despite persistently high inflation, as retail and food services sales in January rose 3 percent, for a total of $697 billion, according to Feb. 15th data from…
Fed Must Be Ready to Hike Rates for Longer Than Now Expected, Logan Says
The U.S. central bank will need to keep gradually raising interest rates to beat inflation, Dallas Federal Reserve President Lorie Logan said on Tuesday, putting investors on notice that borrowing costs may ultimately need to go higher than is now widely expected. “We must remain prepared to continue rate increases for a longer period than…
US Retail Sales Post Biggest Gain in Nearly 2 Years
WASHINGTON—U.S. retail sales increased by the most in nearly two years in January after two straight monthly declines as Americans boosted purchases of motor vehicles and other goods, pointing to the economy’s continued resilience despite higher borrowing costs. Coming on the heels of news on Tuesday that monthly inflation picked up in January, signs of…
Wall Street Opens Lower as Strong Retail Sales Data Adds to Rate Hike Fears
Wall Street’s main stock indexes opened lower on Wednesday after stronger-than-expected retail sales data underscored a resilient U.S. economy, which could offer more room for the Federal Reserve to raise interest rates. The Dow Jones Industrial Average fell 80.64 points, or 0.24 percent, at the open to 34,008.63. The S&P 500 opened lower by 16.63…
Dollar Climbs After US Inflation Data and Tough Fed Talk
LONDON/SINGAPORE—The dollar rose on Wednesday in the wake of stubbornly high U.S. inflation data and firm words on interest rates from Federal Reserve officials. U.S. consumer price index (CPI) inflation accelerated month-on-month in January, rising 0.5 percent as expected, due in part to higher rental and food costs. Year-on-year, prices rose 6.4 percent. That was…
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