LONDON—Oil dropped for a second day on Wednesday as expectations of further interest rate hikes sparked concern over fuel demand and the economic outlook. Brent crude futures fell 46 cents, or 0.5 percent, to $85.12 a barrel by 1130 GMT, and U.S. West Texas Intermediate (WTI) crude dropped 60 cents, or 0.8 percent, to $78.46….
Oil Drops on US Interest Rate Worries
February 15, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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Global Stocks Mixed After US Inflation Feeds Rate Hike Fears
February 15, 2023
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BEIJING—Asian stocks fell and European markets opened mixed Wednesday after U.S. inflation edged down less than expected, fueling concern the Federal Reserve might think more interest rate hikes are needed. London, Tokyo, and Shanghai declined. Frankfurt advanced. Oil prices fell by more than $1 per barrel. Wall Street futures were lower after official data Tuesday…
Lael Brainard Named Top White House Economist as Biden Reshapes Economic Team
February 14, 2023
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Business & Marketseconomic policieseconomyExecutive BranchJoe BidenLael BrainardNational Economic CouncilPolicies & ImpactsPoliticsUSUS News
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Federal Reserve Vice Chair Lael Brainard will step down from her position and serve as President Joe Biden’s top economist, the White House said on Tuesday. Brainard will serve as the new head of the National Economic Council (NEC), succeeding Brian Deese, who recently announced his resignation. President Biden also named long-time associate Jared Bernstein…
US Companies Face More Pain as Expected ‘Earnings Recession’ Looms
February 14, 2023
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Business & MarketsCompanieseconomic policieseconomyinflationMarketsMedia & Big TechrecessionresultsstocksUSUS News
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NEW YORK—U.S. companies’ earnings woes are likely to extend beyond the weak fourth quarter, as a booming labor market weighing on margins looks set to hurt results in the first half of this year. Expectations for U.S. earnings to decline in the first and second quarter come amid weaker-than-expected fourth-quarter results for 2022, which Credit…
Japan Names Academic Ueda as Next Central Bank Governor
February 14, 2023
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Asia & PacificbankBusiness & MarketsCompanieseconomic policieseconomygovernorinflationJapanMarketsUedaWorld
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TOKYO—Japan’s government named academic Kazuo Ueda as its pick to become next central bank governor, a surprise choice that could heighten the chance of an end to its unpopular yield control policy. Ueda, a 71-year-old former Bank of Japan (BOJ) policy board member, will succeed incumbent Haruhiko Kuroda, whose second, five-year term ends on April…
Ford to Cut 1 in 9 Jobs in Europe in Electric Revamp
BERLIN—Ford plans to cut one in nine jobs in Europe, axing 3,800 roles in product development and administration as part of a drive to lower costs in the region and concentrate engineering know-how in the United States, the automaker said on Tuesday The U.S. carmaker leads the European market for commercial vans, but has struggled…
Tesla Changes US Prices for 4th Time in 2 Months
Tesla has changed prices for one version of each of its Model 3 sedan and Model Y crossover, the fourth price adjustment by the electric vehicle maker since the start of the year. Tesla increased the price of its Model Y performance crossover by $1,000 to $58,990, its website showed. It cut the price of…
Warehouse Data Show Inflation Could Roar Back With a Vengeance
The latest warehouse data are showing signs that inflation could come back with a vengeance this year. As U.S. markets await the latest release of the Consumer Price Index (CPI) on Feb. 12, logistics managers are warning of growing signs of inflation in the supply chain, which may financially hurt consumers. The CPI for December saw…
Wall Street Slips at Open After Mixed Inflation Data
U.S. stock indexes opened lower on Tuesday after data showed consumer prices accelerated in January but the pace of annual increase slowed, likely keeping the Federal Reserve on a path of moderate interest rate hikes. The Dow Jones Industrial Average fell 51.84 points, or 0.15 percent, at the open to 34,194.09. The S&P 500 opened…
Farmers’ Fight for ‘Right to Repair’ Own Equipment Builds as More States Advance Supporting Legislation
February 14, 2023
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U.S. farmers’ “Right to Repair” movement is gaining steam as more and more states allow the practice of allowing them to fix their own equipment. The movement has faced opposition over the past several years, from manufacturers of products like medical devices, motor vehicles, and equipment, which contain software and telematics used for remote diagnosis…
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