UK Chancellor of the Exchequer Jeremy Hunt has ruled out “significant” tax cuts in the next budget as he put the top priority on reducing inflation. In a speech at Bloomberg’s London headquarters on Friday, Hunt said reducing inflation was the “only sustainable way to restore industrial harmony” in Britain as he suggested tax cuts…
UK Chancellor Rules Out Significant Tax Cuts as He Focuses on Cutting Inflation
Wall Street Opens Lower on Intel Warning, Inflation Data Limits Fall
Wall Street’s main indexes opened lower on Friday after Intel’s bleak outlook dragged chipmakers lower, though data showing easing inflation spurred hopes of a policy shift from the Federal Reserve, helping limit losses. The S&P 500 opened lower by 6.71 points, or 0.17 percent, at 4,053.72, while the Nasdaq Composite dropped 41.94 points, or 0.36…
Housing Market Shows Signs of Life as Pending Home Sales Rise for First Time in 14 Months
January 27, 2023
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The U.S. housing market showed a sign of early recovery, as pending home sales of rose for the first time in 14 months. Pending home sales rose 2.9 percent in December, the first month-over-month increase since October 2021, according to data from Redfin on Jan. 25. The decline in pending sales also eased for the…
There’s a Warning Sign for US Economy Buried Deep in Otherwise Upbeat GDP Numbers
January 27, 2023
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Business & Marketseconomic policieseconomyExecutive BranchGDPGreat DepressionPoliticspresident joe bidenUSUS News
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The latest GDP report showed the U.S. economy grew by a faster-than-expected pace in the fourth quarter of 2022, but that likely overstates America’s economic health as a measure of domestic demand slowed to a crawl, while one key data point buried deep in the report was the worst since the Great Depression. The U.S. economy expanded…
Warning Sign for the US Economy Buried Deep in Otherwise Upbeat GDP Numbers
January 27, 2023
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Business & Marketseconomic policieseconomyExecutive BranchGDPGreat DepressionPoliticspresident joe bidenUSUS News
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The latest GDP report showed the U.S. economy grew by a faster-than-expected pace in the fourth quarter of 2022, but that likely overstates America’s economic health as a measure of domestic demand slowed to a crawl, while one key data point buried deep in the report was the worst since the Great Depression. The U.S. economy expanded…
Dollar Ticks Up Ahead of Central Bank Meetings Next Week
LONDON—The dollar edged up on Friday to pull away from multi-month lows against the euro and sterling, as investors began to train their sights on a slew of major central bank meetings next week. The U.S. Federal Reserve, European Central Bank, and Bank of England are all due to make rate decisions next week as…
Oil Prices Firm on Upbeat US Economic Data
January 27, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices rose for a second session on Friday, buoyed by stronger-than-expected U.S. economic growth, strong middle distillate refining margins, and hopes of a rapid recovery in Chinese demand. Brent futures gained $1.15, or 1.3 percent, to $88.62 a barrel by 0930 GMT. U.S. crude also rose by 1.3 percent, gaining $1.01 to $82.02. Both…
Global Shares Edge Higher, Tracking Wall Street Rally
January 27, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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TOKYO—Global shares advanced Friday, tracking a rally on Wall Street following reports suggesting the economy and corporate profits may be doing better than feared. France’s CAC 40 gained 0.2 percent to 7,107.44. Germany’s DAX was unchanged at 15,134.04, while Britain’s FTSE 100 rose nearly 0.2 percent to 7,773.10. The future for the Dow Jones Industrial…
Unemployment Filings Drop in Fresh Sign of Tight Labor Market and Persistent Inflation Pressures
January 26, 2023
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Business & Marketseconomic policieseconomyinflationjob marketpersonal financePolicies & ImpactsrecessionUnemployment ClaimsUSUS News
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Unemployment filings in the United States dropped last week, as fewer Americans filed for unemployment benefits while the labor market remains tight and inflation pressures continue to persist. Applications for jobless claims for the week ended Jan. 21 fell to 186,000 from 192,000 the previous week, the Department of Labor reported on Jan. 26. This was…
Biden Admin Reverses Trump-Era Rule and Bans Logging in Alaska Forest
January 26, 2023
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Business & MarketsDonald Trumpeconomic policieseconomyExecutive BranchPolicies & ImpactsPoliticsroadless ruleTongass National ForestUSUS News
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The Biden administration has overturned a Trump-era rollback of logging and road-building restrictions in Alaska’s Tongass National Forest, reimposing curbs that tribal and environmental groups have reacted to with glee but Alaska’s governor and other local politicians have panned as a blow to the region’s economic development. The U.S. Department of Agriculture (USDA) announced on…
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