LONDON—The U.S. dollar held its ground on Wednesday as traders waited for this week’s U.S. consumer price data to see whether it will confirm that inflation is in retreat. The euro flattened against the dollar after a European Central Bank policymaker said the cycle of interest rate increases was approaching its end, while ECB staff…
Oil Prices Broadly Steady Amid Rising US Stockpiles
January 11, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices were broadly steady on Wednesday as market participants were pulled in different directions by an unexpected build in U.S. crude and fuel inventories, global economic uncertainty, and China reopening its economy. Moving in and out of negative territory, Brent crude futures were up 53 cents, or 0.7 percent, at $80.63 a barrel by…
Global Stocks Mostly Rise as US Inflation Report Looms
January 11, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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TOKYO—Global shares were mostly higher Wednesday, boosted by a rally on Wall Street ahead of some potentially market-moving reports due later in the week. France’s CAC 40 rose nearly 0.2 percent in early trading to 6,879.36, while German’s DAX added 0.3 percent to 14,813.45. Britain’s FTSE 100 gained 0.2 percent to 7,710.23. The future for…
Australian Government Urged to Divert New Immigrants to Regional Areas
January 10, 2023
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The Australian government is urged to increase the resettlement rate of new migrants in regional areas to help fill a major shortage of workers. Regional Australia Institute (RAI), an independent think-tank, said that increasing overseas migration is crucial to the economic growth and sustainability of the outer fringes of cities and towns in Regional Australia….
Massive Government Spending Will Exacerbate 2023 Economic Downturn: Analyst
News Analysis As a raft of banks forecast economic pain in 2023, one economic historian warns that the U.S. government’s gargantuan spending programs will push the economy well past its breaking point. Experts are debating whether the United States is likely to experience a recession. Even the more optimistic forecasts posit that, if a full-blown…
US Wholesale Inventories Rise Strongly in November as Demand Falters
WASHINGTON—U.S. wholesale inventories increased strongly in November, lifting the inventories-to-sales ratio to the highest level in nearly 2–1/2 years, as higher borrowing costs depressed sales. The Commerce Department said on Tuesday that wholesale inventories rose 1.0 percent as previously reported last month. Stocks at wholesalers increased 0.6 percent in October. Economists polled by Reuters had…
UK’s 1st Foray Into the Space Race Ends in Failure
Billed as British history in the making, on Monday a specially adapted jumbo jet left the runway at the country’s first operational spaceport and launched a rocket into space. However, the rocket failed during its second stage and, according to operator Virgin Orbit, suffered an “anomaly” that resulted in the satellites it was carrying failing…
Mercedes-Benz Sells 2.05 Million Passenger Cars in 2022
BERLIN—Mercedes-Benz delivered 2.05 million passenger cars in 2022, the company said on Tuesday, down 1 percent on the previous year as the carmaker felt the impact of COVID-19 measures and bottlenecks. Still, fourth-quarter sales rose 17 percent as logistics and supply chain bottlenecks eased, and battery-electric sales grew 124 percent over the course of the…
Chair Jerome Powell Stresses Fed Independence, Defers Climate Policymaking
Federal Reserve Chair Jerome Powell emphasized the need for central bank independence while the institution grapples with elevated inflation. During a speech at Sweden’s Riksbank on Tuesday, the head of the U.S. central bank stated that resuscitating price stability requires employing difficult measures that may not be politically popular. “Price stability is the bedrock of…
UK Trade Unions Claim Proposed Laws on Strikes Are ‘Undemocratic, Unworkable’
The new general secretary of the Trades Union Congress (TUC) has described legislation to curb strikes—which was put before Parliament by the government on Tuesday—as “undemocratic, unworkable, and almost certainly illegal.” The new laws would force ambulance crews, firefighters, and railway workers to provide a minimum level of service during industrial action. Business Secretary Grant…
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