LONDON—Oil rose on Friday and was on track for a second straight annual gain in a volatile year marked by tight supplies because of the Ukraine war and weakening demand from the world’s top crude importer, China. Crude surged in March with global benchmark Brent reaching $139.13 a barrel, the highest since 2008, after Russia’s…
Oil Set to End Turbulent 2022 With Second Annual Gain
December 30, 2022
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World Stocks Eye Glum 2022 While Dollar Triumphs
December 30, 2022
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LONDON/SINGAPORE—World stocks were steady on the last trading day of the year as markets digested U.S. data and the dismantling of China’s zero-COVID policy, but the global index was heading for a 20 percent drop over a year marred by high inflation and war in Europe. The dollar, a beneficiary of rising U.S. interest rates,…
US Pending Home Sales Sag More Than Expected in November
Contracts to buy U.S. previously owned homes fell far more than expected in November, diving for a sixth straight month in the latest indication of the hefty toll the Federal Reserve’s interest rate hikes are taking on the housing market as the central bank seeks to curb inflation. The National Association of Realtors (NAR) said…
US Weekly Jobless Claims Ticked Higher Last Week
The number of Americans filing new claims for unemployment benefits edged higher last week but remain in a range indicating the U.S. job market remains tight, even as the Federal Reserve works to cool demand for labor as part of its bid to lower inflation. Initial claims for state unemployment benefits rose 9,000 to a…
Wall Street Opens Higher as Jobless Claims Data Calm Rate Hike Jitters
Wall Street’s main indexes opened higher on Thursday as data pointing to signs of a cooling labor market eased worries over future interest rate hikes by the U.S. Federal Reserve. The Dow Jones Industrial Average rose 145.72 points, or 0.44 percent, at the open to 33,021.43. The S&P 500 opened higher by 22.23 points, or…
Dollar Slips as Traders Weigh China Outlook; Sterling Gains
SINGAPORE/LONDON—The dollar slipped on Thursday after rising in the previous session, with investors on edge at the end of the year as initial optimism over China’s reopening fizzled. The yen was last 0.56 percent higher at 133.72 against the dollar. That followed a 0.73 percent fall on Wednesday which saw the yen hit a one-week…
BlackRock, State Street Admit Signing Net-Zero Pledges They Don’t Act On
December 29, 2022
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News Analysis Texas state senators struggled for more than six hours last week to get straight answers from Wall Street giants BlackRock and State Street, two of the world’s largest asset managers, regarding what they are doing to compel companies whose shares they own to get in line with the ESG movement. Having joined global…
Oil Falls as China COVID-19 Spike Dampens Demand Outlook
December 29, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices fell by over 2 percent on Thursday as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand for the world’s largest crude oil importer. Brent futures for February fell $1.67, or 2.01 percent, to $81.59 a barrel by 0953 GMT. The more active March contract fell 1.79 percent to…
World Shares Extend Losses After Wall Street Decline
December 29, 2022
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BANGKOK—Shares slipped in Europe and Asia on Thursday after benchmarks fell more than 1 percent on Wall Street in the middle of a mostly quiet and holiday-shortened week. U.S. futures were mixed and oil prices declined more than $1 a barrel. Investors are watching to see how China’s relaxation of its stringent COVID-19 policies, and…
Energy Giant Not Receiving $450 Million in Compensation for Price Controls: Australian PM
Rio Tinto will get “nothing like” $450 million (US$303 million) in compensation to offset the impact of a coal price cap on its Gladstone Power Station in Queensland, the prime minister says. The federal government is negotiating coal price caps of $125 a tonne with Queensland and New South Wales, in a bid to put…
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