LONDON—The U.S. dollar slipped on Monday as a pick-up in market sentiment drove stocks and riskier currencies higher. The dollar index—which tracks the greenback against a basket of six major currencies—fell 0.4 percent to 104.410, reversing some of its gains from the previous week after the U.S. Federal Reserve and European Central Bank hiked rates….
Oil Bounces as China Demand Hopes Offset Recession Fears
December 19, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil rose on Monday after tumbling by more than $2 a barrel in the previous session as optimism over the Chinese economy outweighed concern over a global recession. China, the world’s top crude oil importer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions but plans to step…
Stocks Wobble as Rate Risks Cloud 2023 Outlook
December 19, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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MILAN—World stocks inched higher on Monday but stayed near 6-week lows as investors started the year’s last full trading week still mindful of interest rate hike risks to the economy in 2023. The U.S. Federal Reserve and European Central Bank hiked rates and promised more last week, and speculation is even building that the Bank…
Calls for Australia to Adopt US-Style ‘Green Card’ Among Proposals to Rejig Migration System
December 19, 2022
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AustraliaBusiness & MarketsClare O'Neileconomic policiesEducation & Family NewsInternationalmigrationUniversities AustraliaUSWorld
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Australian universities are calling for wholesale reforms to the country’s immigration system including one proposal for a U.S.-style green card. In a submission (pdf) to the federal government’s migration review, Universities Australia, which represents tertiary institutions across the country, said complicated visa structures were causing Australia to fall behind other advanced economies in attracting talented…
Ex-Treasury Secretary Sees Recession Coming and It Will Not Be Mild
Former Treasury Secretary and National Economic Council advisor Lawrence H. Summers sees a recession coming and that it will not be a mild one. Summers, in an interview with MSNBC on Dec. 15, said that the Federal Reserve will have to face a recession in the end if inflation is to come down. He was speaking a day…
Netherlands Imposes Rent Control on 300,000 Homes to Deal With Affordability Crisis
December 16, 2022
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Business & Marketseconomic policiesEuropeGlobal Real EstateInternationalNetherlandsreal estaterent freezeWorld
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The Dutch government will control how much landlords can charge renters in a plan supposed to alleviate ongoing housing affordability problems. Over 300,000 homes will be affected by the plan with rental prices to be cut by an average of 190 euros (US$202) per month. The maximum rent allowed will be 1,100 euros (US$1,171) and…
Chinese Companies Submit to US Audit Watchdog Inspection, Avert Delisting Threat for Now
December 16, 2022
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The Public Company Accounting Oversight Board (PCAOB), accounting watchdog in the United States, has received full access to inspect and investigate companies operating in China for the first-ever time. The PCAOB is also tasked with overseeing registered public accounting firms worldwide. The PCAOB had the sole discretion to select which firms to audit, the potential…
IEA Says Global Coal Consumption Will Reach All-Time High This Year
December 16, 2022
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AfricaAsia & PacificBusiness & MarketsChinacoal powereconomic policieseconomyenergyEuropegreen energyIEAIndiaMarketsRussia-Ukraine WarUSWorld
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Global coal consumption will hit an all-time high in this year amid high demand in Europe, despite attempts to transition toward a “carbon-free” economy. Use of coal is expected to remain at similar levels over the next few years if more is not done to move countries to a low-carbon economy, according to a report by…
Eurozone Business Activity Falls at Slower Rate in December, Inflation Eases: PMI
BENGALURU—Eurozone business activity shrank at the slowest pace in four months in December, suggesting a likely recession ahead will be shallower than previously thought, a survey showed on Friday, while prices rose at the most modest rate in about a year. S&P Global’s flash Composite Purchasing Managers’ Index (PMI), seen as a good gauge of…
Wall Street Extends Losses as Recession Fears Weigh
Wall Street’s main stock indexes extended losses on Friday as fears of a looming recession, sparked by the Federal Reserve’s relentless battle against inflation, hammered sentiment. The Dow Jones Industrial Average fell 35.76 points, or 0.11 percent, at the open to 33,166.46. The S&P 500 opened lower by 4.84 points, or 0.12 percent, at 3,890.91,…
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