LONDON—Oil prices jumped by 3 percent on Tuesday on hopes for a relaxation of China’s strict COVID-19 controls after rare protests in Chinese cities over the weekend. Brent crude futures gained $2.50, or 3 percent, to $85.69 a barrel at 1119 GMT. U.S. West Texas Intermediate (WTI) crude futures rose $1.98, or 2.6 percent, to…
Oil Jumps on Hopes for Easing of China’s COVID-19 Controls
November 29, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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Stocks and Oil Rise on Hopes of Looser COVID-19 Curbs in China
November 29, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON/SYDNEY—Stocks and oil gained on Tuesday on hopes that public unrest in China might prompt an earlier loosening of COVID-19 curbs in the world’s biggest economy, with the yuan up and the dollar down as investor appetite for riskier assets grew. The Euro STOXX 600 gained 0.4 percent, recovering from its worst session in almost…
Volkswagen Says EV Battery Plants ‘Practically Unviable’ in EU Due to Soaring Energy Costs
November 29, 2022
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Business & MarketsCompanieseconomic policieseconomyenergyenergy crisisEnvironmentEuropeGermanyinflationInvestmentMarketsRussia-Ukraine WarScienceVolkswagenWorld
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Volkswagen’s CEO wrote that electric vehicle battery plants in the European Union are “practically unviable” at this moment due to soaring energy costs. Further investment in key industrial projects such as battery cell plants in Germany and the EU are becoming more unfeasible due to policymakers inability to control skyrocketing long-term energy prices, according to…
Elon Musk Denounces ESG as the ‘Devil Incarnate’
Twitter CEO Elon Musk again denounced environmental, social, and governance (ESG) standards as “the devil.” ESG is a set of nonfinancial “standards for a company’s operations that socially conscious investors use to screen potential investments,” according to Investopedia. ESG stands for environmental sustainability initiatives (“E”), how well management promotes social justice causes (“S”), and the quality…
Wall Street Opens Lower on China COVID-19 Protests; Apple Slips
November 28, 2022
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Business & MarketsCompanieseconomic policieseconomyinflationMarketsMedia & Big TechrecessionstocksUS
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Wall Street’s main indexes opened lower on Monday as protests in major Chinese cities against strict COVID-19 policies reignited concerns about economic growth, while Apple slipped on a report of disruption in production at a factory in China. The Dow Jones Industrial Average fell 71.1 points, or 0.21 percent, at the open to 34,275.91. The…
Wall Street to Open Lower on China’s Anti-Lockdown Protests; Apple Slips
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Dollar Slips, While Yuan Slumps on COVID-19 Unrest in China
SINGAPORE/LONDON—The dollar weakened on Monday as investors weighed up the recent drop in U.S. government bond yields, while anti-regime protests in China sent the yuan to a two-week low. Protests have flared across China and spread to several cities in the wake of an apartment fire that killed 10 people in the city of Urumqi…
Oil Prices Erase 2022 Gains as China’s Protests Spark Demand Worries
November 28, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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Oil prices fell to near their lowest levels this year on Monday as street protests against strict COVID-19 curbs in China, the world’s biggest crude importer, stoked concern about the outlook for fuel demand. Brent crude dropped $2.66, or 3.1 percent, to trade at $80.97 a barrel at 1000 GMT, after diving more than 3…
China’s Anti-Lockdown Protests Shake Stocks and Oil
November 28, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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SYDNEY/LONDON—Stocks and commodities prices suffered a broad sell-off on Monday as rare protests in major Chinese cities against the country’s strict zero-COVID-19 curbs hit growth expectations in the world’s second-largest economy. Clashes between police and protesters across several major cities over the weekend halted a tentative stocks rally that gathered pace last week as hope-starved…
World Economic Forum Chair Klaus Schwab Praises China as Being a ‘Role Model’ for Many Nations
November 28, 2022
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Business & MarketsChinaChina Business & EconomyChinese RegimeCOVID-19economic policieseconomyEuropeInternationalInternational RelationsKlaus SchwabWorld
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Klaus Schwab, founder of the World Economic Forum (WEF) declared that the Chinese Communist Party (CCP) is a “role model” for other nations in an interview with Chinese state media. Schwab made the comments in an interview with the Chinese state-run television network CGTN on the sidelines of the APEC CEO Summit in Bangkok, Thailand, on Nov. 19. “I respect…
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