LONDON/SYDNEY—World stocks were heading on Friday for a 1 percent loss on the week, drifting from recent two-month highs after U.S. Federal Reserve officials fired more warning shots on interest rates, while the U.S. bond yield curve priced for a recession. The dollar and bond yields rose after St. Louis Fed President James Bullard said…
World Stocks Eye 1 Percent Weekly Loss, US Yield Curve Indicates Recession
November 18, 2022
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Japan Maintains Monetary Easing Despite Inflation Reaching 40-Year High
Japan’s core consumer inflation rose 3.6 percent in October, the highest level in 40 years, driven by a weaker yen and rising import costs as the central bank kept its monetary easing policy in place. The nationwide core consumer price index (CPI), which excludes volatile fresh food items, exceeded the Bank of Japan’s (BOJ’s) 2…
Biden Admin Rolls out ‘Easier’ Process for Student Loan Borrowers to Discharge Debt in Bankruptcy
November 18, 2022
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bankruptcyBusiness & Marketseconomic policieseconomyExecutive Branchpersonal financePoliticsstudent debtstudent loanUSUS News
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The Department of Justice on Nov. 17 announced a new process that it says will make it easier for individuals struggling with their student loan debt to discharge it in bankruptcy. “The new process will help ensure consistent treatment of the discharge of federal student loans, reduce the burden on borrowers of pursuing such proceedings and…
We Must Be Able to Raise Concerns Without ‘Retaliatory Acts’: New Zealand PM to Meet Xi
November 18, 2022
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New Zealand Prime Minister Jacinda Ardern said she needs to be able to raise areas of concern with Chinese leader Xi Jinping without the country being on the receiving end of retaliation. The comments come ahead of her expected meeting on Nov. 18 with Xi on the sidelines of the Asia-Pacific Economic Cooperation (APEC) forum…
Surging Mortgage Rates Could Drive Home Prices Down 20 Percent: Dallas Fed
November 17, 2022
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Business & Marketseconomic policieseconomyhousing pricesinflationInvestmentMarketsmortgage ratespersonal financereal estateUSUS Real Estate
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Surging mortgage rates are now threatening to drive U.S. home prices down as much as 20 percent, according to a new study. Many prospective buyers have been pushed out of the market due to rising home prices and higher mortgage rates. The sharp rise in mortgage rates this year “boost the odds of a severe…
Wall Street Opens Lower After Mixed Economic Data, Hawkish Fed Comments
Wall Street’s main indexes opened lower on Thursday as mixed economic data and hawkish comments from a Federal Reserve official spurred concerns that the U.S. central bank would not tone down its aggressive stance on interest rate hikes. The Dow Jones Industrial Average fell 224.6 points, or 0.67 percent, at the open to 33329.27. The…
Russia–Ukraine Grain Deal Extended by 120 Days
November 17, 2022
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The Russia–Ukraine grain deal that facilitates export of Ukrainian agricultural exports via Black Sea ports has been extended by 120 days, according to Russia, Turkey, Ukraine, and the United Nations. “I welcome the agreement by all parties to continue the Black Sea Grain Initiative to facilitate the safe navigation of export of grain, foodstuffs and…
J.P.Morgan Predicts a Mild US Recession Next Year
J.P.Morgan economists predict a “mild recession” in the United States in the back half of next year given expectations for the Federal Reserve to tighten monetary policy further in its battle against inflation. The investment bank sees the economy contracting by 0.5 percent by the fourth quarter of next year, and possibly dragging into 2024….
Dollar Bounces as US Economy Sends Mixed Signals; Sterling Slips
LONDON/SINGAPORE—The dollar rose on Thursday as investors digested mixed U.S. economic data, while the British pound changed direction and slipped ahead of the government’s budget update. The greenback has tumbled in recent weeks as inflation data and comments from Federal Reserve officials have suggested that the central bank can soon slow the pace of its…
Oil Falls on Easing Geopolitical Tensions, China Demand Worries
November 17, 2022
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LONDON—Oil extended declines on Thursday as concerns over geopolitical tensions eased and as rising numbers of COVID-19 cases in China added to demand worries in the world’s largest crude importer. Poland and NATO said on Wednesday a missile that crashed inside NATO member Poland was probably a stray fired by Ukraine’s air defenses and not…
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