SINGAPORE—The euro held below parity on Friday as investors eyed a potential slowdown in future rate hikes by the European Central Bank, while the yen was on track for its best week in over two months ahead of a key central bank policy decision. The euro was last 0.05 percent lower at $0.9960, following a…
Oil Falls as China Widens COVID-19 Curbs
October 28, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices fell on Friday after top crude importer China widened its COVID-19 curbs, though benchmarks were poised for a weekly gain on supply concerns and surprisingly positive economic data. Brent crude futures dropped 50 cents, or 0.5 percent, to $96.46 a barrel by 1047 GMT, having climbed by 1.3 percent in the previous session….
World Shares Lower, Led by 3.7 Percent Drop in Hong Kong
October 28, 2022
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsMedia & Big Techrecessionstocks
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Shares skidded Friday in Europe and Asia, with heavy selling of technology shares pulling Hong Kong’s benchmark 3.7 percent lower. Germany’s DAX dropped 0.9 percent to 13,090.91 and the CAC40 in Paris lost 0.6 percent to 6,205.73. Britain’s FTSE 100 shed 0.6 percent to 7,029.81. The future for the S&P 500 was down 0.8 percent…
Budget Brings Nothing New to the Table
October 27, 2022
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AustraliaAustralian federal budgetBusiness & Marketseconomic policiesfederal spendinginflationInternationalJim ChalmersOpinionViewpointsWorld
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What the Australian Treasurer Jim Chalmers tabled on Oct. 25 was not a budget in the traditional sense but a mini-budget or update. Unlike a regular annual budget there were few announcements of new policies or fiscal strategies. But it suited Chalmers to elevate it to the status of a budget for dramatic effect—to emphasise…
TotalEnergies, Shell Post Bumper Profits, LNG Business Diverges
October 27, 2022
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Business & Marketseconomic policieseconomyenergyfuelGold and CommoditiesMarketsshelltaxesTotalEnergies
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LONDON/PARIS—Europe’s two largest energy companies Shell and TotalEnergies reported profits of more than $9 billion in the third quarter, though Shell’s liquefied natural gas (LNG) division struggled to capture the benefits of high fuel prices. The strong earnings were likely to intensify calls in Britain and the European Union for further windfall taxes on energy…
House Republicans Launch Probe Into Biden’s Potential Oil Export Ban
October 27, 2022
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bidenBusiness & Marketseconomic policieseconomyenergyEnergy DepartmentOilOversight CommitteePoliticsRepublicansStrategic Petroleum ReserveUSUS News
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A group of House Republicans has begun a probe into a potential U.S. ban on fuel exports and what they called the “potential misuse” of the national strategic oil reserve by the Biden administration. In an Oct. 26 letter to Department of Energy (DOE) Secretary Jennifer Granholm, Republican lawmakers on the House Committee on Oversight…
Shell Reports Drop in Profit to $9.45 Billion, Hikes Dividend
October 27, 2022
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Business & MarketsCompanieseconomic policiesenergyEuropeGasGold and CommoditiesMarketsresultsshellWorld
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LONDON—Shell on Thursday posted a third-quarter profit of $9.45 billion, slightly below the second quarter’s record high, due to weaker refining and gas trading, and said it will sharply boost its dividend by the end of 2022 when its CEO departs. The British oil and gas giant also extended its share repurchasing program, announcing plans…
Wall Street Opens Higher as GDP Data Keeps Recession Worries at Bay
Wall Street’s main indexes opened higher on Thursday after data showed U.S. economic growth rebounded in the third quarter, keeping at bay worries about an imminent recession fueled by aggressive monetary policy tightening. The Dow Jones Industrial Average rose 223.03 points, or 0.70 percent, at the open to 32,062.14. The S&P 500 opened higher by…
Inflation Reduction Act Won’t Help Much Until Next Year, Now It’s About Showing Voters ‘We’re Listening’: White House
October 27, 2022
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Business & Marketseconomic policieseconomyExecutive BranchinflationInflation Reduction ActPoliticsrecessionUSUS News
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The White House acknowledged that many of the provisions of the Inflation Reduction Act won’t kick in until next year and said that, at this stage, it’s more about sending a signal to voters that the Biden administration is attuned to their concerns by “listening.” White House Press Secretary Karine Jean-Pierre made the remarks in…
ECB Raises Interest Rates Again, Trims Bank Subsidies
FRANKFURT—The European Central Bank raised interest rates again on Thursday and signaled it was keen to start shrinking its bloated balance sheet, taking another big step in tightening policy to fight off a historic surge in inflation. Worried that rapid price growth is becoming entrenched, the ECB is raising borrowing costs at the fastest pace…
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