LONDON/SINGAPORE—The dollar rallied on Thursday, after earlier falling to a one-month low in choppy trading ahead of an expected rate hike from the European Central Bank (ECB). The greenback has slid in recent days as investors have cheered signs that the U.S. Federal Reserve is considering slowing down its aggressive rate hikes in December. Yet…
Oil Rises on Strong Crude Demand, Despite China Fears
October 27, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil rose on Thursday, extending a rally of nearly 3 percent in the previous session, as optimism over record U.S. crude exports and signs that recession fears are abating outweighed concern over slack demand in China. Figures on Wednesday showed record U.S. crude exports, a hopeful sign for demand, even as crude stocks rose. The…
Global Stocks Mixed Ahead of US GDP, Europe Rates Decision
October 27, 2022
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BEIJING—Global stock markets were mixed Thursday ahead of an update on the U.S. economy and a European Central Bank meeting that is expected to raise its key interest rate to a 13-year high to fight stubborn inflation. London and Hong Kong advanced, while Frankfurt, Tokyo, and Shanghai declined. Wall Street futures rebounded. Forecasters expect U.S….
Bank of Canada Slows Pace of Rate Hikes Amid Recession Fears, Raising Questions on Fed’s Next Move
The Bank of Canada (BoC) has decided to slow its pace of rate hikes amid fears of a major global recession. BoC Governor Tiff Macklem announced on Oct. 26, that the central bank would raise benchmark interest rates by 50 basis points to 3.75 percent on to combat inflation, for the smallest increase since June. This…
Mercedes-Benz to Sell Shares in Russian Subsidiaries to Local Investor, as Foreign Automakers Pull Out
October 27, 2022
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Business & MarketsCompanieseconomic policieseconomyEuropeInvestmentMarketsMercedes-BenzRussiaRussia-Ukraine WarsanctionsUkraineWorld
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Mercedes-Benz announced that it was pulling out of Russia and would sell all of its shares in its local subsidiaries to a little known Russian investor. The German automaker is the latest foreign car manufacturer to abandon the Russian market, after it suspended its local operations in early March, after the invasion of Ukraine. It was…
Steel Giant Shuts Down Plants in Germany, Sparking Energy Crisis Fears
October 26, 2022
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Business & MarketsCompanieseconomic policieseconomyenergyenergy crisisEuropeGermanyinflationMarketsrecessionRussia-Ukraine WarsteelWorld
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The energy crisis has been hitting Europe’s largest economy hard, with two of Germany’s largest steel manufacturing plants being forced to shut down. ArcelorMittal’s plan to deactivate one of its largest steel plants in Hamburg last month caused shockwaves through out the industry. The world’s second largest steel company also said it would later shut down…
We Must Choose Between Cutting Mass Welfare or Drowning in Debt, Economist Warns
October 26, 2022
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AustraliaBill ShortenBusiness & Marketseconomic policiesGene TunnyInternationalNational Disability Insurance SchemeNDISWorld
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One economist warns that Australian policymakers will need to make tough decisions sooner or later as the latest budget papers reveal the soaring cost of ambitious social welfare programs like the National Disability Insurance Scheme (NDIS), which is predicted to exceed the cost of the defence portfolio. “They’ve got this long-term problem with trying to…
Reaganomics vs. Bidenomics
News Analysis The legacy of former Federal Reserve Chair Paul Volcker, a Ronald Reagan appointee, is frequently invoked by financial media outlets in light of today’s high inflation, which has reached levels not seen since these men occupied office. Many wonder if current Fed Chair Jerome Powell has the resolve to combat inflation as his…
Unemployment Seen Climbing Much Higher Than Fed Expects as It Fights Inflation: Deutsche Bank
October 26, 2022
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Business & Marketseconomic policieseconomyFederal ReserveinflationPolicies & ImpactsrecessionunemploymentUSUS News
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Analysts at Deutsche Bank said in a recent note that the Federal Reserve’s fight to crush inflation could send the unemployment rate as high as 6 percent by the end of 2023, equivalent to around 4 million Americans losing their jobs. After initially downplaying rising inflation as a “transitory,” an embarrassed Fed has moved aggressively…
Saudi Arabia ‘Maturer Guys’ in Spat With US: Energy Minister
October 26, 2022
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bin SalmanBusiness & Marketseconomic policieseconomyenergyGold and CommoditiesMarketsMiddle EastministerSaudiUSWorld
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RIYADH—Saudi Arabia decided to be the “maturer guys” in a spat with the United States over oil supplies, the kingdom’s energy minister Prince Abdulaziz bin Salman said on Tuesday. The decision by the OPEC+ oil producer group led by Saudi Arabia this month to cut oil output targets unleashed a war of words between the…
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