New UK Prime Minister Rishi Sunak has pledged to restore economic stability in a way that is “fair and compassionate” and protects the most vulnerable people in society. At the Prime Minister’s Questions in the House of Commons on Oct. 26, Labour leader Sir Keir Starmer said the “Tories have crashed the economy” and argued…
Sunak Vows to Restore UK Economic Stability in ‘Fair and Compassionate Way’
UK’s New Government Delays Debt-Cutting Plan to Nov. 17
The Treasury’s medium-term fiscal plan is pushed back from Halloween to Nov. 17 and it’s upgraded to a full autumn statement, Downing Street said on Thursday, one day after Prime Minister Rishi Sunak took the job. Chancellor of the Exchequer Jeremy Hunt said it’s “prudent” to delay the announcement to allow time for more accurate economic…
Nasdaq Tumbles as Downbeat Tech Earnings Fuel Growth Fears
The tech-heavy Nasdaq index opened 2 percent lower on Wednesday as disappointing results and warnings from Microsoft and Alphabet sparked losses in megacap companies and raised fears of slowing economic growth. The Dow Jones Industrial Average fell 98.30 points, or 0.31 percent, at the open to 31,738.44. The S&P 500 opened lower by 33.14 points,…
Hyundai to Build $5.5 Billion US Electric Vehicle Plant, as New Tax Law Dims Sales Outlook
South Korean automaker Hyundai Motor publicly broke ground at an opening ceremony for a $5.54 billion electric vehicle (EV) and battery plant in Georgia. The new plant in Bryan County, which is 30 miles west of Savannah, is the biggest economic development project in Georgia’s history, after a series of new EV and battery project…
Dollar Slides on Expectations of Less Hawkish Fed, Euro at 1-month High
LONDON—The euro climbed back above parity against the dollar for the first time in a month on Wednesday after poor U.S. economic data reinforced speculation that the Federal Reserve will slow its interest rate hikes, sending the greenback tumbling. The European common currency rose as high as$1.0048, the highest since Sept. 20, and was last…
Oil Prices Stable as Rising US Crude Stocks Balance Supply Concerns
October 26, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices were broadly stable on Wednesday, moving in and out of negative territory after industry data showed U.S. crude stockpiles rose more than expected last week, though supply concerns and a weaker dollar gave support. Brent crude futures for December were up 12 cents, or 0.1 percent, at $93.64 a barrel by 1045 GMT….
Global Stocks Higher on Hopes US Rate Hike Plans Will Ease
October 26, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BEIJING—Global stock markets mostly gained Wednesday on hopes the Federal Reserve might ease off plans for interest rate hikes, while London opened lower after Britain installed its third prime minister this year amid an economic crisis. Other European markets gained. Shanghai, Tokyo, and Sydney closed higher. The euro edged above $1. The future for Wall…
Record Spend on Renewables as Electricity Prices to Soar by 50 Percent in Australia
October 26, 2022
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2022 federal budgetAustraliaBusiness & Marketseconomic policiesGene TunnyinflationInternationalJim ChalmersRobert CarlingWorld
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Australians can expect their electricity bill to rise by another 56 percent over the next two years—according to budget estimates—with the Labor government banking on a wider rollout of renewable energy sources to help bring down prices. The soaring energy costs comes despite pledges from Prime Minister Anthony Albanese prior to winning the May election…
Goldman’s Solomon: Fed Could Raise Beyond 4.5–4.75 Percent If No ‘Real Changes in Behaviour’
RIYADH—Goldman Sachs CEO David Solomon said on Tuesday the Federal Reserve said economic conditions will “tighten meaningfully from here” and the Federal Reserve could hike rates beyond 4.5–4.75 percent if it does not see real changes in behavior. “So I too am in the camp that we likely—likely have a recession in the U.S., going…
Goldman Sachs Analysts Expect Housing Market to Deteriorate Further as Rate Hikes Are Not Fully Felt
October 25, 2022
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Business & Marketseconomic policieseconomyhomebuilder sentimenthousing marketinflationmortgagereal estateUSUS Real Estate
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Goldman Sachs analysts have warned that the already weak housing market may face further trouble, as the effect of high mortgage rates has yet to be fully felt. The analysts say that the housing market is expected to slide in the coming months, as existing homes sales data for September failed to fully capture the…
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