Tag: economic policies

Wall Street Drops at Open as Treasury Yields Soar

October 19, 2022
Business & Marketseconomic policieseconomyinflationMarketsrecessionstocksUS
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Wall Street’s main indexes opened lower on Wednesday as Treasury yields surged to 14-year highs amid rising interest rates, denting gains powered by streaming giant Netflix after it reversed customer losses. The Dow Jones Industrial Average fell 84.8 points, or 0.28 percent, at the open to 30439.04. The S&P 500 fell 16.9 points, or 0.45…

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Sterling Slips Amid Red-Hot Inflation, Dollar Holds at 32-year Peak Versus Yen

October 19, 2022
Business & Marketseconomic policieseconomyForexglobalinflationMarketsrecessionstocks
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LONDON/TOKYO—Sterling weakened on Wednesday after hotter-than-expected consumer price inflation and fears of a deeper recession bolstered expectations of a less aggressive rate hike by the Bank of England in November. The U.S. dollar held at a 32-year peak against the yen and rose from a two-week trough against a basket of major peers, underpinned by…

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Oil Prices Tick Up in Volatile Trade as US Stocks Fall in Tight Market

October 19, 2022
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices rose slightly on Wednesday amid plenty of caution as bullish signals like falling U.S. crude stocks and a generally undersupplied market were countered by bearish factors such as uncertain Chinese demand growth and falling gas prices. Brent crude futures for December settlement rose 60 cents, or 0.7 percent, to $90.63 a barrel by…

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Global Markets Mixed After Wall Street Bounce on Strong Profits

October 19, 2022
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BEIJING—Global stock markets were mixed Wednesday after Wall Street rose on strong corporate profit reports. Paris, Frankfurt, and Tokyo advanced, while London, Hong Kong, and Shanghai declined. The yen stayed near a two-decade low near 149 to the dollar. Oil prices rebounded. The future for Wall Street’s S&P 500 index rose 0.3 percent after the…

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‘Final Word’: Facebook Parent Meta Ordered to Sell Giphy After Landmark Ruling by UK Regulator

October 19, 2022
Business & MarketsCompanieseconomic policieseconomyFacebookGiphyMedia & Big TechmetaregulatorsUKWorld
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Meta this week accepted a reissued ruling by the British competition regulator to divest itself of its social media animation unit, Giphy. The decision by the Competition and Markets Authority (CMA) was first announced last year, which Meta unsuccessfully appealed. The CMA again declared on Oct. 18, that Meta’s acquisition of Giphy would allow it to “limit…

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Treasury Department Proposes Climate Data Collection Rule For Insurers

October 18, 2022
Business & Marketsclimate changeeconomic policieseconomyhome insuranceInvestmentpersonal financePolicies & ImpactsRegional-Local NewsTreasury DepartmentUSUS News
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The Treasury Department announced that it was proposing a new rule that would gather climate risk data from home insurance companies. The proposed changes, which were posted in a Federal Register notice on Oct. 18, require that property and casualty insurers provide data on climate change-related risks, in order to better prepare financial regulations for global…

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‘Bad Guys Getting Away’ With Laundering Dirty Money in UK, Committee of MPs Told

October 18, 2022
Business & MarketsCayman IslandsCity of Londoneconomic policieseconomyEuropeInternationalRussiaUKUnited StatesWorld
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A committee of MPs has heard that a “fragmented and uncoordinated” approach by government departments and law enforcement has allowed too many “bad guys” to get away with laundering money in Britain. The Foreign Affairs Select Committee, which is now chaired by Conservative MP Alicia Kearns, is investigating how effectively Britain is responding to the challenge…

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Bank of America Beats Profit Estimates as Interest Rates Climb

October 18, 2022
AMERICAbankBofABusiness & MarketsCompanieseconomic policieseconomyinfaltioninflationinterestMarketsratesrecessionresultsstocksUSUS News
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Bank of America Corp. on Monday reported a smaller-than-expected 9 percent drop in quarterly profit, as its interest income was bolstered by rising interest rates that offset a slump in investment banking. The U.S. Federal Reserve’s aggressive move to tighten monetary policy this year to tame inflation has boosted the amount that banks can earn…

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US Permian Oil Production Forecast to Hit Record in November: EIA

October 18, 2022
Business & Marketseconomic policieseconomyEIAenergyGold and CommoditiesMarketsOilproductionshaleTexas
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NEW YORK—Oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is forecast to rise by about 50,000 barrels per day (bpd) to a record 5.453 million bpd in November, the U.S. Energy Information Administration (EIA) said in its productivity report on Monday. U.S. crude oil output in major…

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Wall Street Opens Higher as Goldman, J&J Results Lift Earnings Mood

October 18, 2022
Business & MarketsCompanieseconomic policieseconomyinflationMarketsrecessionstocksUS
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Wall Street’s main indexes opened higher on Tuesday as strong earnings from Goldman Sachs and Johnson & Johnson lifted hopes that upbeat corporate reports could soothe market worries of a potential recession due to rising inflation and interest rates. The Dow Jones Industrial Average rose 511.7 points, or 1.70 percent, at the open to 30,697.52….

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