WASHINGTON—U.S. retail sales fell more than expected in March as consumers cut back on purchases of motor vehicles and other big ticket items, suggesting that the economy was losing steam at the end of the first quarter because of higher interest rates. Retail sales dropped 1.0 percent last month, the Commerce Department said on Friday….
Dollar Set for Longest Stretch of Weekly Losses Since 2020
LONDON—The dollar headed for its longest stretch of weekly losses in almost three years on Friday, as traders ramped up expectations of an imminent end to the U.S. Federal Reserve’s rate-hike cycle following signs that inflation may be cooling. Data on Thursday showed U.S. wholesale prices, as measured by the producer price index (PPI), fell…
Oil Gains After IEA Sees Demand Rising to Record High
April 14, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices rose on Friday after the West’s energy watchdog said it expected global demand to rise to a record high this year on the back of a recovery in Chinese consumption. The International Energy Agency (IEA) also warned that output cuts announced by OPEC+ producers could exacerbate an oil supply deficit and hurt consumers….
Australian Treasurer Says No to GST Increase
Australian Treasurer Jim Chalmers has turned down the idea of hiking GST (goods and services tax) across the country, despite recommendations from the International Monetary Fund (IMF) to do so. Chalmers, who is visiting the United States to meet with global financial leaders, said making changes to the GST was not a priority for the…
Global Stocks Rise After US Inflation Cools
April 14, 2023
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BEIJING—Global stock markets rose Friday after U.S. inflation eased in March and China reported strong exports. London and Frankfurt opened higher. Shanghai, Tokyo, and Hong Kong advanced. Oil prices rose. Wall Street futures were lower, giving up part of Thursday’s gains after U.S. inflation at the wholesale level slowed more than expected. Asian markets were…
UK Economy Flatlines in February After Recovering to Pre-Pandemic Levels
There has been no monthly growth in the UK’s economy in February, the Office for National Statistics (ONS) estimated on Thursday. Teacher and civil service strikes may have acted as one of the biggest drags on GDP, with thousands of workers walking out during the month. But revised GDP figures for January showed that the economy…
US Jobless Claims Rise but Remain at Historically Low Levels
April 13, 2023
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U.S. applications for jobless benefits rose to their highest level in more than a year, but remain at relatively low levels despite efforts by the Federal Reserve to cool the economy and job market in its battle against inflation. Jobless claims in the U.S. for the week ending April 8 rose by 11,000 to 239,000…
Wall Street Opens Higher as Economic Data Ease Rate Jitters
Wall Street’s main indexes opened higher on Thursday as moderating producer prices in March and a jump in weekly jobless claims brought relief to investors worried about how far the Federal Reserve will hike interest rates to tame inflation. The Dow Jones Industrial Average rose 22.47 points, or 0.07 percent, at the open to 33,668.97….
Credit Suisse Rescue Package Rejected by Swiss Parliament
April 13, 2023
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Business & MarketsCompaniesCredit Suisseeconomic policieseconomyEuropeMarketsparliamentSwitzerlandUBSvoteWorld
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BERN—Switzerland’s parliament rejected on Wednesday the government’s 109 billion Swiss francs ($120.82 billion) aid for Credit Suisse’s merger with UBS, leaving the fallen bank’s hastily arranged rescue without a largely symbolic parliamentary blessing. While the upper house had approved the government’s contribution to the rescue package, parliament’s lower, and larger chamber, pushed back again on…
Dollar Drops to 2-Month Low on Cooling US Inflation
LONDON/SINGAPORE—The dollar fell to a two-month low on Thursday after data showed U.S. inflation slowed sharply in March, bolstering speculation the Federal Reserve’s rate hiking campaign is either already finished or will be by May. As the dollar slipped, the euro rose to within a whisker of a one-year high, with traders betting the European…
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