LONDON—The dollar gave back the previous day’s advances against the euro and pound on Tuesday as traders turned their attention to U.S. inflation data due on Wednesday for signs of how close U.S. rates are to peaking. The euro was up 0.52 percent at $1.0918 and the pound rose a similar amount to $1.2439 as…
Oil Rises on China Stimulus Expectations, Weaker Dollar
April 11, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia, and a drop in U.S. crude stockpiles. Brent crude futures rose 63 cents, or 0.8 percent, to $84.81 a barrel at 0840 GMT, while U.S. West Texas Intermediate futures gained 68 cents, or 0.9 percent,…
World Stocks Hold on to Upbeat Mood, Dollar Stalls
April 11, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—World stocks rallied on Tuesday, as traders held on to hope that interest rates will soon peak and come down later this year, even if the latest U.S. jobs data supported the case for a May hike from the Federal Reserve. Those hopes were fanned by an analysis in the International Monetary Fund’s latest World…
Bank Crisis Spawns Credit Crunch: Analysts
April 10, 2023
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In the wake of recent failures in some regional bank, Americans across the board are finding it harder to get credit. Because smaller banks are so critical to small-business and consumer lending, many analysts predict the fallout from the Fed’s campaign to tame inflation will have dire consequences for the economy. “Bank lending peaked in…
World’s Top Chipmaker Posts Drop in Revenue, Its First Decline in Four Years
April 10, 2023
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Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s top chipmaker, posted a double-digit drop in revenue last month, its first decline in four years. The chip-making giant’s filing on April 10 showed that revenue for March fell 15 percent from the same month a year earlier, after economic headwinds hit the semiconductor market, according to Dow Jones Newswires….
Wall Street Drops as Job Gains Fuel Rate-Hike Worries
U.S. stock indexes fell on Monday on growing concerns that the Federal Reserve will continue to raise interest rates after Friday’s jobs data pointed to a resilient labor market. The tech-heavy Nasdaq led losses among the major indexes after the long weekend, with growth stocks including Apple Inc., Amazon.com Inc., and Microsoft Corp. slipping between…
Asian Shares Higher After Report Shows Resilience in US Jobs
April 10, 2023
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Shares were mostly higher in Asia on Monday after a report Friday showed resilience in the U.S. jobs market. European markets were closed for Easter holidays. Benchmarks rose in Tokyo and Seoul but fell in Shanghai. Markets were closed in Hong Kong and Sydney. U.S. futures were mixed and oil prices climbed. The highly anticipated…
Yen Sinks as Rates Outlook Diverges; New Zealand Dollar Tumbles
TOKYO—The yen sank against major peers on Monday after U.S. payrolls data bolstered the case for further Federal Reserve rate hikes, highlighting a growing disparity with Japan where the central bank continues to pin the benchmark yield near zero. Meanwhile, the risk-sensitive New Zealand and Australian dollars weakened amid heightened U.S.–China tensions over Taiwan, with…
Oil Steadies as Tighter Supply Balances Growth Concerns
April 10, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil steadied on Monday, after rising for three straight weeks, as looming supply cuts from Saudi Arabia and other OPEC+ producers balanced concern about weakening global growth that may dampen fuel demand. Crude last week jumped more than 6 percent, a third weekly gain, after OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and…
Businesses Holding Onto False Hope Regarding China
April 10, 2023
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AustraliaAustralia-China tradeBusiness & MarketsChinaChina Business & EconomyChina-Australia RelationsCPTPPeconomic policiesInnes WilloxInternationalInternational RelationsJennifer WestacottOpinionThinking About ChinaViewpointsWorldXi Jinping
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Commentary How naïve. It was reported last week that the Business Council of Australia (BCA) and the Australian Industry Group (Ai Group) were open to China joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The CPTTP is a trade agreement established in 2018 between 11 Pacific nations including Australia. China is the next application…
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