Tag: economic policies

Dollar Steadies in Uneasy Market Calm

March 29, 2023
Business & Marketscryptocurrencyeconomic policieseconomyForexglobalinflationMarketsrecessionstocks
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TOKYO/LONDON—The dollar edged up against most major peers on Wednesday, steadying after recent declines, and gaining sharply against the yen which was volatile as the end of the Japanese fiscal year approaches. The dollar index, which tracks the currency against six peers, gained 0.15 percent to 102.64. It has fallen for the past two sessions,…

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Oil Gains for 3rd Day on Kurdish Supply Concern, Easing Banking Fears

March 29, 2023
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil rose for a third session on Wednesday as a halt to some exports from Iraqi Kurdistan raised concerns of tightening supply and as easing fears of a global banking crisis supported risk sentiment in the wider markets. Crude exports of 450,000 barrels per day (bpd) from Iraq’s semi-autonomous northern Kurdistan region were halted on…

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Prime Minister Calls Out Greens Political Games

March 28, 2023
anthony albaneseAustraliaAustralia Housing Future FundAustralian GreensBusiness & Marketseconomic policiesWorld
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Prime Minister Anthony Albanese has scolded the Australian Greens, the federal government’s chosen partner in the senate, for failing to support the government’s $10 billion (US$6.7 billion) affordable housing bill. The Housing Australia Future Fund was a key election promise by Labor and is billed as being able to finance the construction of 30,000 homes over five…

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US Banks Raising Savings Rates to Keep Customers From Running Due to SVB Collapse Jitters

March 28, 2023
Business & Marketscd ratesCompanieseconomic policieseconomyInvestmentMarketspersonal financesavings ratesSilicon Valley BankstocksUSUS News
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American banks are currently raising their savings rates to keep customers from running due to jitters following the collapse of Silicon Valley Bank (SVB) and Signature Bank. The ongoing crisis in the banking industry is pushing lenders to offer more perks for customers, USA Today reported. Many depositors have been transferring their money from regional banks…

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US Consumer Confidence Ticks Up in March

March 28, 2023
Business & Marketsconfidenceconsumereconomic policieseconomyinflationMarketsrecessionUSUS News
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WASHINGTON—Consumer confidence inched up in March after two straight monthly declines, even as persistent inflation, bank collapses and anxiety over a possible recession weighed on American households. The Conference Board reported Tuesday that its consumer confidence index rose to 104.2 in March from 103.4 in February. Optimism about current conditions fell, though consumers grew slightly…

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UK Banking System Faces ‘Very Heightened Tension’: BoE Governor

March 28, 2023
Bank of EnglandBusiness & MarketsCredit Suisseeconomic policieseconomyMarketsSilicon Valley BankUKWorld
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The UK financial system is in a period of “very heightened tension and alertness” for further turmoil in the banking sector, Bank of England Governor Andrew Bailey has said. The UK banking system remains in “a strong position” but the central bank has to be “very vigilant,” Bailey told the Treasury Committee in the House…

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Wall Street Muted at Open After Recent Bounce; Banks in Focus

March 28, 2023
Business & Marketseconomic policieseconomyinflationMarketsrecessionstocksUS
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Wall Street’s main indexes were subdued at the open on Tuesday following a three-day rally in the S&P 500 and the Dow that was fueled by support measures for the banking sector and a deal for Silicon Valley Bank assets. The Dow Jones Industrial Average rose 2.77 points, or 0.01 percent, at the open to…

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Fed’s Jefferson: Stress Among Small, Regional Banks, Could Hit Small Businesses Hardest

March 28, 2023
Business & MarketsbusinessesCompanieseconomic policieseconomyFedinflationJeffersonMarketsrecessionSilicon Valley Bank CollapseSmallUSUS News
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LEXINGTON, Virginia—The shuffling of deposits from small to large banks could have a disproportionate impact on U.S. small businesses that depend heavily on community and regional financial institutions for credit, Federal Reserve Governor Philip Jefferson said on Monday. “We are focused on the macroeconomy but we are aware … that there are potential distributional aspects,”…

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Dollar Slips as Banking Sector Fears Ease, Yen Climbs

March 28, 2023
Business & Marketscryptocurrencyeconomic policieseconomyForexglobalinflationMarketsrecessionstocks
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LONDON/TOKYO—The U.S. dollar fell slightly on Tuesday as receding fears of a full-blown banking crisis slowed demand for so-called safe haven assets. The yen rallied, despite traditionally also being a safe haven, with analysts pointing to a pick-up in flows ahead of the end of Japan’s fiscal year on Friday. The dollar fell as low…

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Oil Extends Gains on Kurdish Supply Risks, Banking Relief

March 28, 2023
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Crude prices firmed on Tuesday, extending sharp gains from the previous session amid supply disruption risks from Iraqi Kurdistan and hopes that turmoil in banking is being contained. Brent crude futures gained 61 cents, 0.8 percent, to $78.73 a barrel by 1006 GMT. West Texas Intermediate U.S. crude was up 53 cents, or 0.7 percent,…

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