NEW YORK—U.S. stocks ended sharply lower in a broad sell-off on Friday, ending a week buffeted by strong economic data, corporate tax hike worries, the Delta COVID-19 variant, and possible shifts in the U.S. Federal Reserve’s timeline for tapering asset purchases. All three major U.S. stock indexes lost ground, with the Nasdaq Composite Index’s weighed…
Wall Street Closes Rollercoaster Week Sharply Lower
September 18, 2021
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Business & EconomyCompaniesEconomieseconomyLocal NewslowerMarketsNew YorkRegional-Local NewsrollercoasterUSUS NewsWall Street
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Banks Beware, Outsiders Are Cracking the Code for Finance
LONDON—Anyone can be a banker these days, you just need the right code. Global brands from Mercedes and Amazon to IKEA and Walmart are cutting out the traditional financial middleman and plugging in software from tech startups to offer customers everything from banking and credit to insurance. For established financial institutions, the warning signs are…
Australia, Japan Likely to Block Chinese Bid to Enter Pacific Trade Pact
September 18, 2021
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Asia & PacificAustraliaaustralia-chinaBusiness & EconomyChinaChina-Australia RelationsCPTPPDan TehanEconomiesInternationalInternational RelationsUSUS NewsWorld
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Australia and Japan will likely oppose China’s bid to join one of the world’s largest trade agreements unless it halts its economic coercion campaign targeting Australian exports and resumes diplomatic contact. Beijing announced on Sept. 16 that it had formally applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in a letter…
Red States Lead In Employment, Blue States Get Props for Sharpness of Rebound: Report
Red states, on the whole, recorded the lowest rates of unemployment in the United States in August, although blue states led the way in terms of the sharpest reduction in their rates of unemployment over the past year, new government data shows. The top seven states with the lowest unemployment rates in August were Alabama (3.1…
Delta Darkens US Third-Quarter Growth Views, Fed Taper Announcement Expected in November: Poll
BENGALURU—The U.S. economic rebound has been dented in Q3, partly on the spread of the Delta coronavirus variant, with economists in a Reuters poll also pushing their expectations back to November for when the Federal Reserve announces an impending policy shift. Like in most countries, the U.S. economy is facing global supply chain disruptions due…
ECB’s Lane Reveals in Private Meeting Inflation Target May Be Met by 2025: Report
FRANKFURT—European Central Bank (ECB) chief economist Philip Lane revealed in a private meeting with German economists that the ECB expects to hit its 2 percent inflation goal by 2025, the Financial Times said on Thursday in a report that was partly disputed by the bank. The ECB had not made this long-term forecast public, meaning…
Pandemic Rental Assistance Program Lags With Billions of Dollars Unspent
By Zach Wichter From Bankrate.com In a House Financial Services Committee hearing last Friday, Democrats and Republicans agreed that COVID-related rental assistance has been slow to get into the hands of tenants and landlords. But the agreement largely ended there, as elected officials and invited witnesses clashed over how to get the ball rolling on…
UK Retail Sales Drop for Fourth Month in a Row
UK retail sales dropped in August for the fourth consecutive month as grocery sales were impacted by more people returning to restaurants and pubs, according to official figures. The Office for National Statistics (ONS) said retail sales volumes dropped by 0.9 percent last month, following a 2.8 percent fall in July. However, retail sales volumes…
Wall Street Set for Weak Open as Technology Shares Extend Losses
September 17, 2021
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Business & EconomyCompaniesEconomieseconomyLocal NewslossesMarket WatchMarketsNew YorkNY NewsRegional-Local NewsSharestechnologyUSUS NewsWall StreetWeak
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U.S. stock indexes were set for a lower open on Friday, as steady yields for government bonds following an unexpected rebound in retail sales this week pointed to more movement out of heavyweight technology stocks. FAANG stocks, including Apple Inc. and Alphabet Inc., some of the largest tech names on Wall Street, fell slightly in…
UK Public Inflation Expectations Tick Higher in August: BoE Survey
LONDON—The British public’s expectations for inflation rose last month but remained within levels seen since the start of the COVID-19 pandemic, despite a recent jump in headline inflation, a Bank of England survey showed on Friday. Inflation expectations for the year ahead rose to 2.7 percent in August from 2.4 percent in May, according to…
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