BERLIN—The German economy will grow slower than expected this year as supply chain problems and shortages of raw materials keep a lid on the industrial recovery, but it should rebound strongly next year, the DIW economic institute said on Thursday. The DIW trimmed its growth forecast for this year to 2.1 percent from a previous…
German Economy to Grow 2.1 Percent in 2021, 4.9 Percent in 2022: DIW
Oil Holds Above $75 as US Inventory Drop Supports
LONDON—Oil slipped but held above $75 a barrel on Thursday, within sight of a near seven-week high hit a day earlier, supported by a big drop in U.S. crude inventories and expectations of recovering global demand. U.S. crude inventories fell by 6.4 million barrels last week, more than analysts expected, as oil facilities offshore were…
Evergrande Suspends Bond Trading After Latest Downgrade
September 16, 2021
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Asia & PacificbondsBusiness & EconomyChinaChina Business & EconomyCompaniesdowngradeEconomiesevergrandeMarketsWorld
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Cash-strapped Chinese developer Evergrande Group has applied for a suspension of trade of its onshore corporate bonds on Sept. 16, following a ratings downgrade a day earlier. Hengda Real Estate Group, the property service provider and a subsidiary of Evergrande, found on Wednesday that its bonds’ ratings had been downgraded from AA to “A.” According…
Wall Street Gains as Crude Price Surge, Strong Economic Data Prompt Broad Rally
September 16, 2021
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Business & EconomyCompaniescrudedataeconomicEconomieseconomyLocal NewsMarket WatchMarketsNew YorkNY NewspriceRegional-Local NewsUSUS NewsWall Street
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NEW YORK—U.S. stocks closed higher on Wednesday as rising crude prices boosted energy shares and a swath of positive U.S. data suggested inflation has crested and the economic recovery remains robust, boosting investor sentiment. All three major U.S. stock indexes gathered strength as the session progressed, with economically sensitive cyclicals, smallcaps and transportation stocks leading…
Raytheon CEO Expects Inflation Pressure in Coming Years
Raytheon Technologies Corp., which has commercial aircraft makers Boeing and Airbus as customers, expects to face inflation pressure in the coming years, its chief executive officer said on Wednesday. With the cost of raw materials and precious metals going up, the company would see a little bit of pressure, CEO Gregory Hayes said at the…
Fading Retail Demand for US Stocks Could Hit S&P 500: Vanda
Retail investors’ appetite for U.S. stocks has fallen in the past week, data from Vanda Research showed on Wednesday, increasing the odds for a broader sell-off in the S&P 500 at a time when it is already about 2 percent off its record high. In the five days to Tuesday, retail investors bought $657.7 million…
Canada Inflation Hits 18-Year-High With Election Just Days Away
September 16, 2021
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OTTAWA—Canada’s annual inflation rate accelerated to an 18-year-high in August, driven by broad upward price pressures, data showed on Wednesday, just days before a hotly contested federal election that could see Prime Minister Justin Trudeau’s Liberals ousted. The rate rose to 4.1 percent in August, its fastest clip since March 2003, Statistics Canada said, beating…
DoorDash Sues New York City Over Customer Data Law, Second Lawsuit in Week
September 16, 2021
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Business & EconomyCompaniescustomerdatadoordashEconomieseconomyJudiciarylawsuitLocal NewsNew YorkNew York CityNY NewsRegional-Local NewsUSUS News
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NEW YORK—DoorDash Inc. sued New York City on Wednesday over a new law requiring food delivery companies to share customer data with restaurants, saying it violates customer privacy and lets restaurants compete unfairly. The lawsuit is the latest battle in a series of legal clashes between food delivery app companies and cities. It was filed…
Lufthansa Putting on More Business Flights: CEO
BERLIN—Lufthansa is putting on more flights for business travelers in September and October, the chief executive of the German airline told Reuters on Wednesday. “We are now seeing very clearly that business travelers are coming back,” Carsten Spohr said, adding Lufthansa had increased capacity on domestic flights by 30 percent in September and would increase…
Evergrande Credit Rating Downgraded Again, Default Could Send Shocks Through China
September 16, 2021
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Asia & PacificBusiness & EconomyChinaChina Business & EconomyChinese economyCompaniesEconomiesevergrandereal estateWorld
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Rating agencies have further downgraded the credit rating of troubled Chinese housing giant Evergrande after the company disclosed the full extent of its financial problems. An expert has warned that a default could send shocks through the country’s property and banking industry. On Sept. 15, U.S. rating agency S&P further downgraded Evergrande from “CCC” to…
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