More than 100 Conservative MPs have written to Chancellor Rishi Sunak urging him to support pubs cutting beer duty for draught pints. In a letter to Sunak, the MPs called for the government not to increase alcohol duties in next week’s budget and to cut the tax on draught sales to help pubs compete with…
China’s New Home Prices Fall, Signalling Market Cooling
China’s home prices fell for the first time in six years in September amid a home sales slump and developer debt crises, casting shadows on the country’s weakening economic growth. China’s average new home price in 70 cities slightly declined in September compared with a month earlier, and the year-on-year increase continued to slow, Sheng…
China’s New Home Prices Fall, Signaling Market Cooling
China’s home prices fell for the first time in six years in September amid a home sales slump and developer debt crises, casting shadows on the country’s weakening economic growth. China’s average new home price in 70 cities slightly declined in September compared with a month earlier, and the year-on-year increase continued to slow, Sheng…
Euro Zone Business Growth Slowed in October, Prices Soared: PMIs
LONDON―Growth in euro zone business activity slowed this month as firms faced soaring costs due to supply-chain constraints, while the bloc’s dominant service industry struggled amid ongoing COVID-19 concerns, a survey showed on Friday. IHS Markit’s Flash Composite Purchasing Managers’ Index (PMI), a good gauge of overall economic health, fell to a six-month low of…
Nasdaq Set for Lower Open After Intel’s Margin Warning
October 22, 2021
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The Nasdaq was set for a lower open on Friday after chipmaker Intel warned of lower profit margins, while Snap Inc. led declines among social media firms after flagging a hit to digital advertising from privacy changes by Apple. Intel Corp. slid 9.5 percent in premarket trading as it missed third-quarter sales expectations, while its…
S&P 500, Dow Scale New Peaks; Nasdaq Hit by Facebook
October 22, 2021
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The Dow and the S&P 500 hit record highs on Friday following positive earnings from American Express, while the Nasdaq was pressured after social media giants including Facebook tumbled on Apple privacy tweak worries. The benchmark index hit an intraday record for the second straight session and was set for weekly gains of 1.8 percent,…
‘People Are Hoarding’: Executives Issue Warning on Possible Food Shortages
Some executives are issuing warnings that there might be food shortages nationwide due to supply chain bottlenecks, coming as a number of school districts have reported they haven’t received shipments of key items like milk or chicken nuggets. In the past several weeks, school officials in Denver to Chicago to parts of Alabama have reported that…
Bipartisan Group of Lawmakers Urge Leadership to Immediately Advance Legislation on Semiconductor Shortage
October 22, 2021
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A bipartisan group of over 30 lawmakers on Thursday sent a letter to House Speaker Nancy Pelosi (D-Calif.) and Minority Leader Kevin McCarthy (R-Calif.) warning them of the “dire consequences” the automotive industry faces if they fail to swiftly advance legislation that would provide $52 billion in funding for semiconductor chips, including $2 billion set aside for chips…
Euro Zone Inflation Expectations Hit ECB Target of 2 Percent
October 22, 2021
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LONDON—A key market gauge of euro zone inflation expectations rose on Friday to 2 percent, the ECB’s inflation target, for the first time in seven years, putting pressure on the central bank as it weighs how to proceed with stimulus when its pandemic-era support ends. The five-year, five-year forward inflation swap, a key market gauge…
UK Retail Sales Fall in Sept Despite Panic Buying of Fuel
LONDON—British retail sales unexpectedly fell for a fifth month in a row last month, despite a rush of motorists filling their cars with fuel, adding to signs that Britain’s economic recovery is losing momentum. Sales volumes dropped by 0.2 percent in September, official figures showed on Friday, as supply-chain problems led to gaps on store…
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