European shares were flat on Wednesday as strong results from Nestle boosted food company stocks and made up for disappointing earnings from a clutch of firms, including French luxury group Kering and Dutch semiconductor company ASML. The pan-European STOXX 600 index inched up 0.1 percent, reversing slight opening losses after Asian peers tracked a strong…
European Stocks Steady as Nestle Shines in Mixed Bag of Earnings
October 20, 2021
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Oil Drops as China Considers Intervention to Ease Coal Crunch
October 20, 2021
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LONDON—Oil prices fell on Wednesday after the Chinese regime stepped up efforts to tame record high coal prices and ensure coal mines operate at full capacity as Beijing moved to ease a power shortage. Brent crude futures dropped 73 cents, or 0.9 percent, to $84.35 a barrel at 10:03 GMT, paring a 75 cent rise…
Shares Gain on Earnings Optimism
October 20, 2021
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Asia & PacificBusiness & EconomyChinaChina Business & EconomyCompaniesearningsEconomieseconomyEuropeHK BusinessHong KongInternationalInvestmentLocal NewsMarketsMedia & Big TechNew YorkNY NewsoptimismRegional-Local NewsSharesTechTexasUSUS NewsWorld
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LONDON/TOKYO—Shares from Asia to Europe gained on Wednesday on rising optimism about the global economy and corporate earnings, while government bond yields rose and the yen fell to its lowest in four years against the dollar. The regional Euro STOXX 600 traded up 0.1 percent after opening in negative territory, amid a somewhat mixed picture…
Lower Unemployment Rate, Higher Demand Leading to Empty Shelves, Port Delays: Psaki
Empty grocery store shelves and massive delays at U.S. ports are being caused in part by increased demand from more people having jobs, White House press secretary Jen Psaki argued this week. The Port of Long Beach in California saw a record 100 ships waiting to enter on Monday, and stores in some areas in…
Wall Street Ends Higher as Investors Bet on Positive Earnings Season
October 20, 2021
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U.S. stock indexes closed higher on Tuesday with the biggest boosts from the technology and healthcare sectors as investors appeared to bet on solid quarterly reports even as some worried that it was too early to celebrate. In its fifth straight session of gains, the benchmark S&P 500 index finished just 0.4 percent below its…
No Place to Hide: Investors to Trawl Europe’s Q3 Earnings for Inflation Clues
LONDON—As Europe’s third-quarter reporting season kicks into gear, investors are scrutinizing company results for any signs that supply chain strains, labor shortages, and surging energy prices are starting to undermine profits. Confidence in Europe’s earnings resilience has helped the continent’s bourses recover from a wobble in September with the latest Refinitiv I/B/E/S data showing third-quarter…
Power Squeeze Curbs Chinese Growth, Leaves Europe in a Gas Bind
October 20, 2021
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BEIJING/MOSCOW/PRAGUE—China’s power shortages hit growth in the world’s second-biggest economy, threatening more pain for global supply chains, while Europe’s gas squeeze looked set to continue as Russia’s Gazprom showed no sign of hiking exports to the region in October. Coal, oil, and gas prices have all rocketed higher in recent weeks hammering utilities and consumers…
Fed’s Barkin Says Labor Supply Problems May Outlast Pandemic
October 20, 2021
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WASHINGTON—U.S. labor shortages may outlast the coronavirus pandemic and limit overall economic growth unless the country comes up with better education, health, and childcare policies to boost the number of people willing and able to work, Richmond Federal Reserve President Thomas Barkin said on Tuesday. “As our workforce ages and birthrates decline, we could find…
IMF Cuts Asia’s Growth Forecast, Warns of Supply Chain Risks
October 20, 2021
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The International Monetary Fund on Tuesday slashed this year’s economic growth forecast for Asia and warned that a fresh wave of COVID-19 infections, supply chain disruptions, and inflation pressures pose downside risks to the outlook. China’s economy will grow by 8.0 percent this year and 5.6 percent in 2022, but the recovery remains “unbalanced” as…
Halliburton Posts Q3 Profit as Drilling Rebounds, Eyes Jump in Customer Spending
Oilfield firm Halliburton Co. on Tuesday posted its third consecutive quarterly profit and said customer spending in the United States could jump 20 percent next year, as stronger oil prices and drilling activity boost demand for services and equipment. Oil prices have rallied to multi-year highs with global crude futures climbing 4.5 percent in the…
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