WASHINGTON—The International Monetary Fund’s steering committee on Thursday urged global policymakers to monitor pricing dynamics closely, but to “look through” inflationary pressures that are transitory and will fade as economies normalize. The International Monetary and Financial Committee (IMFC), made up of 24 finance ministers and central bank governors from IMF member countries, said in a…
IMF Panel Urges Central Banks to Closely Monitor Inflation, ‘Act Appropriately’
Bank Indonesia to Hold Rates Until Late 2022 Awaiting Economic Resurgence: Reuters Poll
BENGALURU—Indonesia’s central bank will hold interest rates steady next week to bolster the economy as activity stalled by the recent devastating COVID-19 wave gradually gathers pace, according to a Reuters poll of economists. Since the onset of the pandemic, Bank Indonesia (BI) has slashed its benchmark seven-day reverse repurchase rate by 150 basis points to…
Ford to Suspend Production on Friday at Mexico Plant on Materials Shortage
October 15, 2021
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MEXICO CITY—U.S. automaker Ford Motor Co. will temporarily suspend production on Friday at its Hermosillo plant in Mexico’s Sonora state due to a shortage of materials, the plant’s labor union said on Thursday. Workers will be paid 75 percent of salaries on Friday, the union added. Ford had also suspended production from Oct. 11–12 at…
Wall Street Opens Higher on Goldman Earnings, Retail Sales Data
October 15, 2021
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Wall Street’s main indexes opened higher on Friday after Goldman Sachs rounded out a strong earnings season for big banks, while a surprise rise in retail sales strengthened views about economic recovery. The Dow Jones Industrial Average rose 111.07 points, or 0.32 percent, at the open to 35,023.63. The S&P 500 opened higher by 9.43…
Wall Street Tracks Weekly Gains on Strong Banks Earnings, Retail Sales Data
October 15, 2021
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U.S. stocks climbed on Friday and the main indexes were set for weekly gains after Goldman Sachs capped a strong earnings season for big banks, while a surprise rise in retail sales raised optimism about economic recovery. Goldman Sachs gained 2.7 percent as a record wave of dealmaking activity drove a surge in the bank’s…
Goldman Sachs Thrives on Global Dealmaking Frenzy to Post Bumper Profit
Goldman Sachs Group Inc. reported a 66 percent surge in third-quarter earnings that swept past expectations on Friday, as Wall Street’s biggest investment bank rode a record wave of M&A activity that has also boosted profit for other big U.S. banks. Net earnings applicable to common shareholders rose to $5.28 billion in the quarter ended…
UK to Remove Restrictions on Foreign HGV Drivers for 6 Months Amid Christmas Panic
Foreign Hauliers will be allowed to make more trips when they are in the UK this Christmas, the British government said on Thursday. The measure is a stopgap to address the shortage of heavy goods vehicle (HGV) drivers so Christmas imports can move out of the ports in time. The temporary change to the so-called ‘cabotage’ rule…
Japan’s Core Prices to See First Rise in 18 Months, Export Growth to Slow: Reuters Poll
TOKYO—Japan’s exports likely grew at the slowest pace in seven months in September while core consumer prices turned positive for the first time since early last year, a Reuters poll showed, in a sign of the evolving economic impact of the COVID-19 health crisis. The mixed batch of data will likely highlight pressures Japan’s export-reliant…
Bitcoin Tops $60,000, Nears Record High, on Growing US ETF Hopes
October 15, 2021
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LONDON/HONG KONG—Bitcoin hit $60,000 for the first time in six months on Friday, nearing its record high, as traders grew confident that U.S. regulators would approve the launch of an exchange-traded fund (ETF) based on its futures contracts. Cryptocurrency investors have been waiting for approval of the first U.S. ETF for bitcoin, whose recent rally…
Oil Prices Scale $85 per Barrel on Back of Supply Deficit
October 15, 2021
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LONDON—Oil prices hit a fresh three-year high on Friday, climbing above $85 a barrel on forecasts of a supply deficit over the next few months as rocketing gas and coal prices stoke a switch to oil products. Brent crude futures were up 80 cents, or 0.95 percent, to $84.80 a barrel at 0930 GMT. Front-month…
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