LONDON—As inflationary pressures mount worldwide, money markets are charging ahead with pricing aggressive interest rate rises, in most cases betting that policy will be tightened far sooner and at a much faster pace than rate-setters are signalling. Energy prices at multi-year highs and relentless supply chain snarls have raised fears of a future inflation spike,…
Money Markets Ramp Up Global Rate Hike Bets, Add Pressure on Central Banks
October 12, 2021
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Yellen Tells IMF’s Georgieva Data-Rigging Probe Raised ‘Legitimate’ Concerns: Treasury
October 12, 2021
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WASHINGTON—U.S. Treasury Secretary Janet Yellen told International Monetary Fund Managing Director Kristalina Georgieva on Monday that a law firm’s report into World Bank data-rigging allegations against the IMF chief “raised legitimate issues and concerns” but a lack of direct evidence meant a leadership change was unwarranted. Yellen said in the statement that “proactive steps must…
Small-Business Optimism Dips as Inflation and Hiring Woes Hurt Sentiment
Overall optimism among small-business owners edged down in September while the level of confidence in the six-months-ahead outlook for business conditions fell to a nine-year low as inflation and hiring difficulties took a bite out of sentiment, according to the National Federation of Independent Business (NFIB). The NFIB’s so-called optimism index fell by one percentage point…
Wall Street Flat on Concerns Over Inflation Impact on Profits
October 12, 2021
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U.S. stock indexes were trading largely flat in a choppy session on Tuesday on worries over the impact of rising inflation on upcoming third-quarter earnings, while Tesla gained after record China-made vehicles sales. Eight of the 11 major S&P 500 sector rose, led by defensive utilities, real estate, and consumer staples shares, which investors prefer…
Nasdaq Futures Lifted by Big Tech as Focus Turns to Earnings
October 12, 2021
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Gains in technology stocks kept Nasdaq futures afloat on Tuesday, while futures tracking the Dow and the S&P 500 were pressured by worries of higher inflation and its impact on third-quarter earnings starting this week. Mega-caps growth names including Microsoft Corp., Facebook Inc., Amazon.com Inc., Google-parent Alphabet, and Tesla inched higher in premarket trading. Tesla…
Oil Nears Three-Year High on Energy Crunch Fears
October 12, 2021
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LONDON—Oil rose towards $84 a barrel on Tuesday, within sight of a three-year high, supported by a rebound in global demand that is contributing to energy shortages in big economies such as China. With demand growing as economies recover from pandemic lows, the Organization of the Petroleum Exporting Countries (OPEC) and allied producers, collectively known…
Japan Wholesale Inflation Hits 13-Year High, Squeezing Corporate Profits
TOKYO—Japan’s wholesale inflation hit a 13-year high in September as rising global commodity prices and a weak yen pushed up import costs, putting pressure on corporate margins and raising the risk of unwanted consumer price hikes. Rising input costs are adding strain for manufacturers already hit by supply constraints and clouding the outlook for the…
Central Banks Likely to Make Policy Errors: Deutsche Bank Survey
October 12, 2021
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The Federal Reserve and the European Central Bank are likely to keep policy settings too loose while the Bank of England will probably err on the hawkish side, most respondents told an October market sentiment survey conducted by Deutsche Bank. The Fed has been moving closer to rolling back its $120 billion in monthly asset…
Inflation Jitters Take Toll on European Stocks Ahead of Earnings
October 12, 2021
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European shares slipped on Tuesday as investors feared that soaring commodity prices would hamper a recovery in corporate profit, with fresh signs of troubles at property developer China Evergrande also hitting confidence. The pan-European STOXX 600 index was down 0.3 percent in morning trading, hovering about 5 percent below its August peak. Asian stocks also…
IMF Board Had ‘Full Confidence’ in Georgieva After Investigation Into China Data-Rigging Claims
October 12, 2021
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The International Monetary Fund’s (IMF) executive board on Oct. 11 said it has “full confidence” in Managing Director Kristalina Georgieva following an investigation into allegations that she applied “undue pressure” on staff to boost China’s standing in the bank’s “Doing Business 2018” report. A report (pdf), prepared by outside law firm WilmerHale at the request of the World Bank’s…
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