U.S. stocks oscillated between gains and losses on Friday after data showed U.S. jobs rose far less than expected in September, but not slow enough to throw the Federal Reserve off its presumed course of tapering asset purchases this year. Six of the 11 major S&P sectors declined, with defensive real estate, healthcare, and utilities…
Wall Street Mixed After September Jobs Miss
October 8, 2021
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US Commerce Secretary Says No Denying Supply Chain Is a Problem
October 8, 2021
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WASHINGTON—U.S. Secretary of Commerce Gina Raimondo said on Friday that incremental improvements could be seen regarding supply chain disruptions but that the impact would continue into next year. “There’s a lot of work left to do,” Raimondo said on CNBC. “We’re making slow improvement. But there’s no denying that it’s a problem. I think we’re…
Investors Pile Into Cash and TIPS in Week to Wednesday: BofA
October 8, 2021
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LONDON—Investors ploughed $14.9 billion into cash in the week to Wednesday and snapped up $1.8 billion of inflation protected U.S. Treasuries as markets suffered a major sell off, a round-up by BofA on flow number based on EPFR data showed on Friday. Fixed income markets attracted the smallest weekly inflow since March at $3.9 billion…
NYSE Like a Drugged Bull in Bullfight Over Share Orders, Exchange President Says
October 8, 2021
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NEW YORK—The head of the New York Stock Exchange on Thursday called for regulators to change rules that make it difficult for the NYSE to compete for stock orders, as the market share of exchanges has dwindled versus off-exchange trading platforms during the retail trading boom. “On exchange, we are artificially constrained from competing for…
Former Tesco Boss to Advise UK Government on Supply Chain Crisis
British Prime Minister Boris Johnson has appointed a former boss of supermarket chain Tesco as an advisor to help solve the supply chain crisis that has led to shortages of fuel and other goods in the UK. Downing Street announced on Friday that Sir David Lewis, former CEO of Tesco, has been appointed as the…
Hungary PM Orban Flags Further Wage Hikes Ahead of 2022 Election
BUDAPEST—Hungary will raise nurses’ salaries by 21 percent from January and plans to lift the monthly minimum wage to 200,000 forints ($644), Prime Minister Viktor Orban told state radio on Friday. Orban, who faces elections next year, said talks on the minimum wage hike were still underway. The government will cut taxes for businesses if…
Used-Car Prices Soar to Record High Amid New-Vehicle Inventory Slump
Wholesale used car prices hit a record high in September with the chip shortage and other supply constraints squeezing new-vehicle inventories and combining with strong demand to send prices soaring. The Manheim U.S. Used Vehicle Value Index rose 5.3 percent over the month in September and by 27.1 percent over the year to an all-time…
Valuations of Asian Stocks Slip to a 16-Month Low
October 8, 2021
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Valuations of Asian equities hit a 16-month low at the end of September, as concerns over an economic slowdown in China and growing expectations of monetary policy tightening by major central banks dragged down equity markets. The MSCI Asia-Pacific index fell 2.3 percent last month and its forward 12-month P/E ratio was 14.6 at the…
Hungary Agrees to Global Tax Deal, Finance Minister Says
BUDAPEST—Hungary has agreed to join the agreement on a global corporate minimum tax as the conditions it proposed, which included a 10-year transitional period, have been met, Finance Minister Mihaly Varga told reporters on Friday. “We have managed to reach a breakthrough on the global minimum tax deal … so Hungary could join the deal…
Higher Rates Set to Protect Emerging Market Currencies From Fed Taper: Reuters Poll
October 8, 2021
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JOHANNESBURG/BENGALURU—The shift in global inflation expectations from transitory to sticky will spare emerging market currencies a sell-off in the next few months as central banks consider or deliver near-term interest rate hikes, a Reuters poll of strategists found. While several remain under intense pressure, many emerging market currencies are likely to mark a stronger final…
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