LONDON—British consumer morale has fallen to its lowest since February, when the country was under heavy COVID-19 restrictions, due to worries about the economic outlook and about rising prices, a Bank of America report showed on Friday. The survey chimed with other gauges of consumer confidence in Britain that have suggested a growing cost-of-living squeeze…
UK Consumer Confidence Slides as Inflation Worry Mounts: Bank of America
American Employers Added 194,000 Jobs in September, Far Below Expectations
America’s private employers added fewer than 200,000 jobs in September, sharply undershooting market expectations and painting a picture of labor market recovery that’s on wobbly footing. The Labor Department’s jobs report, released Oct. 8, shows that non-farm payroll employment rose by a paltry 194,000 last month, down from last month’s upwardly revised 366,000 and far below the…
UK Households Face ‘Significant Rise’ in Energy Bills: Regulator
British households will be facing a “significant rise” in energy prices as the price cap is set to be raised next spring, the head of the UK’s energy regulator said on Friday. Ofgem chief executive Jonathan Brearley said the price cap, set by the regulator to control the cost of gas and electricity, will be…
ECB’s Brain Trust Spars Over Inflation Outlook
FRANKFURT—The European Central Bank’s two leading economic thinkers sparred on Thursday over how likely it was for the recent, sharp rise in euro zone inflation to become permanent. Philip Lane and Isabel Schnabel, who lead the economic debate on the ECB’s board, both repeated the ECB’s official line that the spike in price growth would…
Fed’s Mester Says US Inflation Mostly Driven by Pandemic-Related Factors
NEW YORK—Both supply-side and demand-side factors are contributing to U.S. inflation right now, but most of the current price changes may be driven by pandemic-related shifts that could subside over time, Cleveland Federal Reserve Bank President Loretta Mester said on Thursday. Policymakers need to distinguish short-term inflationary pressures from inflation that could be longer lasting…
Ireland Agrees to Global Tax Deal, Sacrificing Prized Low Rate
October 8, 2021
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DUBLIN—Ireland dropped its opposition to an overhaul of global corporate tax rules on Thursday, agreeing to give up its prized 12.5 percent tax for large multinationals in a major boost to efforts to impose a minimum rate worldwide. Ireland, the low-tax European headquarters for blue chip companies including Apple, Google, and Facebook, declined to sign…
Japan Wholesale Inflation Likely Hit 13-year High in September on Rising Commodity Costs: Poll
October 8, 2021
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TOKYO—Japan’s wholesale prices likely hit a 13-year high in September, buoyed by lofty commodity prices, while firms’ machinery orders are expected to have risen for the second straight month in August, a Reuters poll showed on Friday. The corporate goods price index (CGPI), which tracks the prices companies charge one another for their goods, likely…
White House Says ‘No Action’ at This Time to Tame Surging Gas Prices But ‘All Tools’ on Table
The White House said Thursday that the Biden administration is not taking action at this time in response to gasoline prices hitting seven-year highs and elevated crude oil and natural gas prices, adopting a wait-and-see approach while insisting “all tools in the toolbox” remain at the ready. White House Deputy Press Secretary Karine Jean-Pierre made the…
Dollar Trades Flat as US Jobs Report Awaited
October 8, 2021
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LONDON—The dollar traded flat against major currencies on Friday ahead of a U.S. non-farm payrolls report expected to provide traders with further clues on the pace of the Federal Reserve’s policy normalisation. The U.S. Dollar Currency Index, which measures the dollar against a basket of six peers, rose 0.1 percent to 94.338, last trading unchanged…
Futures Hold Steady Ahead of September Jobs Data
October 8, 2021
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U.S. stock index futures were largely flat on Friday ahead of September jobs data that is likely to set off the Federal Reserve’s withdrawal of its policy support later this year. Wall Street rallied on Thursday, led by mega-cap technology stocks as the U.S. Senate approved legislation to temporarily raise the federal government’s $28.4 trillion…
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