LONDON—European shares slipped on Friday but held most of the previous session’s gains as investors welcomed the U.S. Senate’s temporary lifting of the debt ceiling and awaited crucial jobs data due later in the session. The rally on Thursday has lifted global stock indexes into positive territory for the week, despite widespread selling initially as…
Stocks Slip but Heading for Weekly Gain Ahead of US Jobs Data
October 8, 2021
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Oil Up as Industries Switch From Gas, Little Sign Supply Crunch Easing
October 8, 2021
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Oil prices rose on Friday, and were on track for gains of nearly 5 percent this week, on signs some industries have begun switching fuel from high-priced gas to oil and on doubts the U.S. government would release oil from its strategic reserves for now. “A lot of catalysts are out there to keep the…
European Stocks Dip on Tech Losses, US Jobs Caution
October 8, 2021
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European stocks edged lower on Friday as declines in the technology sector more than offset gains in oil and auto shares, while investors remained cautious ahead of U.S. payrolls data. The pan-European STOXX 600 index slipped 0.3 percent, with tech stocks falling about 1 percent as rising bond yields dimmed the high-growth sector’s appeal. U.S….
Wall Street Ends With Solid Gains; Investors Hail US Debt-Ceiling Truce
October 8, 2021
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Wall Street ended sharply higher on Thursday in a broad-based rally led by Big Tech, as a truce in the debt-ceiling standoff in the U.S. Congress relieved concerns of a possible government debt default this month. Mega-cap stocks jumped with Apple Inc. up 0.9 percent and Amazon.com Inc. rising 1.2 percent, the biggest boosts to…
IMF Urges Governments to Make Fiscal Plans to Tame Pandemic Debt
WASHINGTON—Governments should start planning a return to more sustainable budgets with policies that win the trust of investors, after unprecedented fiscal stimulus to fight the COVID-19 pandemic, the International Monetary Fund said on Thursday. But each country must determine the appropriate timing and pace of fiscal consolidation based on its own individual circumstances, the IMF…
Myanmar Central Bank Sees Currency Stabilising on New Measures
October 8, 2021
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Military-appointed authorities in Myanmar are making progress in addressing its currency crisis, with the kyat stabilising and efforts underway to keep prices under control, a senior central bank official said. The kyat lost more than 60 percent of its value in September, driving up food and fuel prices in a fragile economy that has languished…
‘Containergeddon’: Supply Crisis Drives Walmart and Rivals to Hire Their Own Ships
October 8, 2021
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LOS ANGELES—The Flying Buttress once glided across the oceans carrying vital commodities like grain to all corners of the world. Now it bears a different treasure: Paw Patrol Movie Towers, Batmobile Transformers, and Baby Alive Lulu Achoo dolls. The dry bulk cargo ship has been drafted into the service of retail giant Walmart, which is…
Fed Ready to Handle September Jobs Report With Kid Gloves
U.S. hiring probably accelerated last month, a range of high-frequency indicators suggests, as the effects of the latest COVID-19 surge began to subside, but even a second straight weak employment report would be unlikely to derail the Federal Reserve’s plans to begin reducing its support for the economy. Ahead of the U.S. Labor Department’s release…
South Africa Should Not Rush Move Away From Coal, Minister Says
JOHANNESBURG—South Africa must manage its transition away from coal-fired power generation systematically and not rush a switch to renewable energy sources, Mining and Energy Minister Gwede Mantashe said on Thursday. “I am not saying coal for ever, … I am saying let’s manage our transition step by step rather than being emotional,” Mantashe told a…
World Food Prices Hit 10-Year Peak: FAO
PARIS—World food prices rose for a second consecutive month in September to reach a 10-year peak, driven by gains for cereals and vegetable oils, the United Nations food agency said on Thursday. The Rome-based Food and Agriculture Organization (FAO) also projected record global cereal production in 2021, but said this would be outpaced by forecast…
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