HONG KONG―From Europe to Asia, shares fell and government bond yields rose on Wednesday as oil prices hit their highest in seven years, fuelling concerns about rising inflation. The Euro STOXX 600 fell 1.8 percent, denting gains made in its best day in 11 weeks on Tuesday, with tech stocks down more than 2 percent…
Stocks Slip, Bond Yields Bounce as Oil Fuels Inflation Angst
October 6, 2021
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Delayed Recovery Greatest Risk to Pandemic-Hit Indian Economy: Reuters Poll
BENGALURU—India’s economic recovery from pandemic-related shutdowns is at risk of a further delay in the six months that are left of this fiscal year, according to economists in a Reuters poll, who expect elevated inflation to hold or accelerate, not fall. Price pressures in the world’s second-most populous country have soared thanks to rising fuel…
Fed’s Evans: High Inflation to Fall as Supply Bottlenecks Addressed
Chicago Federal Reserve Bank President Charles Evans on Tuesday said he continues to believe supply bottlenecks are driving most of the recent increase in inflation, and though it is higher and may last longer than initially thought, it will subside. Inflation expected to be 3.5 percent or 4 percent this year “cuts into income, wages and…
Canada’s Trade Surplus Widens in August as Imports Fall
OTTAWA—Canada’s trade surplus with the world widened in August, easily beating analyst expectations, as strong exports of energy products outweighed a drop in a two-way trade for motor vehicles and parts, data showed on Tuesday. The country’s trade surplus was C$1.94 billion ($1.54 billion) in August, well ahead of the average analyst estimate of a…
China’s Property Sector Default Woes Deepen Amid Evergrande Disquiet
October 6, 2021
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HONG KONG/LONDON—Growing worries about defaults at Chinese property developers triggered a rout in their shares and bonds on Tuesday with fresh credit rating downgrades and uncertainty about the fate of cash-strapped China Evergrande Group sapping investor sentiment. Once China’s top-selling developer, Evergrande is facing one of the country’s largest-ever debt restructurings as it wrestles with…
Higher Gas Prices Cut Household Income by $120 Billion
Retail gasoline prices have risen by a dollar over the past 12 months as the economy began to reopen, increasing demand for fuel. Higher pump prices are now crimping consumer budgets and putting a brake on household spending on non-energy items, according to analysts. Prices at the pump as of Oct. 5 have soared to $3.20 per gallon…
Higher Gas Prices Cut Household Income by $120 Billion: Deutsche
Retail gasoline prices have risen by a dollar over the past 12 months as the economy began to reopen, increasing demand for fuel. Higher pump prices are now crimping consumer budgets and putting a brake on household spending on non-energy items, according to analysts. Prices at the pump as of Oct. 5 have soared to $3.20 per gallon…
US Service Sector Activity Inches Up in September; Shortages Persist: ISM Survey
WASHINGTON—U.S. services industry activity nudged up in September, but growth is being restrained by a persistent shortage of inputs and the resulting high prices as the pandemic drags on. The Institute for Supply Management said on Tuesday its non-manufacturing activity index edged up to a reading of 61.9 last month from 61.7 in August. A…
IMF Sees Global GDP in 2021 Slightly Below Prior Forecast of 6 Percent
October 5, 2021
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WASHINGTON—The International Monetary Fund expects global economic growth in 2021 to fall slightly below its July forecast of 6 percent, IMF chief Kristalina Georgieva said on Tuesday, citing risks associated with debt, inflation, and divergent economic trends in the wake of the COVID-19 pandemic. Georgieva said the global economy was bouncing back but the pandemic…
UK Service Sector Hikes Prices and Sees Supply Chain Hit to New Orders
UK service sector firms hiked prices at a record pace last month as they battled against surging cost pressures and a slump in new orders due to supply and staff shortages, new figures have shown. The closely watched IHS Markit/CIPS UK Services Purchasing Managers’ Index (PMI) survey revealed that new order growth weakened for the…
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