SYDNEY—Australia’s trade surplus unexpectedly grew to a record in August as strength in liquefied natural gas and coal exports more than offset a pullback in iron ore prices, a windfall to mining profits and tax receipts. Figures from the Australian Bureau of Statistics out on Tuesday showed the surplus on international trade jumped to A$15.1…
Australia’s Trade Surplus Surprises With Record High on Commodity Demand
German Services Lose Momentum as Catch-Up Effects Wane, Supply Shortages Spill Over: PMI
BERLIN—Germany’s services sector activity continued to grow strongly in September, but the recovery from the COVID-19 pandemic lost momentum as catch-up effects are waning and more companies are affected by supply bottlenecks, a survey showed on Tuesday. IHS Markit’s final Purchasing Managers’ Index (PMI) for the services sector fell to 56.2 from 60.8 in August,…
Cryptocurrencies Post Inflows for 7 Straight Weeks, Led by Bitcoin: CoinShares Data
October 5, 2021
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NEW YORK—Cryptocurrency investment products and funds recorded inflows for a seventh straight week, as institutional investors warmed to more supportive statements from regulators, data from digital asset manager CoinShares showed on Monday. Inflows to the sector were $90.2 million last week, led by bitcoin which snagged $69 million, according to CoinShares data as of Oct….
Bank of America Launches Research Coverage for Digital Assets
Bank of America Corp. published its first research coverage focused on cryptocurrencies and other digital assets on Monday, joining other mainstream financial institutions as they strengthen their involvement with the asset class. The move, earlier reported by Bloomberg News, was confirmed later by a BofA spokesperson. The “digital asset universe is too large to ignore,”…
European Business Growth Hurt by Supply Issues, Pricing in September: PMIs
LONDON—Business growth across Europe remained strong last month but elevated inflationary pressures put a dent in demand while ongoing supply issues constrained activity, issues which are likely to continue, a survey showed on Tuesday. Although many restrictions imposed to contain the coronavirus pandemic have now been lifted in the region, firms are suffering from shortages…
Dollar Inches Toward One-Year High as Payrolls Test Looms
LONDON—The U.S. dollar edged back toward a one-year high versus major peers on Tuesday ahead of a key payrolls report at the end of the week that could boost the case for the Federal Reserve to start tapering stimulus as soon as next month. The safe-haven greenback was also supported by an equity sell-off that…
Oil Extends Gains After OPEC+ Rejects Bigger Production Boost
Oil prices climbed on Tuesday, extending gains triggered during the previous session after the OPEC+ oil producing consortium decided not to ramp up crude production above a trickle despite international calls for a sharper boost. Brent crude was up by 23 cents or 0.3 percent at $81.60 a barrel by 5:29 a.m. New York time,…
Investors Eye Big Tech as Stock Market Wobbles
October 5, 2021
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NEW YORK—Technology stocks are bearing the brunt of a recent market selloff, putting a spotlight on how an extended downturn in the sector could weigh on broader equity indexes. After Monday’s sharp drop, the S&P 500 technology sector is down 6.7 percent since the overall S&P 500 closed at a record on Sept. 2, compared…
World Stocks Steady Near Lows as Inflation Jitters Ease
October 5, 2021
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MILAN—World shares steadied near lows on Tuesday as worries that rising oil prices will feed inflationary pressures appeared to ease, while the dollar regained strength ahead of U.S. payrolls data on Friday seen as key to the Federal Reserve’s next move. MSCI’s gauge of global stocks was down 0.1 percent by 0823 GMT but off…
Nasdaq Ends Sharply Lower; Rising Treasury Yields Sink Big Tech
October 5, 2021
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Wall Street ended sharply lower on Monday (Oct. 4) as investors dumped Big Tech and other growth stocks in the face of rising Treasury yields, while concerns about a potential U.S. government debt default also fed caution. Apple, Microsoft, Amazon, and Alphabet, the U.S. stock market’s four most valuable companies, each dropped more than 2…
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