LONDON—Oil fell to around $78 a barrel on Friday on the prospect that OPEC+ producers might step up a planned increase in output to ease supply concerns, although crude remained in sight of a three-year high reached this week. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, meet on Monday. Four…
Oil Slips to $78 as Sources Say OPEC+ Weighs Further Output Hike
October 1, 2021
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Wall Street Slides, S&P 500 Posts Worst Month, Quarter Since COVID-19 Outbreak
October 1, 2021
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NEW YORK—Wall Street ended sharply lower on Thursday and the S&P 500 posted its worst month since the onset of the global health crisis, following a tumultuous month and quarter wracked by concerns over COVID-19, inflation fears, and budget wrangling in Washington. The U.S. Senate and House approved a stopgap spending bill to keep the…
New Money: Central Banks Lay out Operating Manual for Digital Cash
LONDON—A group of central banks sketched out a potential operating manual for digital cash on Thursday as they aim to strike a balance between keeping up with cryptocurrencies and concerns that the new technology could upend commercial lenders. Worried that the explosion of bitcoin and its ilk could weaken their control of money, policymakers from…
G-7 Finance Ministers Make Some Progress on Tax Deal, UK Says
LONDON—Finance ministers from the Group of Seven (G-7) said they made some progress on Wednesday at reaching a joint position on a global corporate tax deal, days before it needs to win over a wider international audience. “A common understanding was reached on some of the important open issues to support reaching final political agreement…
Global Supply Disruptions Could Still Get Worse, Central Bankers Warn
FRANKFURT—Supply constraints thwarting global economic growth could still get worse, keeping inflation elevated longer, even if the current spike in prices is still likely to remain temporary, the world’s top central bankers warned on Wednesday. The disruptions to the global economy during the pandemic have upset supply chains across continents, leaving the world short of…
Consumers Brace for Even More Inflation This Christmas Shopping Season
Consumers are likely to feel inflation bite when they go Christmas shopping this year, with a new forecast from Salesforce estimating retail prices will rise by as much as 20 percent this holiday season compared to last year. Salesforce expects a strong Christmas shopping season this year, estimating sales will top $1 trillion globally, the…
German Inflation Accelerates at Record Pace in September
BERLIN—German inflation accelerated at a record pace in September, data showed on Thursday, highlighting growing price pressures as Europe’s largest economy recovers from the pandemic and its companies grapple with supply shortages. Consumer prices, harmonised to make them comparable with inflation data from other European Union countries, rose by 4.1 percent year-on-year compared with 3.4…
UK Economic Rebound Stronger Than First Thought in Second Quarter
The UK’s economic bounce-back was faster than first thought in the second quarter as spending surged after lockdowns lifted, according to official figures. The Office for National Statistics (ONS) said gross domestic product (GDP) increased by 5.5 percent between April and June after being revised up from the initial estimation of 4.8 percent. The ONS…
Poor Country Debt Could Worsen Due to Commodity Prices, Interest Rates: Malpass
September 30, 2021
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CAIRO—The debt situation for poor countries could worsen due to volatile commodity prices and higher interest rates, World Bank President David Malpass said on Thursday, urging countries to begin a gradual fiscal consolidation to maintain investor confidence. As of mid-2021, over half of the world’s poorest countries “are in external debt distress, or at risk…
H&M’s Sept Sales Hit by Supply Delays After Profit Tops Pre-Pandemic Level
STOCKHOLM—Supply disruptions hampered H&M’s sales in September, the Swedish retailer said on Thursday, after its June-August profit surpassed expectations and pre-pandemic levels. Disruptions to the global economy during the pandemic have upset global supply chains, leading to shortages of goods as well as containers, storage and drivers for the transportation of goods, and causing a…
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