Best Buy Co. Inc. forecast fourth-quarter comparable sales below analysts’ estimates on Tuesday, as the electronics retailer braces for a hit from likely product shortages during the crucial holiday shopping season. The company’s shares, which have gained nearly 40 percent this year, fell 11.2 percent to $122.55 in premarket trading. Retailers are under tremendous pressure…
Best Buy Forecasts Holiday Quarter Sales Below Estimates as Supply Issues Loom
November 23, 2021
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Euro Zone November Growth Surprisingly Strong but Outlook Darkens: PMI
November 23, 2021
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LONDON—Euro zone business growth unexpectedly accelerated this month but another wave of coronavirus infections and new restrictions, alongside price pressures, are likely to put a dent in December’s expansion, a survey showed on Tuesday. IHS Markit’s Flash Composite Purchasing Managers’ Index, a good indicator of overall economic health, jumped to 55.8 in November from 54.2…
Dollar Steadies Near 16-Month High; New Zealand Dollar Weakens
November 23, 2021
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LONDON—The dollar index held near 16-month highs on Tuesday after Federal Reserve Chair Jerome Powell was picked for a second term, reinforcing market expectations that U.S. interest rates will rise in 2022. Currency markets have been mostly driven in recent months by market perceptions of the different paces at which global central banks reduce pandemic-era…
Asian Stocks Mixed After Late Slump on Wall Street
November 23, 2021
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Asian shares were mixed Tuesday after a late drop left major Wall Street indexes mostly lower. Tokyo was closed Tuesday for a holiday. Hong Kong and Seoul declined while Shanghai advanced. Market players appeared to be relieved to learn that President Joe Biden will nominate Jerome Powell for a second four-year term at the helm…
Shares Shrivel After Powell’s Renomination; Turkish Lira Crashes
November 23, 2021
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LONDON—Stock markets fell sharply and the dollar held on to recent gains on Tuesday as investors positioned for interest rate hikes in 2022 after Federal Reserve Chairman Jerome Powell was nominated for a second term. After Wall Street turned lower on Monday, Asian shares dropped and European stocks opened in the red. Futures on Wall…
Germany’s Economy Is Taking a Breather but Inflation Isn’t, Bundesbank Warns
November 22, 2021
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FRANKFURT—The German economy is taking “a breather” as a lack of goods and labour as well as new restrictions designed to fight the coronavirus pandemic put an end to its recent boom, the country’s central bank said on Monday. The Bundesbank also warned that inflation in Europe’s largest economy was likely to stay well above…
Oil Prices Under Pressure From Both Supply and Demand Factors
November 22, 2021
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LONDON—Oil prices rose on Monday but remained under pressure from rising COVID-19 cases in Europe, raising concerns about both oversupply and weak demand. Prices of the Brent and U.S. West Texas Intermediate (WTI) crude benchmarks fell more than $1 in early trading, hitting their lowest since Oct. 1. By 1007 GMT, Brent was up 31…
Futures Rise as COVID-19-Sensitive Sectors Recover
November 22, 2021
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U.S. stock index futures rose on Monday as energy and bank stocks recovered slightly from last week’s losses, although anticipation of several economic readings this week kept gains in check. Nasdaq futures hit a record high as demand for technology stocks remained strong. Heavyweights, including most FAANG majors, rose in premarket trade. Tech had largely…
World Stocks Off to a Cautious Start; Euro Struggles
November 22, 2021
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LONDON—World stocks kicked off the week on a cautious note on Monday after posting a second consecutive weekly drop, and the euro struggled as traders weighed the risks of European lockdown restrictions and prospects of a faster Federal Reserve taper. Though Wall Street futures held comfortably in positive territory in early London trading, major European…
Japan PM Confirms Oil Reserves May Be Released to Curb Prices
November 20, 2021
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TOKYO—Japan is considering releasing oil from its reserves for the first time to curb surging oil prices, Kyodo news agency reported on Saturday, as Prime Minister Fumio Kishida signaled his readiness to counter oil price hikes following a request from the United States. However, Japan may struggle to justify such a move, as under its…
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