LONDON—Oil fell for a third day on Thursday as fears over the economic impact of rising interest rates offset a surprise drop in U.S. crude inventories and hopes for Chinese demand. U.S. Federal Reserve Chair Jerome Powell’s comments this week on the likelihood that interest rates will need to be raised more than previously expected…
Oil Slips for 3rd Day as Recession Fears Mount
March 9, 2023
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Global Stocks Lower After Wall Street Steadies Amid Rate Fears
March 9, 2023
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BEIJING—Major global stock markets were mostly lower Thursday amid worries about more U.S. interest rate hikes. London, Shanghai, and Frankfurt declined. Tokyo advanced. Oil prices were lower. Wall Street futures were lower following Federal Reserve chair Jerome Powell’s warning that rate hikes might speed up because upward pressure on prices is stronger than expected. Investors…
S&P 500 Barely Gains as Investors Eye Upcoming Jobs Data, Rate Hikes
The S&P 500 index closed slightly higher while the Dow dipped on Wednesday as investors grappled with mixed messages from Federal Reserve Chair Jerome Powell and U.S. economic data ahead of upcoming labor and inflation reports that are expected to determine the central bank’s future rate hiking path. In his second day of testimony to…
Closing Prices for Crude Oil, Gold and Other Commodities (Mar. 8)
March 8, 2023
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Benchmark U.S. crude oil for April delivery fell 92 cents to $76.66 a barrel Wednesday. Brent crude for May delivery fell 63 cents to $82.66 a barrel. Wholesale gasoline for April delivery fell 1 cent to $2.69 a gallon. April heating oil fell 6 cents to $2.74 a gallon. April natural gas fell 14 cents…
Experts Warn That the US Is Close to Disaster on Debt Ceiling
March 8, 2023
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Economists and experts warned a Senate committee hearing this week that the U.S. government is close to disaster on the federal debt ceiling. The Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Economic Policy conducted a hearing on Mar. 7 titled: “The Federal Debt Limit and its Economic and Financial Consequences,” with five expert…
Wall Street Rises After Selloff, Labor Data on Tap
U.S. stock indexes opened slightly higher on Wednesday after a selloff in the previous session, with investors awaiting more comments from Federal Reserve Chair Jerome Powell and job openings data. The Dow Jones Industrial Average rose 15.62 points, or 0.05 percent, at the open to 32,872.08. The S&P 500 opened higher by 1.18 points, or…
Dollar Scales 3-month Peak as Powell Flags Higher Rates
LONDON—The dollar scaled multi-month highs against most other major currencies on Wednesday, after Federal Reserve Chair Jerome Powell warned that U.S. interest rates might need to go up even faster and higher than expected to rein in stubborn inflation. Higher rates benefit the dollar by improving its yield and as traders look for safety while…
Oil Steadies After Rate Hike Concerns Spur Sell-Off
March 8, 2023
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LONDON—Oil prices steadied after earlier losses on Wednesday, driven by fears that more aggressive U.S. interest rate hikes would hit demand, while the market awaited further clarity on inventories. Brent crude futures climbed 11 cents, or 0.1 percent, to $83.40 per barrel by 1103 GMT. U.S. West Texas Intermediate (WTI) crude futures eased 9 cents,…
Global Stocks Fall Amid Fears About Faster Rate Hikes
March 8, 2023
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TOKYO—Global shares were mostly lower Wednesday as investors fretted that the Federal Reserve might raise interest rates faster if the pressure stays high on inflation. France’s CAC 40 shed 0.2 percent to 7,325.65 in early trading. Britain’s FTSE 100 dipped 0.3 percent to 7,898.54. Germany’s DAX inched down less than 0.1 percent to 15,555.97. U.S….
‘Never Been in Dispute’: Sold Gold Bars Were 99.99 Percent in Purity, Says Perth Mint
Australia’s official bullion mint, Perth Mint, says there was “no question” about the gold value and purity of its gold bars sold to Chinese customers, which indisputably contained at least 99.99 percent gold “at all times.” It comes in response to an investigation by the Australian Broadcasting Corporation (ABC), which found the mint may need…
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