LONDON—The dollar index rose to its highest in nearly seven weeks on Thursday, a day after minutes from the Federal Reserve’s last policy meeting that supported, but did not add to markets’ view the central bank will raise rates further. The index, which tracks the greenback against six major peers touched 104.68, its highest since…
Oil Prices Stabilize, but Rise in US Inventories Looms
LONDON—Oil prices stabilized on Thursday after Brent crude posted its biggest one-day loss for seven weeks in the previous session, with gains on Russian supply curbs capped by an expected rise in U.S. inventories. Brent crude futures rose 25 cents, or 0.3 percent, to $80.85 a barrel by 1004 GMT, compared with about $98 a…
Global Stocks Mixed After Fed Officials Support Higher Rates
February 23, 2023
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BEIJING—Global stock markets were mixed Thursday after notes from a Federal Reserve meeting showed officials expect more U.S. interest rate hikes to fight stubborn inflation. London, Shanghai, and Hong Kong declined. Frankfurt and Wall Street futures advanced. Japanese markets were closed for a holiday. Notes from the latest Federal Reserve board meeting showed members expect…
Inflation Heats Up Despite Easing Supply Chain Pressures
February 22, 2023
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Business & MarketsCompanieseconomic policieseconomyinflationInvestmentmanufacturingMarketssupply chainU.S. InflationUncategorizedUSUS News
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U.S. inflation is heating up despite improvements in supply chain pressures. This comes as business activity in the United States picked up in February, according to the latest U.S. Purchasing Managers’ Index (PMI) Composite Output Index from S&P Global on Feb. 21. Although supply chain disruptions showed signs of easing, inflation remain stubbornly elevated, as…
Stocks Stall in Mixed Trading Day After Worst Drop in Months
NEW YORK—Stocks stalled in mixed trading on Wednesday, a day after falling to their worst loss since December, as Wall Street prepares for interest rates to stay higher for longer. The S&P 500 dipped 0.2 percent after drifting between small gains and losses through the day. The Dow Jones Industrial Average slipped 84 points, or…
Closing Prices for Crude Oil, Gold and Other Commodities (Feb. 22)
February 22, 2023
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Benchmark U.S. crude oil for April delivery fell $2.41 to $73.95 a barrel Wednesday. Brent crude for April delivery fell $2.45 to $80.60 a barrel. Wholesale gasoline for March delivery fell 8 cents to $2.34 a gallon. March heating oil fell 8 cents to $2.71 a gallon. March natural gas rose 10 cents to $2.17…
Intel Slashes Dividend by 65 Percent as It Pushes to Cut Costs After Big Loss
February 22, 2023
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Intel Corp. slashed its quarterly dividend by almost two-thirds, as it proceeds to cut costs after major losses. The U.S.-based chip manufacturer will reduce its fourth quarterly dividend from $0.365 to $0.125, a loss of more than 65 percent, the chipmaker announced on Feb. 22. This comes after the company announced the implementation of a series of…
US and Its Allies Will Tighten Screws on Russia’s Evasion of Sanctions, Says Treasury Department
February 22, 2023
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Asia & PacificBusiness & MarketsCanadaCompanieseconomic policieseconomyenergyEuropeInternationalInvestmentMarketsNational SecurityPolicies & ImpactsRussiaRussia-Ukraine WarsanctionsU.S. treasury departmentUKUSWally AdeyemoWorld
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The United States and its allies will impose new sanctions this week on Russia in order to punish the Kremlin for the war in Ukraine. Deputy U.S. Treasury Secretary Wally Adeyemo announced on Feb. 21 further efforts to prevent Russia from evading sanctions and export controls, aimed at pressuring it to withdraw from its neighbor….
Walmart Has ‘A Lot of Trepidation’ About Economy, as Consumers Feel ‘Very Pressured’
Walmart is concerned about the U.S. economic outlook this year after its latest earnings projections showed that consumers were under heavy pressure. Shares of the retail giant rose 0.4 percent after the big-box retailer gave its weaker-than-expected outlook for the year ahead. The world’s largest retailer saw its full-year earnings forecast (pdf) fall below estimates, as…
Citigroup Expects ‘Less Hard’ Landing for Global Economy This Year
February 22, 2023
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Citigroup economists on Wednesday raised their global growth forecast slightly and see a “less hard” landing but still expect the world’s economy to grow at the slowest pace in 40 years. The Wall Street brokerage now sees global growth slowing this year to about 2.2 percent, 0.25 percent higher than their previous estimate due to…
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