LONDON/SINGAPORE—The dollar rose slightly on Wednesday, continuing to trade near six-week highs on the back of strong economic data. Survey data released on Tuesday showed U.S. business activity unexpectedly rebounded in February to reach its highest in eight months. In the eurozone, a survey-based gauge of activity also surged, hitting a nine-month high. The signs…
Oil Falls on Fuel Demand Woes Ahead of US Fed Comments
February 22, 2023
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LONDON—Oil prices fell for a third trading session on Wednesday as concerns about fuel demand were stoked by expectations that minutes due from the U.S. Federal Reserve will indicate a need to hike interest rates. Brent crude futures for April delivery fell $1.13, or 1.36 percent, to $81.92 a barrel by 1025 GMT. West Texas…
Global Shares Follow Wall Street Lower in Rate Hike Fears
February 22, 2023
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TOKYO—Global shares declined Wednesday after stocks tumbled on Wall Street as worries persist about higher interest rates and their tightening squeeze on the global economy. France’s CAC 40 slipped nearly 0.8 percent in early trading to 7,252.50. Germany’s DAX fell 0.7 percent to 15,290.37. Britain’s FTSE 100 dropped 0.9 percent to 7,902.44. The futures for…
Closing Prices for Crude Oil, Gold and Other Commodities (Feb. 21)
February 21, 2023
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Benchmark U.S. crude oil for March delivery fell 18 cents to $76.16 a barrel Tuesday. Brent crude for April delivery fell $1.02 to $83.05 a barrel. Wholesale gasoline for March delivery rose 1 cent to $2.42 a gallon. March heating oil rose 8 cents to $2.78 a gallon. March natural gas fell 20 cents to…
US Home Sales Post 12th Straight Monthly Decline; House Price Inflation Cools
WASHINGTON—U.S. existing home sales dropped to the lowest level in more than 12 years in January, but the pace of decline slowed, raising cautious optimism that the housing market slump could be close to reaching a bottom. The report from the National Association of Realtors on Tuesday also showed the smallest increase in annual house…
Walmart Gets Cautious on Economic Outlook, Sees Lower 2023 Performance
February 21, 2023
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Walmart Inc. struck a cautious note in its economic outlook for 2023 on Tuesday as the retail bellwether forecast full-year earnings below estimates and warned that cautious spending by consumers could pressure profit margins. Shares of the world’s largest retailer recouped most of its pre-market losses to rise 0.5 percent in early trading at a…
Wall Street Slides at Open as Walmart, Home Depot Forecasts Disappoint
Wall Street’s main stock indexes opened lower on Tuesday as retailers Walmart and Home Depot delivered a double blow to traders returning after a long weekend amid worries that interest rates will remain higher for longer. The Dow Jones Industrial Average fell 127.00 points, or 0.38 percent, at the open to 33,699.69. The S&P 500…
Home Depot Warns of Weak 2023 Profit as Rising Prices Hurt Demand
Home Depot Inc. forecast annual profit below Wall Street expectations on Tuesday as soaring prices weigh on demand for home improvement products, while it grapples with higher costs and labor shortages. The No. 1 U.S. home improvement chain posted a surprise drop in fourth-quarter comparable sales, sending its shares down about 4 percent in premarket…
Eurozone Business Growth at 9-month High as Services Supports: Flash PMI
LONDON—Surprisingly strong services growth meant the recovery in eurozone business activity gathered steam this month, expanding much faster than thought, according to a survey on Tuesday, the latest evidence the currency union could escape a recession. A sister survey showed businesses in Britain reporting an unexpected bounce in activity as well as receding price pressures,…
Euro Struggles, but Robust Services Data Stems Losses
LONDON—The euro stayed under pressure on Tuesday after data showed eurozone manufacturing activity deteriorated this month, although a rebound in the more inflation-sensitive services sector kept losses in check. The euro has been struggling against the dollar in particular over the past couple of weeks, after strong U.S. labor data and signs of persistent inflation…
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