ZURICH/LONDON—The world’s biggest food group Nestle will lift prices again this year, Chief Executive Mark Schneider said on Thursday, after more costly ingredients contributed to making its 2022 profit miss market forecasts. Rivals have said they anticipate a more positive pricing outlook for shoppers in 2023. But Schneider said further rises were necessary to offset…
Nestle Plans Price Hikes After Costs Eat Into Profits
February 16, 2023
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Wall Street Opens Lower as Producer Prices Rebound
U.S. stock indexes opened sharply lower on Thursday after stronger-than-expected producer prices data added fears that the Federal Reserve will keep raising interest rates to tame inflation. The Dow Jones Industrial Average fell 135.96 points, or 0.40 percent, at the open to 33,992.09. The S&P 500 opened lower by 32.85 points, or 0.79 percent, at…
Dollar Eases as Investors Price out ‘Armageddon Recession’ Risk
LONDON—The dollar stalled on Thursday as investors scooped up higher-risk currencies after a run of strong U.S. economic data reinforced confidence in the global growth outlook, even though the Federal Reserve looks set to raise interest rates further. Data from the U.S. Commerce Department showed on Wednesday that retail sales in the United States rebounded…
Oil Slips on US Stock Build, Trading in Narrow Range
February 16, 2023
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LONDON—Oil prices edged lower on Thursday after a large build in U.S. crude inventories but continued to trade in a narrow range as hopes for a Chinese demand recovery remained in focus. Brent crude futures fell 36 cents, or 0.42 percent, to $85.02 a barrel by 1042 GMT. U.S. West Texas Intermediate (WTI) crude futures…
Stocks Shrug Off Rate Risks as Data Tempers Recession Worries
February 16, 2023
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Stocks rose on Thursday as economic data from around the world fed hopes that the global economy might not face as hard a landing as feared a few months ago, even as interest rates threaten to remain higher for longer than expected. The pan-European STOXX 600 index rose 0.5 percent, while London’s FTSE 100 continued…
Stocks Tick Higher as Hopes on Economy Joust Rate Fears
NEW YORK—Stocks ticked higher on Wall Street Wednesday as hopes for a resilient economy jousted with worries about inflation following a much stronger reading than expected on U.S. retail sales. The S&P 500 rose 0.3 percent after swinging from early losses to gains through the day. The Dow Jones Industrial Averaged edged up by 38…
Closing Prices for Crude Oil, Gold and Other Commodities (Feb. 15)
February 15, 2023
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Benchmark U.S. crude oil for March delivery fell 47 cents to $78.59 a barrel Wednesday. Brent crude for April delivery fell 20 cents to $85.38 a barrel. Wholesale gasoline for March delivery rose 1 cent to $2.50 a gallon. March heating oil fell 10 cents to $2.84 a gallon. March natural gas fell 10 cents…
If You Don’t Sell, Did You Lose Money or Not?
Commentary Last year, the stock market was down big. The exchange-traded fund that mimics the tech stocks on Nasdaq (QQQ) was down 19.8 percent. The bond market also took a dive since the Federal Reserve moved aggressively to raise interest rates. For what it is worth, statistically there is only a 9 percent chance of…
Fed Must Be Ready to Hike Rates for Longer Than Now Expected, Logan Says
The U.S. central bank will need to keep gradually raising interest rates to beat inflation, Dallas Federal Reserve President Lorie Logan said on Tuesday, putting investors on notice that borrowing costs may ultimately need to go higher than is now widely expected. “We must remain prepared to continue rate increases for a longer period than…
US Retail Sales Post Biggest Gain in Nearly 2 Years
WASHINGTON—U.S. retail sales increased by the most in nearly two years in January after two straight monthly declines as Americans boosted purchases of motor vehicles and other goods, pointing to the economy’s continued resilience despite higher borrowing costs. Coming on the heels of news on Tuesday that monthly inflation picked up in January, signs of…
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