Global equity issuance for 2022 plummeted 66.6 percent from last year, to $351.76 billion, levels not seen since 2006, a new report by S&P Global Market Intelligence showed. The total value of initial public offerings (IPOs) dropped even further, down 71.3 percent for the year. Corporate merger and acquisitions (M&A) also slowed down last year. Total…
Corporate Mergers and Acquisitions, Public Offerings Fell Sharply in 2022: Report
Meta Stuns Street With Lower Costs, Big Buyback, Upbeat Sales
Meta Platforms Inc.’s stricter cost controls this year and a new $40 billion share buyback sent shares soaring on Wednesday, as CEO Mark Zuckerberg called 2023 the “Year of Efficiency.” The parent of Instagram and Facebook, which has fallen on hard times amid a broad post-pandemic slump in digital ads, is focused on improving its…
Euro Hits 10 Month-High on Dollar, as Central Banks Chart Divergent Courses
SINGAPORE/LONDON—The euro sat at a 10-month high against the dollar on Thursday, ahead of a European Central Bank meeting at which markets expect a half-percentage point rate increase, a day after the U.S. Federal Reserve slowed the pace of its rises to 25 basis points. The Fed also said it had turned a corner in…
Oil Steady as Dollar Slumps and Russian Oil Products Ban Looms
February 2, 2023
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LONDON—Oil prices were steady on Thursday after tumbling in the previous session as a weaker dollar boosted sentiment, though looming sanctions on Russian oil products added uncertainty over supply. Brent crude futures fell 10 cents, or 0.1 percent, to $82.74 a barrel by 0937 GMT while West Texas Intermediate (WTI) U.S. crude futures advanced 1…
Global Stocks Rise After Fed Sees Inflation Improving
February 2, 2023
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BEIJING—Global stock markets and Wall Street futures rose Thursday after the Federal Reserve said the U.S. economy is moving toward lower inflation but more interest rate hikes are planned. London and Frankfurt opened higher. Shanghai and Tokyo advanced. Oil prices rose. Wall Street’s benchmark S&P 500 index rose after the Fed increased its key lending…
Mortgage Demand Crashes, America’s 3rd Biggest Homebuilder Posts 41 Percent Drop in New Home Orders
February 1, 2023
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Mortgage demand crashed last week, despite a decline in interest rate hikes and a stronger start to the year in January. Total mortgage application volume tumbled 9 percent for the week ending Jan. 27, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index on Feb. 1. “Mortgage rates declined for the…
Closing Prices for Crude Oil, Gold and Other Commodities (Feb. 1)
February 1, 2023
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Benchmark U.S. crude oil for March delivery fell $2.46 to $76.41 a barrel Wednesday. Brent crude for April delivery fell $2.62 to $82.84 a barrel. Wholesale gasoline for March delivery fell 12 cents to $2.45 a gallon. March heating oil fell 19 cents $2.95 a gallon. March natural gas fell 21 cents to $2.47 per…
Federal Reserve Raises Interest Rates by Quarter-Point, Expects Ongoing Rate Hikes
The Federal Reserve raised interest rates by 25 basis points, matching market expectations and lifting the benchmark federal funds rate to a target range of 4.50 percent and 4.75 percent. This was the lowest rate hike since the first increase of the current quantitative tightening cycle in March. Central bank officials believe that ongoing increases…
Federal Reserve Raises Interest Rates by Quarter-Point, Signals Further Rate Hikes
The Federal Reserve raised interest rates by 25 basis points, matching market expectations and lifting the benchmark federal funds rate to a target range of 4.50 to 4.75 percent. This was the smallest rate increase since the current quantitative tightening cycle began in March 2022. Central bank officials believe that further increases will be necessary…
Eurozone Factories Are Likely Over the Worst: PMI
LONDON—The downturn in eurozone manufacturing activity eased again last month suggesting the worst may be over, according to a survey that showed price pressures slackened and the fall in demand moderated, driving a surge in optimism. S&P Global’s final manufacturing Purchasing Managers’ Index (PMI) climbed to a five-month high of 48.8 in January from December’s…
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