PARIS—A surge in the cost of most food commodities last year, as the disruption caused by Ukraine’s conflict raised concerns of shortages, sent the U.N. food agency’s average price index to the highest level on record. The Food and Agriculture Organization’s (FAO) food price index, which tracks international prices of the most globally traded food…
World Food Prices Hit Record High in 2022
January 6, 2023
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Business & Marketseconomic policieseconomyenergyEuropeFAOFoodglobalGold and CommoditiesinflationMarketsRussia-Ukraine WarWorld
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Wall Street Opens Higher as December Jobs Report Eases Rate Worries
Wall Street’s main indexes opened sharply higher on Friday, as cooling wages and a moderation in U.S. jobs growth in December calmed worries over the Federal Reserve’s rate-hike trajectory. The Dow Jones Industrial Average rose 125.22 points, or 0.38 percent, at the open to 33,055.30. The S&P 500 opened higher by 15.27 points, or 0.40…
Dollar Hits 4-Week Peak on Resilient US Jobs Market
LONDON—The dollar rose to an almost one-month high on Friday, after U.S. economic data highlighted a still-tight labour market that could mean the Federal Reserve keeps hiking interest rates aggressively. The number of Americans filing new claims for jobless benefits dropped to a three-month low last week while layoffs fell 43 percent in December, data…
Oil Prices Firm on Optimism Over China’s Reopening
January 6, 2023
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LONDON—Oil prices edged higher on Friday on hopes of a Chinese demand boost, but the broader global economic outlook kept crude benchmarks on course for a weekly decline. Brent crude futures rose 56 cents, or 0.71 percent, to $79.25 a barrel by 1009 GMT. U.S. West Texas Intermediate crude futures were up 60 cents, or…
Global Stocks Tepid Before US Jobs Test; Dollar Stands Tall
January 6, 2023
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LONDON, TOKYO—Global equities were set to end the first week of 2023 on a tepid note and the dollar stood tall as fears of higher U.S. interest rates hit market sentiment. The MSCI World equity index traded steadily on Friday, on course for its fifth consecutive weekly drop despite a brief rally earlier in the…
Walgreens Sales Drop Amid Falling Demand for COVID-19 Vaccines, Testing Kits
Drugstore chain Walgreens Boots Alliance saw its sales drop 1.5 percent in the most recent quarter amid a decline in demand for COVID-19 vaccines and testing kits. In its fiscal year 2023 first quarter results published on Jan. 5, the company—one of the largest U.S. pharmacies—said it administered 8.4 million COVID-19 vaccinations in the quarter, down…
Bed Bath & Beyond Shares Tumble as Company Says ‘Substantial Doubt’ It Can Continue
Shares of Bed Bath & Beyond dropped drastically on Jan. 5 after the company warned it is considering bankruptcy amid mounting debt and waning finances, noting that there is “substantial doubt” that the retailer will be able to continue. The company issued the warning in its estimated financial results for the three months ending Nov. 26,…
DOJ to Seize $465 Million of Robinhood Shares Tied to Bankman-Fried
U.S. prosecutors are in the process of seizing shares of Robinhood Markets Inc. tied to Sam Bankman-Fried, who has been charged with fraud in the collapse of the FTX cryptocurrency exchange, a U.S. attorney told a judge on Wednesday. The Department of Justice did not believe the 56 million shares of Robinhood, worth about $465…
Closing Prices for Crude Oil, Gold and Other Commodities (Jan. 5)
January 5, 2023
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Benchmark U.S. crude oil for February delivery rose 83 cents to $73.67 a barrel Thursday. Brent crude for March delivery rose 85 cents to $78.69 a barrel. Wholesale gasoline for February delivery rose 1 cent to $2.27 a gallon. February heating oil was unchanged at $2.97 a gallon. February natural gas fell 45 cents to…
US Inflation Has Not ‘Turned the Corner Yet’, IMF’s Gopinath Warns: Financial Times
Inflation in the United States has not “turned the corner yet” and it is too early for the Federal Reserve to declare victory in the fight on rising prices, a top IMF official said in an interview with the Financial Times on Thursday. Gita Gopinath, a deputy managing director of the Fund, urged the U.S….
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