The American manufacturing sector fell deeper into recession last month, according to the latest factory data. December saw manufacturing slow to its slowest pace since the start of the pandemic, as demand remained low and production began to weakened, according to data from the Manufacturing ISM Report On Business® and the S&P Global U.S. Manufacturing PMI…
US Auto Sales to Fall in 2022, GM Set to Reclaim Top Spot From Toyota
U.S. new vehicle sales are expected to decline for major automakers in 2022 due to inventory shortages, which weighed on Asian brands more than the Detroit giants such as General Motors Co. and Ford Motor Co. Full-year U.S. auto sales are forecast to be about 13.9 million units, down 8 percent from 2021 and 20…
Treasurys Are on Track for Their Best Start to a Year Since 2001
The U.S. Treasury market is off to its best new-year start in two decades as investors purchased government debt with expectations of the Federal Reserve slowing down its tightening efforts. The benchmark 10-year yield tumbled 10 basis points, to 3.78 percent, on Tuesday, the sharpest decline on the first trading session of the year since…
Cleantech Stocks Fall Sharply in Energy Upheaval of 2022
News Analysis The year 2022 was one of energy upheaval. In the long run, analysts expect this to work in favour of clean energy, but for now those stocks are taking it on the chin. For two straight years, oil and gas has been the best-performing sector in the stock market, but despite the billions…
Salesforce to Cut 10 Percent of Workforce in Latest Tech Layoffs
January 4, 2023
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Salesforce Inc. plans to cut its workforce by 10 percent and close some offices, saying it needs to cut costs after rapid pandemic hiring left it with “too many people” amid an economic slowdown, sending its shares up 5 percent. The cloud-based software company said on Wednesday it expects between $1.4 billion and $2.1 billion…
The Next Push to Ban Cash Is Coming From Cashless Denmark, Which Boasted Zero Bank Robberies in 2022
January 4, 2023
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bank robberyBusiness & Marketscashless societyDenmarkeconomic policieseconomyEuropeMarketspersonal financeWorld
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The next push to ban cash may come from crime statistics, as cashless Denmark boasted zero bank robberies last year. The campaign to end paper currency is becoming a hot button issue for many, as other countries and the World Economic Form, an international nongovernmental and lobbying organization, are considering replacing it with digitized currency. However,…
12 Events to Watch for in 2023
January 4, 2023
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BrightBusiness & Marketscryptocurrencyeconomyenergyenergy crisisGold and CommoditiesinflationMarketspersonal financerecessionstockstrendsWorld
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The year 2022 was one of surprises: Russia’s invasion of Ukraine, persistent inflation fueled by energy costs, the collapse of FTX and crypto markets, the revelations of the so-called Twitter Files, and one of the worst equity markets in recent history, to name but a few. The year 2023 is poised to present some equally…
Wall Street Opens Higher With Focus on Fed Minutes
Wall Street’s main indexes opened higher on Wednesday on hopes of an economic recovery in China, while focus was also on minutes from the Federal Reserve’s December policy meeting for clues on the outlook for interest rate hikes. The Dow Jones Industrial Average rose 28.77 points, or 0.09 percent, at the open to 33,165.14. The…
Dollar Falls as Europe Inflation Cools and China Lifts the Aussie
LONDON—The dollar fell broadly on Wednesday, losing out to commodities currencies like the Australian dollar and against the euro, which got a lift from a raft of data that suggested European inflation may finally have peaked. The dollar was already under pressure from investors who have grown more optimistic over the prospect that China’s relaxation…
Oil Falls Again as Concerns Grow Over Global Economy, China COVID-19 Cases
January 4, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil fell sharply on Wednesday after slumping in the previous session, weighed down by concerns about weak demand due to the state of the global economy and China’s rising COVID-19 cases. Brent futures fell $1.88 to $80.22 a barrel, a 2.3 percent loss, by 1032 GMT. U.S. crude dropped $1.68, or 2.2 percent, to $75.25…
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