LOS ANGELES—The housing market slump deepened in November as sales of previously occupied U.S. homes slowed for the tenth consecutive month—the longest such stretch on records going back to 1999. Existing home sales fell 7.7 percent last month from October to a seasonally adjusted annual rate of 4.09 million, the National Association of Realtors said…
Wall Street Opens Lower as Economic Data Renews Rate Hike Worries
Wall Street’s main indexes opened lower on Thursday as fresh data underscored strength in the U.S. economy and aggravated concerns over the Federal Reserve’s continued policy tightening. The Dow Jones Industrial Average fell 143.13 points, or 0.43 percent, at the open to 33,233.35. The S&P 500 opened lower by 25.18 points, or 0.65 percent, at…
US New Vehicle Sales to Fall in December as High Prices Deter Buyers: Report
U.S. total new vehicle retail sales are expected to decline in December as high vehicle prices and rising borrowing costs pushed consumers to cut back spending, a report from industry consultants J.D. Power-LMC Automotive showed on Wednesday. “Elevated pricing, coupled with repeated interest rate increases, continue to inflate monthly loan payments,” said Thomas King, president…
FTX Asks Politicians to Voluntarily Return Billions in Sam Bankman-Fried Donations Amid Mounting Debts
December 22, 2022
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Business & Marketscampaign donationscongresscryptocurrencyFTXInvestmentMarketsPoliticsSam Bankman-FriedUS
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Failed crypto exchange FTX is asking politicians and charities to return the millions of dollars in donations they received from former CEO Sam Bankman-Fried in order to help pay off its mounting debts. In a press release on Dec. 19, the company said that it has already been approached by a number of recipients of contributions or other…
Yen Rises, Underpinned by BOJ Policy Tweak; Dollar Retreats
SINGAPORE—The yen firmed on Thursday, returning towards a four-month peak against the dollar hit earlier in the week after the Bank of Japan’s surprise tweak to its bond yield control spurred bullish yen bets, while the dollar moved broadly lower. The yen rose about 0.5 percent to 131.85 per dollar, after surging to a four-month…
Oil Rises on Tight US Stocks as Winter Blast Hits
December 22, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices climbed for a fourth straight day and hit their highest in two and a half weeks on Thursday with U.S. crude, heating oil, and jet fuel stocks growing tighter just as a wintry blast hits the United States. Brent crude futures gained $1.17, or 1.4 percent, to trade at $83.37 at 1235 GMT,…
World Shares Mixed, Oil Jumps Following Rally on Wall Street
December 22, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BANGKOK—World shares were mixed Thursday after a rally on Wall Street as investors welcomed a report showing U.S. consumer confidence is holding up despite the Federal Reserve’s campaign to fight inflation by raising interest rates. Germany’s DAX edged 0.1 percent lower to 14,081.26. The CAC 40 in Paris also lost 0.1 percent, to 6,578.93. Britain’s…
Sam Bankman-Fried Associates Plead Guilty to Charges in FTX Collapse
December 22, 2022
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Business & MarketsCompaniesCrime and IncidentscryptocurrencyeconomyFraudFTXInvestmentMarketsSam Bankman-FriedUSUS News
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Two associates of failed FTX boss Sam Bankman-Fried have pleaded guilty to criminal charges related to the collapse of the cryptocurrency exchange. Caroline Ellison, the former CEO of Alameda Research, and Gary Wang, who co-founded FTX along with Bankman-Fried, pleaded guilty to charges in connection with “their roles in the fraud that contributed to FTX’s collapse,”…
US Poised to Become Net Exporter of Crude Oil in 2023
HOUSTON—The United States has become a global crude oil exporting power over the last few years, but exports have not exceeded its imports since World War II. That could change next year. Sales of U.S. crude to other nations are now a record 3.4 million barrels per day (bpd), with exports of about 3 million…
Wall Street Gains Ground, Turning Higher for the Week
Stocks closed broadly higher on Wall Street Wednesday and pushed major indexes into the green for the week, as investors welcomed a report showing consumer confidence is holding up better than expected. The S&P 500 and Nasdaq composite each rose 1.5 percent. The Dow Jones Industrial Average gained 1.6 percent with a lot of help…
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