The global auto industry continues to remain intricately tied to supply chains in China’s Xinjiang region, thereby becoming part of its human rights abuses, according to a new report. The report, published in December by the Helena Kennedy Center for International Justice at the Sheffield Hallam University, identified 96 mining, processing, or manufacturing firms related…
Global Car Supply Chains’ Ties to Human Rights Violations in Xinjiang
December 6, 2022
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automakersBusiness & Marketscar manufacturersChinaChina Business & EconomyChina's Xinjiangeconomyglobal supply chainsMarketsUSWorldxinjiang industries
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Will a Dollar Decline Be Good for Stocks?—Part 1
Commentary Will a dollar decline be good for stocks? It is an interesting question, given that during 2022 there was a significant non-correlation between the dollar and the stock market. The strong dollar rally was something I suggested could be a problem for stocks, given what happened in 2020. It was a running debate with…
Russia’s January-November Oil Output up 2 Percent Ahead of EU Ban, Price Caps
December 6, 2022
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Business & Marketseconomic policieseconomyenergyEuropeGold and CommoditiesMarketsOiloutputRussiaRussia-Ukraine WarWorld
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MOSCOW—Russia’s January-November oil and gas condensate production rose 2.2 percent from a year earlier to 488 million tonnes, the Interfax news agency said on Tuesday, citing Deputy Prime Minister Alexander Novak, who expects a slight output decline following new sanctions. European Union countries that have been primary buyers of Russian crude for decades stopped buying…
Wall Street Inches Lower at Open After Selloff on Fed Worries
U.S. stock indexes inched lower at open on Tuesday after a selloff in the prior session on fears the Federal Reserve could persist with interest rate hikes for longer, while focus shifted to Georgia runoff election that could decide the fate of the Senate. The Dow Jones Industrial Average fell 10.23 points, or 0.03 percent,…
Australia Central Bank Raises Rates to 10-year High, Says More Needed
SYDNEY—Australia’s central bank on Tuesday raised interest rates to a 10-year high and stuck with its projection that more hikes are needed to cool inflation, a stance taken as slightly hawkish by markets that were looking for signs of a pause in the near term. Wrapping up its last policy meeting this year, the Reserve…
US Services Industry Regains Steam; Factory Orders Accelerate
WASHINGTON—U.S. services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy as it braces for an anticipated recession next year. The survey from the Institute for Supply Management (ISM) on Monday followed on the heels of news last Friday that the economy continued to create…
Dollar Kept Aloft by Higher Fed Rates Bets, RBA Rate Hike Lifts Aussie
LONDON—The U.S. dollar index edged lower on Tuesday but stuck close to levels reached this week in the wake of strong services data in the United States which fuelled expectations for higher interest rates than recently forecast. The Australian dollar perked up from near one-week lows after the Reserve Bank of Australia (RBA) raised rates…
Oil Prices Fall on Higher US Dollar, Economic Fears
December 6, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices fell in a volatile market on Tuesday, as a stronger U.S. dollar and economic uncertainty offset the bullish impact of a price cap placed on Russian oil and prospects of a demand boost in China. Brent crude futures fell 90 cents, or $1.09 percent, to $81.78 a barrel by 1055 GMT. West Texas…
Stocks Slip, Dollar up as Data Challenges Fed Pause Hopes
December 6, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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SINGAPORE/LONDON—Global stocks headed for a third straight day of losses on Tuesday and the dollar rose after more U.S. data reinforced the belief among investors that the Federal Reserve might stick longer with aggressive interest rate rises. MSCI’s world index fell 0.3 percent, led by tech stocks which are often more sensitive to broader shifts…
Biden Administration Drained Strategic Petroleum Reserve to Save ‘Global Economy’: White House Adviser
December 5, 2022
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2022 Midterm Electionsbiden administrationBusiness & MarketscongressDemocratseconomic policieseconomyenergyEnergy policyExecutive BranchMarketsPolicies & ImpactsPoliticsStrategic Petroleum ReserveUSUS NewsWorld
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The Biden administration has claims it drained the heavily depleted U.S. Strategic Petroleum Reserve (SPR) in order to save the “global economy.” The White House’s International Energy Affairs adviser, Amos Hochstein, told CNBC “Squawk Box” host Joe Kernen on Dec. 5: “I had conversations—as did others, my colleagues—with CEOs and other senior executives in the oil…
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