Bitcoin is being artificially propped up and should not be legitimized by regulators or financial companies as it is more akin to gambling, the European Central Bank (ECB) said on Wednesday. Bitcoin and other cryptocurrencies have been variously presented as an alternative form of money and a shield from the inflationary policies pursued by major…
ECB Says Bitcoin Is Artificially Propped Up, Shouldn’t Be Legitimized
Germans Spending Less as Soaring Power, Food Costs Gnaw Finances
BERLIN—For 25 years, Theo Jost served the German Christmas dish of goose in his restaurant near the Black Forest. The birds were fresh, reared by farmers in northern Germany. But this year he took the dish off the menu because rising costs all along the supply chain would have doubled its price compared to last…
S&P 500, Nasdaq Edge Higher on Solid Consumer Spending Data, Easing Prices
The S&P 500 and Nasdaq opened higher on Thursday after data showed a mild easing in inflation and solid consumer spending in October, adding to hopes of a likely downshift in the Federal Reserve’s aggressive rate hike policy. The Dow Jones Industrial Average fell 56.2 points, or 0.16 percent, at the open to 34533.59. The…
Former FTX CEO Says He’s ‘Deeply Sorry,’ but Is Unaware of Any Intention to Defraud Investors
Appearing at times contrite, at times evasive, former FTX CEO Sam Bankman-Fried told viewers at a New York Times DealBook Summit that he was “deeply sorry about what happened,” referring to the collapse into bankruptcy of his crypto currency exchange and hedge fund in early November, but that he was unaware of any intentional misuses…
Applications for Jobless Benefits Decline Last Week
WASHINGTON—The number of Americans applying for unemployment benefits came back down last week, hovering near levels suggesting the U.S. labor market has been largely unaffected by the Federal Reserve’s aggressive interest rate hikes. Applications for jobless aid fell to 225,000 for the week ending Nov. 26, a decline of 16,000 from the previous week’s 241,000,…
Dallas Fed Survey of Oil Executives Suggests Biden Is ‘Holding Us Back’
December 1, 2022
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Business & MarketseconomyenergyFederal Reserve Bank of Dallas Energy SurveyGold and CommoditiesMarketsoil and gas drillingUS
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U.S. oil and gas sector activity advanced at a strong pace, although the rate of expansion decelerated in the third quarter, according to the third quarter Federal Reserve Bank of Dallas Energy Survey. The business activity index, a measurement of conditions facing energy companies in the region, came in at 46.0 in the July-to-September period,…
Amazon Records Biggest Ever Thanksgiving Shopping Weekend
December 1, 2022
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AmazonBusiness & MarketsCompanieseconomyinflationMarketsMedia & Big TechshoppingThanksgivingUSUS News
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Amazon.com Inc. said on Wednesday it recorded its biggest-ever Thanksgiving weekend this year as shoppers, undeterred by inflation, scooped up everything from New Balance sneakers to Nintendo Switch gaming consoles. Fire TV Sticks, AirPods, and Champion clothing were among the top-selling items, Amazon said. Amazon did not provide a total sales figure for the weekend,…
Yen, Pound Hit Strongest in Three Months on Powell Remarks on Fed Slowing
LONDON—The dollar weakened to three-month-lows against the yen and the pound on Thursday, after comments by Fed Chair Jerome Powell that U.S. rate hikes could be scaled back “as soon as December,” but the euro failed to climb past a major resistance level. The aggressive pace of U.S. Federal Reserve rate increases this year has…
Oil Rises Ahead of OPEC+ Meeting, Easing China COVID-19 Curbs Lend Support
December 1, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil rose on Thursday supported by investor wariness that OPEC+ may cut supply further at its meeting on Sunday and as easing COVID-19 curbs in China raised hopes about higher demand in the world’s top crude importer. Crude gained further support, and the U.S. dollar weakened, after the Federal Reserve Chair opened the door to…
Bulls on the Charge After Fed Signals Smaller Hikes Ahead
December 1, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—The bulls were enjoying the good life in Europe on Thursday after the world’s most influential central banker, Jerome Powell, signaled this year’s frantic pace of U.S. interest rate hikes could be about to slow. It was a textbook ‘risk on’ pattern, with both the STOXX 600 and MSCI’s main world stocks index hitting their…
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