LONDON/SINGAPORE—The dollar rose on Thursday as investors digested mixed U.S. economic data, while the British pound changed direction and slipped ahead of the government’s budget update. The greenback has tumbled in recent weeks as inflation data and comments from Federal Reserve officials have suggested that the central bank can soon slow the pace of its…
Oil Falls on Easing Geopolitical Tensions, China Demand Worries
November 17, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil extended declines on Thursday as concerns over geopolitical tensions eased and as rising numbers of COVID-19 cases in China added to demand worries in the world’s largest crude importer. Poland and NATO said on Wednesday a missile that crashed inside NATO member Poland was probably a stray fired by Ukraine’s air defenses and not…
Shares and Pound Splutter Ahead of UK Budget
November 17, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—Nagging recession and interest rate worries had Europe’s markets spluttering on Thursday, and the pound started to sag as Britain looked to put last month’s disastrous fiscal experiment behind it with an austere-looking budget. Trading got off to a choppy start as optimism about Siemens’ earnings and that the European Central Bank might slow its…
Wall Street Slips as Target Stumbles and Weighs on Retailers
Wall Street closed lower as hefty drops in retailers and technology companies offset gains elsewhere in the market. The S&P 500 lost 0.8 percent Wednesday. The Nasdaq fell 1.5 percent, and small-company stocks fell even more. The Dow Jones Industrial Average closed slightly lower. Target fell sharply after delivering a dismal financial report. Target also…
Closing Prices for Crude Oil, Gold and Other Commodities (Nov. 16)
November 16, 2022
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Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for December delivery fell $1.33 to $85.59 a barrel Wednesday. Brent crude for January delivery fell $1 to $92.86 a barrel. Wholesale gasoline for December delivery fell 1 cent to $2.51 a gallon. December heating oil fell 3 cents to $3.61 a gallon. December natural gas rose 17 cents to $6.20…
Fed Teams Up With Major Banks to Test Digital Dollar Pilot Program
November 16, 2022
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Business & Marketscryptocurrencydigital dollareconomic policieseconomyMarketsNew York Federal ReservePolicies & ImpactsUS
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The Federal Reserve Bank of New York announced that it would be teaming up with global financial giants to launch a 12-week digital dollar pilot program. The New York Fed’s experiment will review how banks are able to process digital dollar tokens within the central bank system and quantify their impact, with the assistance of…
Retail Sales Surprise to Upside in October, but Outlook Gloomy
Retail sales beat market forecasts in October as Americans bought more big-ticket items like cars and furniture, but the outlook for the all-important holiday shopping season looks gloomy, as retail giant Target warned of a consumer demand slump. The Department of Commerce reported on Nov. 16 that retail sales rose 1.3 percent last month, beating…
WTO Warns of ‘Real’ Recession Risk in Some Major Economies
November 16, 2022
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Asia & PacificBusiness & Marketseconomic policiesEconomieseconomyG20inflationInternationalMarketsrecessionWorldWTO
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NUSA DUA, Indonesia—The head of the World Trade Organization (WTO) warned on Wednesday that several major economies face a real risk of sliding into recession as the war in Ukraine, rising food and fuel costs, and soaring inflation cloud the global outlook. “It may not happen everywhere, but several key countries risk sliding into recession,”…
Wall Street Opens Lower on Grim Sales Outlook From Target
Wall Street’s main indexes opened lower on Wednesday after top retailer Target’s dour holiday forecast stoked fears of inflation hurting a crucial business season for retailers. The Dow Jones Industrial Average fell 38.0 points, or 0.11 percent, at the open to 33,554.93. The S&P 500 fell 14.9 points, or 0.37 percent, at the open to…
Charlie Munger Blasts Crypto as ‘Partly Fraud and Partly Delusion’ After FTX Meltdown
November 16, 2022
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Business & Marketscharlie mungerCrypto Exchange FTXCrypto Marketscrypto regulationsCrypto ScamscryptocurrencyMarketsUS
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Charlie Munger, vice chairman of Berkshire Hathaway, has issued scathing comments on the crypto industry after one of the globally leading exchanges FTX collapsed last week. “It’s partly fraud and partly delusion,” Munger said on CNBC Tuesday. “That’s a bad combination. I don’t like either fraud or delusion. And the delusion may be more extreme than…
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