U.S. stock indexes opened lower on Tuesday following hawkish commentary from some Federal Reserve officials last week, while PayPal climbed after agreeing to sell a part of its European buy now, pay later loans. The Dow Jones Industrial Average fell 92.46 points, or 0.27 percent, at the open to 34,206.66. The S&P 500 opened lower…
Uninsured Deposits in American Banks Decline By Nearly $600 Billion
Uninsured deposits at American banks fell by almost $600 billion in the first quarter of 2023, continuing the trend of declining deposits that began last year, suggesting a fall in depositors’ confidence in the banking system. “US banks’ uninsured deposits have fallen since the first quarter of 2022, by both the dollar amounts of uninsured…
Uninsured Deposits in US Banks Decline by Nearly $600 Billion
Uninsured deposits at U.S. banks fell by almost $600 billion in the first quarter of 2023, continuing the trend of declining deposits that began last year, suggesting a fall in depositors’ confidence in the banking system. “US banks’ uninsured deposits have fallen since the first quarter of 2022, by both the dollar amounts of uninsured…
Yuan Dips After China Cuts Rates; Swedish Crown, Aussie Slide
London—The yuan slipped towards a seven-month low on Tuesday after China cut interest rates, while the Swedish crown weakened to its lowest level since 2009 against the euro on persistent concerns about the real estate sector. China lowered its one-year and five-year loan prime rates (LPR) by 10 basis points, the first such easing in…
Oil Mixed on China Rates Cut, Growth Outlook
LONDON—Oil prices slipped on Tuesday after China cut benchmark lending rates less than some expected while demand was seen rising this year, clouding the outlook for the world’s largest crude importer. Brent crude was up 47 cents or 0.6 percent at $76.56 a barrel at 0850 GMT. U.S. West Texas Intermediate (WTI) crude for July…
China’s Smaller-Than-Expected Rate Cut Sends Stocks Lower
June 20, 2023
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HONG KONG/LONDON—European and Asian stocks fell on Tuesday after China cut interest rates by less than expected and the market awaited more details on Beijing’s plans to shore up a stuttering economic recovery. China cut its benchmark loan prime rates (LPR) for the first time in 10 months on Tuesday, with a smaller-than-expected 10-basis point…
United States Now Second Largest EV Market After China
June 20, 2023
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Business & Marketseconomic policieseconomyelectric vehicleenergyGeneral Motorshybrid carsMarketsPolicies & ImpactsRegional & State NewsUSUS News
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The United States is now the second-largest electric vehicle market behind China after years of falling behind Europe in terms of use. Americans had been slower than other advanced nations to accept electrified transport, but the EV market has gained momentum due to political pressure and government subsidies. Every state now has plans to construct a…
IMF Pushes Global Central Bank Digital Currency Platform as Cashless Trend Builds Steam
The International Monetary Fund (IMF) is working on a platform that would allow various central bank digital currencies (CDBCs) to interoperate on a global scale, which comes amid a broader push toward cashless societies and concerns about risks to freedoms. IMF managing director Kristalina Georgieva told conference participants on Monday in Rabat, Morocco, that the…
IMF Pushes Global Central Bank Digital Currency Platform as Cashless Trend Gains Momentum
The International Monetary Fund (IMF) is working on a platform that would allow various central bank digital currencies (CBDC) to interoperate on a global scale, Managing Director Kristalina Georgieva told participants at a conference. “CBDCs should not be fragmented national propositions … To have more efficient and fairer transactions, we need systems that connect countries—we…
Vivek Ramaswamy, ‘Shark Tank’ Host Mark Cuban Spar Over ‘Woke’ Capitalism
June 19, 2023
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Vivek Ramaswamy, a 2024 Republican presidential candidate, is warning that corporations that engage in so-called “woke” practices run the risk of alienating their customers and expanding the division among Americans. “When those businesses wade into social disputes, not only is that often bad for business . . . it’s bad for our civic culture in…
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