Home prices in Europe, which are overvalued in many places, could see major price corrections as the region confronts elevated inflation and tight financial conditions, the International Monetary Fund (IMF) said in a recent report. Europe is facing multiple economic challenges, with inflation remaining high and financial sector risks materializing. At the same time, real…
IMF Predicts Potential ‘Disorderly’ Price Corrections in European Housing Market
Lyft Slashes Over 1,000 Jobs, 26 Percent of Its Workforce
April 28, 2023
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Business & MarketsCompanieseconomic policieseconomyInvestmentlayoffsLyftMarketsMedia & Big TechrideshareTechUberUS
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Lyft announced that it would lay off 26 percent of its staff, becoming the latest company to initiate cuts in its workforce, as concerns over a potentially deep recession rise. The decision, which was filed with the Securities and Exchange Commission on April 27, will affect 1,072 out of the roughly 4,000 employees at the rideshare…
Exxon Delivers Record 1st-Quarter Profit on Higher Output
HOUSTON—Exxon Mobil Corp. on Friday reported a record first-quarter profit that was more than double a year ago and topped Wall Street estimates as rising oil and gas output overcame a pullback in energy prices from high levels. Oil companies are riding a wave of strong demand and cost-cutting tied to efforts to counter COVID-19…
Wall Street Opens Lower as Amazon Drags, Inflation Worries Persist
April 28, 2023
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Business & MarketsCompanieseconomic policieseconomyinflationMarketsMedia & Big TechrecessionstocksUS
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Wall Street’s main indexes opened lower on Friday after Amazon warned about a slowdown in its cloud business, while strong inflation data cemented bets that the Federal Reserve will hike interest rates again next week. The Dow Jones Industrial Average fell 28.73 points, or 0.08 percent, at the open to 33,797.43. The S&P 500 opened…
Chevron Tops Estimates With 1st Quarter Profit Gain Despite Slide in Oil Prices
HOUSTON—Oil major Chevron Corp. beat market expectations on Friday as profit nudged higher in the first quarter, with earnings from refining compensating for slides in energy prices as well as oil and gas production. Net profit climbed 5 percent to $6.57 billion or $3.46 per share. Results beat consensus by 4 percent, according to Refinitiv…
Eurozone Grows Marginally at Start of 2023 After Stagnation
BRUSSELS—The eurozone grew only marginally in the first three months of 2023 and at a rate lower than market expectations after stagnation at the end of last year, preliminary data showed on Friday. Gross domestic product in the eurozone expanded by 0.1 percent in the first quarter, below expectations in a Reuters poll for 0.2…
BOJ’s New Chief Keeps Ultra-Low Rates, Embarks on Policy Review
April 28, 2023
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Asia & PacificbojBusiness & Marketseconomic policieseconomyinflationJapanMarketsPolicyrecessionUedaWorld
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TOKYO—The Bank of Japan (BOJ) kept ultra-low interest rates on Friday but announced a plan to review its past monetary policy moves, laying the groundwork for new Governor Kazuo Ueda to gradually phase out his predecessor’s massive stimulus programme. While maintaining its commitment to “patiently” keep policy accommodative, the central bank removed a pledge from…
German Unemployment Rises More Than Expected in April
BERLIN—German unemployment rose more than expected in April, Labour Office figures showed on Friday, as a sluggish economy took its toll on the labour market. The Federal Labour Office said the number of people out of work increased by 24,000 in seasonally adjusted terms to 2.567 million. Analysts polled by Reuters had expected that figure…
Euro Slips on GDP Data, Yen Slumps as BOJ Maintains Ultra-Low Rates
LONDON/SINGAPORE—The euro fell on Friday after economic data painted a mixed picture for growth and inflation across the eurozone, raising uncertainty around the size of the European Central Bank’s expected interest rate hike next week. Preliminary data showed gross domestic product in the eurozone expanded by 0.1 percent in the first quarter, below expectations in…
Oil Heads for Another Monthly Decline as Weak US Data Weighs
April 28, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices were heading for another monthly decline on Friday after disappointing U.S. economic data and uncertainty over further interest rate hikes weighed on the demand outlook. Brent crude futures for June were up 42 cents, or 0.5 percent, at $78.79 a barrel by 0946 GMT while the more actively traded July contract was down…
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