MOSCOW—Russia on Thursday said there would be no extension of the UN-brokered Black Sea grain deal beyond May 18 unless the West removed a series of obstacles to the export of Russian grain and fertilizer. The Ukraine grain Black Sea export deal was brokered by the United Nations and Turkey in July last year to…
Russia Says Black Sea Grain Deal May Be Nearly Over
April 15, 2023
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Closing Prices for Crude Oil, Gold and Other Commodities (Apr. 14)
April 14, 2023
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Benchmark U.S. crude oil for May delivery rose 36 cents to $82.52 a barrel Friday. Brent crude for June delivery rose 22 cents to $86.31 a barrel. Wholesale gasoline for May delivery rose 1 cent $2.84 a gallon. May heating oil fell 3 cents to $2.64 a gallon. May natural gas rose 10 cents to…
Corporate Defaults to Rise and US Will Enter Recession: Survey
April 14, 2023
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Credit portfolio managers estimate U.S. corporate defaults to rise, according to a recent survey, with the vast majority of respondents expecting the country to slip into recession this year. In the Credit Outlook survey conducted by the International Association of Credit Portfolio Managers (IACPM), 86 percent of respondents stated that defaults will rise over the…
US Purchases of Chipmaking Machines Soars to Record High
April 14, 2023
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American purchases of computer chip-making machines from Taiwan rose to a record high in March as the United States continues to rebuild its domestic semiconductor industry. Taiwan Semiconductor Manufacturing Co. (TSMC) and several other major producers in Taiwan are vital players in the global supply chain of computer chips. Taiwan, the world’s largest producer of…
Citigroup Beats Estimates on Higher Income From Loans; Shares Rise
April 14, 2023
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Citigroup Inc.’s first-quarter profit beat Wall Street expectations as it earned more from borrowers paying higher interest on loans. While its net interest income rose 23 percent to $13.3 billion, Citi also set aside $241 million to cover potential loan losses, from $138 million a year earlier, according to its results reported on Friday. Citigroup…
US Gas Prices Inch Higher as Oil Gets Expensive
Gas prices at the pump rose over the past week in the wake of higher oil prices, with experts foreseeing more increases as long as oil costs remain elevated. The national average price for regular gas has risen by $0.08 over the past week, from $3.58 a gallon to $3.66 a gallon as of April…
Wells Fargo Tops Wall Street 1st Quarter Targets, Earning $5 Billion
April 14, 2023
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Wells Fargo beat sales and profit targets in the first quarter compared with a year earlier, boosted by higher interest rates. The quarter saw the collapse of two banks that rattled the financial sector and the broader stock market. Wells Fargo participated with other banks in pumping $30 billion in deposits into First Republic Bank…
JPMorgan Chase Profits Jump 52 Percent Amid Banking Turmoil
April 14, 2023
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JPMorgan Chase & Co. posted a 52 percent jump in its first-quarter profits, helped by higher interest rates, which allowed the bank to charge customers more for loans. The bank saw deposits grow noticeably, as business and customers flocked to the banking titan after the failure of Silicon Valley Bank and Signature Bank last month….
Elon Musk Warns of ‘Tough Sledding’ Ahead for US Economy
Elon Musk predicted that the U.S. economy will be in for a hard slog until at least the spring of 2024, joining a growing list of ominous warnings about America’s economic outlook after a series of recent high-profile bank failures. “Tough sledding until spring next year is my best guess,” the Tesla CEO said in…
Wall Street Opens Lower as Retail Sales Data Offsets Earnings Cheer
Wall Street’s main indexes opened lower on Friday as weak retail sales data for March suggested the economy was losing steam, while upbeat earnings from a trio of big U.S. banks helped assuage fears of further stress in the sector. The Dow Jones Industrial Average fell 47.98 points, or 0.14 percent, at the open to…
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