Although Brazil and China reached an agreement to conduct trade in their own currencies rather than the U.S. dollar, the Chinese yuan is far from becoming a global reserve currency, according to Milton Ezrati, chief economist at Vested, a New York-based communications firm. Beijing hails the agreement as a step toward global de-dollarization and an…
Chinese Yuan Far From Dethroning US Dollar as Global Reserve Currency, Expert Says
April 5, 2023
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Volvo Car’s Sales up 8 Percent in March
COPENHAGEN—Sweden-based Volvo Car AB said on Wednesday its sales increased by 8 percent year-on-year in March to 63,132 cars, helped mainly by the company’s fully electric cars. Volvo Car said in a statement its fully electric models made up 41 percent of all its cars sold globally in the first three months of this year….
FedEx to Combine Delivery Units as Part of $4 Billion Cost-Cut Push
LOS ANGELES—FedEx Corp. said on Wednesday it will consolidate its separate delivery companies into a single entity, as the group slims its bloated infrastructure to compete better with United Parcel Service and Amazon. The move to integrate FedEx Ground, its outsourced package delivery arm, with the FedEx Express overnight air delivery business was announced almost…
Morgan Stanley Warns of Something ‘Worse Than Great Financial Crisis’ for Commercial Real Estate Market
Morgan Stanley analysts have issued a stark warning regarding the commercial real estate market in the wake of banking turmoil after the collapse of Silicon Valley Bank (SVB) and Signature Bank last month. In a weekly Global Investment Committee note published on April 3, Lisa Shalett, chief investment officer for Morgan Stanley Wealth Management, noted that the commercial real estate sector faces…
Gold Exceeds $2,000 to Hit Record Annual Level Amid Weak Economic Data
The price of gold peaked above $2,000 on April 5, boosted by weak U.S. economic data as well as fears from the banking crisis shaking up the financial sector. Spot gold prices hit $2,028 an ounce in early trading on Wednesday, hitting the highest level since March 2022. U.S. gold futures hit a high of…
Fed’s Mester Says Rate Target Will Need to Go Over 5 Percent
Federal Reserve Bank of Cleveland President Loretta Mester said on Tuesday that the U.S. central bank likely has more interest rate rises ahead amid signs the recent banking sector troubles have been contained. To keep inflation on a sustained downward path to 2 percent and keep inflation expectations anchored, Mester said she sees monetary policy…
Dollar Mired Near 2-month Low After Jobs Jolt; RBNZ Boosts Kiwi
LONDON—The dollar wallowed near two-month lows on Wednesday after weak data supported the view that the Federal Reserve may not need to raise rates much further, while the New Zealand dollar hit two-month highs after a larger-than expected rate hike. With the all-important U.S. monthly employment report just two days away, activity across the market…
Cash App Founder Stabbed to Death in San Francisco
April 5, 2023
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Bob Lee, the creator of the mobile payment service Cash App and the former chief technology officer of Square, has been stabbed to death in San Francisco. The 43-year-old tech executive was found by officers in the early hours of April 4, after suffering multiple stab wounds. The San Francisco Police Department (SFPD) said there had…
Oil Prices Stable as Economic Fears Balance OPEC+ Cuts
April 5, 2023
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LONDON—Oil prices were stable on Wednesday, as the market weighed gloomy economic prospects against expectations of U.S. crude inventory declines and OPEC’s voluntary output cuts announcement. Brent crude futures gained 22 cents, or 0.26 percent, to $85.16 a barrel by 0747 GMT. West Texas Intermediate U.S. crude was up 12 cents, or 0.15 percent, to…
Stocks Falter as Economic Worries Nag, Big Rate Hike Lifts Kiwi Dollar
April 5, 2023
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LONDON—World stock markets stumbled on Wednesday as signs that the economic outlook is weakening spurred caution, while a bigger-than-expected interest-rate hike from New Zealand lifted the kiwi dollar. European stocks fell with the broad STOXX 600 index pulling away from Tuesday’s one-month highs. U.S. equity futures dipped and Japan’s Nikkei fell 1.6 percent in its…
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