BERLIN—German consumer morale is projected to inch up in June after falling to a record low in May, but high inflation and the war in Ukraine continue to weigh on household spending, a survey showed on Wednesday. The GfK institute said its consumer sentiment index, based on a survey of around 2,000 Germans, rose slightly…
US Recession Fears Mount as Stocks Swoon, but What of Canada?
News Analysis Rapidly rising interest rates have economists, business leaders, and financial markets increasingly fearing a recession in the United States next year as stock markets plunge, while Canada’s economy is facing a similar dynamic but with greater vulnerability to its central bank, an economist says. “There are many recessions in the past that were…
American Energy Producers Shift Into High Gear Due to Rising Profits and Demand
American energy producers are being incentivized to boost production, as high fuel prices, strong demand, and a tight supply chain at the start of the summer driving season raise the chance of increased profits margins this year, Bloomberg reported. Global crude oil prices have been fluctuating between $100-120/bbl since the conflict in Ukraine erupted in…
Fears of ‘Disastrous’ Disruptions as UK Rail Union Votes for Nationwide Strike
The UK government and rail industry leaders have warned of “disastrous” consequences after unionised railway workers voted overwhelmingly to strike, threatening massive disruption to the network in the coming weeks. Members of the National Union of Rail, Maritime, and Transport Workers (RMT) backed launching a campaign of industrial action over jobs, pay, and conditions. Among…
Wall Street Opens Lower Ahead of Fed Minutes
U.S. stock indexes opened lower on Wednesday ahead of minutes from the Federal Reserve’s May meeting, which will likely offer clues on the path of future rate hikes amid worries about slowing economic growth. The Dow Jones Industrial Average fell 112.31 points, or 0.35 percent, at the open to 31,816.31. The S&P 500 opened lower…
Shares of Snap Inc. Plummet 43 Percent on Adjusted Revenue, Earnings Expectations
Shares of Snap Inc., the parent company of instant messaging app Snapchat, plunged over 40 percent on May 24 after the company warned investors it would be unable to meet its own targets for revenue and adjusted earnings in the current quarter. Snap said in its first quarter earnings update, which it reported in April, that the company…
Russia Will Start a Pilot Project for ‘Digital’ Ruble From April: Central Bank
May 25, 2022
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Russia will start a pilot project using its “digital” ruble with real customers and real transactions from April 2023, its central bank said on Wednesday, adding that the project would run ahead of the initial schedule. With Western sanctions cutting off Russia from large parts of the global financial system, Moscow is looking for alternative…
US Stocks Leading the Global Market Selloff
U.S. stocks and funds are leading the world in the widespread selloff across global financial markets. From the Dow Jones Industrial Average to the Nasdaq Composite Index, American equities are recording greater losses than benchmarks in foreign markets and they are being pummeled by other sectors. Year-to-date, the Dow has plunged 12 percent, the S&P…
US Stocks Leading the Global Market Selloff in 2022
U.S. stocks and funds are leading the world in the widespread selloff across global financial markets. From the Dow Jones Industrial Average to the Nasdaq Composite Index, American equities are recording greater losses than benchmarks in foreign markets and they are being pummeled by other sectors. Year-to-date, the Dow has plunged 12 percent, the S&P…
Dollar Off 1-month Low, Kiwi Cedes Post-Rate Hike Gain
LONDON—The U.S. dollar snapped a two-day losing streak on Wednesday as Treasury yields paused recent falls, its gain taking the edge off the euro as well as the kiwi dollar which had been lifted earlier by a hawkish central bank message. The Reserve Bank of New Zealand became the latest central bank to raise interest…
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