LONDON—The dollar weakened to a two-month low on Tuesday after Federal Reserve officials signalled that the central bank was nearing the end of its tightening cycle, while the pound hit a 15-month high after pay growth exceeded expectations. Several Fed officials said on Monday the central bank would likely need to raise interest rates further…
Dollar Falls to 2-month Low, Sterling Hits 15-month High After Jobs Data
Oil Prices Steady as Traders Weigh Supply Cuts Against Economic Headwinds
LONDON—Oil prices were little changed on Tuesday as traders weighed supply cuts by the world’s biggest oil exporters and hopes for higher demand in the developing world in the second half of 2023 against a sluggish global economic outlook. Brent crude futures were up 2 cents to $77.71 a barrel by 0945 GMT, and U.S….
Record Wage Rises Fuel Fresh Inflation Concerns
Wages have been rising at a record speed according to official data, fuelling fears that inflation could remain at a high level and force the Bank of England (BoE) to raise interest rates further. New data released by the Office for National Statistics (ONS) on Tuesday shows that employees’ regular pay, not including bonuses, was…
Stock Market Today: Global Shares Rise Ahead of US Inflation Update on Hopes for Easing Rate Hikes
July 11, 2023
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BEIJING—Global stock markets rose Tuesday ahead of a U.S. inflation update traders hope will show the need for more interest rate hikes is easing. Paris, Shanghai, Frankfurt, and Tokyo advanced. Wall Street futures were little-changed. Oil prices rose. Wall Street’s benchmark S&P 500 index gained 0.2 percent on Monday following its second weekly decline in…
Threads’ Piracy Issues and Why Meta’s New App Can’t Launch in Europe
July 11, 2023
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Meta’s answer to Twitter, Threads, launched worldwide this week with the exception of EU member countries. The new Instagram-linked app, which is now available in 100 countries, so far has no plans to launch in the EU, likely due to privacy regulations in the bloc. There are obviously very strong concerns over the processing of data…
California’s Unemployment Insurance Trust Fund Is Now ‘Structurally Insolvent’ Under Weight of Pandemic Loans
July 11, 2023
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California’s Unemployment Insurance (UI) Trust Fund that pays out state benefits is now “structurally insolvent,” according to a recent report. The Legislative Analyst’s Office noted the debt crisis involving the California Employment Development Department’s (EDD) UI trust fund on July 7. The state report was released following last week’s “May Fund Forecast” report by the EDD. It said…
Interest Rates Likely to be Raised ‘Couple’ More Times This Year: Fed Official
Interest rates are likely to be raised a “couple” of more times this year as inflation is still far too high, says the head of the Federal Reserve Bank of San Francisco. Despite price pressures slowing, San Francisco Fed Bank President Mary Daly believes the institution needs to continue raising interest rates, a policy decision…
Interest Rates Likely to Be Raised ‘a Couple’ More Times This Year: Fed Official
Interest rates are likely to be raised “a couple” more times this year as inflation is still far too high, the head of the Federal Reserve Bank of San Francisco says. While price pressures are slowing, San Francisco Fed President Mary Daly says the central bank needs to continue raising interest rates, a policy decision…
Waiting for ‘Buyers to Come’: Unsold Electric Vehicles Piling Up in Car Dealerships, Says Report
The number of unsold electric vehicles at dealers in the second quarter tripled compared to the past year, signaling a weakened demand for the segment, said a recent report by leading auto-dealer data company Cox Automotive. In second quarter 2023, the average inventory for electric vehicles (EVs) topped more than 92,000 units on the ground…
Defence Companies Are Being Denied Banking Services, Minister Says
Banks have been denying services to defence companies over environmental, social, and, governance (ESG) factors, a defence minister said. It comes amid ongoing suspicion that banks have been closing customers’ accounts over their political exposure or views. James Cartlidge, minister for defence procurement, said the Ministry of Defence (MoD) has launched an investigation into the impact…
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