LONDON—Oil prices were little changed on Thursday as the market digested tighter crude supply alongside fears of global economic slowdown. Brent crude futures edged up 29 cents to $76.94 a barrel by 0838 GMT after a 0.5 percent gain the previous day. U.S. West Texas Intermediate crude firmed by 37 cents to $72.16 after rising…
Stocks Slide as Rising Borrowing Costs Strike Again
July 6, 2023
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LONDON—World stocks fell for a third straight day on Thursday, after Federal Reserve meeting minutes bolstered bets on another U.S. rate hike this month and tit-for-tat trade salvos between China and the United States also dampened sentiment. Traders watched the traditional driver of global borrowing costs, the 10-year U.S. Treasury yield, climb to a fresh…
Big Tech Firms Comply With European Union’s Digital Gatekeeper Laws
July 5, 2023
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Six tech companies have informed the European Commission that they met the criteria to be classified as “gatekeepers” under the European Union’s Digital Markets Act (DMA). Alphabet, Amazon, Apple, TikTok, Meta, Microsoft, and Samsung now meet the thresholds under EU law after the passage of the new act, EU industry chief Thierry Breton said on July 4. “Following our…
US Factory Order Data Flash Red Alert for Economy
U.S. factory orders fell into negative territory for the first time since October 2020, delivering a fresh sign that America’s manufacturing sector is suffering a slowdown. The U.S. Census Bureau announced on Wednesday that orders for U.S. manufactured goods declined by 1.0 percent in year-over-year terms in May, the first time in 31 months that…
Federal Reserve Economists Still Expect a Recession Later This Year, FOMC Minutes Show
Federal Reserve economists still expect a recession starting later this year, according to minutes from the June Federal Open Market Committee (FOMC) policy meetings. The economic forecast put together by staff at the policy meeting “continued to assume that the effects of the expected further tightening in bank credit conditions, amid already tight financial conditions”…
Federal Reserve Expects More Rate Hikes Ahead Amid ‘Upside Risks’ to Inflation: FOMC Minutes
Federal Reserve officials expect more rate hikes ahead, while some had advocated for a quarter-point increase at the June Federal Open Market Committee (FOMC) policy meeting, according to new minutes. Rate-setting Committee members agreed that more rate increases are ahead but at a slower pace. They also found it acceptable or appropriate to leave the…
Bank of England Calls Mothers ‘Birthing Parents’, Urged to Use Even More Gender Neutral Terms
Controversial charity Stonewall urged the Bank of England to use more gender neutral terms after praising it for referring to mothers as a “birthing parent.” Documents seen by The Epoch Times show how the central bank received a 12-page “feedback” report from the LGBT lobby group after it introduced the controversial terminology—which suggests people of…
UK’s Britcoin CBDC Plans Raise Monetary Stability Concerns
UK politicians and financial experts have expressed their concerns over the proposal to introduce a central bank digital currency (CBDC) dubbed “Britcoin.” A joint consultation by the Bank of England (BoE) and HM Treasury, established in February, received thousands of responses on the introduction of the digital version of the pound. The project was launched…
Dollar Steady Before Fed Minutes; Yen Hovers Near 145-Mark
LONDON—The U.S. dollar held steady against other major currencies on Wednesday as traders waited for minutes from the Federal Reserve’s last policy meeting that could offer clues to the outlook for interest rates. Australia’s dollar fell in line with the Chinese yuan after data showed China’s services activity expanded at the slowest pace for five…
Brent Dips as Economic Headwinds Outweigh Supply Cuts
LONDON—Oil benchmark Brent edged lower on Wednesday as concern over a global economic slowdown overshadowed supply cuts announced this week by top crude exporters Saudi Arabia and Russia. Brent crude was down 16 cents, or 0.2 percent, at $76.09 a barrel by 1045 GMT after falling more than $1 earlier in the session. The benchmark…
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