LONDON/SINGAPORE—The yen fell to a new 15-year low against the euro on Friday after the Bank of Japan (BOJ) kept ultra-low interest rates and forecast that inflation will slow later this year in contrast with the European Central Bank’s (ECB) rate hike on Thursday. As widely expected, the BOJ maintained its -0.1 percent short-term interest…
Oil Falls as Demand Concerns Offset Supply Cuts
LONDON—Oil slipped on Friday as a weaker economic outlook and the prospect of further interest rate hikes dogged sentiment, outweighing a tighter market in the second half of the year owing to higher Chinese demand and OPEC+ supply cuts. The Bank of England is set to raise interest rates by a quarter of a percentage…
World Shares Reach 14-month Highs as Investors Shrug Off the Fed
June 16, 2023
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LONDON—Global shares rose to 14-month highs on Friday, as investors took the view that the Federal Reserve may not need to raise rates much more, while the dollar headed for its biggest weekly slide since January. The MSCI All-World index was up 0.2 percent, around its highest since mid-April 2022. This has been an intense…
Taiwan Eases Restrictions on Canadian Beef Imports
Taiwan’s government agreed Thursday to ease restrictions on imports of Canadian beef from cattle aged 30 months or older, granting Canadian beef exporters full access to the Taiwanese market. Taiwanese Food and Drug Administration (FDA) Director Wu Shou-mei said the changes will take effect immediately, but six types of offal, including brains and eyes, will…
China’s Economy Slows in May; Central Bank Cuts Interest Rate
June 16, 2023
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BEIJING—China’s economy stumbled in May with industrial output and retail sales growth missing forecasts. The economic rebound seen earlier this year has lost momentum in the second quarter, prompting China’s central bank to cut some key interest rates this week for the first time in nearly a year, with expectations of more to come. “The…
Australia Reports Surprise Drop in Unemployment Rate in May
The Australian economy has been surprised by a slight drop in the unemployment rate in May, which defies market expectations and is anticipated to have implications on the central bank’s July interest rate decision. According to the latest labour force data from the Australian Bureau of Statistics (ABS), the jobless rate dipped by 0.1 percent…
Target Facing Major Pushback Over Transgender Controversy as Stock Price Drops
June 15, 2023
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Target is facing stock losses after a massive pushback over transgender merchandise in its stores. Shareholders were hit with lowered projections, according to a report from Bank of America’s Global Research division on June 14, as Target faces the worse downgrade in three years. Many customers have been boycotting Target over its pro-LGBT stance since May, ahead of…
One, Two More Rate Hikes Won’t Make Big Difference to Economy: Strategist
The Federal Reserve kept interest rates unchanged on Wednesday, but signaled another half-of-a-percentage-point hike may be coming by the end of this year. The U.S. central bank acknowledged a stronger-than-expected economy and a slower decline in inflation. NTD Business spoke with Sam Burns, chief strategist at Mill Street Research, to find out his thoughts on…
New Zealand’s Economy Dips Into Recession as Higher Interest Rates Bite
WELLINGTON, New Zealand—New Zealand’s economy has dipped into recession as higher interest rates take their toll, new figures released Thursday show. Gross domestic product fell by 0.1 percent in the March quarter, following a revised 0.7 percent fall in the previous quarter, Statistics New Zealand said. That fulfils the nation’s definition of a recession, which…
Retail Sales Rose 0.3 Percent in May Despite Pressure From Higher Inflation and Interest Rates
NEW YORK—Americans increased their spending at retailers last month despite pressure from still-high inflation and rising borrowing costs. Thursday’s report from the Commerce Department showed that retail sales rose 0.3 percent from April to May, boosted by stronger sales of auto and parts dealers. Economists had been expecting a decline in sales for the month….
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