The number of Americans applying for unemployment benefits remained elevated last week, a possible sign that the Federal Reserve’s interest rate hikes over the past year may taking hold in what’s proved to be a resilient job market. U.S. applications for jobless claims were 262,000 for the week ending June 10, the Labor Department reported…
Number of Americans Filing for Jobless Claims Is Elevated for 2nd Straight Week
June 15, 2023
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ECB Lifts Interest Rates to 22-year Highs
June 15, 2023
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LONDON—The European Central Bank raised interest rates for the eighth successive time, as expected, on Thursday and signalled further policy tightening, as it battles high inflation. The central bank for the 20 countries that share the euro also said it expected inflation to stay above its 2 percent target through 2025 and hinted once again…
Wall Street Opens Lower on Concerns Over Hawkish Fed
Wall Street opened lower on Thursday, with the S&P 500 and Nasdaq retreating from 14-month highs as the Federal Reserve signalled that interest rates could rise further this year. The Dow Jones Industrial Average fell 33.35 points, or 0.10 percent, at the open to 33,945.98. The S&P 500 opened lower by 7.26 points, or 0.17…
Apartment Rent Growth Is Declining Fast
June 15, 2023
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Apartment rent growth in the United States is declining fast, after years of soaring prices. The decline in rents are giving many millions tenants relief for the first time since the early months of the pandemic, partially due to the increasing amount of apartments on the market. Rental prices may start to ease more this…
Dollar Ekes out Gain After Fed Hike Hint; Yen Slips
LONDON—The U.S. dollar strengthened on Thursday after the Federal Reserve left interest rates unchanged but signalled further rate hikes to come this year as attention turned to the European Central Bank policy announcement later in the day. The Fed’s policy decision snapped a string of 10 consecutive rate hikes, but the projections, or dot plot,…
Oil up on Strong China Refinery Data
LONDON—Oil prices rose on Thursday after a plunge the previous day, as data showed a jump in refinery runs at the world’s top crude importer China, but a weak economic backdrop capped gains. Brent crude futures were up 84 cents, or 1.15 percent, to $74.04 a barrel at 0959 GMT. U.S. West Texas Intermediate (WTI)…
Stocks Slip as ECB Prepares Hike After Hawkish Fed Pause
June 15, 2023
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LONDON—World stocks slipped from 18-month peaks and the dollar pushed higher on Thursday as traders readied for what is expected to be the eighth straight rate hike from the European Central Bank (ECB) later. Europe’s groggy start came after Wednesday’s first pause in the U.S. Federal Reserve’s rapid hiking cycle in over a year was…
Regional Banks Scramble to Unload Commercial Real Estate Loans, Fearing New Crisis
June 14, 2023
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The work-from-home trend has been taking its toll on office landlords and is now making its way through to banks’ commercial loan portfolios, leading some analysts to predict that more trauma could be on the way for regional banks this year. And in the current climate of bank failures, short sellers, and nervous depositors, banks…
Rep. Adam Schiff Avoids Censure One Day After Trump Federal Arraignment
Former President Donald Trump raised $2 million just hours after his Tuesday arraignment. And House Republicans moved to censure Rep. Adam Schiff (D-Calif.) for his comments on Trump. We dive into the Presidential Records Act with Mike Davis, founder of the Article III Project. Does Trump have the right to keep his records after leaving office?…
Tough Business Conditions in May Signal More Trouble for Australia’s Economy
The Australian economy is showing obvious signs of a slowdown as local enterprises report declining activities and more challenging business conditions in May, a new report has revealed. According to the latest business survey by the National Australia Bank (NAB), businesses across industries were running out of work to do, implying a worrying trend for…
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