BEIJING—Global stocks and Wall Street futures rebounded Friday after tumbling the previous day on fears economic activity will be depressed by interest rate hikes to cool inflation. London, Frankfurt, Shanghai, and Hong Kong advanced. Tokyo retreated. Oil prices rose to stay close to $120 per barrel. Wall Street’s S&P 500 index lost 3.3 percent on…
Unilever Switches Some Ingredients to Adapt to Commodities Shortages
June 16, 2022
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Business & MarketscommoditiesCompanieseconomic policieseconomyEuropeingredientsMarketsRussia-Ukraine WarshortagesUnileverWorld
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LONDON— As commodities—from crude oil to sunflower oil—remain in short supply, Britain’s Unilever has changed the ingredient makeup for some of its products like deodorants and packaged food to cut costs and mitigate supply constraints. The ability to switch ingredients and materials, something consumer goods manufacturers traditionally find difficult, became even more valuable after Ukraine’s…
Russian Gas Flows to Europe Fall, Hindering Bid to Refill Stores
LONDON—Russian gas supply to Europe via the Nord Stream 1 pipeline fell further on Thursday and Moscow said more delays in repairs could lead to suspending all flows, putting a brake on Europe’s race to refill its gas inventories. The faltering flows came as the leaders of Germany, Italy, and France visited Ukraine, which is…
Exxon Mobil Fires Back at Biden After Letter Warning Use of Emergency Powers
June 16, 2022
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Business & MarketscommoditiesCompanieseconomic policiesExecutive BranchExxon Mobilgas pricesinflationMarketsPoliticsUSUS News
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Exxon Mobil fired back at President Joe Biden’s letter calling on U.S. energy producers to bring “near-term solutions” to address rising gas prices and decades-high inflation. “In the short term, the U.S. government could enact measures often used in emergencies following hurricanes or other supply disruptions—such as waivers of Jones Act provisions and some fuel…
ExxonMobil Fires Back at Biden After Letter Warning Use of Emergency Powers
June 16, 2022
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Business & MarketscommoditiesCompanieseconomic policiesExecutive BranchExxon Mobilgas pricesinflationMarketsPoliticsUSUS News
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The Exxon Mobil Corportation fired back at President Joe Biden’s letter calling on U.S. energy producers to bring “near-term solutions” to address rising gas prices and decades-high inflation. “In the short term, the U.S. government could enact measures often used in emergencies following hurricanes or other supply disruptions—such as waivers of Jones Act provisions and…
Japan Runs Biggest Trade Deficit in More Than 8 Years in May
TOKYO—Japan ran its biggest single-month trade deficit in more than eight years in May as high commodity prices and declines in the yen swelled imports, clouding the country’s economic outlook. The growing trade deficit underscores the headwinds the world’s third-largest economy faces from a slide in the yen and surging costs of fuel and raw…
Oil Prices Fall After US Rate Hike, but Tight Supply Still in Focus
June 16, 2022
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LONDON—Oil prices erased early gains to head lower on Thursday, a day after a fall triggered by a U.S. interest rate hike, though tight supply limited losses. Brent crude futures were down 45 cents, or 0.4 percent, to $118.06 a barrel by 0906 GMT while U.S. West Texas Intermediate (WTI) crude futures fell 44 cents…
World Shares Mostly Lower as US Rate Hike Relief Rally Fades
TOKYO—Global shares were mostly lower Thursday after the Federal Reserve raised its key interest rate by three-quarters of a point and signaled more rate hikes were coming to fight inflation. European benchmarks and U.S. futures slipped after Tokyo and some other markets tracked Wall Street’s gains of the day before. Shares in New York rallied…
Drivers Shrug Off Soaring Fuel Prices, for Now
LONDON—Drivers around the world are tolerating record-high prices for road fuels, as mobility wins out for now over other spending in squeezed household budgets, data showed. The high prices have not yet breached the pain threshold for drivers in major demand centers. But that might change once U.S. drivers have to pay more than $6…
Major Recession Only Realistic Way for Gasoline Price to Drop: Experts
The only thing that could curb the current record-high gasoline prices would be a major drop in demand, i.e. a recession, according to several experts. Theoretically, a major shift in U.S. foreign and energy policy could make a difference too, but nobody seems to realistically expect that to happen. Gas prices have particularly pained Americans,…
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