LONDON—Oil prices fell sharply on Tuesday on a strong dollar, demand-sapping COVID-19 curbs in top crude importer China and fears of a global economic slowdown. Brent crude futures were down by $4.78, or 4.5 percent, at $102.32 a barrel by 1112 GMT, having earlier sunk as low as $101.48. U.S. West Texas Intermediate crude was…
Euro on the Brink of Breaching Parity, Stocks Slide Again
July 12, 2022
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Business & Marketscommoditiescryptocurrencyeconomic policieseconomyglobalinflationMarketsrecessionstocks
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LONDON—The euro sank to within a whisker of parity with the dollar on Tuesday and stock markets fell as the prospect of further central bank tightening and worries about the health of economies worldwide unnerved investors. The dollar’s role as the safe-haven go-to currency for investors worried about the economic outlook has been burnished in…
Europe on Edge as Nord Stream Russian Gas Link Enters Shutdown
July 11, 2022
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Business & Marketscommoditiescrisiseconomic policieseconomyEuropeGasMarketsNordRussiaRussia-Ukraine WarstreamUkraineWorld
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LONDON/FRANKFURT—The biggest single pipeline carrying Russian gas to Germany began annual maintenance on Monday, with flows expected to stop for 10 days, but governments, markets, and, companies are worried the shutdown might be extended because of the war in Ukraine. The Nord Stream 1 pipeline transports 55 billion cubic meters (bcm) a year of gas…
Euro Flirts With Parity as Russian Gas Link Enters Planned Shutdown
LONDON—The euro tumbled towards parity versus the dollar on Monday as the biggest single pipeline carrying Russian gas to Germany entered annual maintenance, with flows expected to stop for 10 days. Investors are worried the shutdown might be extended due to the war in Ukraine, restricting European gas supply further and tipping the struggling eurozone…
Oil Drops on China COVID-19 Worries
LONDON—Oil prices fell on Monday in volatile trade, reversing some gains from the previous session as markets braced for new mass COVID-19 testing in China potentially hitting demand, a concern that outweighed ongoing concerns about tight supply. Brent crude futures fell $1.29, or 1.2 percent, to $105.73 at 0900 GMT, after climbing 2.3 percent on…
Shares Slide Ahead of US Inflation Data, Earnings Hurdles
SYDNEY/LONDON—Shares slid on Monday as investors braced for a U.S. inflation report that could force another super-sized hike in interest rates, and the start of an earnings season in which profits will be under pressure. The STOXX index of European shares fell 1.3 percent, with S&P 500 futures down 0.8 percent and Nasdaq futures off…
Chinese Steelmakers Report Crippling Losses From Weak Demand
July 10, 2022
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Business & MarketsChinaChina Business & Economychina's property marketcommoditieseconomyexcavatorsInvestmentmachineryMarketssteel millssteelmakerszero-covid policy
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Chinese steelmakers have reported significant losses from weak demand and low prices. Data released on June 28 showed that only 15 percent of Chinese steel mills remain profitable, a 27 percent drop from the first quarter and a 59 percent plunge compared to the same period last year. According to China’s National Bureau of Statistics,…
Putin Warns West: Sanctions Risk Energy Price Spike Catastrophe
July 8, 2022
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Business & MarketscommoditieseconomyEuropeGasinflationInternationalMarketsOilpricesPutinRussiaRussia-Ukraine WarWorld
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LONDON—President Vladimir Putin warned the West on Friday that continued sanctions against Russia over the war in Ukraine risked triggering catastrophic energy price rises for consumers around the world. Putin, who casts the sanctions imposed on Russia as a declaration of economic war, said that Western calls to reduce reliance on Russian energy had made…
Oil From US Reserves Sent Overseas as Gasoline Prices Stay High
HOUSTON—More than 5 million barrels of oil that were part of a historic U.S. emergency reserves release to lower domestic fuel prices were exported to Europe and Asia last month, according to data and sources, even as U.S. gasoline and diesel prices hit record highs. The export of crude and fuel is blunting the impact…
Food Prices Fall in June, Cereal Output Seen Slightly Higher, UN Agency Says
July 8, 2022
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Business & MarketscommoditieseconomyEuropeFoodglobalinflationInternationalMarketsUNUncategorizedWorld
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ROME—World food prices fell for a third consecutive month in June, but remained close to record high levels set in March, the United Nations’ food agency said on Friday. The May figure was previously put at 157.4. Despite the monthly decline, the June index was still 23.1 percent higher than a year earlier, pushed up…
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