LONDON—The dollar edged lower on Monday as traders stayed on guard ahead of policy decisions this week from several central banks, including the Federal Reserve, who are expected to keep interest rates on hold for the first time since January 2022. Monetary policy meetings of the Fed, the European Central Bank (ECB) and the Bank…
Oil Prices Fall, US Fed Rate Decision in Focus
LONDON—Oil prices fell $2 on Monday ahead of a U.S. Federal Reserve meeting as investors tried to gauge the central bank’s appetite for further rate hikes, while concerns about China’s fuel demand growth and rising Russian crude supply weighed on the market. Brent crude futures fell $1.91, or 2.5 percent, to $72.88 a barrel by…
European Stocks Rise Ahead of Inflation Data, Central Bank Meetings
June 12, 2023
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LONDON—European stocks rose in early trading on Monday and world stocks were just below 13-month highs ahead of key inflation data and U.S. Federal Reserve and European Central Bank meetings later in the week. After lacking direction during Asian trading, market sentiment picked up in early European trading, as investors waited for U.S. CPI data…
3D-Printed Homes Hit the Market in Texas
A housing project has put up 3D-printed homes for sale in the Austin region, which is said to be the first such project in the United States. The project, first announced by construction startup Icon last year, is being built at Wolf Ranch, a master planned community in the city of Georgetown, Texas, located 25 miles…
Spike in US Corporate Bankruptcies, Number of Filings Highest in Over a Decade
Corporate bankruptcies in the United States rose in May, based on the latest reports, with the first five months of 2023 seeing the highest number of filings since 2010. There were 54 corporate bankruptcy filings in May, up from 52 in April, according to a June 6 report published by S&P Global. In the first…
China’s Producer Price Inflation Falls 4.6 Percent in May Amid Overall Deflation Risk
June 9, 2023
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China’s Producer Price Index (PPI) fell for the eighth straight month in May, fortifying concerns about the economy slipping into a deflationary situation. Data from China’s National Bureau of Statistics show that the country’s PPI for May declined by 4.6 percent year over year, according to Reuters. This is the eighth consecutive monthly decline and…
Windfall Tax to Be Scrapped If Oil and Gas Prices Fall to ‘Normal Levels’
The government has announced it will remove the windfall tax on oil and gas companies if energy prices fall to “normal levels.” The temporary windfall tax was announced last year by then-Chancellor Rishi Sunak to fund a relief package for households struggling with rising bills following Russian President Vladimir Putin’s invasion of Ukraine. The levy…
Alternative Payment Systems Pose ‘Long-Term Threat’ to US Dollar Supremacy, Experts Warn
A potential long-term threat to the U.S. dollar as the chief global reserve currency is the increase and expansion of alternative cross-border payment systems, including the ones developed by China and Russia, according to a panel of experts. Countries worldwide, especially adversaries to the U.S. government, have been developing a wide range of cross-border payment…
A Bipartisan Credit Card Bill Reintroduced In Congress to Foster Greater Competition
June 9, 2023
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A new credit card bill that targets the monopoly of Visa and Mastercard over the credit card industry has triggered swift reaction from lobbyists. A bipartisan group of lawmakers, led by Rep. Lance Gooden (R-Tex.), introduced new legislation that would significantly reform the credit card industry and create greater competition for the benefit of consumers….
Wall Street Opens Higher on Tesla Boost, Fed Meet in Focus
Wall Street indexes opened higher on Friday as Tesla shares jumped on a tie-up with General Motors, though investors largely remained on the sidelines ahead of inflation data and U.S. monetary policy decision next week. The Dow Jones Industrial Average rose 18.83 points, or 0.06 percent, at the open to 33,852.44. The S&P 500 opened…
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