The Chinese communist regime admitted on July 17 that the GDP growth rate in the second quarter of the year was lower than expected. Observers pointed out that China’s economy is actually in stagnation or even decline, as investment and demand both domestic and foreign continue to weaken, with domestic structural problems predicted to lead…
China’s Q2 GDP Growth Slows to 0.8 Percent as Economic Engines Stall
July 20, 2023
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Stock Market Today: Wall Street Climbs Again to Tack More Onto Its Big Rally for the Year
NEW YORK—Another tick higher for Wall Street Wednesday added to its big rally for the year following profit reports from a spate of banks and other big U.S. companies. The S&P 500 rose 10.74, or 0.2 percent, to 4,565.72. After its seventh gain the last eight days, it’s now up nearly 19 percent for the…
How Major US Stock Indexes Fared July 19
Wall Street closed modestly higher following profit reports from a spate of banks and other big U.S. companies. The S&P 500 rose 0.2 percent Wednesday after its seventh gain in the last eight days. The Dow added 109 points, or 0.3 percent, and the Nasdaq edged up less than 0.1 percent. Elevance Health helped lead…
J&J Sues Biden Administration to Block Medicare Drug Price Negotiations
July 19, 2023
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Johnson & Johnson sued to stop the U.S. government from empowering Health and Human Services (HHS) to negotiate lower drug prices for Medicare recipients. The major drugmaker became the third player in the industry attempting to halt the Medicare drug-price negotiations established by the Inflation Reduction Act (IRA), in a claim filed in the U.S. District…
Wall Street Rises at Open as Investors Assess Bank Earnings
Wall Street’s main indexes opened marginally higher on Wednesday as investors digested Goldman Sachs second-quarter results and assessed strong earnings from a number of smaller banks. The Dow Jones Industrial Average rose 39.28 points, or 0.11 percent, at the open to 34,991.21. The S&P 500 opened higher by 8.89 points, or 0.20 percent, at 4,563.87,…
US Corporate Debt Defaults in 2023 Surpass Last Year’s Total: Moody’s
July 19, 2023
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The total amount of corporate debt defaults in the United States this year have already exceeded the amount seen in 2022. Experts have been warning of a wave of defaults to hit the economy for some time due to higher borrowing rates. At least fifty-five American-based companies defaulted on their loans in the first half…
US Retail Sales Rise Moderately; Economy Plodding Along
WASHINGTON—U.S. retail sales rose less than expected in June as receipts at service stations and building material stores declined, but consumers boosted or maintained spending elsewhere, which likely kept the economy on a solid growth path in the second quarter. Overall, the mixed report from the Commerce Department on Tuesday painted a picture of consumer…
Pound Slides After Cooler Inflation Data, Yen Under Pressure Again
LONDON/SINGAPORE—Sterling slid on Wednesday after lower-than-expected British inflation data suggested the Bank of England might not have to raise rates quite as high as expected, while the latest dovish comments from the Bank of Japan caused the yen to soften. The pound dropped as much as 0.8 percent against the dollar to $1.2931, and also…
Brent Oil Hovers Over $80 as Inflation Worries Ease
LONDON—Global oil benchmark Brent hovered above $80 on Wednesday, buoyed by China’s pledge to reinvigorate economic growth and expectations the U.S. Federal Reserve will stop raising interest rates soon. Brent futures rose 38 cents at $80.01 a barrel by 0956 GMT, while U.S. West Texas Intermediate (WTI) crude was up 20 cents to $75.95 per…
Stocks Climb, Sterling Weighed Down as UK Inflation Slows
July 19, 2023
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LONDON, SYDNEY—Global stocks and government bonds rallied on Wednesday as good news on UK inflation added to a picture of cooling price pressures, although the data slammed the brakes on sterling’s recent winning streak. Headline British consumer price inflation fell to 7.9 percent year-on-year in June, against expectations for 8.2 percent, in the latest downside…
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