Since the turn of the century, U.S. constitutional guarantees of economic freedom have been eroding. A combination of government, businesses, and social media firms have recently placed serious limits on individual freedom of speech and actions. The result has hastened the denigration of U.S. economic freedom. The Washington, D.C.-based Heritage Foundation publishes measures of economic freedom…
The Economic Impact of Recent Court Decisions
July 20, 2023
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Nasdaq, S&P 500 Slide at Open as Tesla, Netflix Drag
The tech-heavy Nasdaq and the S&P 500 fell on Thursday, dragged down by Tesla over price cut concerns, while Netflix slid after its quarterly revenue missed analysts’ estimates. The Dow Jones Industrial Average rose 30.77 points, or 0.09 percent, at the open to 35,091.98. The S&P 500 opened lower by 11.34 points, or 0.25 percent,…
Chinese E-Retailer Temu Sues Fast-Fashion Giant Shein Over Alleged ‘Anticompetitive Scheme’
Chinese e-retailer Temu has filed a lawsuit against fellow Chinese fast-fashion giant Shein, accusing the latter of engaging in an “anticompetitive scheme” aimed at stymieing its business. The lawsuit (pdf) was filed in Massachusetts court on July 14 and accuses Shein of engaging in a “campaign of threats, intimidation, false assertions of infringement, and attempts to impose…
Housing Starts Tumble Despite Signs of an Improving Home Sales Market
July 20, 2023
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Business & Marketsconstructioneconomic policieseconomyHome saleshousing startsinflationInvestmentMarketsmortgage ratesreal estateUSUS NewsUS Real Estate
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The number of housing starts tumbled last month, despite signs that the home sales market is heating up again after falling. Housing starts take into account the change in the number of new residential buildings beginning construction. New single-family home construction fell 8 percent from May to June, according to July 19 report from the U.S. Census…
Musk Open to Price Cuts as Tesla Bets on Self-Driving Future
Elon Musk is prioritizing sales over profits in hopes that Tesla’s full self-driving software would eventually burnish margins, a plan that could deepen an already fierce price war in the electric-vehicle industry. Shares of the automaker fell 3 percent before the bell on Thursday after Mr. Musk signaled there might not be any let-up in…
Dollar Steadies After One-Two Punch From Aussie, Chinese Yuan
LONDON—The dollar held mostly steady against the euro and the yen on Thursday, but dropped against the Australian dollar after domestic job data beat expectations, and against the yuan, which received a lift from Chinese monetary authorities. The dollar is heading for its first weekly gain in nearly a month against a basket of currencies,…
Oil Edges Higher on Lower US Crude Stocks, Cautious Outlook
LONDON—Oil prices crept higher on Thursday as a lower-than-expected drop in U.S. crude inventories and a weaker demand outlook kept investors cautious. September Brent futures climbed 6 cents, or 0.1 percent, to$79.52 a barrel by 0929 GMT, while August U.S. West Texas Intermediate (WTI) crude gained 21 cents, or 0.3 percent, to $75.56 a barrel….
Data With Chinese Characteristics
July 20, 2023
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Business & MarketsBusiness ColumnistsChina Business & EconomyChina GDPChina NewsLaw Ka-chungOpinionThinking About ChinaViewpoints
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//Commentary// China released its latest GDP figure showing strong 6.3 percent year-on-year growth in the second quarter. There is, of course, a low base effect in play, given the 0.4 percent year-over-year growth in 2022Q2. A simple way to adjust such an effect is to sum the two numbers that differ by four quarters. The…
Stocks Shuffle Sideways, China Drips in More Support
July 20, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—World share markets shuffled sideways on Thursday as investors looked ahead to a clutch of key central bank meetings next week and disappointing earnings from Netflix and Tesla pushed Wall Street futures lower. There had been pockets of gains in Asia and in commodities markets overnight after China pledged some additional support for its economy…
SEC Requests Bigger Budget to Tackle ‘Wild West of the Crypto Markets’
July 20, 2023
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Business & Marketscongresscryptocurrencyeconomic policiesgary genslerMarketsPoliticsSecurities and Exchange Commission (SEC)USUS News
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Securities and Exchange Commissioner (SEC) Chair Gary Gensler supported the White House’s budget boost request for the stock market watchdog. But Mr. Gensler warned that the funds appropriated were tens of millions of dollars less than what his federal agency originally requested for the upcoming fiscal year. The Senate Appropriations Committee appropriated $2.4 billion to…
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