Consumer spending—a key driver of the U.S. economy—saw a modest bump in September, even as inflation remained stuck at a 30-year high for the fourth month in a row and labor costs in the third quarter rose at their highest level in 20 years. The Commerce Department said on Oct. 29 that that the Fed’s preferred…
Consumer Spending Sees Modest Rise as Inflation Stays Stubbornly High
Canada Economy Seen Weaker Than Expected as Supply Chain Woes Weigh
OTTAWA—The Canadian economy most likely underperformed expectations in the third quarter amid ongoing supply chain woes and a brutal drought, official data suggested on Friday, prompting analysts to forecast the Bank of Canada could move slower on rate hikes. The economy expanded by 0.4 percent in August, missing estimates, and looked set to show no…
Meta Platforms Shares Rise as Facebook Rebrands to Focus on Metaverse
October 29, 2021
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Shares of Meta Platforms Inc. rose marginally in premarket trading on Friday after social media giant Facebook rebranded itself to build the “metaverse”, a shared virtual environment. Chief Executive Officer Mark Zuckerberg said on Thursday the new name reflects the company’s work invested in the metaverse, rather than its namesake social media service, which will…
ECB Survey Shows Euro Zone Inflation Just Below Goal in 2022
FRANKFURT—Euro zone inflation will be higher in the coming years than earlier predicted and will come in just below the European Central Bank’s 2 percent target in 2022, a survey by the ECB showed on Friday. Consumer price growth is now seen averaging 2.3 percent this year and 1.9 percent the next, the Survey of…
Fed’s Preferred Inflation Gauge Shows Price Pressures Stuck at 30-Year High 4th Month In a Row
Inflation continued to run red hot in September, with the Commerce Department reporting that the headline Personal Consumption Expenditures (PCE) index surged 4.4 percent over the year, to a level not seen since 1991. Meanwhile, the core PCE inflation index, which excludes the volatile categories of food and energy and is the Federal Reserve’s preferred…
European Consumer Prices Hit Highest Level in Over 13 Years
LONDON—Consumer prices across the 19 European Union countries that use the euro currency have spiked to the highest level in over 13 years on the back of soaring energy prices and pent-up demand during the pandemic recovery, official figures showed Friday. Eurostat, the European Union’s statistics agency, said inflation across the bloc rose to 4.1…
Daimler Powers Through Chip Crunch, 2021 Targets on Track
LONDON—Daimler AG reported a higher quarterly profit on Friday despite a 30 percent drop in Mercedes-Benz unit sales due to a global semiconductor chip shortage, as it focused on more profitable luxury cars and cut costs, and said it should meet its 2021 profit targets. The German premium carmaker said it expects chip supplies to…
Yellen Says Biden’s Spending Bill Will Be Anti-Inflationary, Stands By ‘Transitory’ Inflation Narrative
Treasury Secretary Janet Yellen said Friday said she continues to see inflation as a temporary supply side-driven phenomenon that will normalize next year, and that President Joe Biden’s big spending package will actually have an anti-inflationary effect by smoothing some supply-side dislocations and footing the bill for some costs facing American families. Yellen made the…
Futures Slip After Apple, Amazon Results Reignite Supply, Labor Woes
October 29, 2021
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The S&P 500 and the Nasdaq indexes looked set to drop from record highs on Friday, as results from mega-cap firms Apple and Amazon.com reignited concerns of labor and supply shortages that have been at the forefront of this quarterly earnings season. Market participants have been closely watching how corporate America navigates through these challenges…
Euro Slips to More Than 1-Year Lows Versus Swiss Franc on Dovish ECB
October 29, 2021
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LONDON—The euro slipped broadly against its rivals on Friday, falling to more than one-year lows against the Swiss franc, as Italian bond yields resumed their upward march a day after the European Central Bank struck a dovish note at a policy meeting. At the meeting President Christine Lagarde disappointed market expectations that she would push…
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