LONDON—Amazon and Apple earnings took the froth out of U.S. stock futures and world equities on Friday, though the euro held near one-month highs on euro zone rate rise hopes. Amazon.com reported a slump in profit after the bell on Thursday that it expects will continue through the holiday quarter, as higher pay to attract…
Amazon, Apple Weigh on Stocks, Rate Hike Hopes Underpin Euro
October 29, 2021
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Detroit’s Auto Production Slump Biggest Soft Spot in Weak GDP Number
The chip shortage-driven auto production slump was the single biggest factor depressing U.S. economic output in the third quarter, shaving over 2 percentage points off the gross domestic production (GDP) number, which disappointed with its below-expectations print. The U.S. economy expanded at an annualized pace of 2.0 percent in the third quarter, the Commerce Department’s…
Microsoft to Work With Community Colleges to Fill 250,000 Cyber Jobs
October 29, 2021
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Microsoft Corp. on Thursday said it plans to work with community colleges across the United States to fill 250,000 cybersecurity jobs over the next four years. Microsoft said it will provide scholarships or assistance to about 25,000 students and will provide training for new and existing teachers at 150 community colleges across the country. The…
Exor, Covea Clinch $9 Billion PartnerRe Reinsurer Deal on Pre-Pandemic Terms
MILAN—Exor, the holding company of Italy’s Agnelli family, has entered a preliminary agreement to sell its PartnerRe re-insurer to French insurance group Covea for $9 billion, bringing home a deal that had been derailed by the coronavirus pandemic. The price tag is unchanged from last year, when Covea walked away from the purchase of the…
Treasury Secretary Says Spending Packages Will Change US Economy for the Better
WASHINGTON—U.S. Treasury Secretary Janet Yellen said on Thursday that President Joe Biden’s social spending and infrastructure packages would change the shape of the U.S. economy for the better and drive inflation down. Biden on Thursday unveiled a $1.75 trillion economic and climate change plan that he said unified Democrats and which was then was quickly…
US GDP up 2 Percent in Q3: ‘Very Disappointing’
Investors got some disappointing news about the economic rebound Thursday when the U.S. Commerce Department reported third-quarter GDP growth that fell short of economist expectations. What Happened? U.S. GDP grew just 2% in the third quarter, short of economist estimates of 2.8 percent. Third-quarter growth represented the slowest rate since the pandemic recovery began. Why…
US Trade Chief Tai Says She Wants to Dial Down Temperature in US-China Relations
October 28, 2021
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U.S. Trade Representative Katherine Tai said her focus in engaging with China will be reducing tensions in the fraught trading relationship between the world’s two largest economic powers. Bilateral ties have come to a point where “it feels kind of like a pile of dry tinder,” Tai said at an Oct. 28 meeting at the…
Dollar Falls on Euro Strength After ECB Meeting as Rates Move
October 28, 2021
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NEW YORK/LONDON—The euro rose sharply against the U.S. dollar on Thursday as foreign currency traders sorted through moves in the interest rate markets and comments by the European Central Bank President Christine Lagarde. The euro rose nearly 0.7 percent to at $1.168 at 1425 GMT. The dollar index of major currencies fell 0.6 percent to…
Weekly Jobless Claims Fall to New Pandemic-Era Low
The number of American workers filing for unemployment benefits last week fell more sharply than economists expected and hit a fresh pandemic-era low. First-time filings for unemployment insurance—a proxy for layoffs—came in at 281,000 for the week ending Oct. 23, the Labor Department said in a statement (pdf). The consensus forecast was for 290,000 claims. “After…
‘Inflation, Inflation, Inflation’ Still Seen as Temporary, Lagarde Says
FRANKFURT—The European Central Bank still sees a recent rise in euro zone inflation to above its 2 percent target as temporary and expects price pressures to ease next year, ECB President Christine Lagarde said on Thursday. She acknowledged the decline would take longer than ECB had initially expected but said favourable financing conditions created by…
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