WASHINGTON—Contracts to buy U.S. previously owned homes unexpectedly fell in September likely as some potential buyers delayed purchases amid higher prices. The National Association of Realtors (NAR) said on Thursday its Pending Home Sales Index, based on signed contracts, decreased 2.3 percent last month to 116.7. Pending home sales fell in all four regions. Economists…
Gold Still Below Record High as Metal Fails to Surge on Inflation
Gold futures are poised to finish October about three percent higher, trading around $1,800 per ounce. However, year-to-date, the precious metal is still down approximately five percent. Silver, which is on track for a nine percent gain this month, has performed even worse in 2021 as prices have slumped roughly nine percent year-to-date. It has…
Mastercard Profit Beats as Easing Pandemic Curbs Lift Cross-Border Spending
October 28, 2021
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Mastercard Inc. reported better-than-expected profit for the fourth consecutive quarter on Thursday, as easing of pandemic-era restrictions drove a healthy recovery in cross-border spending and lifted domestic spending. Shares were up nearly 3 percent at $345 in premarket trading. After more than a year of staying homebound, customers have started venturing out for travel, dining,…
Taco Bell, KFC Power Yum Brands Quarterly Profit, Revenue Beat
KFC owner Yum Brands Inc. beat Wall Street estimates for quarterly revenue and profit on Thursday, as steady demand for its fried chicken and tacos cushioned the blow from a slowdown in sales in its Pizza Hut chain. Rival fast-food chains Chipotle Mexican Grill and McDonald’s have also delivered a strong beat in the quarter,…
China Has Been ‘Taking Advantage’ of the WTO for 20 Years: Experts
October 28, 2021
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China has not lived up to its commitments on fair trade in the past two decades, and has little will to do so, despite the world looking to its transition toward free-market capitalism, experts said. “China has never really observed the rules of the World Trade Organization. It has taken advantage of the World Trade…
China Power Generators’ Profits Tumble on Record Coal Prices
BEIJING—Earnings for China’s power utilities during the first three quarters of 2021 have plunged as the companies were squeezed by surging coal costs that they could not pass on to consumers. Huadian Power International, a subsidiary of China Huadian Corp., on Tuesday reported profits for the January-September period dropped 58 percent from a year earlier…
Inflation: Transitory or Permanent?
Inflation is still running high, and many still believe that it’s a temporary post-pandemic phenomenon. However, structural changes taking place in the economy suggest that prices may not go back to normal anytime soon. Some economists and investors have argued that excessive stimulus spending and money creation to fight the pandemic are the real culprits causing…
Legault Turns His Back on Fossil Fuel Development in Quebec
Quebec Premier François Legault recently declared that the province is completely done with fossil fuel extraction and is now being pressured not to compensate the impacted companies. During his speech to open the new legislative session on Oct. 19, Legault said that going forward, Quebec needs to “count on its assets to profoundly transform our economy”…
ECB Holds Policy Unchanged, Keeping Stimulus Taps Wide Open
FRANKFURT—The European Central Bank left policy unchanged on Thursday as widely expected, holding fire before a set of crucial decisions in December on ending pandemic emergency stimulus and returning policy to a more normal setting. Confirming its policy stance, the ECB will continue to buy bonds at a “moderately lower” pace this quarter than in…
5 Percent of Unvaccinated Workers Have Left Job Over Vaccine Mandate: Survey
Five percent of unvaccinated workers have left their jobs over workplace vaccine mandates, while 37 percent say they plan to do so if their employers impose such requirements, according to a new poll, which provides an early indication of labor market impacts of mandates. The survey, carried out by the Kaiser Family Foundation on a…
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