Citigroup economists on Wednesday raised their global growth forecast slightly and see a “less hard” landing but still expect the world’s economy to grow at the slowest pace in 40 years. The Wall Street brokerage now sees global growth slowing this year to about 2.2 percent, 0.25 percent higher than their previous estimate due to…
Citigroup Expects ‘Less Hard’ Landing for Global Economy This Year
February 22, 2023
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Dollar Builds on Gains as Economy Shines in February
LONDON/SINGAPORE—The dollar rose slightly on Wednesday, continuing to trade near six-week highs on the back of strong economic data. Survey data released on Tuesday showed U.S. business activity unexpectedly rebounded in February to reach its highest in eight months. In the eurozone, a survey-based gauge of activity also surged, hitting a nine-month high. The signs…
Oil Falls on Fuel Demand Woes Ahead of US Fed Comments
February 22, 2023
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LONDON—Oil prices fell for a third trading session on Wednesday as concerns about fuel demand were stoked by expectations that minutes due from the U.S. Federal Reserve will indicate a need to hike interest rates. Brent crude futures for April delivery fell $1.13, or 1.36 percent, to $81.92 a barrel by 1025 GMT. West Texas…
Global Shares Follow Wall Street Lower in Rate Hike Fears
February 22, 2023
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TOKYO—Global shares declined Wednesday after stocks tumbled on Wall Street as worries persist about higher interest rates and their tightening squeeze on the global economy. France’s CAC 40 slipped nearly 0.8 percent in early trading to 7,252.50. Germany’s DAX fell 0.7 percent to 15,290.37. Britain’s FTSE 100 dropped 0.9 percent to 7,902.44. The futures for…
Euro Struggles, but Robust Services Data Stems Losses
LONDON—The euro stayed under pressure on Tuesday after data showed eurozone manufacturing activity deteriorated this month, although a rebound in the more inflation-sensitive services sector kept losses in check. The euro has been struggling against the dollar in particular over the past couple of weeks, after strong U.S. labor data and signs of persistent inflation…
Shares Slip as Key Economic Data Looms
February 21, 2023
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LONDON/SINGAPORE—European stocks fell on Tuesday ahead of key data that will offer a window into the health of major economies, while the dollar hovered close to its highest in six weeks. The eurozone, Britain, France, and the United States are all set to publish flash February PMI data, with market players watching for signs of…
Dollar Edges Lower From 6-Week Peak, Eyes on Fed
LONDON—The dollar edged lower on Monday but remained close to Friday’s six-week high, as a recent flurry of positive economic data reinforced market expectations of tighter monetary policy from the Federal Reserve. The U.S. dollar index, which measures it against six other major currencies, slipped 0.14 percent to 103.83, though is up almost 1.8 percent…
Oil Rises on China Demand Optimism and Supply Concerns
February 20, 2023
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LONDON—Oil prices rose on Monday, buoyed by optimism over Chinese demand, continued production curbs by major producers, and Russia’s plans to rein in supply. Brent crude rose 59 cents, or 0.7 percent, to $83.59 a barrel by 1020 GMT. U.S. West Texas Intermediate (WTI) crude for March, which expires on Tuesday, was up 58 cents,…
Shares Edge Up as US Holiday Interrupts Interest-Rate Reality Check
February 20, 2023
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LONDON—Global shares edged up on Monday as a U.S. holiday made for slow trading ahead of minutes of the latest Federal Reserve meeting and a reading on core inflation that could add to the risk of interest rates heading higher for longer. The dollar, which is heading for its largest one-month rise since September in…
Dollar Powers to 6-Week High as Interest Rate Expectations Rise
LONDON/SINGAPORE—The dollar rose to a six-week high on Friday as strong U.S. economic data and comments from Federal Reserve officials led to traders betting more interest rate rises are coming. Data on Thursday showed the number of Americans filing new claims for unemployment benefits unexpectedly fell last week, and that monthly producer prices increased by…
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