SINGAPORE/LONDON—Sterling rose on Monday after Britain reversed a plan to cut the highest rate of income tax, while the yen weakened past 145 per dollar, near the level where Japanese authorities intervened last month. The pound touched $1.128 after The UK’s prime minister Liz Truss Monday made a dramatic u-turn on plans to cut taxes for…
Oil Jumps More Than $3 on Supply Concerns
October 3, 2022
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LONDON—Oil prices jumped by more than $3 on supply concerns on Monday. Brent crude futures rebounded $3.37, or 4 percent, to $88.51 a barrel by 1100 GMT. U.S. West Texas Intermediate crude was up 4.1 percent, or $3.29, at $82.78. Oil prices have tumbled for four straight months since June, as COVID-19 lockdowns in top energy…
World Shares Mostly Lower as Recession Fears Deepen
October 3, 2022
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BANGKOK—Shares dropped in Europe and Asia on Monday while oil prices surged more than $3 a barrel amid dire warnings over energy shortages in Europe if Russia cuts off gas supplies. Germany’s DAX fell 1 percent to 11,998.26 while the CAC 40 in Paris shed 1.2 percent to 5,690.88. Britain’s FTSE 100 lost 0.8 percent…
Euro Falls After Inflation Data but Heads for Weekly Gain
LONDON—The euro dropped on Friday after inflation in the eurozone hit a record high, but headed for a weekly gain on hawkish signals from the European Central Bank as some calm returned to foreign exchange markets at the end of a wild week. Sterling was also lower as end-of-quarter demand boosted the dollar, but was…
Oil Set for Weekly Gain as OPEC+ Considers Output Cut
September 30, 2022
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LONDON—Oil prices were on track for their first weekly gain in five on Friday, underpinned by a weaker dollar and the possibility that OPEC+ will agree to cut crude output when it meets on Oct. 5. Brent crude futures for November, which expire on Friday, rose by 95 cents, or 1.07 percent, to $89.44 a…
Global Stocks Mixed After Eurozone Inflation Rises
September 30, 2022
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BEIJING—Global stocks were mixed Friday after inflation in 19 countries that use Europe’s euro currency spiked to a record and Chinese factory activity weakened. London and Frankfurt opened higher. Shanghai and Tokyo declined while Hong Kong advanced. Wall Street futures rebounded after the benchmark S&P 500 index fell Thursday to its lowest level in almost…
World Bank’s Malpass Sees Risk of Stagflation, Likely Recession in Europe
September 29, 2022
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Business & MarketsDavid Malpasseconomic policieseconomyenergyEuropeglobalinflationInternationalMarketsrecessionRussia-Ukraine WarstagflationWorld
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WASHINGTON—World Bank President David Malpass on Wednesday warned that it could take years for global energy production to diversify away from Russia after its invasion of Ukraine, prolonging the risk of stagflation, or a period of low growth and high inflation. In a speech at Stanford University, Malpass said there was an increased likelihood of…
Sterling Volatile as PM Defends Plan, Euro Drops With Inflation Data in Focus
LONDON—Sterling and the euro fell on Thursday as Prime Minister Liz Truss defended her government tax-cutting budget, while relief at the Bank of England’s intervention in bond markets faded. Investors also awaited German inflation data. The British currency jumped the most since mid-June on Wednesday after the BoE announced an emergency bond-buying plan to shore…
Oil Rises Towards $90 on Production Cuts Caused by Hurricane Ian
September 29, 2022
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LONDON—Oil prices firmed on Thursday, erasing earlier losses, as oil production was shut down by Hurricane Ian in the Gulf of Mexico, though a stronger dollar and weak economic outlook kept a lid on gains. Brent crude futures rose 52 cents, or 0.6 percent, to $89.84 a barrel by 1027 GMT and U.S. crude futures rose by…
Global Stocks Fall After UK’s Truss Defends Tax Cuts
September 29, 2022
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BEIJING—European stocks tumbled Thursday and Asian markets were mixed after British Prime Minister Liz Truss defended a tax-cut plan that rattled investors. London’s market benchmark plunged 2.3 percent and Frankfurt lost 1.9 percent in early trading. Shanghai and Hong Kong also declined. Tokyo and Seoul advanced. The future for Wall Street’s benchmark S&P 500 index…
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