LONDON—Sterling tumbled again on Wednesday after the Bank of England (BOE) said it would step in to prop up the gilt market, the latest sign of nerves in financial markets which helped nudge the dollar to its latest two-decade peak. The BOE said it would buy as many long-dated government bonds as needed between now…
Sterling Slides After BOE Jumps Into Gilt Market, Dollar Marches On
Oil Prices Stable as Soaring Dollar Offset by US Output Outages
September 28, 2022
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LONDON—Oil prices were broadly stable on Wednesday as pressure from a strengthening dollar and crude storage builds was offset by U.S. production cuts caused by Hurricane Ian. Brent crude futures were up 5 cents, or 0.06 percent, at $86.32 per barrel by 0937 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 9…
World Shares Sharply Lower After Wobbly Day on Wall Street
September 28, 2022
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TOKYO—World shares tumbled Wednesday after a wobbly day on Wall Street as markets churned over the prospect of a possible recession. U.S. futures and oil prices declined and China’s yuan weakened sharply. Trading has been volatile since the Dow Jones Industrial Average followed other major U.S. indexes into a bear market earlier this week. In…
Droughts, Ukraine War Push Global Grain Stocks Toward Worrying Decade Low
September 27, 2022
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CHICAGO—The world is heading toward the tightest grain inventories in years despite the resumption of exports from Ukraine, as the shipments are too few and harvests from other major crop producers are smaller than initially expected, according to grain supply and crop forecast data. Poor weather in key agricultural regions from the United States to…
Dollar Pauses for Breath as Fragile Pound Edges Up
LONDON/SYDNEY—The dollar took a pause on Tuesday in what has been a relentless climb higher as under-fire sterling as well as the euro and Japanese yen recovered some ground from multi-year lows, but medium-term fundamentals were still in the greenback’s favor. Sterling climbed over 1 percent to $1.0810, on track for its biggest daily percentage…
Oil Rises From 9-month Low on US Gulf Supply Cuts, Softer Dollar
September 27, 2022
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LONDON—Oil rose more than 1 percent on Tuesday from a nine-month low a day earlier, supported by supply curbs in the U.S. Gulf of Mexico ahead of Hurricane Ian and a slight softening in the U.S. dollar. Analyst expectations that the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, may take action…
World Stocks Edge Above November 2020 Lows, Sterling Recovers Some Ground
September 27, 2022
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LONDON/HONG KONG—World stocks picked up from 21-month lows on Tuesday and sterling rallied after hitting record lows versus the dollar a day earlier on UK plans for tax cuts, as market slides ran out of steam. U.S. S&P futures bounced 0.94 percent after Wall Street fell deeper into a bear market on Monday, benchmark 10-year…
Sterling Crumbles to All-Time Low, Euro at 20-year Low
LONDON—Sterling crashed to a record low early on Monday as traders rushed for the exits on mounting concern that the new government’s economic plan will stretch Britain’s finances to the limit. The British pound’s searing drop helped lift the safe-haven U.S. dollar to a new two-decade peak against a basket of major currencies, while the…
Oil Prices Hit Nine-Month Low on Recession Fears
September 26, 2022
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LONDON—Oil prices hit nine-month lows on Monday, driven down by an expected decline in fuel demand as rising interest rates raise the likelihood of global recession, with further price pressure coming from a surging U.S. dollar. Brent crude futures for November settlement slipped by 82 cents, or 1 percent, to $85.33 a barrel at 1110…
World Shares Mixed; British Pound Slides on Tax Cut Concerns
September 26, 2022
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TOKYO—Global shares were mixed Monday while the British pound declined to an all-time low against the U.S. dollar on concerns over planned tax cuts. France’s CAC 40 rose 0.2 percent in early trading to 5,795.88, while Germany’s DAX added 0.2 percent to 12,311.57. Britain’s FTSE 100 edged 0.1 percent higher to 7,025.51. The futures for…
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