WASHINGTON—The number of Americans filing new claims for unemployment benefits fell last week by the most in 20 months, the latest sign of the economy’s resilience that could push the Federal Reserve to resume raising interest rates in July. The unexpected decline in applications reported by the Labor Department on Thursday reversed a recent jump,…
US Weekly Jobless Claims Post Biggest Drop in 20 Months as Economy Shows Stamina
June 30, 2023
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Dollar Firm Ahead of PCE Numbers, Briefly Pokes Head Above 145 Yen
SINGAPORE/LONDON—The yen briefly weakened past the closely watched 145 per dollar level on Friday although traders’ fears of intervention by Japanese authorities kept it in check, while the dollar was also strong more broadly ahead of U.S. inflation data. Barring unexpected interventions, the day’s main event for FX markets is the U.S. personal consumption expenditure…
Stocks Show Resilience to Wall of Rates and Inflation Worries
June 30, 2023
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LONDON—Global shares were steady on Friday as investors scrutinized inflation data from both sides of the Atlantic to cap a rollercoaster quarter for markets that upended bets on interest rates peaking. Oil was poised for its first monthly gain this year, as a big drawdown in U.S. oil stocks outweighed concerns that fuel demand will…
Banks Pass Fed Stress Test With Mixed Outlook for Higher Payouts
June 29, 2023
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The top U.S. banks all passed the Federal Reserve’s annual stress test, which is closely watched by the financial industry, which brought much relief to investors. The 23 financial institutions subject to the Fed’s annual bank stress test were expected to pass with little issue. The assessment was a major hurdle towards paying billions of dollars to…
Inflation Woes Take Precedence Over Healthy Eating for Most Canadians: Federal Audit Report
Inflation woes have taken precedence over healthy eating for many Canadians as less than one-third of the population is consuming the minimum daily servings of fruit and vegetables recommended by the country’s official food guide, according to a federal audit report. Published on June 12, the report noted that Canada’s food guide, launched by the…
US Economic Growth Last Quarter Is Revised Up to 2 Percent Annual Rate
WASHINGTON—Showing surprising resilience in the face of higher interest rates, the U.S. economy grew at a 2 annual pace from January through March as consumers spent at the fastest pace in nearly two years. Thursday’s revised figure from the Commerce Department sharply upgraded its assessment of first-quarter growth from its previous estimate of a 1.3…
Dollar Holds Near 7-month High Versus Yen on Policy Split; Swedish Crown Record Low
LONDON—The U.S. dollar touched a more than seven-month high against the Japanese yen on Thursday after their respective central banks reaffirmed divergent policy plans, while Sweden’s crown hit a record low after the Riksbank modestly raised its policy rate. Federal Reserve Chair Jerome Powell—speaking on a panel with Bank of Japan Governor Kazuo Ueda on…
Stocks Shrug Off Inflation Angst, Yen Bows to Dollar
June 29, 2023
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LONDON—World shares and the dollar inched higher and gold was at a three-month low on Thursday as traders’ attention continued to swing between the battle to lower inflation and speculation about currency market intervention in China and Japan. Europe’s regional STOXX 600 index barely budged in early trading after what had been its biggest rise…
Inflation Drop In May Brings Hopes About Pause on Interest Rate Hikes
A surprise drop in inflation in May has strengthened speculations about a pause on the Reserve Bank of Australia’s (RBA) aggressive interest rate hiking cycle. However, it is still too early to conclude that inflation has been successfully tamed. According to the Australian Bureau of Statistics (ABS), the monthly CPI (consumer price index) plunged from…
Banks Have Questions to Answer Over Interest Rate Rises for Savers, Says Minister
Banks have questions to answer about how quickly they have been passing on interest rate rises to savers, a Cabinet minister has said. Last week, the Bank of England raised interest rates from 4.5 to 5 percent, a level last seen in April 2008. It was the 13th consecutive rate increase in 18 months, putting…
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