Britons need to “hold our nerve” with interest rate hikes as “there is no alternative” to stamping out inflation, Prime Minister Rishi Sunak has said. Appearing on the BBC’s Sunday with Laura Kuenssberg programme, he defended the Bank of England’s (BoE’s) decision to raise interest rates from 4.5 to 5 percent, a 15-year high. It…
Britons Need to ‘Hold Our Nerve’ Amid Soaring Interest Rates, Says Sunak
Banks Agree to Offer More Help to Struggling Mortgage Holders
Banks and building societies will offer more flexibility to mortgage holders struggling with high interest rates, Chancellor Jeremy Hunt has said after a meeting with major lenders in Downing Street. Top executives of banks and building societies were summoned to Downing Street on Friday to discuss ways to help mortgage holders following 13 consecutive interest…
Real Estate Crosscurrents
Commentary After months of decline, May’s report on homebuilding showed a surge in activity. This news gives evidence of the emergence of the crosscurrents that inflation often brings to the residential real estate market. On one side is the depressing effect of rising mortgage rates. Running counter is the attraction of real estate as an…
Food and Beverage Sector Faces Highest Risks of Insolvency: Warns CreditWatch
June 23, 2023
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One of Australia’s top commercial credit reporting bureaus warns that the country’s food and beverage sector is set to see more businesses fail in the new financial year as households tighten their budgets and operating expenses stay high amid mounting cost of living pressures. CreditorWatch’s latest business risk index points to grim business conditions, with…
Euro Slides on Weak Business Data; Hawkish Central Banks Boost Dollar
SINGAPORE—The euro fell after the bloc’s business growth virtually stalled this month, as the dollar drew support from a bout of risk aversion on Friday and hawkish comments from global central banks, including the Federal Reserve. The dollar index, which measures the currency against six others, was up 0.56 percent at 102.95, reversing three straight…
Oil Resumes Slide on Demand Worries After Latest Rate Hikes
June 23, 2023
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LONDON—Oil dropped for a second day on Friday and was heading for a weekly decline, as a UK interest rate hike added to concern over economic growth that outweighed lower U.S. crude stocks and other signs of tighter supplies. Both crude benchmarks had dropped about $3 on Thursday after the Bank of England raised interest…
Stock Market Today: Asian Shares Sink as Central Banks Crank Interest Rates Still Higher
June 23, 2023
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BANGKOK—Asian shares sank sharply Friday after several central banks around the world cranked interest rates higher in their fight against inflation. Hong Kong and Tokyo shed nearly 2 percent and most other regional markets declined. U.S. futures and oil prices also were lower. Japan reported its inflation rate was higher than expected, adding to expectations…
Weekly US Applications for Unemployment Aid Remain Relatively Elevated
The number of Americans applying for unemployment benefits remained relatively elevated last week, potentially another signal that Federal Reserve rate hikes are beginning to cool a surprisingly resilient labor market. U.S. applications for jobless claims were 264,000 for the week ending June 17, the same as the previous week’s revised number, the Labor Department reported…
Weekly Applications for Unemployment Aid Remain Relatively Elevated
The number of Americans applying for unemployment benefits remained relatively elevated last week, potentially another signal that Federal Reserve rate hikes are beginning to cool a surprisingly resilient labor market. U.S. applications for jobless claims were 264,000 for the week ending June 17, the same as the previous week’s revised number, the Labor Department reported…
Central Bankers Prepare for Long Battle With Inflation
Commentary On the longest day of the year, the U.S. House Committee on Financial Services welcomed Federal Reserve chairman Jerome Powell to address its concerns around inflation and weakness in the U.S. economy. Powell warned Congress that the fight against inflation is far from over, that the battle will be a long, hard slog, and…
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