LONDON—Oil prices stabilised on Wednesday ahead of Federal Reserve Chair Jerome Powell’s congressional testimony later in the day and as data showing British inflation remained sticky raised the possibility of a hawkish Bank of England policy decision this week. Brent futures were flat at $75.90 a barrel by 0929 GMT and U.S. West Texas Intermediate…
Stocks Uneasy in Case Powell Embraces His Inner Hawk
June 21, 2023
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SYDNEY/LONDON—Stocks slipped on Wednesday on negative news including a lack of new stimulus from Beijing, bearish British inflation data, and a further slump in European real estate, as markets await direction from Federal Reserve Chair Jerome Powell. The world’s most powerful central banker faces lawmakers in two days of testimony and is sure to be…
US Industrial Production Unexpectedly Falls in May After 2 Months of Gains
June 21, 2023
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U.S. industrial production unexpectedly slipped in May, after two months of gains. Factories in the mid-Atlantic region saw a decline in activity for the first time since 2021 in June, according to the Federal Reserve Bank of Philadelphia. Production fell 0.2 percent last month, as manufacturing struggled under the weight of higher interest rates, after…
Stock Market Today: Wall Street Falls and Takes a Step Back After Its Big Rally
NEW YORK—Stocks pulled back Tuesday in their first trading after a five-week rally carried Wall Street to its highest level since the spring of last year. The S&P 500 fell 20.88 points, or 0.5 percent, to 4,388.71. The Dow Jones Industrial Average dropped 245.25, or 0.7 percent, to 34,053.87, and the Nasdaq composite lost 22.28,…
UK Grocery Inflation Drops to Lowest Monthly Rate But Still ‘Pretty Painful’: Report
Grocery price inflation has fallen to its lowest rate this year, bringing slight relief to British consumers, according to UK market research analysts. Grocery inflation sits at 16.5 percent for the four weeks to June 11, which is its lowest level since last year. However, analysts at the data analytics company Kantar have warned that…
RBA Says Jobs Market Too Tight to Control Inflation
June 20, 2023
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The jobs market is too strong, and the unemployment rate too low for the Reserve Bank to stamp down inflation. RBA deputy governor Michele Bullock says an unemployment rate of around 4.5 percent is roughly the lowest possible level that’s consistent with the RBA’s two-to-three per cent inflation target. The jobless rate has been stuck…
Yuan Dips After China Cuts Rates; Swedish Crown, Aussie Slide
London—The yuan slipped towards a seven-month low on Tuesday after China cut interest rates, while the Swedish crown weakened to its lowest level since 2009 against the euro on persistent concerns about the real estate sector. China lowered its one-year and five-year loan prime rates (LPR) by 10 basis points, the first such easing in…
China’s Smaller-Than-Expected Rate Cut Sends Stocks Lower
June 20, 2023
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HONG KONG/LONDON—European and Asian stocks fell on Tuesday after China cut interest rates by less than expected and the market awaited more details on Beijing’s plans to shore up a stuttering economic recovery. China cut its benchmark loan prime rates (LPR) for the first time in 10 months on Tuesday, with a smaller-than-expected 10-basis point…
Financial Hardship Surges as Cost-of-Living Crisis Squeezes Workers
Workers in America and around the world are reporting significantly higher levels of financial hardship compared to last year, as a cooling economy and high inflation has left a growing number cash-strapped and planning to quit in search of better-paid jobs. Despite a softening economy and workers reporting growing levels of financial stress, the “Great…
Has the Recession Already Started? May 2023 Edition
Inflation has been putting pressure on households across the country for over a year now. And while prices have started to decrease again, increasing consumers’ purchasing power in the process, inflation is not yet yesterday’s problem. As you map out your own household budget, it’s easy to spot the continued impact of higher prices. With…
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