Many Canadians are wondering why food prices are not dropping at the same rate as agricultural commodity prices. Last year, Russia’s invasion of Ukraine pushed prices to astronomical levels. One year later, the agricultural commodity landscape looks incredibly different. Prices for agricultural commodities have dropped significantly in the last 12 months. Wheat prices have fallen…
Sylvain Charlebois: With Lower Commodity Prices, Why Aren’t Food Prices Dropping?
Stock Market Today: Wall Street Drifts Higher, Marking 4th Winning Week for S&P 500
NEW YORK—Stocks inched higher Friday to close out a listless week for Wall Street, as investors wait for next week’s slate of potentially market-moving updates. The S&P 500 rose 4.93, or 0.1 percent, to 4,298.86 to cap its fourth straight winning week. The Dow Jones Industrial Average added 43.17, or 0.1 percent, to 33,876.78, and…
Biden Pretends to Defend His Economic Record
Commentary The Wall Street Journal, as if participating in some kind of inside joke, published an opinion piece ostensibly by President Biden, in defense of his economic record. It’s a dark comedy. Actually worse. It seems to symbolize that to this administration there is no longer truth and no longer lies. It’s all just propaganda….
Wall Street Opens Higher on Tesla Boost, Fed Meet in Focus
Wall Street indexes opened higher on Friday as Tesla shares jumped on a tie-up with General Motors, though investors largely remained on the sidelines ahead of inflation data and U.S. monetary policy decision next week. The Dow Jones Industrial Average rose 18.83 points, or 0.06 percent, at the open to 33,852.44. The S&P 500 opened…
Dollar Peels Off 2-Week Lows Ahead of Central Bank Deluge
LONDON—The dollar bounced off two-week lows on Friday, shrugging off some of the weakness that has set in this month as expectations have grown that the Federal Reserve may not raise interest rates again for some time. Next week is packed with key monetary policy meetings, including those of the Federal Reserve, the European Central…
Global Shares Edge Up as Fed Pause Bets Bolster Sentiment
June 9, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON, TOKYO—Global equities were set for a small weekly gain on Friday following a Wall Street rally overnight, as rising bets the Federal Reserve will skip a rate increase next week overshadowed worries about U.S. markets being drained of cash. MSCI’s broad index of global shares edged 0.2 percent higher, on track for a weekly…
Australia’s Official Cash Rate Could Rise to 4.85 Percent: Economists
June 9, 2023
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AustraliaBusiness & Marketseconomyinflationinterest rate hikesrecessionReserve Bank of AustraliaWorld
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Australian borrowers have been hit with 12 interest rate hikes since the Reserve Bank of Australia (RBA) embarked on a monetary tightening policy in May 2022, causing many to fall into mortgage stress. However, some economists have warned the ordeal is far from over, as they expect the official cash rate to reach as high…
A Quarter of Homes in Eastern Australia Purchased Without Mortgage in 2022
June 8, 2023
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Over a quarter of residential properties purchased in Australia’s eastern states in 2022 were mortgage-free, indicating that a significant portion of the population was not affected by interest rate hikes. Property data firm PEXA has released a report that analyses residential property purchases in the states of New South Wales (NSW), Victoria and Queensland between…
High Interest Rates, High Inflation, and Record Debt
June 8, 2023
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Business & Marketsdebteconomic policieseconomyinflationMarketsOpinionPolicyrecessionUSUS NewsViewpoints
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Commentary Financially, it’s going to be an interesting summer. At the moment mortgage rates are hitting 7 percent, median rent prices are at $1,850 per month, and the average car payment is around $950 per month. Household debt is currently at $17.1 trillion, mortgages are at $12 trillion, and auto loans are at $1.6 trillion….
US Applications for Jobless Benefits Highest Since October 2021
The number of Americans applying for unemployment benefits last week rose to its highest level since October 2021, but the labor market remains one of the healthiest parts of the U.S. economy. The Labor Department reported Thursday that U.S. applications for jobless claims were 261,000 for the week ending June 3, an increase of 28,000…
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