The S&P 500 and Nasdaq opened slightly higher on Thursday as Treasury yields slipped after data showed weekly jobless claims rose more than expected, countering some concerns about further interest rate hikes. The Dow Jones Industrial Average fell 8.04 points, or 0.02 percent, at the open to 33,656.98. The S&P 500 opened higher by 1.17…
20-Nation Eurozone Economy Falls Into Technical Recession
The 20-nation eurozone economy fell into a technical recession in the first three months of 2023, according to data from the European statistics agency Eurostat, published June 8. Eurozone gross domestic product (GDP), seasonally adjusted, dropped by 0.1 percent in the first quarter compared with the fourth quarter of 2022, according to revised data. In the fourth quarter…
American Consumer Credit Growth Last Month Rose to Its Fastest Pace Since November
June 8, 2023
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Business & Marketsconsumer crediteconomic policieseconomyhousehold debtinflationinterest ratesInvestmentMarketspersonal financerecessionUSUS News
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U.S. consumer credit growth accelerated in April to the fastest pace since November 2022, according to recent data from the Federal Reserve. The June 7 data on consumer credit, or G.19, comes after the Federal Reserve raised interest rates in May by 25 basis points, to a range of 5.0–5.25 percent. Many economists are worried that…
Dollar Slips From Near 3-month Highs as Traders Gauge Rate Outlook
LONDON/SINGAPORE—The dollar fell slightly on Thursday from near three-month highs, a day after a surprise rate hike from the Bank of Canada suggested the Federal Reserve may also have more work to do to combat inflation. The euro was last up 0.3 percent at $1.073 against the dollar—the most traded currency pair in global markets….
Shares Stall as Bond Markets Reprice Rate Expectations
June 8, 2023
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LONDON—Borrowing costs in government bond markets rose and share markets stalled on Thursday after a surprise interest rate hike in Canada gave investors their second reminder of the week that the surge in global interest rates isn’t done yet. Asian markets had struggled overnight and the cautious mood continued in Europe as London’s FTSE, Germany’s…
Commercial Real Estate Exposure, Financial Pressures Could Result in Bank Consolidation, Yellen Says
More consolidation in the U.S. banking system would not be surprising considering the current environment in the financial sector, says Treasury Secretary Janet Yellen. While Yellen acknowledged that she does not wish to see further consolidation by some smaller banks threaten the diversity of the banking sector, she would understand due to the enormous pressures…
Inflation, Biden Regulations, Are Making Life Hard, Small Business Owners Say
June 7, 2023
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Small business owners are calling on Congress to address inflation by easing business regulations and taxes. They say Biden administration policies show disdain for small businesses. Silvia Lee, executive vice president, and Chief Lending Officer for First Community Bank in Corpus Christi, Texas, said a commercial customer told her he felt targeted. “He mentioned that…
Freeland Touts Strength of Canadian Economy Following Latest Interest Rate Hike
June 7, 2023
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Amid another rate hike by the Bank of Canada, Finance Minister Chrystia Freeland attempted to alleviate Canadians’ financial concerns by highlighting the country’s economic recovery since COVID-19 began. “I absolutely understand the concerns Canadians have with mortgages today, and I understand the concerns Canadians have with inflation,” Freeland told reporters in Ottawa on June 7. “What…
ANALYSIS: Bank of Canada Ends Rate Hike Pause, Omits Wording on Likely Next Moves
OTTAWA—With its June 7 rate hike, the Bank of Canada pause lasted less than five months. In raising its overnight rate target by 25 basis points (0.25 percentage points) to 4.75 percent—the highest level since the spring of 2001—the BoC caught some market participants off-guard with the timing of the hike. In ending its pause,…
Economy Is in ‘Precarious State’ as New Hazards Loom, Warns World Bank
The World Bank has slashed its 2024 economic growth forecast for the United States by half, predicting that the resilient U.S. consumer is about to weaken “substantially” while warning of “new hazards” that threaten to “make matters worse” for the world. The group’s latest Global Economic Prospects report paints a gloomy picture of economic growth…
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