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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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…
ANALYSIS: Is the US Economy Headed for a ‘Soft Landing’?
News Analysis Several new reports have bolstered the narrative that the U.S. economy might be able to stick a so-called “soft landing,” referring to a scenario in which inflation falls back down to target while a recession is avoided and there’s no meaningful drop in employment. The two reports—the Business Roundtable’s quarterly CEO economic outlook…
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…
Bank of Canada Ends Pause, Hikes Key Rate to 4.75 Percent—Highest Since 2001
OTTAWA—The Bank of Canada’s pause on raising interest rates lasted just over four months. Canada’s central bank raised its overnight rate target to 4.75 percent with a 0.25 percentage point (25 basis points) rate hike on June 7, in the face of mounting evidence of an economy that’s still running too hot. The BoC cited…
Dollar Eases as Chances for a US Rate Rise Ebb
LONDON—The dollar dipped on Wednesday as chances faded for a rate hike next week by the Federal Reserve, while the Canadian dollar touched one-month highs as traders amped up bets for the country to raise rates and the Turkish lira hit record lows. The Australian dollar traded at three-week highs above $0.67 after the Reserve…
European Shares Dip as Chinese Trade Data Disappoints, Lira Plunges to Record Low
June 7, 2023
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LONDON—European stock markets dipped on Wednesday and the U.S. dollar nudged higher as weak Chinese trade data had investors fretting about softening global demand, with attention turning towards next week’s pivotal inflation data and Federal Reserve meeting. Meanwhile, Turkey’s lira plunged to a record low against the greenback as authorities appeared to loosen stabilising measures…
Stock Market Today: Wall Street Inches Higher Toward Edge of Bull Market
NEW YORK—U.S. stocks drifted higher Tuesday amid a vacuum of market-moving data, nudging Wall Street closer to the edge of what’s called a bull market. The S&P 500 rose 10.06 points, or 0.2 percent, to 4,283.85. It’s just 0.2 percent away from finishing a day 20 percent above where it was in mid-October, as a…
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