The U.S. economy expanded by 1.1 percent in the first quarter, down from 2.6 percent in the fourth quarter, according to the Bureau of Economic Analysis (BEA). This also came in below economists’ expectations of 2 percent. This was the slowest quarterly growth since the second quarter of 2022. The Federal Reserve’s higher interest rates…
US Economic Growth Slows Sharply in 1st Quarter as Interest Rates Rise
US Economy Unexpectedly Slows to 1.1 Percent in First Quarter
The U.S. economy expanded by 1.1 percent in the first quarter, down from 2.6 percent in the fourth quarter, according to the Bureau of Economic Analysis (BEA). This also came in below economists’ expectations of 2 percent. This was the slowest quarterly growth since the second quarter of 2022. Growth in the real GDP was…
Deutsche Bank to Cut 800 Jobs After Strong 1st Quarter
April 27, 2023
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FRANKFURT—Deutsche Bank is to cut 800 jobs in a new cost-saving drive after reporting a bigger than expected rise in profit for the first quarter, a volatile period globally for finance companies. Germany’s biggest bank produced solid earnings at a time when banks had to be rescued in the United States and in Switzerland. The…
Oil Prices Stabilize After Hefty Losses
April 27, 2023
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LONDON—Oil prices were steady on Thursday after a price drop the previous day reversed the supportive impact of a surprise OPEC production cut announced this month. Brent crude was trading at $77.72 a barrel, up 3 cents, or 0.04 percent, by 1033 GMT, while U.S. West Texas Intermediate crude rose 1 cent or 0.01 percent…
Stock Market Today: Global Shares up Ahead of US GDP Update
April 27, 2023
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TOKYO—Global shares were mostly higher Thursday ahead of the release of data that are expected to show the world’s biggest economy slowing in the first quarter of the year. Shares rose in Paris, Frankfurt, Tokyo, Hong Kong, and Shanghai but fell in London and Sydney. U.S. futures and oil prices were higher. The U.S. economy…
IN-DEPTH: What Financial Analysts Are Recommending for Investing in a Recession
The recession has become the talk of the town again in the U.S. economy and financial markets, with many leading downturn indicators flashing red. In March, The Conference Board’s Leading Economic Index slumped to its lowest level since November 2020, declining by 1.2 percent and deepening into contraction territory. The spread between the two- and 10-year…
Wall Street Opens Higher on Upbeat Microsoft, Boeing Results
April 26, 2023
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Wall Street’s main indexes opened higher on Wednesday as strong results from Microsoft and positive cash-flow forecast from Boeing offset concerns over rising interest rates and their effect on the U.S. economy. The Dow Jones Industrial Average rose 65.51 points, or 0.20 percent, at the open to 33,596.34. The S&P 500 opened higher by 16.15…
Swedish Crown Softens After Market Sees Riksbank Dovishness, Euro Rebounds
LONDON—The Swedish crown weakened sharply on Wednesday after the country’s central bank was less hawkish than expected, while the euro rebounded from losses a day earlier when jitters about the U.S. banking sector helped the safe-haven dollar. The euro rose as much as 1.05 percent against the crown to 11.426, set for its biggest one-day…
Stock Market Today: US Futures Subdued as Earnings Arrive
April 26, 2023
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Wall Street was slow to gain traction in premarket trading ahead of another full slate of corporate earnings and more economic data later in the week. Futures for the Dow ticked down less than 0.1 percent and the S&P 500 was essentially unchanged before the bell Wednesday. Shares of Activision Blizzard tumbled more than 11…
People Need to Accept They Are Poorer, Says Central Bank Economist
High inflation will stay persistent unless people accept that they are poorer, a senior UK central bank official has said. The UK’s Consumer Prices Index inflation fell slightly to 10.1 percent in March from 10.4 percent in February, but remained in the double digits, according to the Office of National Statistics (ONS). Huw Pill, chief…
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