BEIJING—Global stocks and Wall Street futures declined Monday ahead of a U.S. economic update that is expected to show growth slowing. London and Frankfurt opened lower. Shanghai and Hong Kong declined while Tokyo advanced. Oil prices fell. Wall Street’s benchmark S&P 500 index gained 0.1 percent on Friday but ended with a small loss for…
Stock Markets Today: Global Stocks Lower Ahead of US Data
April 24, 2023
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Stagflation Is a ‘Real Risk’ Facing American Economy Now: Former Treasury Secretary
Former Treasury secretary Lawrence Summers sees a “real risk” of stagflation in the U.S. economy and believes the Federal Reserve committed a mistake by not recognizing inflation earlier on. In an April 20 podcast with journalist Kara Swisher, Summers was asked about economist Mohamed El-Erian’s warning that the crisis triggered by the collapse of Silicon…
Wall Street Subdued at Open, Focus on Business Activity Data
U.S. stock indexes were subdued at the open on Friday as investors digested a mixed bag of earnings reports, while awaiting more data for clues on the outlook for U.S. interest rates and the economy. The Dow Jones Industrial Average rose 6.98 points, or 0.02 percent, at the open to 33,793.60. The S&P 500 opened…
Existing Home Sales Drop as Mortgage Demand Crashes
April 21, 2023
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Business & Marketseconomic policieseconomyHome salesinflationInvestmentMarketsmortgagespersonal financereal estaterecessionUSUS Real Estate
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Existing home sales fell in March, as higher interest rates continued to put pressure on borrowers, but some analysts believe that the housing market slump is nearing an end. Rising mortgage rates last month were a likely factor in deterring buyers by adding downward pressure on housing values, as fewer borrowers can afford higher payments. Home…
Eurozone Recovery Gathers Pace on Services Boost in April: PMI
The eurozone economic recovery has unexpectedly gathered pace this month as the bloc’s dominant services industry saw already-buoyant demand rise, more than offsetting a deepening downturn in manufacturing, surveys showed. The strong services performance could mean that wage pressures continue in the region, complicating the European Central Bank’s efforts to tame inflation, some economists noted….
Dollar Heads for 1st Weekly Gain Since February
LONDON—The dollar headed for its first weekly gain in nearly two months on Friday as investors raised their bets that the Federal Reserve will increase rates in May, while the euro drew some support from a surprising recovery in the eurozone economy in April. The dollar index, which measures the performance of the U.S. currency…
Oil Heads for Weekly Loss on Economic Uncertainty
April 21, 2023
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LONDON—Oil prices were on track for a hefty weekly loss as economic and interest rate uncertainty weighed, though prices were stable on Friday as the eurozone recovery gathered pace unexpectedly. Brent futures for June delivery edged down by 4 cents, or 0.05 percent, to $81.06 a barrel at 0932 GMT. West Texas Intermediate crude (WTI)…
Stocks Struggle, Dollar Gains as Investors Scrutinize Data
April 21, 2023
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LONDON—Global stocks struggled on Friday as investors pored over economic data for clues on the likelihood of more interest rate hikes and possible recession in the United States as a new earnings season unfolded. The dollar edged up and looked set for its first weekly gain in more than a month on Friday. Oil prices…
Leading Economic Indicator Sinks to Lowest Level in 28 Months: ‘Worsening Economic Conditions Ahead’
April 20, 2023
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Business & Marketseconomic indicatorseconomic policieseconomyinflationInvestmentMarketsrecessionThe Conference BoardUS
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A leading economic indicator fell to its lowest level in 28 months, as signs point to a recession later this year. The latest Conference Board Leading Economic Index (LEI) report, published on April 20, fell 1.2 percent in March, for the twelfth month in a row, higher than The Wall Street Journal’s estimate of a 0.7 percent…
Elon Musk on Economy: ‘Stormy Weather’ for Next 12 Months
Tesla CEO Elon Musk expects the U.S. economy to endure a period of “stormy weather” over the next year amid a blend of higher interest rates, tighter lending conditions, and layoff fears. The latest earnings reports in the first-quarter earnings season and the Federal Reserve’s “Beige Book,” a monthly report of business survey responses, might support his…
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