TOKYO—Global markets rose moderately Monday, although worries continued about economic growth and inflationary pressures. France’s CAC 40 rose less than 0.1 percent in early trading to 7,522.58. Germany’s DAX gained 0.2 percent to 15,830.74. Britain’s FTSE 100 added 0.5 percent to 7,911.91. U.S. shares were set to drift higher with Dow futures up less than…
Global Shares Rise Despite Economic Growth, Rate Worries
April 17, 2023
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Ex-Treasury Secretary Predicts ’70 Percent’ Chance Recession Begins This Year
A recession is most likely right around the corner, said a former Clinton and Obama administration official in a Sunday morning warning. “The chance that a recession will have begun this year in the U.S. is probably about 70 percent. I think that puts me at the pessimistic end of the spectrum of opinion,” he…
‘We’re Going to See a Lot of Bankruptcies’: Former CEO
Bob Nardelli, the former CEO of Home Depot, is warning about more bankruptcies hitting the U.S. economy, and blames lawmakers for their delay in coming to terms regarding the country’s debt ceiling. “I think we’re going to see a lot of bankruptcies. Like Bed, Bath, and Beyond. We got Walmart not only laying people off…
Corporate Defaults to Rise and US Will Enter Recession: Survey
April 14, 2023
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Credit portfolio managers estimate U.S. corporate defaults to rise, according to a recent survey, with the vast majority of respondents expecting the country to slip into recession this year. In the Credit Outlook survey conducted by the International Association of Credit Portfolio Managers (IACPM), 86 percent of respondents stated that defaults will rise over the…
US Could Already Be in Recession, Investment Adviser Warns
In an interview with the Epoch Times, adviser for SitkaPacific Capital Management Mike “Mish” Shedlock warned that the possibility of a recession may have already arrived, as indicators show that the U.S. economy is “flirting with recession right now.” The warning comes days after Federal Reserve meeting minutes revealed that central bank officials anticipate a…
Recession Looms as 5 Percent CPI Provides No Relief
Commentary The rising cost of living, tightening credit, slowing consumer spending, along with declining real wages and retrenchment in the jobs market, are each conspiring and threatening to move the U.S. economy into recession later this year. Despite lower headline Consumer Price Index (CPI), inflation is still taking its toll on American families. Just released…
The Biden Economy and How It Could Be Fixed
Commentary The following is adapted from a talk delivered on Feb. 22, 2023, at a Hillsdale College National Leadership Seminar in Indian Wells, California. Just about everybody on Wall Street knows, despite what you read in the financial press, that the Biden administration’s economic policies are driving our economy into a recessionary ditch. In a…
Citigroup Beats Estimates on Higher Income From Loans; Shares Rise
April 14, 2023
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Citigroup Inc.’s first-quarter profit beat Wall Street expectations as it earned more from borrowers paying higher interest on loans. While its net interest income rose 23 percent to $13.3 billion, Citi also set aside $241 million to cover potential loan losses, from $138 million a year earlier, according to its results reported on Friday. Citigroup…
As UK Economy Flatlines, Hunt Says IMF’s Forecast Is Too Pessimistic
Chancellor Jeremy Hunt has said the International Monetary Fund (IMF) has “undershot” its forecast for the UK in five out of the last six years. The IMF has predicted the UK economy would contract by 0.3 percent this year but Hunt, who is attending the fund’s spring meeting in Washington, said the IMF was “just…
Wells Fargo Tops Wall Street 1st Quarter Targets, Earning $5 Billion
April 14, 2023
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Wells Fargo beat sales and profit targets in the first quarter compared with a year earlier, boosted by higher interest rates. The quarter saw the collapse of two banks that rattled the financial sector and the broader stock market. Wells Fargo participated with other banks in pumping $30 billion in deposits into First Republic Bank…
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