The Federal Reserve should stick to raising interest rates to lower inflation while the labor market remains strong, given the high probability recent financial stresses will continue to abate and absent a marked tightening of credit conditions, St. Louis Fed President James Bullard said on Thursday. “We’ve got a long ways to go and I…
Fed Should Stick to Raising Rates While Labor Market Strong, Bullard Says
Victoria Government Will Not Bail Out Collapsed Builder Porter Davis
Victorian Premier Daniel Andrews is not bailing out collapsed major builder Porter Davis saying it is the “right call.” Porter Davis went into liquidation on March 31, affecting over 1,500 homes in Victoria and 200 in Queensland. An additional 779 signed contracts were in the pipeline but are yet to commence. “If the bank is…
China Sees Wave of Large Private Companies Broken Up, Listed on Stock Exchanges
April 6, 2023
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AlibabaAlibaba's IPOAsia & PacificBusiness & MarketsChinaChina Business & EconomyChina's economic policieschinese economic downturnChinese RegimeHK BusinessHong KongHong Kong Stock Exchangeinitial public offeringJack MaJD.comjingdongMarketsNYSErecessionSocial Issuesstocksthe New York Stock ExchangeUS-China relationsWorld
Several large Chinese companies have recently been restructured for listing on the stock exchange, with most of them privately owned. Days after Alibaba’s restructuring was announced, Jingdong (JD.com), another Chinese e-commerce platform, announced on March 30 that its sub-companies JD Industrial and JD Production and Development will be spun off and listed on the Hong…
First-Quarter Job Cuts Jump by Nearly 400 Percent as Companies Struggle With Economic Conditions
Jobs cuts about quadrupled during the first quarter, registering the highest first-quarter cuts since 2020, according to data from a recent report, with worries about the economy and market being the number-one reason for the layoffs. In first quarter 2023, U.S.-based employers announced 270,416 job cuts, which is a 396 percent increase compared to the…
Applications for Jobless Aid Rising but Still at Low Levels
April 6, 2023
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The number of Americans seeking unemployment aid was higher over the past few months than the government had initially reported, reflecting a modest rise in layoffs as the economy has slowed in the face of higher interest rates. The Labor Department reported Thursday that the number of applications has been above 200,000 since early February—above…
Wall Street Opens Lower on Slowdown Worries After Jobless Claims Data
Wall Street’s main indexes opened lower on Thursday as a stronger-than-expected weekly jobless claims report pointed to growing signs that rapid interest rate hikes by the Federal Reserve was slowing down economic growth. The Dow Jones Industrial Average fell 61.76 points, or 0.18 percent, at the open to 33,420.96. The S&P 500 opened lower by…
Dollar Bobs Near 2-month Low Ahead of Pivotal US Jobs Data
LONDON—The dollar seesawed around two-month lows on Thursday, as traders weighed up how pivotal U.S. jobs data coming out on a stock trading holiday might impact Federal Reserve policy, and unleash a potentially volatile market reaction. The closely watched U.S. non-farm payrolls report on Friday, when many markets around the world are closed, will follow…
Oil Heads for 3rd Weekly Gain After Shock OPEC+ Cuts
April 6, 2023
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LONDON—Oil remained on track for weekly gains on Thursday, with further production cuts targeted by OPEC+ and a drop in U.S. oil inventories overshadowing fears over global economic growth. Brent and U.S. crude have both gained more than 6 percent this week, heading for a third weekly gain after the Organization of the Petroleum Exporting…
World Stocks Dither, Bond Yields Fall as Recession Worries Weigh
April 6, 2023
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LONDON/TOKYO—Global stocks drifted on Thursday, following skittish trade in the Asian session, as traders awaited crucial U.S. jobs data that may add to mounting evidence of a U.S. slowdown and the likelihood of a global recession. The broad MSCI index of world stocks dipped 0.1 percent, putting it on track for its first weekly decline…
Fed’s Mester Says Rate Target Will Need to Go Over 5 Percent
Federal Reserve Bank of Cleveland President Loretta Mester said on Tuesday that the U.S. central bank likely has more interest rate rises ahead amid signs the recent banking sector troubles have been contained. To keep inflation on a sustained downward path to 2 percent and keep inflation expectations anchored, Mester said she sees monetary policy…
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