TOKYO/LONDON—The dollar edged up against most major peers on Wednesday, steadying after recent declines, and gaining sharply against the yen which was volatile as the end of the Japanese fiscal year approaches. The dollar index, which tracks the currency against six peers, gained 0.15 percent to 102.64. It has fallen for the past two sessions,…
Oil Gains for 3rd Day on Kurdish Supply Concern, Easing Banking Fears
March 29, 2023
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LONDON—Oil rose for a third session on Wednesday as a halt to some exports from Iraqi Kurdistan raised concerns of tightening supply and as easing fears of a global banking crisis supported risk sentiment in the wider markets. Crude exports of 450,000 barrels per day (bpd) from Iraq’s semi-autonomous northern Kurdistan region were halted on…
US Consumer Confidence Ticks Up in March
WASHINGTON—Consumer confidence inched up in March after two straight monthly declines, even as persistent inflation, bank collapses and anxiety over a possible recession weighed on American households. The Conference Board reported Tuesday that its consumer confidence index rose to 104.2 in March from 103.4 in February. Optimism about current conditions fell, though consumers grew slightly…
Wall Street Muted at Open After Recent Bounce; Banks in Focus
Wall Street’s main indexes were subdued at the open on Tuesday following a three-day rally in the S&P 500 and the Dow that was fueled by support measures for the banking sector and a deal for Silicon Valley Bank assets. The Dow Jones Industrial Average rose 2.77 points, or 0.01 percent, at the open to…
Fed’s Jefferson: Stress Among Small, Regional Banks, Could Hit Small Businesses Hardest
March 28, 2023
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LEXINGTON, Virginia—The shuffling of deposits from small to large banks could have a disproportionate impact on U.S. small businesses that depend heavily on community and regional financial institutions for credit, Federal Reserve Governor Philip Jefferson said on Monday. “We are focused on the macroeconomy but we are aware … that there are potential distributional aspects,”…
Dollar Slips as Banking Sector Fears Ease, Yen Climbs
LONDON/TOKYO—The U.S. dollar fell slightly on Tuesday as receding fears of a full-blown banking crisis slowed demand for so-called safe haven assets. The yen rallied, despite traditionally also being a safe haven, with analysts pointing to a pick-up in flows ahead of the end of Japan’s fiscal year on Friday. The dollar fell as low…
Oil Extends Gains on Kurdish Supply Risks, Banking Relief
March 28, 2023
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LONDON—Crude prices firmed on Tuesday, extending sharp gains from the previous session amid supply disruption risks from Iraqi Kurdistan and hopes that turmoil in banking is being contained. Brent crude futures gained 61 cents, 0.8 percent, to $78.73 a barrel by 1006 GMT. West Texas Intermediate U.S. crude was up 53 cents, or 0.7 percent,…
Stocks Rise After Bank Sale Fuels Investor Risk Appetite
March 28, 2023
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LONDON—Global stocks rose and the dollar eased on Tuesday, after a deal backed by the U.S. regulator for First Citizens BancShares to buy up Silicon Valley Bank soothed some of the recent concern about the health of the banking sector. U.S. banking regulators said on Monday they planned to tell Congress that the overall financial…
Economists Expect US Recession, Inflation Above Fed Target This Year
March 27, 2023
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Economists predict that the United States will likely enter a recession by the end of this year, with high inflation extending well into 2024, according to a recent semiannual survey. The March 2023 National Association for Business Economics (NABE) Economic Policy Survey published the responses of 217 members of the organization in a March 27 report….
Wall Street Opens Higher as SVB Deal Eases Bank Crisis Worries
Wall Street’s main indexes opened higher on Monday after a buyout deal for the deposits and loans of the failed Silicon Valley Bank calmed nerves about stress in the banking sector. The Dow Jones Industrial Average rose 39.19 points, or 0.12 percent, at the open to 32,276.72. The S&P 500 opened higher by 11.94 points,…
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