LONDON—The euro fell sharply against a strengthening dollar on Friday amid nervousness over banks, with better-than expected economic data failing to lift sentiment. Flash Purchasing Managers’ Index (PMI) data failed to lift the single currency as sentiment in markets were fragile with European banks falling 5.3 percent. S&P Global’s flash Composite Purchasing Managers’ Index (PMI),…
Oil Falls as US Holds Off Refilling Strategic Reserve
March 24, 2023
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Oil prices extended losses on Friday on worries about a potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country’s Strategic Petroleum Reserve (SPR) may take several years. Brent crude fell 34 cents, or 0.45 percent, to $75.57 a barrel by 0412 GMT, while U.S. West Texas Intermediate crude futures slipped 32 cents,…
World Shares Fall on Banking Turmoil, Recession Worries
March 24, 2023
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BANGKOK—Shares fell Friday in Europe and Asia as worries over turmoil in the banking sector and recession risks overshadowed gains on Wall Street. Benchmarks declined in most major markets, while U.S. futures were higher. Oil prices fell. Investors are worried that more banks might suffer a debilitating exodus of customers following the second- and third-largest…
Swiss Central Bank Hikes Interest Rates Despite Credit Suisse Turmoil
March 23, 2023
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The Swiss National Bank (SNB) raised its interest rates by 50 basis points despite the turmoil over the Credit Suisse collapse. The SNB made the announcement on March 23, bringing its borrowing rate to 1.5 percent, for its fourth consecutive hike, which was is in line with analysts’ predictions Swiss interests rates were negative 75 percent…
US Jobless Claims Inch Down as Labor Market Remains Tight
The labor market continues to defy Federal Reserve attempts to cool hiring, with U.S. applications for unemployment benefits down again last week and remaining at historically low levels. Jobless claims in the U.S. for the week ending March 18 fell by 1,000 to 191,000 from the previous week, the Labor Department said Thursday. The four-week…
Oil Down After Fed Comments, US Crude Stock Build
March 23, 2023
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LONDON—Oil prices dipped on Thursday, having hit their lowest since late 2021 earlier this week, after Federal Reserve Chair Jerome Powell highlighted banking sector credit risks for the world’s largest economy, while U.S. crude stockpiles swelled. Brent crude futures were down 54 cents, or 0.7 percent, to $76.15 a barrel at 0929 GMT, while U.S….
Global Shares Mixed After Fed Hints Rate Hikes May End Soon
March 23, 2023
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TOKYO—Global shares were mixed Thursday after the Federal Reserve raised a key interest rate, while noting the end may be near for its economy-crunching hikes to interest rates. France’s CAC 40 declined 0.3 percent in early trading to 7,112.95, while Germany’s DAX slipped 0.2 percent to 15,183.25. Britain’s FTSE 100 dipped 0.5 percent to 7,532.54….
Banking Turmoil Pounding Investor Confidence, Surveys Show
March 22, 2023
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LONDON—This month’s U.S. banking system turmoil and renewed recession worries have left global investor confidence at one of the lowest levels in the last 20 years, and that does not even account for this week’s demise of Credit Suisse. A monthly survey carried out by investment bank BofA following the collapses of Silicon Valley Bank…
Systemic Credit Crunch Replaces Inflation as Fund Managers’ Top Worry
March 22, 2023
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A systemic credit crunch has overtaken inflation as fund managers’ top fear this month as the biggest risk to the markets, according to a new poll. At least 31 percent of respondents labeled a systemic credit crisis as the most significant threat to markets, followed by 25 percent choosing stubbornly high inflation as the largest…
Dollar Eases as Investors Ponder Outlook for Fed Rates
LONDON—The dollar held around five-week lows on Wednesday, before the conclusion of the Federal Reserve’s policy meeting at which investors will be looking for any insight on what might happen with interest rates given the turmoil in the banking sector. Markets show a quarter-point rise in U.S. rates is the most likely outcome, but investors…
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