BRUSSELS—Eurozone labor costs jumped in the last three months of 2022 and third-quarter data was revised up as well, but the rise of the wage component was still roughly half the increase in consumer inflation, data showed on Friday. The European Union’s statistics office Eurostat said labor costs in the 19 countries that shared the…
Eurozone Labor Costs Jump 5.7 Percent Year on Year in 4th Quarter
March 17, 2023
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Wall Street Opens Lower as Bank Worries Linger
Wall Street’s main indexes opened lower on Friday as investors remained wary about a potential banking crisis even as the country’s largest banks came to the rescue of troubled regional lender First Republic Bank. The Dow Jones Industrial Average fell 29.23 points, or 0.09 percent, at the open to 32,217.32. The S&P 500 opened lower…
Amgen to Cut 450 Jobs in 2nd Round of Layoffs This Year
Amgen Inc. said on Thursday it would cut 450 jobs, or less than 2 percent of its workforce, making it the company’s second round of layoffs this year amid intensifying pressure on drug prices and high inflation. “We made these changes to realign our expense base in the face of intensifying pressure on drug prices…
Dollar Slips as Bank Lifelines Shore Up Risk Appetite
LONDON—The dollar slipped on Friday after top U.S. power brokers including the government and banks threw a lifeline to a struggling regional lender to ease stress on the financial system, which returned some confidence to investors. The rescue of First Republic Bank in the U.S. on Thursday boosted risk appetite globally on Friday as concerns…
New Zealand Close to Recession as Economy Stutters: Statistics Bureau
March 17, 2023
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Asia & PacificAustraliaBusiness & MarketseconomyGrant RobertsonInternationalNew ZealandNicola WillisrecessionWorld
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New Zealand may be heading into recession after Stats NZ revealed that national GDP had fallen into the red during the December quarter. It comes a few months after the governor of the Reserve Bank of New Zealand (RBNZ), Adrian Orr, admitted it was engineering a recession to combat inflation. “What we are looking at…
Oil Rises on Demand Hopes as Banking Fears Ease
March 17, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices firmed on Friday as a meeting between Saudi Arabia and Russia calmed markets and after support measures stabilized a banking crisis that set oil prices on course for their biggest weekly fall since December. Brent crude futures firmed by $1.09, or 1.46 percent, to $75.79 a barrel by 1040 GMT. U.S. West Texas…
World Shares up After 1st Republic Aid Spurs Wall Street Rally
March 17, 2023
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BANGKOK—Markets advanced Friday in Europe and Asia, tracking a rally on Wall Street after a group of big banks offered a lifeline to First Republic Bank, the latest U.S. lender in the spotlight for troubles in the banking industry. Shares rose in Paris, London, Tokyo, and Hong Kong but edged lower in Mumbai. U.S. futures…
Anatomy of the Banking Crisis of 2023
March 16, 2023
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banking crisisBusiness & MarketsBusiness ColumnistsFederal Reserveinflationinterest ratesjerome powellOpinionrecessionSilicon Valley BankSilicon Valley Bank CollapseU.S. economyViewpoints
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Commentary For three years, I’ve been amazed at the relative calm in the financial system. It truly did not seem believable to me that governments and central banks could utterly shatter all market functioning and flood the world with paper money and yet there be no structural consequences for the banks. My only question was…
Wall Street Opens Lower as Banks Drag, ECB Hikes Rates
Wall Street’s main indexes opened lower on Thursday after shares of First Republic Bank crashed amid fears of a banking crisis, while a large interest rate hike by the European Central Bank also dented sentiment. The Dow Jones Industrial Average fell 46.92 points, or 0.15 percent, at the open to 31,827.65. The S&P 500 opened…
Goldman Sachs Cuts GDP Forecast, Warns of Economic Hit From Bank Rout
March 16, 2023
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bank failuresBusiness & MarketsCompanieseconomic policieseconomyGoldman SachsinflationInvestmentMarketsrecessionU.S. GDP forecastUSUS News
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Goldman Sachs Group (GSG) slashed its U.S. GDP forecast and warned of an economic hit from recent bank failures. The investment bank raised its estimate of the odds of an American recession on March 15, to 35 percent over the next 12 months due to increased concern over the economic impact of stress in the…
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