LONDON—Renewed unease gripped world markets on Wednesday as news that Credit Suisse’s largest investor said it could not provide the Swiss bank with more financial assistance sent its shares and broader European shares sliding once more. Signs of calm and stability in banking stocks, that have tanked in the past week, following the collapse of…
Credit Suisse Unease Sparks Fresh Selloff in World Stocks
March 15, 2023
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The Fed Can’t Give Up the Inflation Fight Yet
March 14, 2023
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Commentary Many people in Washington hoped for much better inflation numbers in February. Below zero would have released tears of joy following this rough weekend of bank failures and the first signs of financial instability in these three years of nonstop terrible. Alas, that did not happen. The report came in at a 0.4 percent…
Wall Street Opens Higher as Inflation Data Boosts Smaller Rate-Hike Bets
Wall Street’s main indexes opened higher on Tuesday after consumer prices in the world’s largest economy grew in line with expectations, bolstering bets of a small interest rate hike by the Federal Reserve at its next meeting. The Dow Jones Industrial Average rose 236.15 points, or 0.74 percent, at the open to 32,055.29. The S&P…
Dollar Rebounds After Tumbling on SVB Collapse, With CPI Data Incoming
LONDON/SINGAPORE—The dollar rose in somewhat calmer trading on Tuesday, after tumbling on Monday following the collapse of Silicon Valley Bank (SVB), as investors waited for the release of U.S. consumer inflation data later in the day. Tuesday’s consumer price index (CPI) figures have the potential to drive further volatility in global markets, coming a day…
Shares Tumble as Stress Creeps Into Markets
March 14, 2023
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LONDON—Global shares slid on Tuesday as a brewing U.S. banking crisis prompted investors to downgrade their expectations for interest rate hikes, even ahead of key inflation data later in the day. As recently as a week ago, investors were just recovering from a reality-check that prompted many to assume that rates around the world were…
German Department Store Chain to Shut 40 Percent of Its Outlets
BERLIN—Germany’s last major department store chain announced Monday that it plans to close two-fifths of its branches, months after it filed for insolvency protection for the second time in less than three years. The long-troubled Galeria Karstadt Kaufhof plans to shut 52 of its current 129 stores in two phases, with the first closing down…
The Fed Is Making Things Ever Worse
March 13, 2023
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Commentary Jerome Powell came to power at the Fed with the determination to reverse the astounding errors of his predecessors, most especially Ben Bernanke who received the Nobel Prize for the dumbest central-bank policies since the Weimar Republic. Back in 2008, Bernanke pushed borrowing costs for banks to zero and held them there for years…
Dollar Drops as Fed Rate Hike Expectations Trimmed on SVB Collapse
SINGAPORE/LONDON—The U.S. dollar fell on Monday on expectations the Federal Reserve will be less aggressive in raising interest rates after authorities stepped in to limit the fallout from the sudden collapse of Silicon Valley Bank. The U.S. government announced several measures early in the Asian trading day, saying all SVB customers will have access to…
Crude Oil Prices Slide $4 as Banking Fears Rattle Markets
March 13, 2023
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LONDON—Oil prices fell $4 on Monday along with equities as the collapse of Silicon Valley Bank raised fears of a fresh financial crisis, but a recovery in Chinese demand provided support. Brent crude futures were down $3.96, or 4.8 percent, to $78.82 per barrel by 1220 GMT. West Texas Intermediate U.S. crude futures (WTI) fell…
Europe’s Bank Shares Plunge, Bonds Rally Despite SVB Rescue Effort
March 13, 2023
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LONDON, SYDNEY—Europe’s bank shares suffered their biggest fall in over a year and bond markets saw a gigantic repricing of rate hike bets on Monday as global efforts to limit the fallout from the collapse of Silicon Valley Bank (SVB) failed to ease fears. The dollar slid too as Wall Street heavyweights such as Goldman…
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