Venture capital funding for start-ups plummeted by more than half in the first quarter of 2023 compared with the year before. The period saw a massive slowdown in the tech industry, as the number of new funding agreements fell to less than 3,000, a 55 percent decline and the lowest level in more than five years. American-based…
Venture Capital Funding for Start-Ups Plummets, Fewest Deals in Five Years
April 6, 2023
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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…
Wall Street Slips Following Latest Signs of Slowing Economy
NEW YORK—Stocks on Wall Street mostly slipped Wednesday following the latest signals that the U.S. economy is slowing under the weight of much higher interest rates. The S&P 500 dipped 10.22 points, or 0.2 percent, to 4,090.38, a day after it broke a four-day winning streak. The Dow Jones Industrial Average rose 80.34, or 0.2…
Volvo Car’s Sales up 8 Percent in March
COPENHAGEN—Sweden-based Volvo Car AB said on Wednesday its sales increased by 8 percent year-on-year in March to 63,132 cars, helped mainly by the company’s fully electric cars. Volvo Car said in a statement its fully electric models made up 41 percent of all its cars sold globally in the first three months of this year….
FedEx to Combine Delivery Units as Part of $4 Billion Cost-Cut Push
LOS ANGELES—FedEx Corp. said on Wednesday it will consolidate its separate delivery companies into a single entity, as the group slims its bloated infrastructure to compete better with United Parcel Service and Amazon. The move to integrate FedEx Ground, its outsourced package delivery arm, with the FedEx Express overnight air delivery business was announced almost…
Dollar Mired Near 2-month Low After Jobs Jolt; RBNZ Boosts Kiwi
LONDON—The dollar wallowed near two-month lows on Wednesday after weak data supported the view that the Federal Reserve may not need to raise rates much further, while the New Zealand dollar hit two-month highs after a larger-than expected rate hike. With the all-important U.S. monthly employment report just two days away, activity across the market…
Oil Prices Stable as Economic Fears Balance OPEC+ Cuts
April 5, 2023
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LONDON—Oil prices were stable on Wednesday, as the market weighed gloomy economic prospects against expectations of U.S. crude inventory declines and OPEC’s voluntary output cuts announcement. Brent crude futures gained 22 cents, or 0.26 percent, to $85.16 a barrel by 0747 GMT. West Texas Intermediate U.S. crude was up 12 cents, or 0.15 percent, to…
Stocks Falter as Economic Worries Nag, Big Rate Hike Lifts Kiwi Dollar
April 5, 2023
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LONDON—World stock markets stumbled on Wednesday as signs that the economic outlook is weakening spurred caution, while a bigger-than-expected interest-rate hike from New Zealand lifted the kiwi dollar. European stocks fell with the broad STOXX 600 index pulling away from Tuesday’s one-month highs. U.S. equity futures dipped and Japan’s Nikkei fell 1.6 percent in its…
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