LONDON—Oil prices rose on Wednesday to their highest since early December on optimism that the lifting of China’s strict COVID-19 curbs will lead to a fuel demand recovery in the world’s top oil importer. Brent crude futures were up $1.21, or 1.41 percent, to $87.13 a barrel by 0942 GMT, while U.S. West Texas Intermediate…
Oil Prices Gain Around 1 Percent on Optimism Over China’s Recovery
January 18, 2023
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World Shares Mixed, Yen Falls After BOJ Keeps Policy Intact
January 18, 2023
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BANGKOK—World shares were mixed Wednesday, with Tokyo gaining more than 2 percent after Japan’s central bank kept its lax monetary policy unchanged, dispelling speculation it would yield to pressure to tighten credit to counter rising inflation. Germany’s DAX lost 0.1 percent to 15,170.03 and the CAC 40 in Paris was down less than 2 points,…
Stocks Close Mixed on Wall Street in Uneven Trading
Stock indexes on Wall Street closed mixed Tuesday, as investors focus on a busy week of corporate earnings for insight into how much damage inflation is inflicting on the economy. The S&P 500 slipped 0.2 percent, ending a four-day winning streak. The Dow Jones Industrial Average fell 1.1 percent, mostly because of a big drop…
Morgan Stanley Profit Beats on Strength in Trading Business
Morgan Stanley reported a smaller-than-expected 41 percent drop in fourth-quarter profit on Tuesday as the bank’s trading business got a boost from market volatility, offsetting the hit from sluggish dealmaking. Dealmaking was at a virtual halt for most of last year as risk appetite waned sharply in the face of rapidly deteriorating macroeconomic conditions and…
Goldman Misses Profit Estimates as Dealmaking, Asset Management Take a Hit
Goldman Sachs Group Inc. on Tuesday reported a bigger-than-expected 69 percent drop in fourth-quarter profit as it struggled with a slump in dealmaking and weakness in its wealth management business. Wall Street banks are making deep cuts to their workforce and streamlining their operations as dealmaking activity, their major source of revenue, stalls on worries…
Wall Street Opens Lower After Goldman Sachs Misses Profit Estimates
Wall Street’s main indexes opened lower on Tuesday after Goldman Sachs missed quarterly profit estimates, worsening sentiment already dented by downbeat economic data from China earlier in the day. The Dow Jones Industrial Average fell 80.29 points, or 0.23 percent, at the open to 34,222.32. The S&P 500 fell 0.01 percent to 3,999.09 points at…
Luxury Giant LVMH Hits 400 Billion Euro in Market Value
MILAN—LVMH shares rose to a fresh record high on Tuesday, giving the luxury goods group a market capitalization of 400 billion euros ($434 billion) for the first time and cementing its lead as Europe’s most valuable company. Like other luxury companies which are heavily exposed to China, LVMH has benefited this year from the fast…
Sterling Rises on UK Job Data, Yen Near 7-month High as BOJ Decision Looms
LONDON/SINGAPORE—Sterling edged up on Tuesday after data showed the pace of pay growth in Britain, closely watched by the Bank of England as it gauges how much higher to raise interest rates, accelerated again. The yen was perched near seven-month highs as investors held their breath for a potential policy shift at the Bank of…
Oil Prices Mixed on Chinese Data and Demand Growth Hopes
January 17, 2023
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LONDON—Oil prices were mixed on Tuesday after China posted its second-weakest annual economic growth in nearly half a century, though its recent shift in COVID-19 policy underpinned hopes of a recovery in fuel demand this year. Brent crude futures rose 69 cents, or 0.8 percent, to $85.15 a barrel by 0913 GMT. U.S. West Texas…
World Shares Slip as China Says Economy Slowed Further
January 17, 2023
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BANGKOK—World shares were mostly lower Tuesday after China reported its economy expanded at a 3 percent pace last year, less than half 2021′s rate. European shares declined and Asian shares were mixed as investors watched to see if Japan’s central bank will alter its longstanding policy of keeping its key interest rate at minus 0.1…
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