LONDON—Bets on a screeching slowdown in U.S. inflation data later saw traders shove the dollar to a 2-month low on Wednesday and push stocks up and bond market borrowing costs down for a third day running. Economists polled by Reuters expect to see June U.S. consumer price inflation slow to 3.1 percent from 4 percent…
Dollar Hits 2-month Low Before US Inflation Data
July 12, 2023
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Sydney Mayor Open to Special Road Toll for Petrol, Diesel Drivers
July 11, 2023
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Sydney Mayor Clover Moore is not against introducing a toll for petrol and diesel drivers to enter Australia’s busiest CBD amid debate from political leaders over whether to adopt a London-style low-emissions zone. Moore said there were several initiatives underway that the local council, which encompasses the Sydney CBD area, was implementing to lower emissions,…
Sen. Manchin Accuses Court of ‘Unlawful’ Conduct by Blocking Pipeline Construction in West Virginia
July 11, 2023
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A natural gas pipeline being built in West Virginia has been blocked once again by a federal appeals court siding with environmental groups despite Congress giving the project a green light, drawing the ire of Sen. Joe Manchin (D-W.Va.), who accused the court of unlawful conduct. The 4th Circuit Court of Appeals issued a stay…
Used-Car Prices Tumble in Largest Drop Since the Pandemic
July 11, 2023
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Wholesale used-car prices tumbled for a third straight month in June, in the largest drop since the start of the pandemic in 2020. Prices in that sector, dropped by 4.2 percent from May to June, according to a Cox Automotive’s Mannheim Used Vehicle Value Index (MUVVI), a measurement of wholesale prices of used vehicles, fell 10.3…
Minimum Wage Hikes Fuel Homelessness in US: Study
July 11, 2023
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Higher minimum wages lead to more people becoming homeless, according to a recent study that identified a clear link between the hike in minimum wages and the phenomenon of homelessness—a 14 percent increase from 2014 to 2019. Higher minimum wages disincentivize businesses from hiring employees, and actually encourages letting go of workers to reduce costs. While…
US Stocks Open Higher Ahead of Inflation Numbers
Wall Street’s main indexes opened higher on Tuesday ahead of key inflation data this week, with investors hopeful that a slowdown in price increases could support a sooner-than-expected end to the Federal Reserve’s policy of rapid monetary tightening. The Dow Jones Industrial Average rose 112.54 points, or 0.33 percent, at the open to 34,056.94. The…
Dollar Falls to 2-month Low, Sterling Hits 15-month High After Jobs Data
LONDON—The dollar weakened to a two-month low on Tuesday after Federal Reserve officials signalled that the central bank was nearing the end of its tightening cycle, while the pound hit a 15-month high after pay growth exceeded expectations. Several Fed officials said on Monday the central bank would likely need to raise interest rates further…
Oil Prices Steady as Traders Weigh Supply Cuts Against Economic Headwinds
LONDON—Oil prices were little changed on Tuesday as traders weighed supply cuts by the world’s biggest oil exporters and hopes for higher demand in the developing world in the second half of 2023 against a sluggish global economic outlook. Brent crude futures were up 2 cents to $77.71 a barrel by 0945 GMT, and U.S….
Stock Market Today: Global Shares Rise Ahead of US Inflation Update on Hopes for Easing Rate Hikes
July 11, 2023
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BEIJING—Global stock markets rose Tuesday ahead of a U.S. inflation update traders hope will show the need for more interest rate hikes is easing. Paris, Shanghai, Frankfurt, and Tokyo advanced. Wall Street futures were little-changed. Oil prices rose. Wall Street’s benchmark S&P 500 index gained 0.2 percent on Monday following its second weekly decline in…
Threads’ Piracy Issues and Why Meta’s New App Can’t Launch in Europe
July 11, 2023
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Meta’s answer to Twitter, Threads, launched worldwide this week with the exception of EU member countries. The new Instagram-linked app, which is now available in 100 countries, so far has no plans to launch in the EU, likely due to privacy regulations in the bloc. There are obviously very strong concerns over the processing of data…
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