Tesla and its rival electric vehicle manufacturers in China signaled a truce after a months-long price war and agreed to a “socialist values” pledge. Tesla CEO Elon Musk, who is also the owner of Twitter and SpaceX, and Chinese automaker CEOs, agreed to adhere to a “core socialist values” pledge and to compete fairly in…
Tesla and Chinese Rivals May Sign Truce After EV Price War With Socialist Values Pledge
July 6, 2023
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More Americans Apply for Jobless Benefits, but Layoffs Are Not Rising Significantly
July 6, 2023
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The number of Americans applying for jobless benefits rose last week, but remains at healthy levels despite the Federal Reserve’s attempt to cool the labor market by raising interest rates. U.S. applications for jobless claims rose by 12,000 to 248,000 for the week ending July 1, from 236,000 previous week, the Labor Department reported Thursday….
Devaluation of Chinese Yuan an Unexpected Result of Beijing’s Effort to Take Yuan Global
July 6, 2023
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The value of the Chinese yuan has been declining continuously in recent months after the country’s reopening from COVID lockdowns, and the Central Bank of China during its Q2 meeting dropped any reference to “enhancing the flexibility of the Chinese yuan exchange rate.” According to a financial expert, the Chinese regime is currently in a…
Is Bidenomics for Real?
July 6, 2023
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What a difference a year makes. In 2020, under former president Donald Trump, inflation in the United States averaged 1.4 percent. One year later, inflation’s annual rate was 8 percent. As of June 2023, it’s hovering around 4 percent. That’s still higher than what the past administration had. Now, President Joe Biden is touting an…
What’s Not to Like About ‘Bidenomics’? Plenty
July 6, 2023
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The Biden camp seems to be operating under the delusion that it can somehow rehabilitate the phrase “Bidenomics”—hurled as a perjorative at the White House by those of us on the Right—to serve as a buzz phrase in support of the president’s 2024 reelection campaign. It’s a risky—some would say, foolish—notion, but certainly not the first…
Wall Street Slides as Labor Data Stokes Rate Hike Concerns
Wall Street’s main indexes opened lower on Thursday as data signaling a resilient labor market and hawkish minutes of the Federal Reserve’s June meeting fanned fears the central bank could keep interest rates higher for longer. The Dow Jones Industrial Average fell 117.25 points, or 0.34 percent, at the open to 34,171.39. The S&P 500…
‘Bidenomics’ Is Expansion of Government Intervention in Economy: Researcher
July 6, 2023
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President Joe Biden’s economic policy, termed “Bidenomics,” is, in fact, government intervention in the economy reflecting a distrust of markets’ self-regulating abilities, an economic researcher said. Bidenomics reflects the belief that the government can deliver better economic results via industrial policies, such as tariffs, subsidies, tax privileges, and other policies, than reliance on the free…
Dollar Gives Up Fed Gains; Yen and Pound Strengthen
LONDON—The dollar turned lower on Thursday as investors looked ahead to pivotal U.S. labor market data following minutes from the Federal Reserve’s June meeting, while a broad risk-off mood lent support to the Japanese yen. Minutes from the Fed’s meeting released on Wednesday showed that the vast majority of policymakers expect further tightening in U.S….
Oil Steadies as Market Digests Supply and Demand Outlook
LONDON—Oil prices were little changed on Thursday as the market digested tighter crude supply alongside fears of global economic slowdown. Brent crude futures edged up 29 cents to $76.94 a barrel by 0838 GMT after a 0.5 percent gain the previous day. U.S. West Texas Intermediate crude firmed by 37 cents to $72.16 after rising…
Stocks Slide as Rising Borrowing Costs Strike Again
July 6, 2023
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LONDON—World stocks fell for a third straight day on Thursday, after Federal Reserve meeting minutes bolstered bets on another U.S. rate hike this month and tit-for-tat trade salvos between China and the United States also dampened sentiment. Traders watched the traditional driver of global borrowing costs, the 10-year U.S. Treasury yield, climb to a fresh…
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