Target is facing stock losses after a massive pushback over transgender merchandise in its stores. Shareholders were hit with lowered projections, according to a report from Bank of America’s Global Research division on June 14, as Target faces the worse downgrade in three years. Many customers have been boycotting Target over its pro-LGBT stance since May, ahead of…
Target Facing Major Pushback Over Transgender Controversy as Stock Price Drops
June 15, 2023
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New Zealand’s Economy Dips Into Recession as Higher Interest Rates Bite
WELLINGTON, New Zealand—New Zealand’s economy has dipped into recession as higher interest rates take their toll, new figures released Thursday show. Gross domestic product fell by 0.1 percent in the March quarter, following a revised 0.7 percent fall in the previous quarter, Statistics New Zealand said. That fulfils the nation’s definition of a recession, which…
Retail Sales Rose 0.3 Percent in May Despite Pressure From Higher Inflation and Interest Rates
NEW YORK—Americans increased their spending at retailers last month despite pressure from still-high inflation and rising borrowing costs. Thursday’s report from the Commerce Department showed that retail sales rose 0.3 percent from April to May, boosted by stronger sales of auto and parts dealers. Economists had been expecting a decline in sales for the month….
Number of Americans Filing for Jobless Claims Is Elevated for 2nd Straight Week
June 15, 2023
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The number of Americans applying for unemployment benefits remained elevated last week, a possible sign that the Federal Reserve’s interest rate hikes over the past year may taking hold in what’s proved to be a resilient job market. U.S. applications for jobless claims were 262,000 for the week ending June 10, the Labor Department reported…
ECB Lifts Interest Rates to 22-year Highs
June 15, 2023
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LONDON—The European Central Bank raised interest rates for the eighth successive time, as expected, on Thursday and signalled further policy tightening, as it battles high inflation. The central bank for the 20 countries that share the euro also said it expected inflation to stay above its 2 percent target through 2025 and hinted once again…
Wall Street Opens Lower on Concerns Over Hawkish Fed
Wall Street opened lower on Thursday, with the S&P 500 and Nasdaq retreating from 14-month highs as the Federal Reserve signalled that interest rates could rise further this year. The Dow Jones Industrial Average fell 33.35 points, or 0.10 percent, at the open to 33,945.98. The S&P 500 opened lower by 7.26 points, or 0.17…
Apartment Rent Growth Is Declining Fast
June 15, 2023
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Apartment rent growth in the United States is declining fast, after years of soaring prices. The decline in rents are giving many millions tenants relief for the first time since the early months of the pandemic, partially due to the increasing amount of apartments on the market. Rental prices may start to ease more this…
Dollar Ekes out Gain After Fed Hike Hint; Yen Slips
LONDON—The U.S. dollar strengthened on Thursday after the Federal Reserve left interest rates unchanged but signalled further rate hikes to come this year as attention turned to the European Central Bank policy announcement later in the day. The Fed’s policy decision snapped a string of 10 consecutive rate hikes, but the projections, or dot plot,…
Oil up on Strong China Refinery Data
LONDON—Oil prices rose on Thursday after a plunge the previous day, as data showed a jump in refinery runs at the world’s top crude importer China, but a weak economic backdrop capped gains. Brent crude futures were up 84 cents, or 1.15 percent, to $74.04 a barrel at 0959 GMT. U.S. West Texas Intermediate (WTI)…
Stocks Slip as ECB Prepares Hike After Hawkish Fed Pause
June 15, 2023
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LONDON—World stocks slipped from 18-month peaks and the dollar pushed higher on Thursday as traders readied for what is expected to be the eighth straight rate hike from the European Central Bank (ECB) later. Europe’s groggy start came after Wednesday’s first pause in the U.S. Federal Reserve’s rapid hiking cycle in over a year was…
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