LONDON—Oil prices rose on Friday and were broadly flat on the week as concern over oil demand growth was balanced by Saudi output cuts. Brent crude futures rose 36 cents, or 0.5 percent, to $76.32 a barrel by 0932 GMT while U.S. West Texas Intermediate crude was up 34 cents, or 0.5 percent, at $71.63….
Global Shares Edge Up as Fed Pause Bets Bolster Sentiment
June 9, 2023
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LONDON, TOKYO—Global equities were set for a small weekly gain on Friday following a Wall Street rally overnight, as rising bets the Federal Reserve will skip a rate increase next week overshadowed worries about U.S. markets being drained of cash. MSCI’s broad index of global shares edged 0.2 percent higher, on track for a weekly…
Mr. Bean Actor Says the Electric Car ‘Honeymoon’ Is Over
The actor and comedian behind the popular Mr. Bean character has called on drivers to hold off buying an electric vehicle (EV), saying the environmental benefits do not stack up. Rowan Atkinson, a long-time motor enthusiast with a degree and master’s in electrical engineering, said current EV technology was more harmful to the environment than…
Biden, British PM Strike New Economic Partnership, Touting ‘Indispensable Alliance’
June 8, 2023
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Atlantic Declarationbiden administrationBritish Prime MinisterBusiness & Marketseconomic policiesEuropeExecutive Branchforeign tradeJoe BidenPoliticsRishi SunakRussia-Ukraine WarUKUnited KingdomUSUS NewsWorld
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President Joe Biden and British Prime Minister Rishi Sunak have struck a new economic agreement to strengthen economic ties between their two nations and address the challenges of a “rapidly changing world.” “Today in Washington, we’ve had important and positive discussions to deepen our bilateral economic relationship and expand our cooperation to shape the challenges…
High Interest Rates, High Inflation, and Record Debt
June 8, 2023
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Business & Marketsdebteconomic policieseconomyinflationMarketsOpinionPolicyrecessionUSUS NewsViewpoints
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Commentary Financially, it’s going to be an interesting summer. At the moment mortgage rates are hitting 7 percent, median rent prices are at $1,850 per month, and the average car payment is around $950 per month. Household debt is currently at $17.1 trillion, mortgages are at $12 trillion, and auto loans are at $1.6 trillion….
US Applications for Jobless Benefits Highest Since October 2021
The number of Americans applying for unemployment benefits last week rose to its highest level since October 2021, but the labor market remains one of the healthiest parts of the U.S. economy. The Labor Department reported Thursday that U.S. applications for jobless claims were 261,000 for the week ending June 3, an increase of 28,000…
A Century of Progressive Taxes: Targeting the Rich but Hitting the Middle Class and Poor
Economist Arthur Laffer’s newly published analysis of America’s 110-year history of income taxes is rife with paradoxes; among them, that the higher the tax rates that the U.S. government imposes on the rich, the smaller the share of taxes the rich pay compared to everyone else. Or put another way, the more the government attempted…
S&P 500, Nasdaq Open Higher as Jobless Claims Rise
The S&P 500 and Nasdaq opened slightly higher on Thursday as Treasury yields slipped after data showed weekly jobless claims rose more than expected, countering some concerns about further interest rate hikes. The Dow Jones Industrial Average fell 8.04 points, or 0.02 percent, at the open to 33,656.98. The S&P 500 opened higher by 1.17…
American Consumer Credit Growth Last Month Rose to Its Fastest Pace Since November
June 8, 2023
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Business & Marketsconsumer crediteconomic policieseconomyhousehold debtinflationinterest ratesInvestmentMarketspersonal financerecessionUSUS News
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U.S. consumer credit growth accelerated in April to the fastest pace since November 2022, according to recent data from the Federal Reserve. The June 7 data on consumer credit, or G.19, comes after the Federal Reserve raised interest rates in May by 25 basis points, to a range of 5.0–5.25 percent. Many economists are worried that…
Dollar Slips From Near 3-month Highs as Traders Gauge Rate Outlook
LONDON/SINGAPORE—The dollar fell slightly on Thursday from near three-month highs, a day after a surprise rate hike from the Bank of Canada suggested the Federal Reserve may also have more work to do to combat inflation. The euro was last up 0.3 percent at $1.073 against the dollar—the most traded currency pair in global markets….
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