WASHINGTON—The U.S. economy grew at a lackluster 1.3 percent annual rate from January through March as businesses wary of an economic slowdown trimmed their inventories, the government said Thursday in a slight upgrade from its initial estimate. The government had previously estimated that the economy grew at a 1.1 percent annual rate last quarter. The…
US Economic Growth for Last Quarter Is Revised Up to a Still-Tepid 1.3 Percent Annual Rate
More Short Term Pain for Consumers Amid Labor’s Pursuit of Net-Zero
The Albanese Labor government’s energy plan will likely leave a significant mark on Australia’s economic future. Resources Minister Madeleine King discussed her government’s intention to implement the Future Gas Strategy, an initiative designed to curtail the natural gas industry’s contribution to national emissions. “The gas industry is a major contributor to Australia’s emissions profile,” she…
Nasdaq Jumps at Open as Nvidia Forecast Sparks AI-driven Rally
The Nasdaq rose at open on Thursday as Nvidia shares soared on a blowout forecast from the chipmaker that also helped drive an AI rally, while progress in U.S. debt ceiling talks further boosted sentiment. The Nasdaq Composite rose 222.28 points, or 1.78 percent, to 12,706.44 at the opening bell. The Dow Jones Industrial Average…
Euro Slips as Germany Enters Recession, Dollar Hits 2-month Peak
LONDON—The euro dropped on Thursday as Europe’s largest economy Germany was confirmed to be in a recession, while the dollar hit a two-month peak, benefitting from safe-haven demand as worries mounted about a U.S. default. The latest concern was raised by ratings agency Fitch, who put the United States’ “AAA” debt ratings on negative watch,…
Oil Eases as Russia Downplays Additional OPEC+ Cuts
LONDON—Oil prices fell on Thursday after Russian Deputy Prime Minister Alexander Novak played down the prospect of further OPEC+ production cuts at its meeting next week. Brent crude futures was down 41 cents, or 0.5 percent, to $77.95 a barrel at 0815 GMT. U.S. West Texas Intermediate crude (WTI) fell 51 cents, or 0.7 percent,…
Stock Market Today: World Shares Decline on Worries Over US Debt; Germany Slips Into Recession
May 25, 2023
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World shares declined Thursday as investors watched for signs of progress on a deal to avert a default on U.S. government debt. U.S. futures were mixed and oil declined. Germany slipped into recession as its economy contracted 0.3 percent in the first quarter of the year. The data from the Federal Statistical Office showed a…
Fitch Warns Continued Partisanship on Debt Ceiling Will Hurt AAA Credit Rating
May 25, 2023
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Fitch Ratings placed the United States’ AAA credit rating on “rating watch negative” on May 25, citing concerns about a possible downgrade due to the ongoing political deadlock over the debt ceiling. As negotiations between House Republicans and The White House stretch into a third week, Fitch expressed concern about brinkmanship in the debt ceiling talks…
Rep. McClain Rips Financial Regulators for SVB Collapse
May 25, 2023
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Business & Marketseconomic policieseconomyLisa McClainPeter SchiffPoliticsrecessionRepublicansSilicon Valley BankUSUS News
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The swift demise of Silicon Valley Bank (SVB) has raised serious concerns about the bank’s management and, more importantly, the failure of oversight. These issues were highlighted during Wednesday’s hearing of the Oversight Subcommittee on Health Care and Financial Services, where Chairwoman Lisa McClain (R-Mich.) expressed her apprehensions. “The speed that it failed raised immediate…
China Is Both Supplier and Saboteur of America’s Electric Grid, Experts Say
May 24, 2023
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Business & MarketsChina Newschinese tech risksCompanieseconomic policieseconomyenergyinfrastructure actNational SecurityPolicies & ImpactsThe Green New DEalUSUS Electric Grid
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Simultaneous with efforts by the Biden administration to “green” America’s energy infrastructure, Chinese companies have become key suppliers of hardware to the U.S. electric grid that analysts fear could give China the ability to crash the grid if hostilities were ever to escalate. Americans have become so used to an uninterrupted supply of electricity that…
Not Raising Debt Limit in ‘Timely Manner’ Could Harm Financial System: Fed Minutes
Not raising the debt limit in a “timely manner” could pose a substantial risk to the financial system and the broader U.S. economy, according to minutes from the May Federal Open Market Committee (FOMC) policy meeting. FOMC participants assessed the Treasury Department’s forecast that the federal government would be unable to fully satisfy its obligations…
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