The benchmark S&P 500 edged lower on Tuesday as investors digested earnings reports from top lenders Morgan Stanley and Bank of America, after the markets rallied last week in anticipation of the results and signs of inflation cooling. The Dow Jones Industrial Average rose 11.73 points, or 0.03 percent, at the open to 34,597.08. The…
Treasury Secretary Yellen Doesn’t Expect a Recession in US
July 18, 2023
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U.S. Treasury Secretary Janet Yellen said during an interview that the U.S. economy would not be hit by a recession. While Ms. Yellen was in attendance at a G-20 summit in Gandhinagar, India, she told Bloomberg on July 17 that the United States was making good progress in bringing inflation down this year. Ms. Yellen…
Dollar Slips Towards 15-month Low, Euro Scales 17-month Peak
LONDON—The dollar drifted near a 15-month low against its major peers on Tuesday, as investors awaited fresh catalysts to gauge for downside in the wake of last week’s cooler-than-expected U.S. inflation. The U.S. dollar index, which measures the greenback against a basket of six currencies, fell as low as 99.587, languishing near Friday’s trough of…
Oil Inches Higher as Investors Eye US Crude Supplies
LONDON—Oil prices edged higher on Tuesday as investors weighed a possible tightening of U.S. crude supplies against weaker-than-expected Chinese economic growth. Both contracts fell more than 1.5 percent on Monday, following lacklustre Chinese data and the partial restart of some Libyan oilfields. Brent crude was up 51 cent at $79.01 a barrel by 0956 GMT,…
World Stocks Near 15-month High; China Data Weighs on Markets
July 18, 2023
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LONDON—World shares were steady near their recent 15-month highs and the dollar held close to a one-year low on Tuesday as investors paused to take stock of weak economic data from China and waited for U.S. retail sales data and earnings. Asian stocks fell earlier in the session as markets caught up with growth data…
Is Inflation Over? Ask Your Pocketbook
July 17, 2023
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Commentary There was much rejoicing last week as June’s headline CPI (Consumer Price Index) came in at 3 percent, the lowest level of overall price level growth since March 2021. Financial media declared that the United States has entered “disinflation mode” and that the season of post-pandemic inflation was nearing an end. The previously scorned…
Tesla Builds Its First Cybertruck Two Years Behind Schedule
July 17, 2023
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Tesla produced its first Cybertruck off the assembly line in Austin, Texas, over the weekend after two years of delays. The first Cybertruck finally rolled off the factory line on July 15 to much celebration at Tesla’s Gigafactory. Tesla CEO Elon Musk first announced the first prototype of the electric pickup truck back in 2019 to great…
[PREMIERING 7/18, 7:30PM ET] ‘A Fool’s Bargain’—Robert Lighthizer on the US-China Trade Relationship and How to Strategically Decouple
July 17, 2023
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“The economic growth of China is largely a wealth transfer from the United States,” says Robert Lighthizer. “You’re transferring the wealth of our children and grandchildren and their children overseas.” Mr. Lighthizer served as the U.S. Trade Representative in the Trump administration and also served as deputy trade representative in the Reagan administration. In this…
Why US Citizens Should Not Accept 3 Percent Inflation
July 17, 2023
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Commentary The recent University of Michigan survey’s reading of one-year inflation expectations rose to 3.4 percent in July from 3.3 percent in June. The five-year outlook also increased to 3.1 percent from 3.0 percent in the previous month. There is a mainstream narrative that is spreading throughout the financial media: We must accept 3 percent…
Major Revegetation Project Cancelled After Aboriginal Corporation Demands $2.5 Million
July 17, 2023
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A major tree-planting event along the banks of the Canning River in Perth has been cancelled after the head of a local Aboriginal corporation demanded $2.5 million (US$1.7 million) citing cultural heritage laws. The now-former CEO of the Whadjuk Aboriginal Corporation, David Collard, cited Western Australia’s contentious Aboriginal Cultural Heritage Act 2021 as the reason for…
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