LONDON—Oil prices declined towards $74 a barrel on Friday and were on course for a fourth consecutive quarter of losses amid concerns over sluggish global economic activity and fuel demand. Benchmark Brent crude futures for September delivery were down 5 cents, or 0.1 percent, at $74.46 a barrel by 1120 GMT after earlier rising by…
Stocks Show Resilience to Wall of Rates and Inflation Worries
June 30, 2023
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LONDON—Global shares were steady on Friday as investors scrutinized inflation data from both sides of the Atlantic to cap a rollercoaster quarter for markets that upended bets on interest rates peaking. Oil was poised for its first monthly gain this year, as a big drawdown in U.S. oil stocks outweighed concerns that fuel demand will…
Mining Industry Got Australia Through Economic Recessions, Pandemic: Liberal MP
Queensland Liberal MP Garth Hamilton has commended Australia’s mining sector for sustaining the nation’s economic prosperity during the 90s recession, the GFC, and more recently through the pandemic. This comes as federal Labor Treasurer Jim Chalmers said that Australia’s resources sector has been “a force for good.” Speaking with Sky News on June 26, Hamilton…
Lordstown Motors Sues Foxconn and Files for Bankruptcy
June 29, 2023
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The troubled electric vehicle maker Lordstown Motors has followed through with its promise to sue Foxconn over a promised investment and filed for bankruptcy. On June 27, the EV maker filed a legal action against Foxconn, the Taiwanese manufacturer of Apple’s iPhones, while simultaneously filing for Chapter 11 protection in Delaware and put itself up for sale. The…
Oil Steadies After Spiking on US Inventory Fall
LONDON—Oil prices steadied on Thursday, a day after rising sharply on a bigger-than-expected fall in U.S. inventories, as attention shifted back to rising interest rates denting global economic growth. Brent crude futures was up 10 cents, or 0.1 percent, to $74.13 a barrel by 1032 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 11…
Stocks Shrug Off Inflation Angst, Yen Bows to Dollar
June 29, 2023
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LONDON—World shares and the dollar inched higher and gold was at a three-month low on Thursday as traders’ attention continued to swing between the battle to lower inflation and speculation about currency market intervention in China and Japan. Europe’s regional STOXX 600 index barely budged in early trading after what had been its biggest rise…
Reaching Net Zero Will Need 450 Percent Increase in Mining: Aussie Treasurer
Australia’s Federal Treasurer, Jim Chalmers, has said that a 450 percent increase in mineral production will be needed to meet net zero by 2050. This comes as Resources Minister Madeleine King released a new strategy (pdf) for making Australia a global producer of raw and processed critical minerals. Speaking at the 26th World Mining Congress…
Reaching Net Zero Will Need 450 Percent Increase in Mining: Australian Treasurer
Australia’s Federal Treasurer, Jim Chalmers, has said that a 450 percent increase in mineral production will be needed to meet net zero by 2050. This comes as Resources Minister Madeleine King released a new strategy (pdf) for making Australia a global producer of raw and processed critical minerals. Speaking at the 26th World Mining Congress…
Oil Prices Gain 2 Percent on Big Decline in US Crude Storage
June 28, 2023
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NEW YORK—Oil prices rose about 2 percent on Wednesday as a bigger-than-expected drop in U.S. crude stockpiles offset worries that further interest rate hikes could slow economic growth and reduce global oil demand. Brent futures were up $1.31, or 1.8 percent, to $73.57 a barrel at 11:15 a.m. EDT (1515 GMT), while U.S. West Texas…
European Shares Climb, Yen Stumbles and Euro Shines
June 28, 2023
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LONDON/SYDNEY—European shares climbed on Wednesday as surprisingly upbeat U.S. economic news eased global growth concerns, while the embattled yen hit a 15-year low against the euro and Japan hinted at intervention to prevent further losses. Treasury yields inched higher on the strength of U.S. data, combined with hawkish commentary emerging from Portugal at a gathering…
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