SYDNEY/LONDON—Stocks slipped on Wednesday on negative news including a lack of new stimulus from Beijing, bearish British inflation data, and a further slump in European real estate, as markets await direction from Federal Reserve Chair Jerome Powell. The world’s most powerful central banker faces lawmakers in two days of testimony and is sure to be…
Stocks Uneasy in Case Powell Embraces His Inner Hawk
June 21, 2023
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Yuan Dips After China Cuts Rates; Swedish Crown, Aussie Slide
London—The yuan slipped towards a seven-month low on Tuesday after China cut interest rates, while the Swedish crown weakened to its lowest level since 2009 against the euro on persistent concerns about the real estate sector. China lowered its one-year and five-year loan prime rates (LPR) by 10 basis points, the first such easing in…
Oil Mixed on China Rates Cut, Growth Outlook
LONDON—Oil prices slipped on Tuesday after China cut benchmark lending rates less than some expected while demand was seen rising this year, clouding the outlook for the world’s largest crude importer. Brent crude was up 47 cents or 0.6 percent at $76.56 a barrel at 0850 GMT. U.S. West Texas Intermediate (WTI) crude for July…
China’s Smaller-Than-Expected Rate Cut Sends Stocks Lower
June 20, 2023
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HONG KONG/LONDON—European and Asian stocks fell on Tuesday after China cut interest rates by less than expected and the market awaited more details on Beijing’s plans to shore up a stuttering economic recovery. China cut its benchmark loan prime rates (LPR) for the first time in 10 months on Tuesday, with a smaller-than-expected 10-basis point…
Dollar Nudges Up, UK Pound Near 14-month Highs Ahead of BoE Decision
LONDON—The dollar edged higher on Monday as investors digested a slew of monetary policy decisions by central banks last week and looked ahead to a crunch decision by the Bank of England on Thursday. Currency market moves have been dominated by central bank efforts globally to curb high inflation, with the dollar index sliding to…
Oil Falls on China Growth Uncertainties
LONDON—Oil prices fell on Monday as questions over China’s economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States. Brent crude fell 17 cents, or 0.2 percent, to $76.44 a barrel by 0944 GMT while U.S. West Texas Intermediate (WTI) crude lost…
Stocks Rally Stalls, Eyes Powell Testimony for Rate Clues
June 19, 2023
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LONDON, SYDNEY—Global shares drifted on Monday, consolidating gains after hitting a 14-month high last week, as investors awaited testimony from U.S. Federal Reserve Chair Jerome Powell in markets that remain dominated by monetary policy bets. The MSCI’s broad gauge of world stocks was steady, with Wall Street markets closed for the Juneteenth holiday. In Europe,…
BOJ, ECB Rate Decisions Send Yen to Fresh 15-year Low Against Euro
LONDON/SINGAPORE—The yen fell to a new 15-year low against the euro on Friday after the Bank of Japan (BOJ) kept ultra-low interest rates and forecast that inflation will slow later this year in contrast with the European Central Bank’s (ECB) rate hike on Thursday. As widely expected, the BOJ maintained its -0.1 percent short-term interest…
Oil Falls as Demand Concerns Offset Supply Cuts
LONDON—Oil slipped on Friday as a weaker economic outlook and the prospect of further interest rate hikes dogged sentiment, outweighing a tighter market in the second half of the year owing to higher Chinese demand and OPEC+ supply cuts. The Bank of England is set to raise interest rates by a quarter of a percentage…
World Shares Reach 14-month Highs as Investors Shrug Off the Fed
June 16, 2023
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LONDON—Global shares rose to 14-month highs on Friday, as investors took the view that the Federal Reserve may not need to raise rates much more, while the dollar headed for its biggest weekly slide since January. The MSCI All-World index was up 0.2 percent, around its highest since mid-April 2022. This has been an intense…
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