LONDON—The dollar wallowed near two-month lows on Wednesday after weak data supported the view that the Federal Reserve may not need to raise rates much further, while the New Zealand dollar hit two-month highs after a larger-than expected rate hike. With the all-important U.S. monthly employment report just two days away, activity across the market…
Oil Prices Stable as Economic Fears Balance OPEC+ Cuts
April 5, 2023
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LONDON—Oil prices were stable on Wednesday, as the market weighed gloomy economic prospects against expectations of U.S. crude inventory declines and OPEC’s voluntary output cuts announcement. Brent crude futures gained 22 cents, or 0.26 percent, to $85.16 a barrel by 0747 GMT. West Texas Intermediate U.S. crude was up 12 cents, or 0.15 percent, to…
Stocks Falter as Economic Worries Nag, Big Rate Hike Lifts Kiwi Dollar
April 5, 2023
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LONDON—World stock markets stumbled on Wednesday as signs that the economic outlook is weakening spurred caution, while a bigger-than-expected interest-rate hike from New Zealand lifted the kiwi dollar. European stocks fell with the broad STOXX 600 index pulling away from Tuesday’s one-month highs. U.S. equity futures dipped and Japan’s Nikkei fell 1.6 percent in its…
JPMorgan CEO Says Bank Crisis Not Over, America Shifting Into a ‘Vicious Cycle’
JPMorgan CEO Jamie Dimon said in a letter to shareholders that the U.S. banking crisis is not over, and that even when it does end, its impact will linger for years, while warning that America seems to moving into a “vicious cycle.” “As I write this letter, the current crisis is not yet over, and…
Trifecta of Inflation, Recession, and Banking Insolvency Leading to a ‘Doom Loop’: Economist
April 4, 2023
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Decades-high persistent inflation combined with increasing risks of an economic recession and an imminent insolvency crisis in the banking sector have resulted in a “trilemma” facing central banks, including the U.S. Federal Reserve, warns top economist Nouriel Roubini. “Unable to fight inflation and provide liquidity support simultaneously, the only solution is a severe recession—and thus…
Pound Hits Highest Since June, Euro up as Dollar Under Pressure
LONDON/SINGAPORE—The pound rose to a new 10-month high against the dollar on Tuesday, and the euro reached its highest in two months, as the greenback continued to be hurt by market bets that the end of the U.S. rate-hiking cycle is near. Sterling reached $1.2475, its highest since June 2022, and was last just below…
Oil Extends Gains on OPEC+ Surprise Cuts
April 4, 2023
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LONDON—Oil prices rose on Tuesday after OPEC+ plans to cut more production jolted markets the previous day, with investors’ attention shifting to demand trends and the impact of higher prices on the global economy. Brent crude futures were up 43 cents, or 0.5 percent, to $85.36 a barrel by 0925 GMT. U.S. West Texas Intermediate…
Shares Rise, but Concern Mounts Over Inflation Flare-Up
April 4, 2023
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LONDON—Global stocks rose in cautious trade on Tuesday as investors grappled with the possibility of a flare-up in inflation due to the OPEC+ group’s surprise output cut, while the dollar sagged after weak U.S. manufacturing data the previous day. An announcement on Sunday of an output target cut by the Organization of the Petroleum Exporting…
Rental Market Bust Just Around the Corner, Experts Warn
April 4, 2023
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The collapse of the U.S. rental market is just around the corner, some real estate experts warn. Rental prices finally dropped to pre-pandemic levels last month after millions of Americans struggled to keep up with skyrocketing housing costs since the start of the pandemic. In a series of recent tweets, Nick Gerli, the CEO & Founder of…
Federal Reserve Making Worst ‘Policy Mistake in Several Decades’, Top Economist Warns
April 3, 2023
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The Federal Reserve’s year-long aggressive monetary tightening efforts could turn out to be one of the most significant policy errors in the last several decades, according to renowned economist Mohamed El-Erian. El-Erian shared excerpts from the Peterson Institute for International Economics (PIIE) and the Financial Times that reinforced his view that the U.S. central bank…
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