Wall Street’s main indexes opened higher on Thursday as a greater-than-expected rise in weekly jobless claims eased some rate-hike jitters ahead of a key payrolls report that could determine the Fed’s monetary policy path. The Dow Jones Industrial Average rose 78.43 points, or 0.24 percent, at the open to 32,876.83. The S&P 500 opened higher…
Dollar Holds Near 3-month Highs on Rates Outlook
SINGAPORE/LONDON—The dollar held near a three-month high on Thursday, underpinned by Federal Reserve Chair Jerome Powell’s message that interest rates would have to go higher and possibly faster. The yuan weakened after the government reported unexpectedly low inflation. In the second day of his testimony to Congress on Wednesday, Powell reaffirmed his message, though he…
Oil Slips for 3rd Day as Recession Fears Mount
March 9, 2023
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LONDON—Oil fell for a third day on Thursday as fears over the economic impact of rising interest rates offset a surprise drop in U.S. crude inventories and hopes for Chinese demand. U.S. Federal Reserve Chair Jerome Powell’s comments this week on the likelihood that interest rates will need to be raised more than previously expected…
Recession Is Needed to Curb Inflation
March 9, 2023
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The year 2023 seems a turnaround year for the world economy: Not only in the real estate sector, where prices are on the rebound. Indeed, inflation and the interest rate hike will still be the focus, at least for the first half of 2023; recession, if any, should be later. The picture is getting clearer:…
Global Stocks Lower After Wall Street Steadies Amid Rate Fears
March 9, 2023
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BEIJING—Major global stock markets were mostly lower Thursday amid worries about more U.S. interest rate hikes. London, Shanghai, and Frankfurt declined. Tokyo advanced. Oil prices were lower. Wall Street futures were lower following Federal Reserve chair Jerome Powell’s warning that rate hikes might speed up because upward pressure on prices is stronger than expected. Investors…
Experts Warn That the US Is Close to Disaster on Debt Ceiling
March 8, 2023
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Economists and experts warned a Senate committee hearing this week that the U.S. government is close to disaster on the federal debt ceiling. The Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Economic Policy conducted a hearing on Mar. 7 titled: “The Federal Debt Limit and its Economic and Financial Consequences,” with five expert…
Wall Street Rises After Selloff, Labor Data on Tap
U.S. stock indexes opened slightly higher on Wednesday after a selloff in the previous session, with investors awaiting more comments from Federal Reserve Chair Jerome Powell and job openings data. The Dow Jones Industrial Average rose 15.62 points, or 0.05 percent, at the open to 32,872.08. The S&P 500 opened higher by 1.18 points, or…
Financial Expectations of Americans Lowest Since 2010
March 8, 2023
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Americans are becoming more pessimistic about their personal financial situation as well as the direction of the U.S. economy, with financial expectations at their lowest in over a decade. The share of respondents who expect their personal financial situation to “get better” over the next 12 months dropped to 31 percent in February from 33…
Dollar Scales 3-month Peak as Powell Flags Higher Rates
LONDON—The dollar scaled multi-month highs against most other major currencies on Wednesday, after Federal Reserve Chair Jerome Powell warned that U.S. interest rates might need to go up even faster and higher than expected to rein in stubborn inflation. Higher rates benefit the dollar by improving its yield and as traders look for safety while…
Oil Steadies After Rate Hike Concerns Spur Sell-Off
March 8, 2023
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LONDON—Oil prices steadied after earlier losses on Wednesday, driven by fears that more aggressive U.S. interest rate hikes would hit demand, while the market awaited further clarity on inventories. Brent crude futures climbed 11 cents, or 0.1 percent, to $83.40 per barrel by 1103 GMT. U.S. West Texas Intermediate (WTI) crude futures eased 9 cents,…
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