TOKYO—Global shares were mostly lower Wednesday as investors fretted that the Federal Reserve might raise interest rates faster if the pressure stays high on inflation. France’s CAC 40 shed 0.2 percent to 7,325.65 in early trading. Britain’s FTSE 100 dipped 0.3 percent to 7,898.54. Germany’s DAX inched down less than 0.1 percent to 15,555.97. U.S….
Global Stocks Fall Amid Fears About Faster Rate Hikes
March 8, 2023
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RBA Hints at Pause to Interest Rate Hikes Amid Concerns About Recession
The Reserve Bank of Australia (RBA) has announced a 10th consecutive interest rate hike, taking the official cash rate to the highest level in 11 years. However, there are signs that the current monetary tightening cycle may end soon as the risk of a recession emerges. On March 7, the RBA board decided to lift…
RBA Hints at A Pause to Interest Rate Hikes Amid Concerns About Recession
The Reserve Bank of Australia (RBA) has announced a 10th consecutive interest rate hike, taking the official cash rate to the highest level in 11 years. However, there are signs that the current monetary tightening cycle may end soon as the risk of a recession emerges. On March 7, the RBA board decided to lift…
New York Radio Broadcaster Laying Off 8 Percent of Employees
March 7, 2023
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Satellite radio firm SiriusXM has announced a reduction in its employee count, in line with the overall trend among tech companies firing workers in the past few months. “After a review of our business, we have made the decision to reduce the size of our workforce by 475 roles, or 8 percent,” CEO Jennifer Witz…
The Economic Upheaval Has Just Begun
March 7, 2023
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Commentary This weekend, a good man who owns a landscaping business came up to the microphone during a question and answer period following my speech at an event. He posed a simple but sincere question. He has endless demands for his services. He has all the capital he needs. He has a thriving business with…
Wall Street Slips at Open as Investors Await Powell’s Testimony
Wall Street’s main indexes opened marginally lower on Tuesday in cautious trading ahead of Federal Reserve Chair Jerome Powell’s testimony before Congress that could shed more light on the central bank’s interest rate hike plans. The Dow Jones Industrial Average fell 3.13 points, or 0.01 percent, at the open to 33,428.31. The S&P 500 opened…
Bank of America CEO Sees US Technical Recession in 3rd Quarter
SYDNEY—Bank of America Chief Executive Officer Brian Moynihan said on Tuesday the U.S. economy would reach a technical recession starting in the third quarter. Moynihan told The Financial Review’s Business Summit in Sydney a U.S. recession would not be deep and the bank forecast interest rates would start falling in the second quarter of 2024….
Dollar Steady Before Powell Testimony; Aussie Slips
SINGAPORE/LONDON—The U.S. dollar held steady on Tuesday ahead of testimony before Congress by Federal Reserve Chair Jerome Powell, while the Aussie slid after the Reserve Bank of Australia hinted it might nearly be done with monetary tightening. The Australian dollar was the day’s major G10 mover, sliding as much as 0.79 percent to $0.6679, its…
Oil Steady as Market Juggles Supply and Demand Fears
March 7, 2023
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LONDON—Oil prices were little changed on Tuesday after five sessions of gains, with weak oil data from top crude importer China balanced by concern over supply. Brent crude futures fell 22 cents, or 0.26 percent, to $85.96 a barrel by 1043 GMT. U.S. West Texas Intermediate crude was down 16 cents, or 0.2 percent, at…
Global Shares Mixed as Investors Watch Fed Moves, Inflation
March 7, 2023
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TOKYO—Global shares were mixed in muted trading Tuesday as investors tried to digest a slew of economic data and awaited moves by the U.S. Federal Reserve. France’s CAC 40 fell 0.1 percent in early trading to 7,363.24. Germany’s DAX added nearly 0.1 percent to 15,659.63. Britain’s FTSE 100 edged up less than 0.1 percent to…
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