New Zealand’s central bank has raised the official cash rate (OCR) by another 50 basis points to 4.75 percent after Cyclone Gabrielle destroyed the livelihood of many Kiwis. “It is too early to accurately assess the monetary policy implications of these weather events, given that the scale of destruction and economic disruption are only now…
New Zealand Raises Interest Rate to 4.75 Percent, Eating Into Housing Affordability
February 22, 2023
admin
Asia & PacificAustraliaBusiness & MarketsGlobal Real Estatehousing affordabilityinflationinterest rate hikesofficial cash ratereal estaterecessionReserve Bank of New ZealandWorld
0 Comment
US Equity Valuations At ‘Death Zone,’ S&P 500 Might Fall By 25 Percent: Morgan Stanley Strategist
February 21, 2023
admin
Business & Marketseconomic outlookeconomic recessioneconomyEquity ValuationsinflationrecessionS&P 500 benchmarkUSUS News
0 Comment
Michael Wilson, chief U.S. equity strategist at Morgan Stanley, is warning that stocks are currently on the expensive side, with the risk-to-reward for equities “very poor” as he expects the S&P 500 index to tumble by 25 percent from current levels. Wilson equated the current stock market valuations to a “death zone” in a note…
Wall Street Slides at Open as Walmart, Home Depot Forecasts Disappoint
Wall Street’s main stock indexes opened lower on Tuesday as retailers Walmart and Home Depot delivered a double blow to traders returning after a long weekend amid worries that interest rates will remain higher for longer. The Dow Jones Industrial Average fell 127.00 points, or 0.38 percent, at the open to 33,699.69. The S&P 500…
Eurozone Business Growth at 9-month High as Services Supports: Flash PMI
LONDON—Surprisingly strong services growth meant the recovery in eurozone business activity gathered steam this month, expanding much faster than thought, according to a survey on Tuesday, the latest evidence the currency union could escape a recession. A sister survey showed businesses in Britain reporting an unexpected bounce in activity as well as receding price pressures,…
Japan’s Factory Activity Shrinks at Fastest Pace in 2–1/2 Years: PMI
February 21, 2023
admin
Asia & PacificBusiness & Marketseconomic policieseconomyinflationJapanmanufacturingPMIrecessionWorld
0 Comment
TOKYO—Japan’s manufacturing activity contracted at the fastest pace in 30 months in February, a business survey showed on Tuesday, in a worrying sign for the world’s third-largest economy, which is facing weakening demand and struggling to tame cost pressures. The au Jibun Bank flash Japan manufacturing purchasing managers’ index (PMI) fell to a seasonally adjusted…
Euro Struggles, but Robust Services Data Stems Losses
LONDON—The euro stayed under pressure on Tuesday after data showed eurozone manufacturing activity deteriorated this month, although a rebound in the more inflation-sensitive services sector kept losses in check. The euro has been struggling against the dollar in particular over the past couple of weeks, after strong U.S. labor data and signs of persistent inflation…
Shares Slip as Key Economic Data Looms
February 21, 2023
admin
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
0 Comment
LONDON/SINGAPORE—European stocks fell on Tuesday ahead of key data that will offer a window into the health of major economies, while the dollar hovered close to its highest in six weeks. The eurozone, Britain, France, and the United States are all set to publish flash February PMI data, with market players watching for signs of…
Ericsson to Cut 1,400 Jobs in Sweden
February 20, 2023
admin
Business & MarketsCompanieseconomic policieseconomyEntertainmentericssonEuropeinflationlayoffsrecessionSwedenWorld
0 Comment
STOCKHOLM—Telecoms gear maker Ericsson plans to cut about 1,400 jobs in Sweden as part of a broader plan to reduce costs globally, it said on Monday. The company had earlier announced plans to cut costs by 9 billion crowns ($880 million) by the end of 2023 as demand slows in some markets, including North America….
Dollar Edges Lower From 6-Week Peak, Eyes on Fed
LONDON—The dollar edged lower on Monday but remained close to Friday’s six-week high, as a recent flurry of positive economic data reinforced market expectations of tighter monetary policy from the Federal Reserve. The U.S. dollar index, which measures it against six other major currencies, slipped 0.14 percent to 103.83, though is up almost 1.8 percent…
Oil Rises on China Demand Optimism and Supply Concerns
February 20, 2023
admin
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
0 Comment
LONDON—Oil prices rose on Monday, buoyed by optimism over Chinese demand, continued production curbs by major producers, and Russia’s plans to rein in supply. Brent crude rose 59 cents, or 0.7 percent, to $83.59 a barrel by 1020 GMT. U.S. West Texas Intermediate (WTI) crude for March, which expires on Tuesday, was up 58 cents,…
US News
RSS Error: A feed could not be found at `https://www.theepochtimes.com/c-us/feed`; the status code is `200` and content-type is `text/html; charset=utf-8`