LONDON—Oil dropped for a second day on Wednesday as expectations of further interest rate hikes sparked concern over fuel demand and the economic outlook. Brent crude futures fell 46 cents, or 0.5 percent, to $85.12 a barrel by 1130 GMT, and U.S. West Texas Intermediate (WTI) crude dropped 60 cents, or 0.8 percent, to $78.46….
Oil Drops on US Interest Rate Worries
February 15, 2023
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Global Stocks Mixed After US Inflation Feeds Rate Hike Fears
February 15, 2023
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BEIJING—Asian stocks fell and European markets opened mixed Wednesday after U.S. inflation edged down less than expected, fueling concern the Federal Reserve might think more interest rate hikes are needed. London, Tokyo, and Shanghai declined. Frankfurt advanced. Oil prices fell by more than $1 per barrel. Wall Street futures were lower after official data Tuesday…
Consumers Fret Over Interest Rate Hikes
The latest interest rate hike has shaken consumers as businesses report a strong start to the year. Weekly and monthly consumer confidence surveys capture the February rate hike dragging confidence towards lows last seen in the early days of the pandemic. The monthly consumer sentiment survey from Westpac and Melbourne Institute revealed a 6.9 percent…
US Companies Face More Pain as Expected ‘Earnings Recession’ Looms
February 14, 2023
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NEW YORK—U.S. companies’ earnings woes are likely to extend beyond the weak fourth quarter, as a booming labor market weighing on margins looks set to hurt results in the first half of this year. Expectations for U.S. earnings to decline in the first and second quarter come amid weaker-than-expected fourth-quarter results for 2022, which Credit…
Ford to Cut 1 in 9 Jobs in Europe in Electric Revamp
BERLIN—Ford plans to cut one in nine jobs in Europe, axing 3,800 roles in product development and administration as part of a drive to lower costs in the region and concentrate engineering know-how in the United States, the automaker said on Tuesday The U.S. carmaker leads the European market for commercial vans, but has struggled…
You Call This Easing Inflation?
February 14, 2023
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Commentary Here’s a thing I like to do on the day of Labor Department data releases. I read the actual release and look at the data and trend lines, then look at the details and see what’s driving the trend. I make a general judgment and write an imaginary headline. Then I check in the…
Wall Street Slips at Open After Mixed Inflation Data
U.S. stock indexes opened lower on Tuesday after data showed consumer prices accelerated in January but the pace of annual increase slowed, likely keeping the Federal Reserve on a path of moderate interest rate hikes. The Dow Jones Industrial Average fell 51.84 points, or 0.15 percent, at the open to 34,194.09. The S&P 500 opened…
Household Income Growth Expectations Register Biggest Drop Ever: NY Fed Survey
Expectations for U.S. household income growth saw its largest decline in January, even as short-term inflation is expected to remain elevated, the latest data from the Federal Reserve Bank of New York’s Survey of Consumer Expectations shows. “After increasing each month since September of last year, the median expected growth in household income dropped by…
Jobs Figures Send Euro, Sterling Higher; Dollar Slips Before CPI
LONDON—The euro and sterling rose against the dollar as UK basic pay growth sped up and eurozone employment rose more than expected, underlining the resilience and tightness of the labor market across the region. A flash estimate of employment showed the number of people with jobs in the eurozone increased by 0.4 percent quarter-on-quarter, twice…
Oil Prices Dip on US Crude Reserve Release, Inflation Pressure
February 14, 2023
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LONDON—Oil prices dipped on Tuesday after the U.S. government said it would release more crude from its Strategic Petroleum Reserve, while traders look out for U.S. inflation data for further queues. Brent crude futures fell 80 cents, or 0.9 percent, to $85.81 per barrel by 1003 GMT, while U.S. crude futures fell $1.05, or 1.3…
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