LONDON/SINGAPORE—Shares globally jumped and most currencies rose against the dollar on Wednesday, as investors discerned a dovish tone in comments from Fed Chair Jerome Powell, though a policy tweak by the ECB meant European bonds sat out the rally. MSCI’s world share index rose 0.37 percent, heading back towards the nine-month high it hit in…
Shares Rise, Dollar Wobbles After Market Sees Powell Comments as Dovish
February 8, 2023
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Strong January Jobs Report Means Fed Raises Rates Higher Than Forecast, Says Atlanta Fed Chief
February 7, 2023
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It appears that the stronger-than-expected U.S. jobs report last week likely means that the Federal Reserve may be open to raising the interest rate higher than planned, said a member of the Fed board. Federal Reserve Bank of Atlanta president Raphael Bostic, in an exclusive interview with Bloomberg News on Jan. 6, said that the…
Boeing to Slash 2,000 Jobs, ‘Streamlining’ Will Include Work Outsourced to India
American aviation firm Boeing intends to lay off two thousand jobs this year as part of a reduction in certain support services, with a part of the work shifted to India, after the firm had earlier committed to hiring 10,000 workers in 2023. “We expect about 2,000 reductions primarily in Finance and HR through a…
Dow, S&P 500 Open Lower Ahead of Powell Comments
The Dow and the S&P 500 opened lower on Tuesday as investors await Federal Reserve Chair Jerome Powell’s remarks for further clues on how long the U.S. central bank will keep interest rates higher. The Dow Jones Industrial Average fell 121.24 points, or 0.36 percent, at the open to 33,769.78. The S&P 500 opened lower…
Russia Feels the Bite of Western Sanctions as Energy Revenues Plunge to Lowest in Two Years
February 7, 2023
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Revenue from energy fell to its lowest level in over two years in Russia as the country continues to be pressured under Western sanctions for its invasion of Ukraine, with Moscow’s federal budget revenues seen to be declining on an annual basis. “Oil and gas revenues amounted to 426 billion rubles ($6.02 billion) and decreased…
Dollar Rally Pauses Ahead of Powell Speech; Aussie Lifted by Hawkish RBA
The dollar eased on Tuesday after its rally the previous day, but still hovered near a one-month peak as traders raised their bets on how high the U.S. Federal Reserve would need to raise interest rates to tame inflation. The big mover on Tuesday was the Australian dollar, which surged as much as 1 percent…
Oil Rises on China Outlook, Supply Worries After Turkey Earthquake
February 7, 2023
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Oil prices rose for a second straight session on Tuesday, driven by optimism about recovering demand in China and concerns over supply shortages following the shutdown of a major export terminal after an earthquake in Turkey. Brent crude futures were up $1.78, or 2.2 percent, to $82.77 per barrel at 1042 GMT, while West Texas…
Global Stocks Mixed After Wall Street Sinks on Rate Fears
February 7, 2023
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BEIJING—Global stock markets were mixed Tuesday as traders looked ahead to a speech by Federal Reserve Chair Jerome Powell for clues to interest rate plans after Japanese wages rose and Australia’s central bank hiked its key rate again. London and Shanghai gained. Frankfurt, Tokyo, and Wall Street futures declined. Oil prices rose. Last week’s unexpectedly…
US Money Supply Shrinks for 1st Time Since Fed Started Sharing Data
The U.S. money supply has contracted for the first time since the Federal Reserve started publishing the data in January 1960. According to the latest data presented by the Board of Governors of the Federal Reserve System, the M2 money-supply growth rate tumbled by 1.3 percent year-over-year in December 2022, down from 0.01 percent in…
US Money Supply Shrinks for First Time Since Fed Started Sharing Data
The U.S. money supply has contracted for the first time since the Federal Reserve started publishing this data in January 1960. According to the latest data presented by the Board of Governors of the Federal Reserve System, the M2 money-supply growth rate tumbled by 1.3 percent year over year in December, down from 0.01 percent…
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