LONDON—The dollar weakened slightly against the euro ahead of Wednesday’s eagerly awaited Federal Reserve policy decision, with investors hoping the U.S. central bank will signal an end to interest rate tightening cycle. The euro, meanwhile, was barely moved by data showing inflation in the bloc had eased for a third straight month in January. After…
Oil Stable as Market Awaits Fed, OPEC Decisions
February 1, 2023
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LONDON—Oil prices were broadly stable as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and U.S. government data on crude and fuel stockpiles on Wednesday. Brent crude futures dipped 11 cents, or 0.1 percent, to $85.35 a barrel at 0949 GMT. West Texas…
Stocks Firm, Dollar Retreats Ahead of Fed Decision
February 1, 2023
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LONDON/SINGAPORE—Global stocks edged up on Wednesday as signs of slowing U.S. wage growth supported expectations that the Federal Reserve could signal an end to interest-rate hikes at its meeting later in the day. Wall Street indexes had rallied, as had bonds to a lesser extent, while the dollar gave up gains overnight when the Fed’s…
US Consumer Confidence Slips as Recession Fears Grow
January 31, 2023
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American consumer confidence has begun to stumble at the start of the year, as recession fears grow. The Conference Board, a business research group, reported on Jan. 31 that its consumer confidence index slightly fell 107.1 in January, down from 109 in December, which was the highest reading since April. Households appear to be a bit…
McDonald’s Tops Profit Estimates, Warns Inflation Pressures Persist
January 31, 2023
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McDonald’s announced that it had topped Wall Street estimates for the fourth quarter as it raised meal prices, despite the latest warnings that inflationary pressures would persist into this year. The fast-food chain said it is still aiming to build new restaurants to boost business as part of its new strategy, which the company says will add nearly…
UK Expected to Be Only Major Economy to Contract in 2023: IMF
The UK will be the only major economy to shrink this year, performing worse even than sanction-hit Russia, the International Monetary Fund (IMF) has warned. In its latest World Economic Outlook update, the IMF upped its growth outlook for the global economy, but downgraded its UK GDP forecast once again, predicting a contraction of 0.6…
Eurozone Economy Unexpectedly Grows in 4th Quarter but Weak 2023 Looms
FRANKFURT—The eurozone eked out growth in the final three months of 2022, managing to avoid a recession even as sky-high energy costs, waning confidence, and rising interest rates took a toll on the economy that is likely to persist into this year. Gross domestic product across the currency bloc expanded by a tiny 0.1 percent…
Nearly Two-Thirds of Americans Are Barely Making Ends Meet: Survey
The number of Americans living paycheck to paycheck has increased over the last year, with more than half of consumers left with little money to spend at the end of the month, a new survey has found. The survey, conducted by Pymnts and LendingClub, was published on Jan. 30 and is based on a survey of 3,989…
Older American Workers Worried About Jobs, Taking on Additional Gigs for ‘Extra Money’
Older U.S. employees are troubled about the security of their jobs, worried about getting laid off over the next year, and concerned they might not be able to find a similar job within a meaningful period of time, even as many are turning to gig work for extra income. Many older workers were found to…
Latest Market Rally ‘Bear Market Trap,’ S&P 500 Predicted to Decline 25 Percent: Morgan Stanley Strategist
Michael Wilson, Morgan Stanley’s chief U.S. equity strategist, is warning investors not to get caught in the “bear market trap” after seeing the stock market rally during the initial weeks of 2023, and estimated that the market might make a low by spring. According to Wilson, 2023 is off to a “much better start” compared…
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