LONDON/SINGAPORE—The dollar ticked higher on Tuesday ahead of a raft of central bank decisions but remained on track for its fourth consecutive monthly loss. The Federal Reserve will set interest rates on Wednesday, followed by the European Central Bank (ECB) and Bank of England (BoE) on Thursday. Currencies struggled for direction overnight, with the euro…
Oil Falls on Rate Hike Worries, Russian Export Flows
January 31, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices fell on Tuesday as the prospect of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China. March Brent crude futures fell by $1.01, or 1.19 percent, to $83.89 per barrel by 0920 GMT. The March contract expires on Tuesday and the more heavily traded April contract fell…
Global Shares Fall in Muted Trading Ahead of Fed Meeting
January 31, 2023
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TOKYO—Global shares declined in muted trading on Tuesday as investors awaited decisions on interest rates and updates on corporate earnings reports from around the world. The Federal Reserve’s next decision on interest rates, expected Wednesday, will provide insight into whether the U.S. central bank will further ease its aggressive stance on fighting inflation. France’s CAC…
How Inflation Is Wrecking Your Diet and Health
Commentary The restaurant smelled like the Texas barbecue of my youth, so of course I was ready for a thrill. I ordered the beef brisket for $20, which is pretty expensive but these are inflationary times. The plate came. A third of the plate was a giant pile of fried potatoes, cheap food and carbohydrates…
Philips to Layoff 6,000 More Workers as Company Struggles With Profitability
January 30, 2023
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Business & MarketsCompanieseconomyfiring employeesPhilips Electronics N.V.recessionRespiratory Devicesleep therapy devicesstaff layoffs
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Multinational corporation Philips intends to cull thousands of jobs in a bid to boost profitability as the company tries to refocus on health technology, a decision which comes after shares crashed following a recall of its respiratory devices in 2021. Amsterdam-based Philips plans on scrapping 6,000 jobs, with half of the cuts to be implemented…
Drugmaker Amgen Lays Off 300 US Employees
Drugmaker Amgen Inc. said on Monday that it let go about 300 U.S. employees or about 1.2 percent of its total workforce, citing recent organizational changes to its commercial team. The company had about 24,200 staff members in over 50 countries, as of December 31, 2021, according to its latest annual regulatory filing with the…
Data Point to a Recession in 2023
Commentary The saving grace of the U.S. economy for most of 2022 had been employment, which had printed positively each month. Employment even seems to have ameliorated the two consecutive quarters of declining GDP that occurred in the first half of the year that we identified as a recession. Unfortunately, we don’t think 2023 will…
German Economy Shrank 0.2 Percent in 4th Quarter, Worse Than Expected
BERLIN—Germany’s economy shrank by 0.2 percent in the fourth quarter compared with the previous three-month period, official figures showed Monday. The performance by Europe’s biggest economy was worse than expected. Gross domestic product shrank for the first time since the first quarter of 2021 largely because of a decline in consumer spending, which had supported…
Wall Street Opens Lower Ahead of Fed Rate Decision
Wall Street’s main indexes opened lower on Monday, with the tech-focused Nasdaq dropping nearly 1 percent, to kick-start the busiest week of the earnings season and ahead of key central bank meetings. The Nasdaq Composite dropped 109.37 points, or 0.94 percent, to 11,512.34 at the opening bell. The Dow Jones Industrial Average fell 68.87 points,…
Dollar Seesaws Ahead of Busy Central Bank Week, Euro Higher After Spain CPI
LONDON/SINGAPORE—The dollar languished near an eight-month low on Monday ahead of a slew of central bank meetings this week, while higher Spanish inflation data supported the euro ahead of euro area readings on Wednesday. The U.S. dollar index, which measures the currency against a basket of its peers including the euro, was flat at 101.88,…
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