LONDON—Oil steadied on Monday as looming interest rate hikes by major central banks and signs of strong Russian exports balanced rising Middle East tension over a drone attack in Iran and hopes of higher Chinese demand. Investors expect the Federal Reserve to raise rates by 25 basis points on Wednesday, followed the day after by…
Oil Steadies as Rate Hikes Loom, Russian Flows Stay Strong
January 30, 2023
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Shares Shaky as Rate-Hike Week Looms
January 30, 2023
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SYDNEY/LONDON—Shares slipped on Monday at the start of an agenda-setting week for markets in which likely interest rate hikes in Europe and the United States, as well as U.S. jobs and wage data, will give markets a fresh update on the battle against inflation. Investors expect the Federal Reserve will raise rates by 25 basis…
Americans Fall Behind on Car Payments at Highest Rate Since 2009
January 28, 2023
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More Americans are falling behind on their car payments at the highest rate since the Great Recession over a decade ago. A combination of the Federal Reserve’s interest rate hikes and high inflation has taken a toll on car owners nationwide. A rise in auto repossessions has been sweeping the country, a bad sign for…
US Consumer Sentiment Improves in January, but Two-Thirds Think the Economy Will Get Much Worse by 2024
American consumer sentiment improved this month, but two-thirds believe that the economy will get much worse by next year due to signs of a pending recession, according to a recent study. The University of Michigan’s closely watched Consumer Sentiment Index measured 64.9 for this month, up from the preliminary 64.6 reading, according to data released…
Wall Street Opens Lower on Intel Warning, Inflation Data Limits Fall
Wall Street’s main indexes opened lower on Friday after Intel’s bleak outlook dragged chipmakers lower, though data showing easing inflation spurred hopes of a policy shift from the Federal Reserve, helping limit losses. The S&P 500 opened lower by 6.71 points, or 0.17 percent, at 4,053.72, while the Nasdaq Composite dropped 41.94 points, or 0.36…
Hasbro Shaving Off 15 Percent From Global Workforce as Top Executive Leaves Toy Firm
Global branded entertainment leader Hasbro announced a 15 percent reduction in its workforce as well as the exit of its chief operating officer while projecting weaker revenues for the fourth quarter. In October 2022, Rhode Island-headquartered Hasbro announced that it would deliver $250–300 million in annualized run-rate cost savings by the end of 2025. In…
Dollar Ticks Up Ahead of Central Bank Meetings Next Week
LONDON—The dollar edged up on Friday to pull away from multi-month lows against the euro and sterling, as investors began to train their sights on a slew of major central bank meetings next week. The U.S. Federal Reserve, European Central Bank, and Bank of England are all due to make rate decisions next week as…
Oil Prices Firm on Upbeat US Economic Data
January 27, 2023
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LONDON—Oil prices rose for a second session on Friday, buoyed by stronger-than-expected U.S. economic growth, strong middle distillate refining margins, and hopes of a rapid recovery in Chinese demand. Brent futures gained $1.15, or 1.3 percent, to $88.62 a barrel by 0930 GMT. U.S. crude also rose by 1.3 percent, gaining $1.01 to $82.02. Both…
Global Shares Edge Higher, Tracking Wall Street Rally
January 27, 2023
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TOKYO—Global shares advanced Friday, tracking a rally on Wall Street following reports suggesting the economy and corporate profits may be doing better than feared. France’s CAC 40 gained 0.2 percent to 7,107.44. Germany’s DAX was unchanged at 15,134.04, while Britain’s FTSE 100 rose nearly 0.2 percent to 7,773.10. The future for the Dow Jones Industrial…
Musk Outlines Tesla’s Recession Playbook: Claw Back Costs
Elon Musk has a playbook for Tesla headed into what he believes will be a “serious” recession: cut costs on everything from parts to logistics, while keeping the pressure on competitors with discounted sticker prices. In a conference call to discuss Tesla’s fourth-quarter results, Musk and other executives outlined plans to reshape the electric vehicle…
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