LONDON—The Swiss franc fell on Thursday after the Swiss National Bank (SNB) hiked its benchmark interest rate, while the Norwegian crown surged after a bolder Norges Bank move. The SNB raised its benchmark interest rate by 25 basis points to 1.75 percent, defying some market expectations of a bigger increase. Despite an easing in Swiss…
Oil Dips With Interest Rates and Inventories in Focus
June 22, 2023
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LONDON—Oil futures dipped slightly on Thursday, with trader expectations of further interest rate hikes countered by potentially bullish U.S. oil inventory data after preliminary figures showed a fall in stocks. Brent futures eased by 47 cents, or 0.6 percent, to $76.65 a barrel at 0840 GMT and U.S. West Texas Intermediate (WTI) crude futures were…
Shares Ease, Dollar Steady in Central-Bank Heavy Day
June 22, 2023
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LONDON/SINGAPORE—Global shares eased on Thursday after Federal Reserve Chair Jerome Powell indicated U.S. rates had further room to rise, while the dollar held steady against the pound ahead of the Bank of England’s decision on monetary policy later on. The MSCI All-World index was down 0.1 percent, heading for a fifth straight day of declines,…
House Digs Deeper Into Chinese-Owned Battery Company’s Rescinded Grant From Biden DOE
June 22, 2023
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House Republicans have voiced worries about the Biden administration’s energy-related spending, questioning a Department of Energy (DOE) official about how a Chinese-owned battery manufacturer was on pace to get hundreds of millions in taxpayer money before the Biden administration yanked the money away last month. That company, Microvast, somehow qualified for a $200 million grant…
Stock Market Today: Drops for Tech Stocks Sap More Momentum From Wall Street’s Rally
NEW YORK—Drops for technology stocks left Wall Street mixed Wednesday and sapped more momentum from its five-week rally. The S&P 500 fell 23.02, or 0.5 percent, to 4,365.69. It was a third straight pullback for the index after it rallied last week to its highest level in more than a year. Weakness for high-growth stocks…
How Major US Stock Indexes Fared June 21
Tech stocks fell Wednesday, keeping Wall Street mixed and sapping more momentum from its five-week rally. The S&P 500 closed 0.5 percent lower Wednesday, its third straight pullback after rallying last week to its highest level in more than a year. The Nasdaq composite fell 1.2 percent, more than the rest of the market. The…
Wall Street Opens Lower as Powell Doubles Down on Inflation Fight
Wall Street’s main indexes opened lower on Wednesday as Federal Reserve Chair Jerome Powell remained firm in bringing inflation back to 2 percent target, spurring worries of more monetary tightening. The Dow Jones Industrial Average fell 63.31 points, or 0.19 percent, at the open to 33,990.56. The S&P 500 opened lower by 8.70 points, or…
Dollar Firm Ahead of Powell Testimony, Sterling Falls After Inflation Data
SINGAPORE/LONDON—The dollar was firmer on Wednesday leading into Federal Reserve Chair Jerome Powell’s appearance before Congress, where he is expected to strike a hawkish tone, while sterling slipped after hotter-than-expected British inflation data. The annual pace of British consumer price gains was steady at 8.7 percent in May, against hopes it had cooled since April….
Oil Holds Steady Ahead of Powell’s Congressional Testimony
LONDON—Oil prices stabilised on Wednesday ahead of Federal Reserve Chair Jerome Powell’s congressional testimony later in the day and as data showing British inflation remained sticky raised the possibility of a hawkish Bank of England policy decision this week. Brent futures were flat at $75.90 a barrel by 0929 GMT and U.S. West Texas Intermediate…
Stocks Uneasy in Case Powell Embraces His Inner Hawk
June 21, 2023
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SYDNEY/LONDON—Stocks slipped on Wednesday on negative news including a lack of new stimulus from Beijing, bearish British inflation data, and a further slump in European real estate, as markets await direction from Federal Reserve Chair Jerome Powell. The world’s most powerful central banker faces lawmakers in two days of testimony and is sure to be…
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