WORLD MARKET NEWS - Page 5

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Asian stocks follow Wall Street up on hopes of rate hikes easing

October 26, 2022 10:37 IST

Wall Street's benchmark S&P 500 index rose for a third day after bond prices rose, suggesting some investors expect the Fed to ease off rate hikes as economic activity cools.

The pound bounced back into positive territory against the dollar, having briefly turned negative, while consumer-sensitive stocks pushed the blue-chip FTSE 100 higher on the day.

Rishi Sunak set to become new UK PM, UK markets rally

October 24, 2022 22:06 IST

The 42-year old will become the country's third prime minister in less than two months, after his predecessor, Liz Truss, was brought down after just six weeks in office by an economic programme that roiled markets.

Kristalina Georgieva | IMF MD Kristalina Georgieva

Global economy is moving from a world of relative predictability to one of greater uncertainty: IMF MD Kristalina Georgieva

October 7, 2022 12:06 IST

In a major policy speech here ahead of the annual meeting of the International Monetary Fund (IMF) and the World Bank, IMF Managing Director Georgieva on Thursday said the World Economic Outlook to be released next week would further downgrade the global growth projections.

WTO cuts global trade forecast for 2023 to 1%

October 6, 2022 12:41 IST

World trade is expected to lose momentum in the second half of 2022 and remain subdued in 2023, as multiple shocks weigh on the global economy, the multi-lateral body has said in a statement.

A bustling vegetable market in Colombo, Sri Lanka on July 18, 2022. (The New York Times)

A strong dollar is wreaking havoc on emerging markets. A debt crisis could be nextSubscriber Only

October 6, 2022 11:54 IST

Compared with other currencies, the US dollar is the strongest it has been in two decades. It is rising because the Federal Reserve has increased interest rates sharply to combat inflation and because America’s economic health is better than most.

World currency reserves shrink by $1 trillion in record drawdownSubscriber Only

October 6, 2022 12:03 IST

Reserves have declined by about $1 trillion, or 7.8%, this year to $12 trillion, the biggest drop since Bloomberg started to compile the data in 2003.

Porsche IPO | Porsche stock market debut | Porsche share price today

Porsche debuts with $72 billion price tag in bumper IPO

September 29, 2022 14:19 IST

Shares opened at 84.00 euros apiece and traded at 82.88 euros by 0733 GMT.

Haruhiko Kuroda on Thursday, July 21, 2022. (Kyodo News/Bloomberg)

Japan intervenes to support yen for the first time since 1998Subscriber Only

September 22, 2022 17:59 IST

The yen rose as much as 2.3% against the dollar, pulling back sharply from the lows of the day when it had breached a key psychological level of 145, as top currency official Masato Kanda said Thursday the government was taking “decisive action.”

bank of england, bank of england rate hike, boe rate hike

Bank of England raises rates to 2.25%, despite likely recession

September 22, 2022 17:12 IST

The BoE estimates Britain's economy will shrink 0.1% in the third quarter - partly due to the extra public holiday for Queen Elizabeth's funeral - which, combined with a fall in output in the second quarter, meets the definition of a technical recession.

The Federal Reserve building in Washington, US. (REUTERS, file)

Inflation is high. How will rate increases fix that?Subscriber Only

September 22, 2022 14:20 IST

Consumer demand for goods and services has been chugging along, supply has not kept up as transportation snarls and factory shutdowns combine with labor shortages to slow production, and the clash has allowed companies to charge more for the products they sell.

The policymakers also signaled that by early 2023, they expect to have further raised rates much higher than they had projected in June.

Fed escalates its inflation fight, raises rates by 0.75 points for third time in a row

September 21, 2022 23:44 IST

The Fed’s move boosted its benchmark short-term rate, which affects many consumer and business loans, to a range of 3% to 3.25%, the highest level since early 2008.

us fomc meeting | federal reserve meeting | us fed meeting

Some investors fear Fed will tighten rates too far as inflation bites

September 19, 2022 10:53 IST

With markets reeling from last week's robust inflation number, interest rate futures late Friday were pricing in a roughly 20% chance that the Fed will raise rates by 100 basis points at its Sept 21 meeting. That number was all but unthinkable earlier this month, when the market was debating whether the move would be 50 or 75 basis points.

The Nikkei 225 in Tokyo sank 1.1% to 27,567.65 and the Hang Seng in Hong Kong retreated 0.9% to 18,761.69. (AP photo)

Wall Street opens lower as FedEx warning adds to market woes

September 16, 2022 19:42 IST

Markets were already on edge because of stubbornly high inflation as well as the higher interest rates being used to fight it, which will slow the economy.

Global recession looms amid broadest rate hikes in five decades, World Bank saysSubscriber Only

September 16, 2022 17:47 IST

The World Bank study estimates 2023 global gross domestic product growth to slow to 0.5%, and contract 0.4% in per capita terms that would meet the technical definition of a global recession.

Jerome Powell, chairman of the US Federal Reserve, speaks during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, US on Wednesday, July 27, 2022. (Bloomberg)

Inflation surprise puts onus on US Federal Reserve to hit brakes even harderSubscriber Only

September 14, 2022 10:55 IST

What started as a pandemic-driven supply shock has morphed into widespread inflation rooted just as much in resilient demand, underscored by unexpectedly high numbers that dashed hopes price gains were ebbing.

Overall inflation is slowing as goods prices retreat after surging earlier this year amid a loosening of bottlenecks in global supply chains and a shift in spending back to services. (Reuters)

Monthly US consumer prices unexpectedly rise in August; core inflation picks up

September 13, 2022 19:03 IST

The consumer price index gained 0.1% last month after being unchanged in July, the Labor Department said on Tuesday

Federal Reserve Board Chair Jerome Powell speaks during a news conference following a two-day meeting of the Federal Open Market Committee (FOMC) in Washington, U.S., July 27, 2022. REUTERS/Elizabeth Frantz/File Photo/File Photo

Powell: Fed could keep lifting rates sharply ‘for some time’

August 26, 2022 22:09 IST

Investors had been hoping for a signal that the Fed might soon moderate its rate increases later this year if inflation were to show further signs of easing. But the Fed chair indicated that that time may not be near.

Bank of England raises rates by most since 1995 even as long recession looms

August 4, 2022 17:26 IST

Reeling from a surge in energy prices caused by Russia's invasion of Ukraine, the BoE's Monetary Policy Committee voted 8-1 for a half percentage point rise in Bank Rate to 1.75% - its highest level since late 2008 - from 1.25%.

A worker fills a Vespa scooter at a gas station in Athens, Greece, March 17, 2022. (REUTERS/File Photo)

Inflation hits record 8.9% in 19 countries using the euro

July 29, 2022 15:38 IST

Annual inflation in the eurozone's 19 countries rose to 8.9% in July, an increase from 8.6% in June, according to the latest numbers published Friday by the European Union statistics agency. Inflation has been running at its highest level since 1997, when record-keeping for the euro began.

Jerome Powell, US Fed chair Jerome Powell

Jerome Powell’s bond market recession indicator is sending a warningSubscriber Only

July 27, 2022 10:19 IST

The difference between rates on where three-month bills are now and where they will be in 18 months has tumbled about 95 basis points in July, the biggest monthly decline in data starting in 1996. A vast swathe of the US yield curve inverted in recent weeks as recession fears spurred investors to pile into longer maturities.