Search / 106 results found Showing: 1-10 of 106
Wall Street rose on hopes the Federal Reserve may soon take it easier on its hikes to interest rates. The S&P 500 climbed 1% Thursday after reports painted a picture of a split U.S. economy. The job market remains solid, but manufacturing is weakening and shoppers of all kinds are feeling pressure. Altogether, investors saw the data pushing the Fed toward not hiking rates at its next meeting in two weeks. That would be the first time that’s happened in more than a year. The Dow rose 153 points, and the Nasdaq led the market as Big Tech rallied.
The average long-term U.S. mortgage rate climbed this week to its highest level since November, driving up borrowing costs for would-be homebuyers at a time when the housing market is being held back by a near record-low inventory of homes on the market. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 6.79% from 6.57% last week. A year ago, the rate averaged 5.09%. The latest increase marks the third in three weeks and lifts the average rate on a 30-year home loan to its highest level since it surged to 7.08% in early November.
Asian benchmarks are trading mostly higher after the United States House approved a debt ceiling and budget cuts package, avoiding a default crisis. Benchmarks rose in morning trading in Tokyo, Sydney, Hong Kong and Shanghai. Shares fell in Seoul. Regional investors are focused on worries about the Chinese economy amid disappointing recent data on a recovery in the nation that's a key driver of regional growth. Wall Street slipped on worries about the strength of the global economy and inflation. But shares pared losses after a Federal Reserve official hinted the central bank may hold rates steady at its next meeting.
Asian shares are mixed in directionless trading following a U.S. holiday, as optimism about a deal on the U.S. debt was dented by worries about the regional economy. Japan's benchmark Nikkei 225 fell in morning trading, while Australia’s S&P/ASX 200 was little changed. Shares rose in South Korea, while falling in China. News was scant after markets were closed Monday for holidays in the U.S., Britain and South Korea. President Joe Biden and House Speaker Kevin McCarthy were working to gather votes needed to gain congressional approval of the deal to raise the U.S. national debt ceiling and avert a default.
Asian stock markets are mixed after more negotiations in Washington on government debt without a deal to avoid a potentially jarring default. Shanghai and Hong Kong declined while Tokyo and Sydney advanced. Oil prices rose. Wall Street’s benchmark S&P 500 index edged up less than 0.1% as Congress and the White House negotiated over Republican demands to cut social programs in exchange for agreeing to raise the amount the government can borrow. Worries about a potential U.S. debt default have added to investor unease about the health of the global economy following interest rate hikes to cool inflation and high-profile bank failures in the United States and Switzerland.
Wall Street’s best week since March ran out of steam as worries rose about the U.S. government’s efforts to avoid a potentially disastrous default on its debt. The S&P 500 slipped 0.1% Friday, and the Dow lost 109 points. Stocks flipped from midday gains to losses after Republicans said they're pausing negotiations on preventing a default. The S&P 500 still broke out of a listless stretch where it failed to move by 1%, up or down, for six straight weeks. Traders took comments by Federal Reserve Chair Jerome Powell to mean the end to hikes to interest rates may arrive next month, as hoped.
A proposed $5 billion real estate project wants to take skyscraper-studded Dubai to new heights — by bringing a symbol of the heavens down to Earth. Canadian entrepreneur Michael Henderson envisions building a 274-meter, or 900-foot, replica of the moon in Dubai. The city-state is already home to the world’s tallest building and other architectural wonders. And even though Henderson’s plan may sound out of this world, Dubai already has a red-hot real estate market. It has been fueled by the wealthy who earlier fled coronavirus restrictions imposed in their countries during the pandemic and Russians seeking refuge amid Moscow’s war on Ukraine.
The wholesale price for a dozen eggs has dropped 78 percent in five months, but a trip to my local supermarket tells me retailers have certainly not passed on those price savings to customers.
Americans are keeping their cars longer than ever. The average age of a passenger vehicle on U.S. roads hit a record 12.5 years this year, according to data gathered by S&P Global Mobility. Sedans are even older, on average — 13.6 years. Blame it mainly on the pandemic, which triggered a shortage of automotive computer chips, the vital component that runs everything from radios to gas pedals to transmissions. The shortage drastically slowed assembly lines, making new vehicles scarce just when consumers were increasingly eager to buy. Prices surged to record highs. And though they’ve eased somewhat, the cost of a vehicle still feels punishingly expensive to many Americans, especially when coupled with now much-higher loan rates.
The Group of Seven's top financial leaders have united in their support for Ukraine and determination to enforce sanctions against Russia for its aggression. The finance ministers and central bank chiefs ended three days of talks in Niigata, Japan, with a pledge to bring inflation under control while aiding those suffering the most from surging prices. They also committed to working together to build more stable, diversified supply chains for developing clean energy sources and to “enhance economic resilience globally against various shocks.” But they avoided any mention of China or of “economic coercion.” The talks in this port city were in preparation for a summit of G-7 leaders in Hiroshima next week.