Economy news
EU, Germany Reach Agreement on Phasing Out Fossil Fuels
The EU and Germany have struck a landmark deal to prohibit new sales of fossil-fuel cars from 2035, as the bloc seeks to become “climate-neutral” by 2050 with net-zero greenhouse gas emissions.The agreement comes after Germany had blocked earlier dra...
Despite $100 Billion in Withdrawals, US Banking System Deemed Resilient
US Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and a handful of other senior monetary officials called a special closed meeting of the Financial Stability Oversight Council (FSOC) last Friday. The Council deliberated over...
Bank of England Raises Interest Rates to 4.25%
The Bank of England (BoE) has hiked interest rates by another quarter of a percentage point and says it anticipates the surge in inflation to cool faster than before despite a surprise jump in price growth last month.The UK’s central bank on Thursday...
The Fed Is Expected to Hike Rates by a Quarter Point
The US Federal Reserve is broadly expected to hike interest rates by 25 basis points Wednesday,even as concerns about the US banking system persist.Markets also anticipate the central bank will release projections about the economy and the future pat...
Joy Over Credit Suisse Rescue Fleeting as Bank Shares Tank
After early investor relief about efforts to stop a banking crisis quickly dissipated, shares of Credit Suisse and UBS slumped. Credit Suisse shares tanked 62% in premarket trade to a new low, while UBS lost 7.1%.Banking stocks and bonds in several m...
Gold, Cash and Bitcoin Receive Massive Boost from Banking Crisis
Gold, cash and Bitcoin saw significant inflows last week after nervous investors scrambled for safe havens in the midst of a trans-Atlantic major banking crisis.Within the last week, after US authorities bailed out both Silicon Valley Bank and Signat...
Banking Trouble Fuels Hedging in Oil
The price of crude futures slumped to their lowest level in two years on concerns that trouble in the banking industry could spark a global recession and curtail fuel demand.Market players have increased purchases of put options of oil with banks, oi...
German Bonds Surge as Credit Suisse Troubles Force Hunt for Havens
Swiss Bank Credit Suisse has endured a rocky few months as it tries to return to profitability through a complex restructure that will see it drop its investment banking unit while focusing on its key wealth management business. However, this has fai...
Argentina’s Inflation Tops 100 Percent For First Time In 30 Years
Argentina, the second-largest economy in South America, has reported an annual inflation above 100% for the first time in over three decades. The country’s government statistics agency announced that February’s inflation reading clocked 102.5%.This w...
Chinese Firms Try to Calm Investors after SVB Collapse
The failure of Silicon Valley Bank (SVB), which was trying to gain more traction with Chinese tech start-ups, has caused widespread concern in the world’s second-largest economy. The founders andmanagement of at least a dozen prominent Chinese firms...
After SBV Collapse, US Regulators Bail Out Customers
Silicon Valley Bank collapsed last week, making it the second biggest bank failure in US history and the largest failure of any American financial institution since the height of the subprime financial crisis almost 15 years ago. The bank, the 16th l...
Two-year US Treasury Yield Tops 5% For the First Time Since 2007
The yield on the two-year US treasury note hit 5% this week, its highest level since 2007. Investors are assessing Federal Reserve Chairman Jerome Powell’s comments, who admitted the central bank may be forced to increase the speed of interest rate h...
UK’s Energy Price Guarantee Expected to Remain Unchanged
Bitcoin edged above $23,000 after Federal Reserve Chair Jerome Powell, speaking at an economics forum, said that inflation was lowering.The world’s biggest cryptocurrency climbed 1% to $23,236.80 while Ethereum rose 1.3% to $1,667.63. Bitcoin had bee...
Two-Year Treasury Yield Touches 15-Year High
US Treasury yields rose this week as investors waited for new economic data and braced themselves for additional interest rate hikes by the Federal Reserve.The yield on the benchmark 10-year treasury climbed by seven basis points to 4.066%. The two-y...
Elon Musk Presents Tesla’s “Master Plan 3”
Tesla CEO Elon Musk, fresh from regaining his position as the world’s richest man, presented his “Master Plan 3” to investors. Among the topics Musk covered included how Tesla plans to scale its sales and operations, as well as how the company intend...