Swiss National bank sees a loss of about $143 billion in less than a year
In the first nine months of 2022, the Swiss National Bank (SNBN.S) reported a loss of 142.2 billion Swiss francs ($142.60 billion), as the worth of the central bank’s international investment was reduced by higher interest rates and the stronger Swiss franc.The loss, which was the biggest in the SNB’s 115 years history, was somewhat […]
Why are gas prices in Europe declining?
Over the past few months, benchmark gas prices in Europe have been progressively falling toward their pre-Ukraine war levels.Due to Russia cutting gas flows soon after the West-imposed strict sanctions in reaction to its assault on Ukraine in late February, Europe has been experiencing a shortage of energy this year.Dutch front-month gas, the European benchmark, […]
On the verge of the next rate increase, Fed’s Powell advised protecting jobs
Sherrod Brown, chair of the U.S. Senate Banking Committee, asked Federal Reserve chairman Jerome Powell on Tuesday to exercise caution when tightening monetary policy sufficiently that it causes millions of Americans already experiencing rising inflation to lose their jobs.In the letter, which was also submitted to the Federal Reserve’s Board of Governors and made publicly […]
Wall Street closes significantly higher on expectations of Fed easing
U.S. equities rose on Monday, building on gains from the previous week, as indications of economic slowdown suggested that the Fed’s aggressive approach of cooling the economy and so containing decades-high inflation is starting to have an impact.The opening session of a week chock full of important economic data and high-profile company earnings saw gains […]
As analysts foresee a “price war,” Tesla reduces prices in China by up to 9%
In China, the world’s largest auto market, Tesla (TSLA.O) has reduced the starting rates for its Model 3 and its Model Y automobiles by as much as 9%, bucking a trend of hikes in the sector.The price reductions, which were announced in postings on the electric vehicle (EV) behemoth’s China webpage on Monday, are the […]