Rampant Food And Fuel Inflation Spells Disaster For Emerging Economies
According to the World Bank’s latest ...
According to the World Bank’s latest Commodity Markets Outlook report, the shrinking value of currencies in most developing countries is driving up food and fuel prices in ways that are likely to continue to deepen the crises that many of them already face.
Almost 60% of oil-importing emerging-market and developing economies have seen an increase in domestic-currency oil prices since Russia invaded Ukraine, courtesy of currency depreciations, according to the World Bank.
Further, nearly 90% of these economies have recorded a larger increase in wheat prices in local-currency terms compared to the rise in U.S. dollars.
Benchmark U.S. crude oil for December delivery fell $1.18 to $87.90 a barrel Friday. Brent crude for December delivery fell $1.19 to $95.77 a barrel.
Wholesale gasoline for November delivery fell 10 cents to $2.91 a gallon. November heating oilrose 22 cents to $4.55 a gallon. December natural gas fell 20 cents to $5.68 per 1,000 cubic feet.
Dow ends up over 800 points Friday, extending win streak to sixth session
U.S. stocks ended sharply higher Friday, capping a volatile week that saw Big Tech shares hammered after...
U.S. stocks ended sharply higher Friday, capping a volatile week that saw Big Tech shares hammered after a series of disappointing earnings reports while industrials and defensive stocks soared. The Dow Jones Industrial Average DJIA, +2.59% ended with a gain of around 828 points, or 2.6%, near 32,861, according to preliminary figures, leaving the blue-chip gauge with a weekly gain of 5.7% and on track for a monthly advance of 14.4%. That monthly rise would be the Dow's biggest since January 1976 and the largest October rise on record if it holds up through Monday's close. The S&P 500 SPX, +2.46% rose around 94 points, or 2.5%, to close near 3,901, for a weekly gain of 2.5%. And the tech-heavy Nasdaq Composite COMP, +2.87% bounced higher by around 310 points, or 2.9%, finishing near 11,102, swinging to a weekly gain of 2.2%.
In earnings news, Chevron Corp. reported a third-quarter net income of $11.23 billion....
In earnings news, Chevron Corp. reported a third-quarter net income of $11.23 billion. The San Ramon, California-based company said it had a profit of $5.78 per share. Earnings, adjusted for non-recurring gains, came to $5.56 per share, topping Wall Street expectations. The oil company posted revenue of $66.64 billion in the period, which also beat Street forecasts. Exxon Mobil Corp. reported a third-quarter profit of $19.66 billion. On a per-share basis, the Irving-Texas-based company said it had a profit of $4.68. Earnings, adjusted for non-recurring gains, came to $4.45 per share, also topping expectations.
