Financial News

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March 17, 2022
Financial News

 

Financial News:

 

Asian stocks surge…European stocks open lower

BEIJING (AP) – Asian stocks have surged while European markets opened lower after the Federal Reserve announced its first interest rate hike since 2008 and China promised support for its real estate and internet industries. Oil prices rose more than $4 per barrel. London and Frankfurt and Wall Street futures sank. Hong Kong’s market benchmark jumped more than 7% and Tokyo gained 3.5%. Shanghai, Seoul and Sydney advanced. On Wednesday, Wall Street’s benchmark S&P 500 index rose 2.2% after the Fed raised its short-term lending rate by 0.25 percentage points. The widely anticipated change was less than the 0.5 percentage point hike advocated by some officials.

 

BEIJING (AP) – Washington has expelled another state-owned Chinese phone carrier from the U.S. market over national security concerns amid rising tension with Beijing. The Federal Communications Commission revoked authorization for Pacific Networks Corp. to provide domestic and international service. The U.S. government is reducing Chinese access to American markets and investment over possible spying and Beijing’s military development.

 

DETROIT (AP) – Drivers of bigger vehicles such as pickup trucks and SUVs are more likely to hit pedestrians while making turns than drivers of cars. That’s according to a new study released today by the Insurance Institute for Highway Safety. In 2020, the last year for which complete statistics are available, 6,519 pedestrians were killed in the U.S. The National Highway Traffic Safety Administration says that’s up 59% since 2009, and a 4% increase from 2019.

 

LONDON (AP) – The Bank of England is likely to raise its key interest rate for the third time since December. It is pushing ahead faster than other central banks in combating a global wave of inflation fueled by soaring energy prices. Economists expect the Bank of England to boost its key rate to 0.75% today after the war in Ukraine pushed oil prices to a 13-year high earlier this month. The U.S. Federal Reserve raised its benchmark short-term rate on Wednesday to tame the worst inflation since the early 1980s.

 

DUBAI, United Arab Emirates (AP) – An Emirati-flagged cargo ship has sunk in the Persian Gulf. Capt. The operations manager of the Salem Al Makrani Cargo company confirms that the Al Salmy 6 sank today off Iran. He says rescuers saved 16 crew members. Another 11 made it onto a life raft, while one person was saved by a nearby tanker. Two crew members were still in the water. Iranian state media says Iranian searchers are trying to rescue those at sea. Severe weather has been pounding the Persian Gulf since Wednesday.