European Central Bank Says Bitcoin Is On ‘Road To Irrelevance’

European Central Bank Says Bitcoin Is On ‘Road To Irrelevance’

Bitcoin logo displayed on a smartphone with euro banknotes in the background. Andrea Ronchini | NurPhoto via Getty Images The European Central Bank sharply criticized bitcoin on Wednesday, saying the cryptocurrency is on the “road to irrelevance.” ECB CEO Ulrich Bindseil and analyst Jürgen Schaff said in a blog post titled “Bitcoin’s last stand” that … Read more

Private hiring rose just 127,000 jobs in November, well below estimates, ADP says

Private hiring rose just 127,000 jobs in November, well below estimates, ADP says

Private hiring slowed sharply during November, a sign that a historically tight labor market may be losing some steam, payrolls processor ADP said in a report on Wednesday. Companies added just 127,000 positions in the month, down sharply from the 239,000 the firm reported for October and well below the Dow Jones estimate of 190,000. … Read more

Hormel, Petco, CrowdStrike and more

Hormel, Petco, CrowdStrike and more

Check out the companies that made headlines before the bell: Hormel (HRL) – Shares of the food maker fell 6.4% in premarket trading after reporting a mixed quarter. Profits beat estimates, but sales fell short of Wall Street estimates. Hormel issued a weaker-than-expected outlook, saying it expects a continued volatile environment and high costs. Petco … Read more

Mortgage rates are down for a third week in a row, but demand is still falling

Mortgage rates are down for a third week in a row, but demand is still falling

A For Sale sign appears outside a home on Oak Street in Patchogue, New York on May 17, 2022. Steve Pfost | Newsday | Getty Images Mortgage rates soared above 7% a month ago, but have since fallen by more than half a percentage point. According to the Mortgage Bankers Association’s seasonally adjusted index, mortgage … Read more

Trenches, endless mud and death: the battle for Bachmut

Trenches, endless mud and death: the battle for Bachmut

Ukrainian tankers take their positions atop a tank in a muddy field near an undisclosed frontline position in eastern Ukraine on November 28, 2022, amid Russia’s invasion of Ukraine. Yevhen Titov | Afp | Getty Images The sight of trenches, endless mud and mass destruction – with mere tree stumps emerging from the swampy, undulating … Read more

Eurozone inflation eased to 10% in November as energy prices eased

Eurozone inflation eased to 10% in November as energy prices eased

Markets are watching the latest inflation data outside the eurozone ahead of the new ECB meeting. Julien DeRosa | dpa | Getty Images Inflation in the Eurozone slowed slightly in November according to Wednesday’s preliminary figures, prices came off record highs and fell short of analysts’ expectations. Consumer prices in the 19-member region have been … Read more

Drug overdose deaths among seniors have more than tripled in 2 decades

Drug overdose deaths among seniors have more than tripled in 2 decades

Drug and alcohol related deaths are on the rise among American seniors. Drug overdose deaths more than tripled over the past two decades among people age 65 and older, while alcohol abuse deaths increased more than 18% from 2019 to 2020, according to data released Wednesday by the National Center for Health Statistics . More … Read more

Airbnb launches the first hosting platform for apartment renters

Airbnb launches the first hosting platform for apartment renters

Airbnb works with several major landlords and management companies to create a list of designated apartment buildings where on-site tenants can offer short-term sublets. The company said Wednesday that a new page on its website will feature so-called Airbnb-friendly buildings that will give renters the option to host their apartments just like homeowners. Rental buildings … Read more

China’s zero-Covid has shaken confidence in supply chains

China’s zero-Covid has shaken confidence in supply chains

While Chinese authorities could gradually ease restrictions in March, the zero-Covid policy is starting to erode global confidence in the country’s industrial supply chains, said Li Daokui, Mansfield Freeman Professor of Economics at China’s Tsinghua University. In the short term, supply chains will be largely unaffected as factories continue to operate even as consumption is … Read more

Factory activity data in China misses expectations; Asia-Pacific markets were mixed

Factory activity data in China misses expectations;  Asia-Pacific markets were mixed

Factory activity in China is lagging behind expectations, contracts are up for the second month in a row China’s official purchasing managers’ index for November reached 48, below the 50-point threshold that separates growth from contraction. That’s less than analysts polled by Reuters had expected, who had forecast a reading of 49. October’s PMI was … Read more