Business
WeWork filed a long-awaited bankruptcy petition, completing its dramatic fall from grace. In January 2019 the office-sharing company was valued at $47bn; it is now worth roughly 0.1% of that. The petition is limited to the firm’s locations in America and Canada, and its franchisees will continue to operate.
American employers created 150,000 jobs in October, fewer than the market had expected and barely half the number for the previous month. Despite hawkish talk from officials at the Federal Reserve and other central banks, investors took that as a signal that interest rates may fall sooner than they had previously thought.
Lower interest-rate expectations led bond yields to fall. That was true not just in America, where the ten-year Treasury yield recently touched 5% and is now 4.5%, but also in Britain, Japan and much of Europe. After a miserable few months, American shares ended their losing streak and surged, with the benchmark S&P 500 index posting its best week since November 2022.
2023-11-09 09:01:38
Original from www.economist.com