Sterling falls as BoE expects recession, US futures up

Sterling falls as BoE expects recession, US futures up

Bank of England hikes rates by 50 basis points BoE expects recession throughout 2023 Fed official: 50bp hike in Sept “reasonable” Oil stabilized after hitting six-month low Lufthansa returns to operating profit LONDON, Aug 4 (Reuters) – Sterling fell on Thursday after the Bank of England followed its counterparts in the United States and euro … Read more

Wall Street ends down after biggest month since 2020

Wall Street ends down after biggest month since 2020

US manufacturing sector slows modestly PerkinElmer rises on $2.45 billion divestment Indexes end: S&P 500 -0.28%, Nasdaq -0.18%, Dow -0.14% Aug 1 (Reuters) – Wall Street ended lower after a choppy session on Monday, with declines in Exxon Mobil (XOM.N) and other energy companies weighing against gains in Boeing (BA.N) as investors digested the US … Read more

US manufacturing slows modestly; excess inventories a major concern

US manufacturing slows modestly;  excess inventories a major concern

Manufacturing index dips to 52.8 in July from 53.0 in June New orders contracting, supplier deliveries improving Price increases for inputs slowing; inventories piling up WASHINGTON, Aug 1 (Reuters) – US manufacturing activity slowed less than expected in July and there were signs that supply constraints are easing, with a measure of prices paid for … Read more

GLOBAL ECONOMY Factories squeezed by higher prices, weak demand

GLOBAL ECONOMY Factories squeezed by higher prices, weak demand

Staff work inside a non woven filter fabric factory, where the fabric is used to make surgical face masks, in Taoyuan, Taiwan, March 30, 2020. REUTERS/Ann Wang/File Photo Register now for FREE unlimited access to Reuters.com Register WASHINGTON/LONDON, Aug 1 (Reuters) – Factories across the United States, Europe and Asia struggled for momentum in July … Read more

British PM candidate Sunak vows 20% income tax cut by 2029

British PM candidate Sunak vows 20% income tax cut by 2029

LONDON, July 31 (Reuters) – Rishi Sunak, trailing in the race to become Britain’s next prime minister, has vowed to slash the basic rate of income tax by 20% by 2029 in a potentially make-or-break throw of the dice by the former finance minister. Sunak, once seen as the favorite to replace Boris Johnson when … Read more

World stocks eye best month since late 2020, dollar slips

World stocks eye best month since late 2020, dollar slips

MSCI World index up 0.3%; nearly 6% for the month Dollar down 0.5% against a basket of major peers Markets bet US slowdown to temper rate tightening LONDON/SINGAPORE, July 29 (Reuters) – Global stocks rose on Friday, on course for their best month since late 2020 as traders bet a weakening US economy could slow … Read more

US teetering on brink of recession as GDP contracts in second quarter

US teetering on brink of recession as GDP contracts in second quarter

Second-quarter GDP decreases at 0.9% rate Inventories account for large decline in GDP Consumer spending slows; business investment contracts Weekly jobless claims fall 5,000 to 256,000 WASHINGTON, July 28 (Reuters) – The US economy unexpectedly contracted in the second quarter, with consumer spending growing at its slowest pace in two years and business spending declining, … Read more

Wall St ends up sharply for 2nd day; Amazon.com, Apple jump after hours

Wall St rises on Microsoft, Alphabet earnings as Fed decision looms

US economy contracts in the second quarter Meta Platforms revenue drops for first time Ford shares gain after results Indexes: Dow up 1%, S&P 500 up 1.2%, Nasdaq up 1.1% NEW YORK, July 28 (Reuters) – US stocks on Thursday rallied for a second day, with all three major indexes ending up more than 1% … Read more

Wall St rises on Microsoft, Alphabet earnings as Fed decision looms

Wall St rises on Microsoft, Alphabet earnings as Fed decision looms

Microsoft, Alphabet results spark rally in megacap stocks T-Mobile up after raising subscriber growth forecast Fed policy decision expected at 2 pm ET Indexes: Dow 0.39%, S&P 1.47%, Nasdaq 2.72% July 27 (Reuters) – The tech-heavy Nasdaq surged nearly 3% on Wednesday, leading Wall Street’s main indexes higher, as upbeat quarterly reports from Microsoft and … Read more

Australian inflation speeds to 21-year high, peak still to come

Australian inflation speeds to 21-year high, peak still to come

Q2 CPI rises 1.8% q/q, 6.1% y/y just under forecasts Core inflation up record 4.9% y/y vs RBA target of 2-3% RBA seen hiking 50bps next week, less chance of 75bps SYDNEY, July 27 (Reuters) – Australian inflation sped to a 21-year high last quarter and is likely to accelerate even further as food and … Read more