US producer prices increase more than expected in April
WASHINGTON (Reuters) - U.S. producer prices increased more than expected in April amid strong gains in the costs of services and goods, indicating that inflation remained elevated early in the second quarter. The producer price index for final dema...
10h ago
P&G plans to downplay its corporate name in ads during Paris Olympics
By Jessica DiNapoli NEW YORK (Reuters) - What is missing from the Paris 2024 Olympics? A tear-jerking corporate advertising campaign from Procter & Gamble saluting the mothers of athletes. The consumer products maker, one of the world's biggest ad ...
10h ago
Chevron tops Tesla as most-shorted stock in April, says Hazeltree
By Nell Mackenzie LONDON (Reuters) - Oil company Chevron was the most shorted U.S. stock in April, overtaking long-standing top target Tesla as short-sellers up their bets on weaker energy prices, according to a monthly report by data and tech firm...
11h ago
OPEC sticks to oil demand view, sees potential economic upside
LONDON (Reuters) - OPEC stuck to its forecast for relatively strong growth in global oil demand in 2024 on Tuesday and said there was a chance the world economy could do better than expected this year. The Organization of the Petroleum Exporting Co...
11h ago
Analysis-A US-China EV trade war threatens Biden's clean-car agenda
By Joseph White, Chris Kirkham and Nora Eckert DETROIT (Reuters) - The Biden administration's plan to slap heavy new tariffs on Chinese electric vehicles and batteries would provide temporary protection for U.S. auto jobs, potentially at the expens...
11h ago
Home Depot posts bigger-than-expected quarterly comparable sales drop
(Reuters) -Home Depot posted a bigger-than-expected drop in quarterly same-store sales on Tuesday as cautious homeowners shelled out less for big-ticket purchases while focusing on small-scale repairs. Customers are cutting back spending on discretiona...
12h ago
Brazil cosmetics maker Natura widens net loss in Q1 but margins rise
SAO PAULO (Reuters) - Brazilian cosmetics maker Natura &Co reported late on Monday a net loss of 934.9 million reais ($181.29 million) for the first quarter, larger than the 652 million-real loss it had posted a year earlier. WHY IT'S IMPORTANT The...
12h ago
US trade chief recommends higher tariffs to address China's 'unfair' practices
WASHINGTON (Reuters) - U.S. Trade Representative Katherine Tai on Tuesday recommended raising tariffs on a range of Chinese goods, saying additional actions were needed to address China's technology transfer policies and practices that harmed U.S. ...
12h ago
Inflation vigil sees single stock sideshows
A look at the day ahead in U.S. and global markets from Mike Dolan Macro markets have basically frozen ahead of this week's big U.S. inflation releases, with sideshow entertainment provided by a fresh burst in activity in so-called 'meme stocks' while ...
12h ago
China's Alibaba beats quarterly revenue estimates, profit drops
(Reuters) -China's Alibaba Group Holding beat analysts' estimates for fourth-quarter revenue on Tuesday, as a focus on low-cost goods in response to cautious consumer spending helped boost domestic e-commerce sales in the three-month period. Its U.S.-...
12h ago
GameStop and AMC surge evokes 2021 meme stocks saga
(Reuters) - Shares of GameStop and AMC jumped nearly 40% each in premarket trading on Tuesday, and are on track to extend gains from a day earlier when a series of posts from "Roaring Kitty" rekindled a rally reminiscent of the meme stocks trading ...
12h ago
Factbox-US companies with highest exposure to China
(Reuters) - U.S. President Joe Biden on Tuesday unveiled a bundle of steep tariff increases on an array of Chinese imports including electric vehicles, computer chips and medical products, risking an election-year standoff with Beijing in a bid to ...
13h ago
South Africa's unemployment rate rises weeks before election
PRETORIA (Reuters) -South Africa's unemployment rate rose to 32.9% in the first quarter of 2024 from 32.1% in the fourth quarter of 2023, statistics agency data showed on Tuesday, two weeks before an election where joblessness is a key voter concern. S...
13h ago
US opens probe into Alphabet's Waymo over performance of self-driving vehicles
WASHINGTON (Reuters) - U.S. auto safety regulators said Tuesday they have opened an investigation into the performance of Alphabet's Waymo self-driving vehicles after reports of its robotaxis exhibiting driving behavior that potentially violated tr...
13h ago
BoE's Pill says UK labour market remains tight
LONDON (Reuters) - Britain's labour market remains tight by historical standards despite some signs of a rise in unemployment and a gradual slowdown in the pace of pay growth, Bank of England Chief Economist Huw Pill said on Tuesday. "We actually g...
13h ago
China's Tencent posts strong revenue growth as ad sales, business services shine
By Josh Ye HONG KONG (Reuters) -China's Tencent Holdings posted a 6% rise in first-quarter revenue on Tuesday, beating analyst expectations, as business services and advertising sales deliver strong revenue growth. The world's largest video gam...
13h ago
German investor morale hits two-year high in May
By Maria Martinez BERLIN (Reuters) -German investor morale improved more than expected in May, reaching its highest level since February 2022, when Russia invaded Ukraine, the ZEW economic research institute said on Tuesday. The economic sentiment ind...
13h ago
Biden sharply hikes US tariffs on billions in Chinese chips, cars
By Trevor Hunnicutt and Jeff Mason WASHINGTON (Reuters) - U.S. President Joe Biden on Tuesday unveiled a bundle of steep tariff increases on an array of Chinese imports including electric vehicles, computer chips and medical products, risking an el...
13h ago
Foreign investment in Germany reaches new record
By Rene Wagner BERLIN (Reuters) - Foreign companies announced record levels of new investment in Germany last year despite the economic downturn and high energy prices, according to an analysis published on Tuesday by the federal development agency...
14h ago
UK pay grows by more than expected as BoE mulls rate cuts
By Suban Abdulla LONDON (Reuters) -British wages excluding bonuses - in the sights of the Bank of England as it considers when to cut interest rates - grew by a stronger-than-expected 6.0% in the first three months of 2024 compared with the same period...
14h ago
European shares muted ahead of US inflation, Powell remarks; Delivery Hero spikes
(Reuters) - European shares were subdued on Tuesday as investors braced for key U.S. inflation data and Federal Reserve Chair Jerome Powell's remarks due later in the day, while Delivery Hero jumped on the sale of its Taiwan foodpanda business to U...
15h ago
India's April wholesale price index rises 1.26% from year earlier
NEW DELHI (Reuters) - India's wholesale price-based inflation in April rose 1.26%, mainly driven by food and primary articles, government data showed on Tuesday. The April figures were higher than the 1% rise expected by economists polled by Reuter...
15h ago
Rate cut bets make investors 'most bullish' since Nov 2021 - BofA survey
MILAN (Reuters) - Expectations over interest rate cuts rather than earnings optimism has made investors the "most bullish" since November 2021, Bank of America's monthly fund manager survey for May showed on Tuesday. The survey of global fund manag...
16h ago
German final inflation confirmed at 2.4% in April
BERLIN (Reuters) - German inflation inched up in April to 2.4%, the federal statistics office said on Tuesday, confirming preliminary data. German consumer prices, harmonised to compare with other European Union countries, had risen by 2.3% year-on...
16h ago
Sony posts 7% fall in annual profit
TOKYO (Reuters) - Japan's Sony Group reported a 7% fall in annual operating profit on Tuesday. Profit for the year ended March was 1.2 trillion yen ($7.67 billion), in line with an average estimate from 23 analysts polled by LSEG. ($1 = 156.4200 ye...
16h ago