OPEC+ could extend oil cuts, formal talks yet to start, sources say
By Alex Lawler and Olesya Astakhova LONDON/MOSCOW (Reuters) - OPEC and its allies have yet to begin formal talks on extending voluntary oil output cuts of 2.2 million barrels per day beyond June, but three sources from OPEC+ producers said they cou...
17m ago
ConocoPhillips misses quarterly profit estimates
(Reuters) - U.S. oil and gas producer ConocoPhillips missed Wall Street estimates for first-quarter profit on Thursday, as demand concerns led to a sharp fall in natural gas prices. The Houston, Texas-based company posted adjusted earnings of $2.03...
18m ago
Peloton CEO McCarthy steps down, fitness equipment maker to cut 15% jobs
(Reuters) -Peloton CEO Barry McCarthy has stepped down, the company said on Thursday as it decided to cut 15% of its workforce to tackle a post-pandemic slump in demand for its connected fitness equipment. Shares of the beleaguered New York-based compa...
20m ago
BorgWarner raises full-year 2024 adjusted profit outlook
(Reuters) - Auto parts supplier BorgWarner raised its full-year adjusted profit outlook on Thursday, aided by sustained demand from its exhausts, turbos and emission control systems. BorgWarner, which supplies parts to Ford Motor and Volkswagen, de...
21m ago
Nigeria court adjourns Binance and execs trial to May 17
By Camillus Eboh ABUJA (Reuters) - A Nigerian court on Thursday adjourned a money laundering trial against cryptocurrency exchange Binance and two of its executives to May 17 after a lawyer for the exchange said he had not been served with document...
24m ago
Qualcomm jumps as AI sparks rebound in Chinese smartphone market
(Reuters) - Qualcomm shares rose 4% in premarket trading on Thursday after the smartphone-focused chipmaker signaled an AI-fueled rebound in demand, especially in China, after a two-year slump. Sales to Chinese smartphone makers jumped 40% in the f...
26m ago
Futures climb as Fed allays rate-hike worries
(Reuters) - U.S. stock index futures advanced on Thursday, a day after the Federal Reserve left interest rates unchanged and allayed fears around potential rate hikes, with focus moving to a spate of earnings updates through the day. While Fed chai...
1h ago
Insurer Chubb prepares to pay $350 million in Baltimore bridge collapse, WSJ reports
(Reuters) - Chubb, the insurer of Baltimore's Francis Scott Key Bridge that collapsed in March, is preparing to make a $350 million payout to the state of Maryland, the Wall Street Journal reported on Thursday. The payment is expected to be authori...
1h ago
Lloyd's insurers expect moderate Baltimore bridge claims
LONDON (Reuters) - Lloyd's of London insurers Hiscox and Lancashire do not expect large insurance claims from the collapse of Baltimore's Francis Scott Key Bridge in March that caused widespread disruption, they said on Thursday. Some estimates for...
1h ago
Stanley Black and Decker's profit beats on strong industrial tool demand
(Reuters) - Stanley Black and Decker beat analysts' expectations for first-quarter profit on Thursday, as strong residential construction activity in the United States aided demand for its industrial tools and products. A tight supply of existing h...
1h ago
Moderna quarterly sales beat expectations but plummet from previous year
By Patrick Wingrove (Reuters) - Moderna on Thursday reported quarterly revenue that beat Wall Street estimates but came in dramatically lower than the previous year when demand for COVID-19 vaccines was higher. Sales of Moderna's COVID-19 shot Spi...
1h ago
Apollo's Q1 earnings jump 26% on management fees, annuities inflow
By Chibuike Oguh NEW YORK (Reuters) - Apollo Global Management said on Thursday its first-quarter adjusted net income rose 26% year-on-year, driven mostly by growth in management fees as well as earnings from its flagship annuities business. Adjust...
1h ago
Thomson Reuters raises annual financial forecast
Thomson Reuters beat revenue expectations and raised its annual financial forecast on Thursday as it continued to invest heavily in artificial intelligence. The Toronto-based news and information provider reported first quarter revenue up 8% to $1.88 b...
1h ago
Regeneron misses profit estimates on weaker Eylea and Dupixent sales
(Reuters) -U.S. drugmaker Regeneron Pharmaceuticals Inc missed Wall Street estimates for first-quarter profit on Thursday due to softer sales of its blockbuster eye drug Eylea and its eczema treatment, Dupixent. Excluding items, the company reported a ...
1h ago
Wind farm developer Orsted confident about strategy after Q1 profit rises
By Louise Rasmussen COPENHAGEN (Reuters) - Orsted, the world's biggest offshore wind farm developer, reported on Thursday a rise in first-quarter operating profit thanks to higher earnings from its offshore wind farms, and confirmed its full-year ...
2h ago
Google faces closing arguments in US market power trial
WASHINGTON (Reuters) - The U.S. government will layout its antitrust case against Alphabet's Google in closing arguments on Thursday, wrapping up a trial in which the online search leader is accused of breaking the law to stay on top. The U.S. gove...
2h ago
Morning Bid: Fed QT taper calms the horses, yen pops again
A look at the day ahead in U.S. and global markets from Mike Dolan Anxious bond traders seem to have taken solace from the Federal Reserve's surprisingly sharp brake on its "quantitative tightening" process on Wednesday, while the yen capitalized on an...
2h ago
Cigna sees strong annual profit on lower costs, pharmacy benefit strength
(Reuters) - Health insurer Cigna Group raised its annual profit forecast on Thursday, as lower-than-expected medical costs and strength in its pharmacy benefit management unit helped it beat first-quarter earnings estimates. The company now expects...
2h ago
Air Canada reports smaller adjusted loss on business travel rebound
(Reuters) - Air Canada reported a smaller first-quarter adjusted loss on Thursday, as Canada's largest carrier benefited from a rebound in bookings for business travel. Major North American carriers are cashing in on a resurgence in big spending by...
2h ago
Tech giants' market cap falls on AI doubts, high rates; Alphabet, Tesla gain
(Reuters) - The market capitalisation of top technology giants fell sharply in April, pressured by diminishing enthusiasm for artificial intelligence and a scaling back of expectations for central bank interest rate cuts. Microsoft's market value p...
2h ago
Portugal jobless rate slips to 6.5% in March
(Reuters) - Portugal's monthly unemployment rate slipped to 6.5% in March from a revised reading of 6.6% in February, the National Statistics Institute (INE) said in its flash estimate on Thursday. The labour underutilisation rate remained unchange...
2h ago
Japan's May 1 intervention may have cost $23.6 billion, BOJ data shows
By Kevin Buckland TOKYO (Reuters) -Japanese officials may have spent some 3.66 trillion yen ($23.59 billion) on Wednesday in the latest attempt to pull the yen back from near 34-year lows, Bank of Japan data showed on Thursday. Japan's Ministry of Fina...
2h ago
Hong Kong Q1 GDP expands 2.7% on year, tight financial conditions seen
HONG KONG (Reuters) - Hong Kong's economic grew 2.7% in the first quarter on the year, official advance estimates showed on Thursday, driven by an increase in visitor arrivals and private consumption. That compared with 4.3% growth in the fourth qu...
2h ago
Ex-BOJ official predicts Japan will keep intervening to prevent yen free-fall
By Leika Kihara TOKYO (Reuters) - Japan will likely keep intervening to prop up the yen until the risk of speculators triggering a free fall in the currency has been eliminated, said a former central bank official who was involved in Tokyo's market...
3h ago
S.Korea pension fund targets ratio of risky assets at 65% in new portfolio
SEOUL (Reuters) - South Korea's National Pension Service (NPS), manager of the world's third-largest public pension fund, will allocate 65% of its assets in risky assets under new long-term asset allocation rules, the welfare ministry said on Thurs...
3h ago