Brazil ag minister says action to import rice 'not necessary'
SAO PAULO (Reuters) - The Brazilian government will no longer need to buy imported rice, Agriculture Minister Carlos Favaro told a local TV channel on Wednesday, after the plan attracted flak from local farmers. "Prices have already dropped," Favar...
Jul 03, 2024
US factory orders unexpectedly fall in May
WASHINGTON (Reuters) - New orders for U.S.-manufactured goods unexpectedly fell in May, while business spending on equipment appeared weaker than initially thought, government data showed on Wednesday. Factory orders dropped 0.5% after rising 0.4% ...
Jul 03, 2024
ECB must not rush into next rate cut, Vasle says
SINTRA, Portugal (Reuters) - A host of risks could still derail euro zone disinflation, so the European Central Bank should not rush into its next interest rate cut, Slovenia's central bank governor Bostjan Vasle said on Wednesday. The ECB lowered ...
Jul 03, 2024
Chile's Codelco sees copper output ticking up in second half of year
SANTIAGO (Reuters) - Chilean copper mining giant Codelco's output continued to decline year-on-year in the first half of 2024 but should tick up in the second half of this year, the chairman of the state-run miner Maximo Pacheco said on Wednesday. ...
Jul 03, 2024
US weekly jobless claims rise labor market slows
WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits increased last week, pointing to easing labor market conditions. Initial claims for state unemployment benefits rose 4,000 to a seasonally adjusted 238,000 f...
Jul 03, 2024
US service sector sags in June as orders sink
WASHINGTON (Reuters) - A measure of U.S. services sector activity slumped to a four-year low in June amid a sharp drop in orders, potentially hinting at a loss of momentum in the economy at the end of the second quarter. The Institute for Supply M...
Jul 03, 2024
Ford's second-quarter sales slow as industry reels from CDK cyberattack
(Reuters) -Ford reported slower sales growth for the second quarter on Wednesday as the U.S. auto industry reels from a cyberattack that impaired a key software system used at dealerships. The Detroit automaker sold 536,050 vehicles in the quarter, abo...
Jul 03, 2024
Exclusive-ECB policymakers urge review of QE consequences -sources
By Balazs Koranyi and Francesco Canepa SINTRA, Portugal (Reuters) - Some European Central Bank policymakers are urging a review of the aggressive monetary stimulus policies the ECB employed for nearly a decade to tackle low inflation, judging they ...
Jul 03, 2024
US trade deficit widens in May on weak exports
WASHINGTON (Reuters) - The U.S. trade deficit widened for a second straight month in May amid a decline in exports, indicating that trade likely remained a drag on economic growth in the second quarter. The trade deficit increased 0.8% to $75.1 bil...
Jul 03, 2024
US private payrolls growth slows in June
WASHINGTON (Reuters) - U.S. private payrolls increased a bit less than expected in June, consistent with slowing labor market momentum. Private payrolls increased by 150,000 jobs last month after rising by an upwardly revised 157,000 May, the ADP E...
Jul 03, 2024
Constellation Brands beats quarterly profit estimates on strong beer business
(Reuters) - Corona beer maker Constellation Brands on Wednesday beat Wall Street estimates for first-quarter profit, helped by strong demand for its core beer brands, which offset the sluggish wines and spirits business. Shares of the Victor, New Y...
Jul 03, 2024
Factbox-EU report details widespread Chinese interference in economy
LONDON (Reuters) - In the run up to announcing provisional tariffs on Chinese-made electric vehicles, the European Commission in April released a 712-page report on the many layers of subsidies it argues the Chinese government provides to domestic ...
Jul 03, 2024
Factbox-The flight path of Airline M&A since 2001
(Reuters) - The European Commission approved a long-awaited deal for Lufthansa to take a 41% stake in Italy's ITA Airways on Wednesday, in Europe's latest major consolidation. The European sector has experienced a wave of consolidation in the last ...
Jul 03, 2024
NHTSA closes Volkswagen recall query on about 420,000 vehicles
(Reuters) - The National Highway Traffic Safety Administration (NHTSA) on Wednesday closed a recall query on Volkswagen for 420,072 vehicles after they were fixed to remedy a potential fuel leak. The recall covered certain Volkswagen Golf and GTI h...
Jul 03, 2024
Artisan Investments raises stake in Philips to 10%, regulatory filing shows
AMSTERDAM (Reuters) - U.S. asset management firm Artisan Investments has raised its stake in Philips to 10%, sending the healthcare technology group's shares rising on Wednesday, a week after the Dutch company's biggest shareholder also increased i...
Jul 03, 2024
Fed's Williams skeptical neutral rate has risen
By Michael S. Derby (Reuters) - Federal Reserve Bank of New York President John Williams said on Wednesday that the level of interest rates that's neutral in its impact on the economy likely hasn't risen much. Williams was taking stock of what econ...
Jul 03, 2024
Southwest Airlines adopts poison pill after Elliott pushes for changes
(Reuters) -Southwest Airlines said on Wednesday it had adopted a poison pill after activist investor Elliott Investment Management pushed for changes at the carrier. The company is issuing one right for each share of common stock. The rights will initi...
Jul 03, 2024
Alaska Airlines flight attendants set for 32% average pay rise in new tentative contract
(Reuters) - Alaska Airlines' flight attendants are set for an average pay increase of 32% as part of a new three-year tentative labor agreement with the airline, a union representing the employees said. The agreement, yet to be ratified by the Asso...
Jul 03, 2024
Russian firms raise zinc output to meet government demand, sources say
By Polina Devitt and Pratima Desai LONDON (Reuters) - Russian firms have boosted zinc metal production over the past month to benefit from rising state demand and reduce reliance on China as a destination for material, two sources familiar with the...
Jul 03, 2024
China's Sinopec strikes large oil, gas flow at South China Sea well
SINGAPORE (Reuters) - China's Sinopec Corp has struck a high flow of oil and gas in an offshore exploration well in the Beibu Gulf of the South China Sea, it said on Wednesday. The well, Hai-3, a rare slanted well with a drilling depth of 4,600 met...
Jul 03, 2024
"Failed" Australian corporate watchdog should be spilt in two, senate inquiry finds
(Reuters) - Australia's corporate watchdog should be split into two after "comprehensively" failing in its role, including by not taking action against offenders and focusing more on managing its reputation, a senate committee report showed on Wedn...
Jul 03, 2024
First Foundation stock drops on CRE worries after $228 million investment
(Reuters) - First Foundation's shares lost nearly 33% before the bell on Wednesday, prompted by worries about the Texas-based lender's exposure to commercial real estate (CRE) loans after it secured $228 million in an "unexpected" capital-raise. Ex...
Jul 03, 2024
Morning Bid: New records as jobs scanned, Tesla jumps
(Reuters) - A look at the day ahead in U.S. and global markets from Mike Dolan Federal Reserve chair Jerome Powell managed to smooth some election-ruffled feathers in bond markets on Tuesday, helping Wall St stocks back to all-time highs as a swee...
Jul 03, 2024
Americans look past fuel cost, bad weather to set July Fourth travel record
By Shariq Khan NEW YORK (Reuters) - High fuel costs and the threat of a hurricane are not expected to dampen Americans' desire to hit the road this summer, with vacationers preparing for record travel to kick off Fourth of July holiday festivities....
Jul 03, 2024
Futures inch up in anticipation of economic data, Fed meeting minutes
(Reuters) - U.S. stock index futures edged higher in pre-holiday trading on Wednesday, as investors geared up for an employment report among a slew of economic data, along with minutes from the Federal Reserve's June policy meeting. The equity mark...
Jul 03, 2024