US equity funds hit by outflows on rising yields, rates uncertainty
(Reuters) - U.S. equity funds saw outflows for the first time four weeks in the seven days ended May 29, hit by rising bond yields and uncertainty over the timing and extent of Federal Reserve interest rate cuts. According to LSEG Lipper data, net ...
May 31, 2024
US agency seeks more details on self-driving Zoox crashes
WASHINGTON (Reuters) - The U.S. National Highway Traffic Safety Administration said on Friday it is seeking more information in its investigation into Amazon.com's self-driving Zoox vehicles due to unexpected braking leading to two rear-end collisi...
May 31, 2024
How Credit Suisse evolved until its merger with UBS
ZURICH (Reuters) - Following is a timeline outlining the 168-year history of Credit Suisse Group, the Zurich-based bank that was formally absorbed on Friday by Swiss rival UBS after a 3 billion franc takeover last year. 1856 Politician and business...
May 31, 2024
Canadian economy misses first-quarter growth forecast, June rate cut bets up
By Ismail Shakil OTTAWA (Reuters) -The Canadian economy expanded at an annualized rate of 1.7% in the first quarter, missing forecasts, and real gross domestic product likely rose 0.3% on a monthly basis in April, data showed on Friday. The data prompt...
May 31, 2024
India's economy grows faster-than-expected in Jan-March on strong manufacturing
By Manoj Kumar and Aftab Ahmed NEW DELHI (Reuters) -India's economy grew at a faster-than-expected pace of 7.8% year-on-year in the January-March quarter, helped by strong growth in the manufacturing sector, and economists expect the momentum to remain...
May 31, 2024
International Motor Show to no longer be held in Geneva, organisers say
PARIS (Reuters) - Organisers of the annual Geneva Motor Show said on Friday they will no longer hold the event in Geneva, citing an uncertain market environment. They added in a statement that they were still planning to hold the Qatar edition of t...
May 31, 2024
April PCE inflation not too hot, or cool
(Reuters) - U.S. inflation tracked sideways in April, a worrying sign for the U.S. central bank that suggests the elevated pace of price increases could last longer than expected and casts doubt on how soon it will be able to cut interest rates. Th...
May 31, 2024
US inflation rises in line with expectations in April
(Reuters) - U.S. inflation tracked sideways in April, a worrying sign for the U.S. central bank that suggests the elevated pace of price increases could last longer than expected and casts doubt on how soon it will be able to cut interest rates. Th...
May 31, 2024
Deutsche Bank sees slightly lower fixed income revenue in Q2
BERLIN (Reuters) - Deutsche Bank expects a slight decline in its fixed-income business this quarter, but still sees overall revenue of 30 billion euros ($32.56 billion) in 2024, the chief financial officer of Germany's largest bank said. "Looking a...
May 31, 2024
Global equity funds record first outflows in five weeks amid rising U.S. yields
(Reuters) - Global equity funds witnessed outflows for the first time in five weeks in the week ended May 29, hit by rising U.S. Treasury yields and investor caution ahead of a crucial U.S. inflation report, which may provide insights into the futu...
May 31, 2024
Dell shares slump as heavy AI investments expected to dent margin
(Reuters) - Dell Technologies shares tumbled about 14% in premarket trading on Friday, as the PC and server maker expects sizeable AI investments to dent its quarterly profit. Dell is on track to lose more than $17 billion in market value, if prema...
May 31, 2024
Gap surges as apparel maker's turnaround strategy starts to pay off
(Reuters) - Shares of Gap climbed nearly 25% at $28.04 in premarket trading on Friday after the apparel retailer raised its full-year sales forecast in fresh signs that its turnaround strategy to bring in newer styles is starting to work. The stock...
May 31, 2024
Japan PM Kishida to announce compilation of six-year economic, fiscal plan
By Takaya Yamaguchi TOKYO (Reuters) - Japanese Prime Minister Fumio Kishida will announce a new economic and fiscal plan for the next six years on Tuesday aimed at boosting economic growth, two sources with direct knowledge of the matter told Reute...
May 31, 2024
UBS completes merger of UBS and Credit Suisse parent companies
ZURICH (Reuters) - Swiss bank UBS said on Friday it had completed the merger of the main parent companies of the Swiss lender and its longtime rival Credit Suisse, which it acquired last year. "The completion of the merger within the expected timel...
May 31, 2024
Futures slip as investors brace for inflation numbers
(Reuters) - U.S. stock index futures dipped on Friday ahead of a key inflation report that will test investor optimism about the scale and pace of interest-rate reductions by the Federal Reserve this year. Wall Street paused this week after a recen...
May 31, 2024
Bill Ackman is planning IPO of Pershing Square, WSJ reports
(Reuters) - Hedge fund billionaire Bill Ackman is planning an initial public offering for his investment firm Pershing Square Capital Management as soon as next year, the Wall Street Journal reported on Friday. As a precursor to a public listing, A...
May 31, 2024
Trump Media slides after former president Donald Trump's criminal conviction
(Reuters) - Shares of Trump Media & Technology Group dropped 8% in premarket trading on Friday after a jury found former U.S. president Donald Trump guilty of falsifying documents to cover up a payment to silence a porn star ahead of the 2016 elect...
May 31, 2024
Tesla to recall over 125,000 vehicles over seat belt warning system
(Reuters) - Tesla is recalling 125,227 Model 3, S, X and Y vehicles over a malfunction of its seat belt warning system, the U.S. National Highway Traffic Safety Administration (NHTSA) said on Friday. Tesla will release an over-the-air software upda...
May 31, 2024
Factbox-Battles over CEO pay across the globe
(Reuters) - Tesla shareholders will vote on CEO Elon Musk's $56 billion pay package on June 13 that a Delaware judge voided in January, calling the sum "unfathomable" and because she found the billionaire improperly controlled the process. Musk's p...
May 31, 2024
Hong Kong April retail sales tumble 14.7% amid changing consumption pattern
HONG KONG (Reuters) - Hong Kong's April retail sales fell 14.7% from a year earlier, partly due to a drop in visitor spending and a surge in outbound trips during the Easter holidays, government data showed on Friday. Sales decreased to HK$29.6 bil...
May 31, 2024
Airbus faces new output pressure amid parts shortages, sources say
PARIS (Reuters) - Airbus is facing new pressure on its near-term production ramp-up for passenger jets due to parts and labour shortages, industry sources said on Thursday. It was not immediately clear whether the slowdown would put at risk deliver...
May 31, 2024
Take Five: Cool jobs at last
(Reuters) - The start of a new month can mean only one thing for investors: time for the all-important monthly U.S. employment report, but also for a likely European Central Bank rate cut, as well as the outcome of India's marathon general election...
May 31, 2024
Euro zone inflation rises just as ECB prepares to cut rates
FRANKFURT (Reuters) - Euro zone inflation rose in May, data showed on Friday, in a sign the European Central Bank still faces a slow and uncertain journey to rein in prices. The bigger-than-expected increase in inflation was unlikely to stop the EC...
May 31, 2024
Investor flows into corporate bonds on longest streak since 2019, says BofA
By Harry Robertson LONDON (Reuters) - Global investors poured $3.6 billion into investment grade corporate bond funds in the week to Wednesday, Bank of America said on Friday, in the 31st straight week of inflows, the longest streak since 2019. A ...
May 31, 2024
Affordable housing to stay out of reach in major economies due to lack of supply: Reuters poll
By Hari Kishan BENGALURU (Reuters) - Major economies grappling with housing crises will struggle to crank up the supply of affordable homes in coming years, according to a Reuters poll of property analysts who said more government intervention was ...
May 31, 2024