Dollar droops ahead of crucial CPI test; yen under pressure
By Kevin Buckland TOKYO (Reuters) - The dollar traded near a one-month low versus the euro on Wednesday amid lower Treasury yields as traders braced for a key U.S. inflation report later in the day that could dictate the path of Federal Reserve pol...
3h ago
Fed's Schmid says he is prepared to be patient on policy
(Reuters) - Inflation is still too high, and the U.S. central bank has more work to do to bring it down, Kansas City Federal Reserve Bank President Jeffrey Schmid said on Tuesday, a signal that he supports keeping the Fed's policy rate steady for s...
4h ago
Oil prices up on wildfires in Canada, US inventories drawdown expectations
By Katya Golubkova TOKYO (Reuters) - Oil prices rose in early trade on Wednesday as large wildfires were threatening Canada's oil sands and as the market expected U.S. crude oil and gasoline inventories to show a drawdown later in the day. Brent cr...
4h ago
NYCB to sell nearly $5 billion of mortgage warehouse loans to JPMorgan
(Reuters) - Embattled regional lender New York Community Bancorp said on Tuesday it has agreed to sell about $5 billion in mortgage warehouse loans to JPMorgan Chase. The deal bolsters NYCB's liquidity and capital as it executes a crucial turnaroun...
5h ago
TikTok creators file suit to block US divestment or ban law
WASHINGTON (Reuters) - A group of TikTok creators said Tuesday they filed suit in U.S. federal court seeking to block a law signed by President Joe Biden that would force the divestiture of the short video app used by 170 million Americans or ban i...
5h ago
US says Boeing breached 2021 deferred prosecution 737 MAX agreement
(Reuters) - The U.S. Justice Department said late on Tuesday that Boeing Co had breached its obligations in a 2021 agreement that shielded the planemaker from criminal prosecution over fatal 737 MAX crashes in 2018 and 2019. The Justice Department ...
5h ago
EV startup Canoo posts larger-than-expected loss in first quarter
(Reuters) - Electric vehicle startup Canoo posted a larger-than-expected loss for the first quarter on Tuesday, but kept its outlook for the year unchanged. Slowing demand in the United States and stiff competition from Chinese EV makers in the wor...
6h ago
Morning Bid: Markets buoyant, but wary of CPI, tariffs
By Jamie McGeever (Reuters) - A look at the day ahead in Asian markets. Asian markets should open in upbeat mood on Wednesday as lower U.S. bond yields and a weaker dollar reflect expectations that the Fed will cut interest rates as early as Septem...
6h ago
US makers of masks and gloves get lifeline: higher tariffs on Chinese-made products
By Timothy Aeppel (Reuters) - President Joe Biden's move to hike tariffs on Chinese goods should help U.S.-based medical mask and glove makers, a sector that has largely flamed out after surging during the COVID-19 pandemic. Industry executives on ...
7h ago
Honda moves to cut China workforce with 1,700 voluntary layoffs, Nikkei reports
(Reuters) -Honda Motor is scaling down its full-time production workforce in China, with roughly 1,700 employees having agreed to leave thus far, as sales in the world's second-largest economy decline, the Nikkei reported on Wednesday. GAC Honda Automo...
7h ago
3M shareholders vote down executives' pay packages in annual meeting
(Reuters) - 3M said on Tuesday that the annual compensation packages of certain executives, including that of former CEO Mike Roman, did not receive the requisite number of favorable shareholder votes, on an advisory basis. Roman's 2023 total compe...
7h ago
Brazil's JBS earns nearly $320 million in Q1, beating analysts expectations
SAO PAULO (Reuters) - Brazil's JBS SA, the world's largest meat-packer, on Tuesday reported a net profit of 1.64 billion reais ($319.74 million) for the first quarter, which beat analysts' expectations by a wide margin, according to an earnings sta...
7h ago
MSCI publishes quarterly index review results
(Reuters) - Index provider MSCI said on Tuesday that 42 securities will be added and 121 securities removed from its widely followed MSCI ACWI index following its quarterly review. The changes will be implemented as of market close on May 31. The t...
7h ago
US federal court enforces SEC's subpoena to depose Elon Musk
SAN FRANCISCO (Reuters) - A federal court said that Elon Musk must testify again in the U.S. Securities and Exchange Commission's investigation into his $44 billion takeover of Twitter, according to a court filing on Tuesday. The SEC sued Musk in O...
7h ago
US FDIC's Gruenberg to create office to address workplace conduct issues
By Douglas Gillison and Pete Schroeder WASHINGTON (Reuters) - The head of the Federal Deposit Insurance Corporation plans to tell Congress he will establish a new, independent office devoted to professional conduct after an external review found co...
7h ago
French central bank sees "slight" second quarter growth
PARIS (Reuters) - The French economy is set to expand slightly in the second quarter after growing 0.2% in the first quarter, the country's central bank said on Tuesday in its monthly business survey. The Bank of France did not offer a specific est...
10h ago
Citi executive in charge of implementing bank's restructuring departs
(Reuters) - Citigroup's Titi Cole, a top executive in charge of implementing its sweeping restructuring plan, is leaving the bank, an internal memo seen by Reuters showed on Tuesday. Cole, as the head of legacy franchises, executed the third larges...
10h ago
China's BYD unveils mid-size hybrid EV pickup in Mexico
MEXICO CITY (Reuters) - Chinese automaker BYD unveiled the Shark, a mid-size hybrid-electric pickup truck, at an event in Mexico on Tuesday. (Reporting by Cassandra Garrison; Editing by Anthony Esposito)
11h ago
Analysis-Hopes for 'soft landing' at stake as investors await US inflation data
By Lewis Krauskopf NEW YORK (Reuters) - Investors' newfound optimism on the U.S. economy faces an important test on Wednesday, with consumer price data set to show whether the soft landing hopes that have fueled recent gains in equities are justifi...
11h ago
Alphabet to spotlight AI innovations at developer conference
By Max A. Cherney SAN FRANCISCO (Reuters) - Alphabet is expected to announce on Tuesday how it is building on artificial intelligence across its businesses, a day after OpenAI demonstrated a new AI model that can work with sound and images in addit...
11h ago
Converse to cut jobs as part of Nike's cost-savings plan, Bloomberg News reports
(Reuters) - Footwear brand Converse will cut jobs as part of parent company Nike's on-going $2 billion cost savings plan, Bloomberg News reported on Tuesday citing an internal memo. (Reporting by Juveria Tabassum; Editing by Krishna Chandra Eluri)
11h ago
Elon Musk's xAI nears $10 billion deal to rent Oracle's AI servers, The Information reports
(Reuters) -Elon Musk's artificial intelligence startup xAI has been talking to Oracle executives about spending $10 billion to rent cloud servers from the company over a period of years, The Information reported on Tuesday, citing a person involved in ...
12h ago
Argentina traders bet on another big rate cut as inflation eases
By Jorge Otaola BUENOS AIRES (Reuters) - Argentine market traders are betting the central bank will cut its benchmark interest rate again this week given the slowdown in monthly inflation and a planned Treasury debt auction, two money market source...
12h ago
US Fed's Powell expects inflation to fall, though not as confident as before
By Bart H. Meijer and Toby Sterling AMSTERDAM (Reuters) - Federal Reserve Chair Jerome Powell said he expects U.S. inflation to continue declining through 2024 as it did last year, though his confidence in that has fallen after prices rose more qui...
13h ago
Comcast to unveil Netflix, Apple TV+, Peacock streaming bundle
(Reuters) - Comcast is set to launch a streaming bundle combining its Peacock service with Netflix and Apple TV+, as the media and broadband company looks to retain subscribers in the face of stiff competition. The new bundle, StreamSaver, will be ...
13h ago