China will control property sector risk, says vice premier
BEIJING (Reuters) - China will control the intertwined risks in the property sector, local government debt and small local financial institutions, Vice Premier He Lifeng said on Tuesday. China is seeking to restore confidence in its financial syste...
1h ago
U.S. auto insurance shoppers jump 6% in Q1, TransUnion says
(Reuters) - The number of U.S. customers shopping for auto insurance in the first quarter was 6% higher than a year earlier, according to credit reporting agency TransUnion, underscoring efforts to cut costs as inflation squeezes consumer wallets. ...
1h ago
Shell shareholders reject investor climate resolution
By Ron Bousso (Reuters) - Shell shareholders on Tuesday rejected a resolution filed by a group of investors urging the energy company to set tighter climate targets. The vote came after Shell CEO Wael Sawan weakened a 2030 carbon reduction target i...
1h ago
AutoZone's quarterly profit beats estimates on demand for car parts
(Reuters) - AutoZone beat estimates for third-quarter profit on Tuesday, driven by strong demand for automotive parts as more Americans held on to their ageing cars amid higher prices and wait times for newer models. Quarterly net sales at the auto...
1h ago
Demand momentum in India rising, rural spending picking pace, says RBI
By Swati Bhat MUMBAI (Reuters) - Aggregate demand momentum in India is rising, with the overall non-food spending being pushed up by green shoots in rural spending recovery, the Reserve Bank of India said in its monthly bulletin on Tuesday. "Recent...
1h ago
German home prices to fall 2% in 2024, supply to lag demand: Reuters poll
By Indradip Ghosh BENGALURU (Reuters) - German home prices will see a far shallower decline this year than in 2023 as borrowing costs are expected to fall, according to analysts polled by Reuters who said the supply of affordable homes would remain...
1h ago
Macy's raises annual profit forecast as cost cuts begin to pay off
(Reuters) - Bloomingdale's owner Macy's raised its annual profit forecast on Tuesday, signaling that efforts to reduce costs by closing underperforming stores and trimming jobs were starting to pay off. Shares of the New York-based company were up ...
1h ago
Futures steady as Fed policy caution weighs, Nvidia results awaited
(Reuters) - U.S. index futures were muted on Tuesday, as investors refrained from placing big bets before AI chip leader Nvidia's earnings this week and amid policy caution from Federal Reserve officials ahead of the central bank's meeting minutes....
2h ago
Sri Lanka inflation rises to 2.7% in April from 2.5% in March
COLOMBO (Reuters) - Sri Lanka's consumer price inflation rose to 2.7% in April from 2.5% in March, official data showed on Tuesday. The National Consumer Price Index (NCPI) captures broad retail price inflation and is released with a lag of 21 days...
2h ago
Chinese tech giants slash prices of language models used to power AI chatbots
By Liam Mo and Eduardo Baptista BEIJING (Reuters) - Chinese tech giants Alibaba and Baidu slashed prices on Tuesday of large-language models (LLMs) used to power generative artificial intelligence products, as a price war in the cloud computing sec...
2h ago
Exclusive-Conservative investor pulls JPMorgan resolution, cites changes addressing 'politicized finance'
By Ross Kerber (Reuters) - A conservative shareholder has withdrawn a resolution filed for a vote at Tuesday's annual meeting of JPMorgan, according to the investor's representative, who said the move reflects changes the Wall Street bank has made ...
3h ago
Canadian banks' quarterly profits seen pressured by higher bad-debt provisions
By Nivedita Balu TORONTO (Reuters) - Canadian banks are expected to set aside money for challenging days, which will hurt quarterly earnings, as investors await commentary on how the lenders will navigate a prolonged high interest-rate environment ...
3h ago
China's JD.com aims to raise $1.5 billion in convertible bond deal
By Scott Murdoch SYDNEY (Reuters) -Chinese online retailer JD.com is raising $1.5 billion via a convertible bond sale, according to the company's regulatory filings on Tuesday. The five-year put-three deal was launched after the Hong Kong trading sessi...
3h ago
UK manufacturing orders dry up in May: CBI
(Reuters) - British manufacturing orders contracted this month at the fastest rate since November and expectations for future price hikes abated, a survey showed on Tuesday. The Confederation of British Industry's monthly gauge of industrial orders...
3h ago
California court to weigh fate of law treating app-based drivers as contractors
By Daniel Wiessner (Reuters) - California's top state court on Tuesday will consider a labor union's challenge to a ballot measure allowing app-based services such as Uber and Lyft to classify drivers in the state as independent contractors rather ...
3h ago
Morning bid: Calm markets hover near highs, metals step back
A look at the day ahead in U.S. and global markets from Mike Dolan Partly due to the absence of top-tier economic news this week, world markets have found a relatively calm plateau with stocks near their latest records - and even fizzing metals prices ...
3h ago
Lowe's posts lower-than-expected drop in sales on demand for small-scale repairs
(Reuters) - Lowe's Cos reported a lower-than-expected drop in quarterly sales on Tuesday, helped by more small-scale repairs undertaken by inflation-hit Americans, who have otherwise cut back on big-ticket discretionary home improvement projects. T...
3h ago
Yellen says US, Europe must respond jointly to China's industrial overcapacity
By David Lawder FRANKFURT (Reuters) - U.S. Treasury Secretary Janet Yellen said on Tuesday that the United States and Europe needed to respond to China's industrial policies in a "strategic and united way" to keep manufacturers viable on both sides...
3h ago
S&P expects slower recovery for Israel's economy despite Q1 rebound
JERUSALEM (Reuters) - Ratings agency S&P Global on Tuesday said it expects Israel's economy to recover at a more moderate pace than previous downturns despite an economic bounce-back in the first quarter. The Israeli economy rebounded in the first ...
4h ago
VinFast sued in the US for not paying rent for showroom
HANOI (Reuters) - Vietnam's electric vehicle maker VinFast is being sued in a California court for not having paid rent for a store, according to a complaint filed by real estate services firm SPG Center LLC, which VinFast said was inaccurate. SPG ...
4h ago
New Thai finance minister has chance to improve strained central bank ties, says ex-Finance Minister
By Anisha Sircar and Divya Chowdhury BENGALURU (Reuters) - Thailand's new finance minister has refrained from pressuring the central bank and has a chance to improve relations amid a longstanding disagreement on interest rates, former finance minis...
4h ago
Explainer: With inflation falling fast, will the BoE quickly cut rates?
LONDON (Reuters) - Britain's once towering inflation rate looks set to fall close to the Bank of England's 2% target on Wednesday, but it may be other figures in the data that influence the BoE's decision on when to cut interest rates for the first...
4h ago
European stocks dip as rate uncertainty weighs
(Reuters) - European stocks inched lower on Tuesday, following losses in Asian equities as U.S. Federal Reserve officials tempered investor enthusiasm about potential interest rate cuts as they called for policy caution. The pan-European STOXX 600 ...
5h ago
Eli Lilly's diabetes drug tirzepatide gets approval in China
SHANGHAI (Reuters) - Eli Lilly said on Tuesday its diabetes drug tirzepatide has received approval from Chinese regulators, setting up intensifying competition with its Danish rival Novo Nordisk in the key Asian market. Novo Nordisk's popular diabe...
5h ago
IBM makes more AI models open source and lands Saudi Arabia deal
By Stephen Nellis (Reuters) - International Business Machines on Tuesday said that it will release a family of artificial intelligence models as open-source software, and that it will help Saudi Arabia train an AI system in Arabic. The Armonk, New ...
6h ago