By Anisha Sircar and Devik Jain (Reuters) – Wall Street’s main indexes climbed more than 1% on Wednesday, boosted by gains in beaten-down growth and financial stocks, with investors waiting to see how high the Federal Reserve would raise interest rates at its policy meeting to quell inflation. Ten of the 11 major S&P sectors…
By Balazs Koranyi and Francesco Canepa FRANKFURT/MILAN (Reuters) -The European Central Bank promised fresh support and a new scheme on Wednesday to temper a market rout that has fanned fears of a new debt crisis on the euro area’s southern rim but appears to have disappointed investors looking for bolder steps. Government borrowing costs have…
BERLIN (AP) — Russia’s Gazprom announced a reduction in natural gas flows through a key European pipeline for the second day in a row Wednesday, creating further energy turmoil for Europe as it tries to reduce its extensive use of Russian oil and natural gas amid the war in Ukraine. The state-owned energy giant said…
WASHINGTON (Reuters) – U.S. import prices increased solidly in May amid higher prices for petroleum products, but there were tentative signs of some moderation in underlying imported inflation pressures. Import prices rose 0.6% last month after gaining 0.4% in April, the Labor Department said on Wednesday. In the 12 months through May, import prices increased…
NEW YORK (AP) — Americans trimmed their spending unexpectedly in May compared with a month before, underscoring how surging inflation on daily necessities like gas is causing them to be more cautious about buying discretionary items. U.S. retail sales slipped 0.3% last month, down from a revised 0.7% increase in April, the Commerce Department said…
DETROIT (AP) — Automakers reported nearly 400 crashes over a 10-month period involving vehicles with partially automated driver-assist systems, including 273 with Teslas, according to statistics released Wednesday by U.S. safety regulators. The National Highway Traffic Safety Administration cautioned against using the numbers to compare automakers, saying it didn’t weight them by the number of…
By Rowena Edwards LONDON (Reuters) -Oil prices were stable on Wednesday as the market juggled fears of tight supply with concerns over fuel demand and global economic growth, ahead of an expected big hike in interest rates by the U.S. Federal Reserve. Brent crude futures for August were down 28 cents, or 0.2%, at $120.89…
STOCKHOLM (Reuters) – IKEA said on Wednesday it would sell factories, close offices and reduce its nearly 15,000-strong workforce in Russia, the latest move by the world’s biggest furniture brand to cut its operations there following Moscow’s invasion of Ukraine. “Unfortunately, the circumstances have not improved, and the devastating war continues. Businesses and supply chains…
By Marc Jones LONDON (Reuters) – European markets rallied on Wednesday as the European Central Bank held an emergency meeting on the recent bond market sell-off, ahead of what is expected to be the most aggressive rise in U.S. interest rates since 1994. Hopes of a quiet run in to what is forecast to be…
BRUSSELS (AP) — NATO defense ministers attending a two-day meeting starting Wednesday will discuss beefing up weapons supplies to Ukraine, and Sweden and Finland’s applications to join the trans-Atlantic military alliance, Secretary-General Jens Stoltenberg said. The meeting, less two weeks before a summit of NATO leaders in Madrid, comes with Kyiv imploring the West to…
