Market participants breathlessly awaited the latest Fed Decision. A white-hot CPI report last Friday had markets abuzz. Would Powell & Company move ahead with the predicted 50 basis point rate hike or would it ramp up its effort to stamp down inflation with a sharper increase? The Fed floated a trial balloon on Monday when…
By Shreyashi Sanyal and Sruthi Shankar (Reuters) – U.S. stock indexes tumbled on Thursday, with growth shares bearing the brunt of the selloff, after the Federal Reserve’s largest rate increase since 1994 to combat decades-high inflation fanned worries of a recession. All of the 11 major S&P sectors fell in morning trade. Energy and consumer…
MILAN (AP) — Italian luxury sportscar maker Ferrari on Thursday outlined an electrification strategy that calls for 40% full-electric vehicles and 40% hybrid models by 2030. CEO Benedetto Vigna confirmed that the first electric car will be presented in 2025, with the first deliveries the following year. Now, just four Ferrari models, or 20% of…
(Reuters) – U.S. stock indexes opened sharply lower on Thursday, with growth shares taking the biggest hit, after the Federal Reserve’s biggest interest rate hike since 1994 fanned recession worries. The Dow Jones Industrial Average fell 362.79 points, or 1.18%, at the open to 30,305.74. The S&P 500 opened lower by 61.81 points, or 1.63%,…
By Lisa Pauline Mattackal and Medha Singh (Reuters) – Major cryptocurrency volatility has hit stablecoins, typically considered the market’s safer-havens, with investors pulling money out of the sector and several losing the peg to their underlying assets. The market capitalization of stablecoins had plummeted to $156.8 billion on Thursday, from around $181 billion at the…
WASHINGTON (AP) — Fewer Americans applied for unemployment benefits last week as the U.S. job market remains strong in the face of rising inflation and interest rates. Applications for jobless aid fell by 3,000 to 229,000 for the week ending June 11, down from the previous week’s 232,000, the Labor Department reported Thursday. First-time applications…
By Andy Bruce and William Schomberg LONDON (Reuters) -The Bank of England stuck to its gradual increases in interest rates on Thursday, as other central banks took more urgent action, but said it was ready to act “forcefully” if needed to stamp out dangers posed by inflation it now sees topping 11%. A day after…
LONDON (AP) — The European Union is beefing up its code of practice on disinformation by enlisting more tech companies beyond Google, Twitter and Facebook parent Meta and adding measures to prevent online purveyors of fake news from profiting. The EU’s executive Commission unveiled an update Thursday to its four-year-old voluntary code that, together with…
NEW YORK (AP) — Revlon, the 90-year-old multinational beauty company, has filed for Chapter 11 bankruptcy protection, weighed down by debt load, disruptions to its supply chain network and surging costs. The New York-based company said that upon court approval, it expects to receive $575 million in financing from its existing lenders, which will allow…
Severe weather has forced Abbott Nutrition to pause production at a Michigan baby formula factory that had just restarted after being closed for several months, contributing to a national shortage. Production for Abbott’s EleCare specialty formula has been suspended, but there is enough supply to meet demand until production is restarted, the company said. Abbott…
