By Pete Schroeder and Michelle Price WASHINGTON (Reuters) -The largest U.S. banks on Thursday easily cleared the Federal Reserve’s annual health check, in a vote of confidence for the sector amid signs the U.S. economy could tip into a recession in the months ahead. The results of the Fed’s annual “stress test” exercise showed the…
By Laura Sanicola (Reuters) – Oil prices rose slightly in early Asian trade on Friday as nations seek to address global crude oil and fuel supply tightness. Brent crude futures rose 39 cents, or 0.4%, to $110.44 a barrel at 0012 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 37 cents, or 0.4%,…
By Michelle Price and Sinead Cruise WASHINGTON/LONDON (Reuters) – The U.S. units of major European lenders including Deutsche Bank, Barclays and Credit Suisse sailed through the Federal Reserve’s annual “stress tests” on Thursday, showing they hold enough capital to weather an economic shock. For the seven European bank subsidiaries the Fed oversees with more than…
By Doyinsola Oladipo NEW YORK (Reuters) – Carnival Corp is expected to report a smaller quarterly loss and a spike in revenue when it announces second-quarter results on Friday, but bargain-basement prices for some cruises may squeeze the cruise operator’s margins. Analysts expect the Miami-based company to report a loss of $1.17 a share compared…
OTTAWA (Reuters) – Canada’s Senate on Thursday passed Prime Minister Justin Trudeau’s budget, adopting a long list of measures including a two-year ban on foreign home buyers and the power to confiscate and sell assets seized in response to Russia’s invasion of Ukraine. The 450-page Bill C-19 passed the upper chamber 56-to-16 without any changes,…
By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The euro slid across the board on Thursday as weaker-than-expected German and French PMI data showed that the euro zone economy is struggling to gain traction, prompting traders to trim bets on big rate-hike moves from the European Central Bank. The dollar, on the other hand, rose against…
By Lindsay Dunsmuir and Ann Saphir (Reuters) – The Federal Reserve’s commitment to reining in 40-year-high inflation is “unconditional,” U.S. central bank chief Jerome Powell told lawmakers on Thursday, even as he acknowledged that sharply higher interest rates may push up unemployment. “We really need to restore price stability … because without that we’re not…
By Jorgelina do Rosario LONDON (Reuters) – Argentina’s Bioceres Crop Solutions plans to carry out field tests of its genetically modified drought resistant wheat in Australia and seek planting approvals next year, Chief Executive Federico Trucco told Reuters. The company is counting on consumers warming to eating wheat that has been genetically modified (GMO), as…
WASHINGTON (AP) — As if their job weren’t hard enough at a time of raging inflation, Chair Jerome Powell and his Federal Reserve colleagues have to do more these days than decide just how much to raise interest rates without triggering a recession. They also have a sales job on their hands: Convincing the public…
The housing market has enjoyed an incredible run. Low inventory levels and a mass migration from urban cities to the suburbs led to double-digit increases in home prices. Homebuilders are scrambling to meet the intense consumer demand. Unfortunately, supply chain issues made the process a little more difficult. Now, prices are no longer climbing higher…
