By Herbert Lash NEW YORK (Reuters) – U.S. stocks rose, then slumped while Treasury yields surged and then fell on Wednesday as markets reacted wildly to a bleak economic picture next year after the Federal Reserve adhered to a tough stance to fight inflation by jacking up interest rates. The three main stock indices jolted…
By Pete Schroeder, Lananh Nguyen and Saeed Azhar WASHINGTON (Reuters) -Some of the country’s top bank chiefs endorsed U.S. Federal Reserve rate hikes as a means to tame soaring inflation, noting that consumers continue to hold up well, when appearing before Congress during a wide-ranging and mostly sedate hearing on Wednesday. In testimony before the…
By Lucia Mutikani WASHINGTON (Reuters) – U.S. existing home sales dropped for a seventh straight month in August as affordability deteriorated further amid surging mortgage rates and stubbornly high house prices, though the pace of decline moderated from prior months. The report from the National Association of Realtors on Wednesday followed news this week that…
JOHANNESBURG (AP) — South African President Cyril Ramaphosa had an urgent meeting scheduled with his Cabinet on Wednesday to discuss the country’s electricity crisis, which has led to unprecedented levels of nationwide power blackouts in Africa’s most developed economy. The troubled state-owned power utility Eskom, which produces about 95% of the country’s electricity, is implementing…
BOGOTA (Reuters) – Shares in companies that are part of Colombia’s largest conglomerate GEA rose on Wednesday after Abu Dhabi-based investor International Holding Company (IHC) launched a bid to buy a stake worth up to $2.15 billion in Nutresa. Grupo Empresarial Antioqueno, or GEA, is a conglomerate of more than 100 firms, including Nutresa, where…
By Kirsti Knolle and Anne Kauranen BERLIN/HELSINKI (Reuters) -Germany on Wednesday agreed to nationalise Uniper, raising the bill to rescue the gas importer to 29 billion euros ($28.7 billion) amid an escalating energy crisis that shows just how much Europe’s top economy has relied on Russian fuel. The deal brings the total cash pumped into…
By Julie Gordon OTTAWA (Reuters) – Renters are increasingly likely to occupy newer homes in Canada, suggesting investors may be displacing owner-occupiers as the country looks to build its way out of an affordability crisis, census data from Statistics Canada showed on Wednesday. Some 40.4% of homes built between 2016 and 2021 are occupied by…
A 99-day run of falling gasoline prices — a streak that gave consumers a glimmer of hope that red-hot inflation might be cooling — has ended, with pump prices still much higher than a year ago. The nationwide average price for a gallon ticked up less than a penny Wednesday, to $3.68 a gallon, according…
Sales of previously occupied U.S. homes slowed in August for the seventh month in a row, as sharply higher mortgage rates and rising prices made homebuying less affordable, further cooling the once red-hot housing market. The National Association of Realtors said Wednesday that existing home sales fell 0.4% last month from July to a seasonally…
By Pete Schroeder WASHINGTON (Reuters) -The chief executives of JPMorgan, Bank of America, Citigroup, Wells Fargo and other major U.S. banks are facing a grilling by both Democratic and Republican lawmakers on Wednesday on the economy, consumer protections and the lenders’ stance on fossil fuel lending and firearms, among other issues. In testimony before the…
