By Shariq Khan NEW YORK (Reuters) -Oil prices rose by about a dollar a barrel on Friday, set for their biggest weekly gains since October, as the U.S. dollar dropped to a seven-month low and more indicators pointed toward growing demand from top oil importer China. Brent crude futures rose by 93 cents, or 1.1%,…
By Manya Saini and Lananh Nguyen (Reuters) -Bank of America Corp reported a bigger-than-expected fourth-quarter profit on Friday, helped by a surge in net interest income as the U.S. Federal Reserve raised rates through most of last year. The ‘higher-for-longer’ rate environment to battle decades-high inflation has underpinned profits at consumer banks, with analysts expecting…
By Erwin Seba (Reuters) -Exxon Mobil Corp in coming days will sharply boost gasoline and diesel production at its Beaumont, Texas, refinery, people familiar with the matter said, completing a $1.2 billion expansion first considered nine years ago. Initial startup of a 250,000 barrels per day (bpd) crude distillation unit (CDU) at the 369,000 bpd…
By Angelo Amante and Giuseppe Fonte ROME (Reuters) – A bid from German carrier Lufthansa for ITA Airways could come early next week, three sources familiar with the matter said on Friday, in a crucial step to speeding up the full privatisation of Italy’s state-owned company. The privatisation of ITA, which officially replaced loss-making Alitalia…
NEW YORK (Reuters) – Wall Street’s biggest banks stockpiled more rainy-day funds to prepare for a possible recession ahead and reported weak investment banking results, but said consumers remained healthy and higher rates boosted profits. The outlook for big U.S. banks has been clouded by the Russia-Ukraine conflict and fading economic stimulus measures. Higher borrowing…
By Noor Zainab Hussain and Hannah Lang (Reuters) -Wells Fargo & Co on Friday reported a 50% decline in profit for the fourth quarter, missing analysts’ estimates, as the bank racked up more than $3 billion in costs related to a fake accounts scandal and boosted loan loss reserves for a potential economic slowdown. The…
By Medha Singh (Reuters) – An army of retail traders drove up shares of meme stocks this week, led by a surge in Bed Bath & Beyond, as growing signs that inflation has peaked encouraged them to pick up shares at relatively “cheap” prices after the 2022 market slump. The struggling home good retailer’s shares…
(Reuters) -UnitedHealth Group Inc on Friday reported a quarterly profit that beat Wall Street estimates, helped by lower medical costs and a boost from its Optum health services unit, which operates the company’s pharmacy benefit management business. Health insurers’ costs have been in flux during the pandemic, but have eased over the past year as…
LONDON (Reuters) -Investors poured money into equity and bond funds and moved money out of gold in the week to Wednesday, according to BofA Global Research, taking heart from a string of positive data points and policy changes. “You don’t get more Goldilocks than that,” the report said of Thursday numbers that showed U.S. consumer…
By Carolina Mandl NEW YORK (Reuters) – Goldman Sachs Investment Strategy Group expects U.S. equities to generate positive returns for investors in 2023 even if the economy enters a recession, according to its outlook report released on Friday. The bank’s wealth management team expect the benchmark S&P 500 to end 2023 at between 4,200 and…
