WASHINGTON (Reuters) – Production at U.S. factories surged in April, driven by an increase in output at motor vehicle plants, but manufacturing continues to be constrained by higher interest rates. Manufacturing output accelerated 1.0% last month, the Federal Reserve said on Tuesday. Data for March was revised down to show production at factories declining 0.8%…
WASHINGTON (Reuters) – U.S. homebuilder sentiment rose to a 10-month high in May as tight housing supply boosted demand for new construction, according to a survey on Tuesday that also showed tightening credit conditions were becoming a challenge. The National Association of Home Builders/Wells Fargo Housing Market index increased five points to a reading of…
By Padraic Halpin DUBLIN (Reuters) -Federal Reserve Bank of Cleveland President Loretta Mester said on Tuesday that she does not think the U.S. central bank is at a point yet where it can hold interest rates steady for a period of time, given how stubborn inflation is. Federal Reserve Chair Jerome Powell has signaled the…
By Ismail Shakil and Steve Scherer OTTAWA (Reuters) -Canada’s annual inflation rate rose in April for the first time in 10 months, data showed on Tuesday, adding pressure on the central bank to raise interest rates again after having paused its tightening campaign since January. Annual inflation unexpectedly rose to 4.4% in April, Statistics Canada…
By Steven Scheer and Maayan Lubell JERUSALEM (Reuters) – Israel’s economy slowed less than expected in the first quarter of 2023 due to strong industrial investment and along with strong inflation is expected to keep pressure on policymakers to rein in rising prices. Gross domestic product grew an annualised 2.5% in the January-March period from…
SHANGHAI/HONG KONG (Reuters) -Online brokerages Futu Holdings Ltd and UP Fintech Holding Ltd will remove apps in mainland China amid Beijing’s sharpened focus on data security and capital outflows, triggering a heavy selloff in their New York-listed shares. Chinese regulators had warned the two firms as early as 2021 that online brokerages not licensed in…
By Andrea Shalal WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen on Tuesday warned that a default on government debt would likely leave millions of Americans without income payments, potentially triggering a recession that could destroy many American jobs and businesses. Yellen told a gathering of community bankers that the unprecedented economic and financial crisis…
(Reuters) – AutoNation Inc named Thomas Szlosek as its chief financial officer, effective on or about Aug. 7, the auto retailer said on Tuesday. Szlosek will move from medical product maker Avantor Inc, where he is currently finance chief. AutoNation’s current CFO Joe Lower will transition to a newly created role where he will oversee…
By Hyunjoo Jin and Tanya Jain (Reuters) – Tesla Inc CEO Elon Musk will be under pressure to address investor concerns about the lack of a clear successor, softening demand and delays of some new models when he speaks at the electric-car maker’s annual shareholder meeting on Tuesday. The billionaire entrepreneur, also the top boss…
By Deborah Mary Sophia (Reuters) -Home Depot Inc on Tuesday cut its annual sales forecast and projected a steeper-than-expected decline in profit, stoking fears about inflation-wary consumers trimming discretionary spending as a big earnings week for U.S. retailers rolls out. Shares of the largest U.S. home improvement chain, which also blamed a wet start to…
