By Nevzat Devranoglu and Zeynep Berkem ANKARA (Reuters) – Turkey’s latest monetary and fiscal moves are steps in the right direction, though regaining credibility in economic policy remains a challenge, a European Bank for Reconstruction and Development (EBRD) executive said on Friday. Turkey’s central bank on Thursday hiked its benchmark interest rate by 250 basis…
By Hyunjoo Jin SEOUL (Reuters) – Tesla CEO Elon Musk is ready to cut electric car prices again to drive sales if the economy swoons, and part of the reason is a bonanza from Biden administration tax credits. “It does make sense to sacrifice margins in favor of making more vehicles,” Musk said on Wednesday,…
LONDON (Reuters) – Investors’ rush to the safety of cash, a dominant theme in capital flow data this year, may be peaking, Bank of America global research said on Friday. There was a net $10 billion dollars of outflows from cash in the two weeks to Wednesday, BofA said, referencing EPFR data, describing this as…
(Reuters) – Regions Financial’s second-quarter profit met Wall Street estimates on Friday, as higher interest income offset the drag from bigger provisions. Lenders have earned more in interest income, thanks to a sharp rise in interest rates by the U.S. Federal Reserve. But that has also raised the risks of loan defaults, prompting banks to…
(Reuters) – Russia’s central bank raised its forecast for economic growth in 2023 even as it hiked rates by 100 basis points on Friday, now envisaging gross domestic product (GDP) growth of up to 2.5% this year. The bank raised its key interest rate by a steeper-than-expected 100 basis points to 8.5%, raising the cost…
(Reuters) – Morgan Stanley raised U.S. economic growth forecast for the year on a strong industrial sector and more public investment in infrastructure, and expects a “comfortable” soft-landing for the economy. Economists at Morgan Stanley now expect U.S. real gross domestic product (GDP) to grow 1.3% on average in 2023, from an earlier forecast of…
By David Milliken LONDON (Reuters) -British retail sales grew faster than expected in June despite continued high inflation, thanks to unusually hot weather and a rebound in food sales after King Charles’ coronation disrupted spending in May, official figures showed on Friday. While inflation at nearly 8% – the highest of any large economy –…
By David Shepardson WASHINGTON (Reuters) – United Auto Workers President Shawn Fain has made winning the support of Washington a key part of the union’s strategy to nail down new labor deals with the Detroit Three automakers. Part of that approach includes a decision by the UAW to hold off on endorsing U.S. President Joe…
TOKYO (Reuters) – Japan’s largest trade union confederation ‘Rengo’ urged companies on Friday to raise wages further to outpace inflation and help workers deal with rising living costs. The lobby group made the demand as its reviewed the results of its annual spring wage talks that concluded earlier this month, which saw major companies agree…
A look at the day ahead in U.S. and global markets from Mike Dolan As markets blew the froth off this year’s extraordinary rally in Big Tech stocks on Thursday, the dollar clocked its best day – and likely its best week – for more than two months. After the first real edgy day on…
