A look at the day ahead in European and global markets from Brigid Riley Markets have a full plate on Wednesday, taking in China’s disappointing inflation data while awaiting tomorrow’s U.S. CPI report, and processing a surprise banking windfall tax announcement from Italy. The banking sector in Europe is still reeling after Italy unexpectedly approved…
By Lewis Krauskopf NEW YORK (Reuters) – Rising U.S. bond yields are unnerving investors and worsening stocks turbulence as markets confront a pileup of unwelcome news, from last week’s downgrade of the U.S. credit rating to revived worries over regional banks. Surging yields contributed to last year’s plunge in equities, when the Federal Reserve hiked…
TAIPEI (Reuters) – Ten Chinese air force aircraft entered Taiwan’s air defence zone on Wednesday accompanying five Chinese warships engaged in “combat readiness” patrols, the island’s defence ministry said, the second such incursion this week. Taiwan, which China claims as its territory, has repeatedly complained of Chinese military activity near it over the past three…
By Daniel Wiessner (Reuters) – A U.S. appeals court on Tuesday rejected Starbucks Corp’s challenge to a ruling requiring the coffee chain to rehire seven employees at a Memphis, Tennessee, store who were allegedly fired for supporting a union. The decision by the Ohio-based 6th U.S. Circuit Court of Appeals is the first from an…
By Jarrett Renshaw PHILADELPHIA (Reuters) – The Biden administration moved on Tuesday to boost wages and worker protections on federally funded construction projects, drawing the ire of trade groups that warn the union-friendly changes could curtail investment. Vice President Kamala Harris celebrated the new labor reforms at a Philadelphia union hall, calling the administration unapologetically…
By David Shepardson (Reuters) -United Auto Workers (UAW) union President Shawn Fain angrily tossed contract proposals from Stellantis in a trash can on Tuesday, citing numerous concessions that the Chrysler parent is seeking in labor talks. “Stellantis proposals are a slap in the face,” Fain said during an online chat, disclosing the company is proposing…
By Jorge Garcia LOS ANGELES (Reuters) -Los Angeles municipal employees went on a 24-hour strike on Tuesday to protest what their union calls bad-faith bargaining by city officials over a new contract, the latest in a series of job actions affecting Los Angeles. Mechanics, lifeguards, traffic officers and others marched in picket lines at city…
BEIJING (Reuters) -China’s consumer prices posted their first annual decline in more than two years in July, while factory gate prices extended their falls, data showed on Wednesday, as lacklustre demand weighed on the economy. Below are comments from analysts on the inflation data: XING ZHAOPENG, SENIOR CHINA STRATEGIST, ANZ, SHANGHAI “Both CPI and PPI…
SEOUL (Reuters) – South Korea’s household borrowing grew in July for a fourth straight month and by the biggest amount in almost two years, central bank data showed on Wednesday, amid mounting worries by policymakers. Total borrowing from banks increased by 6.0 trillion won ($4.55 billion) to stand at a fresh record high of 1,068.1…
SEOUL (Reuters) -South Korea’s jobless rate climbed in July for a second month and hit the highest since January, with job growth its slowest in nearly 2-1/2 years. The unemployment rate rose to 2.8% in July on a seasonally adjusted basis, from 2.6% in June, Statistics Korea data showed on Wednesday. Its reading of 2.5%…
