By Alexander Marrow (Reuters) – The Russian rouble strengthened past 95 to the dollar on Wednesday, one day after the central bank hiked interest rates to 12% at an emergency meeting and amid speculation over what other steps Russia may take to prop up its struggling currency. Tuesday’s extraordinary rate meeting and 350-basis-point key rate…
WASHINGTON (Reuters) – The office of the U.S. Trade Representative on Wednesday said it was pleased with a World Trade Organization panel report that it said recognized the United States’ section 232 actions on steel and aluminum are security measures and rejected China’s arguments. “The United States is pleased with the World Trade Organization (WTO)…
By Nell Mackenzie and Carolina Mandl LONDON/NEW YORK (Reuters) – Bridgewater Associates’ flagship fund had a bearish view on U.S. stocks in late July just as a rally that saw the benchmark S&P 500 soar this year was about to lose steam, according to a presentation to investors seen by Reuters. The July 25 investor…
By Davide Barbuscia NEW YORK (Reuters) -Deflationary pressures in China could spill over into global markets, which is potentially near-term good news for Western central banks as they seek to curb inflation, U.S. asset manager PIMCO said on Wednesday. China’s consumer sector fell into deflation and factory-gate prices extended declines in July, as the world’s…
By Jamie McGeever ORLANDO, Florida (Reuters) – Investors are hoping policymakers gathering at the Kansas City Fed’s annual Jackson Hole Symposium later this month will shed light on one of the murkiest – yet fundamentally most important – tenets of monetary policy: R-star. Even before the pandemic, accurately gauging the theoretical real rate of interest…
(Reuters) -JD.com beat analyst forecasts for second-quarter revenue on Wednesday, as the Chinese e-commerce giant’s focus on lower-priced products paid off in the fight for customers in an economic slowdown. The company said it attracted more vendors to its platform, helped by lower thresholds and costs for them to join, and that users shopped more…
WASHINGTON (Reuters) – Production at U.S. factories unexpectedly rebounded in July as motor vehicle output surged, but activity continues to be hamstrung by higher borrowing costs. Manufacturing output increased 0.5% last month, the Federal Reserve said on Wednesday. Data for June was revised lower to show production at factories falling 0.5% instead of 0.3% as…
By Ananya Mariam Rajesh (Reuters) -Target cut its full-year sales and profit expectations even as its quarterly profit exceeded Wall Street estimates on Wednesday, benefiting from fewer discounts and better stocked store shelves. The retailer’s second-quarter sales, however, dropped 5%, partly due to the fallout of a backlash against its Pride merchandise in May. Target…
By Neil Jerome Morales MANILA (Reuters) – The Philippines’ gambling industry is set to double its gross gaming revenue by 2028, as the country attracts more tourists such as wealthy Chinese gamblers, the gaming regulator’s chief said on Wednesday. At least six new casino facilities worth roughly around $3 billion are in the pipeline to…
By Pavel Polityuk KYIV (Reuters) -Ukraine said Russia had attacked its grain storage facilities overnight, but a container ship left the Black Sea port of Odesa on Wednesday despite Moscow’s threat to target shipping after it abandoned an export deal. In the Russian capital, five sources said authorities were considering reimposing stringent capital controls as…
