(Reuters) – Global investors funnelled substantial amounts into money market funds in the seven days to Aug. 7 as they rushed for safety amid a surge in market volatility triggered by fears of a U.S. slowdown and a strengthening yen that prompted unwinding of carry trades. According to LSEG data, investors purchased a hefty $98.58…
By Tatiana Bautzer NEW YORK (Reuters) – Citigroup’s wealth unit has initiated a process to sell its trust administration and fiduciary services business, the bank said in a statement on Friday.”To enhance our focus on delivering the wealth structuring advice that matters most to our global clients, Citi Wealth has initiated a process to sell…
By Lewis Krauskopf NEW YORK (Reuters) – A bruising selloff in U.S. stocks is putting a sharper focus on valuations of the tech names such as Nvidia and Microsoft that have driven markets higher for most of this year. Despite a recent pullback, the S&P 500 tech sector is trading at 29.5 times 12-month earnings…
By Hari Kishan BENGALURU (Reuters) – Optimism about global growth prospects this year and next is building among hundreds of economists polled by Reuters, with risks still tilted toward higher inflation even as they cling on to their forecasts for interest rate cuts. While most major central banks were successful last year in taming sky-rocketing…
(Reuters) -McDonald’s reported a surprise drop in quarterly global comparable sales on Monday, as the burger giant struggled to hold back budget-strapped customers from opting for cheaper meals at home. Global sales fell 1% in the second quarter, its first decline in 13 quarters, compared with analysts’ average estimate of a 0.53% rise, according to…
(Reuters) -Abbott Laboratories’ shares fell nearly 7% premarket, while British peer Reckitt Benckiser slumped 9% on Monday, after the U.S. healthcare firm was ordered to pay $495 million in damages related to its formula for premature infants. A jury late on Friday found Abbott’s specialized formula for premature infants caused an Illinois girl to develop…
(Reuters) -3M Co raised the low end of its full-year adjusted profit forecast on Friday expecting to benefit from restructuring measures and increasing demand for electronics, sending its shares up more than 4% in premarket trading. The company has benefited from steady price increases across categories, which have helped it offset inflation and slow demand…
(Reuters) – Amazon MGM Studios has entered a multi-year film partnership with Scott Stuber, the former longtime head of films at Netflix, to finance and release movies from his new production company, it said on Friday. Stuber, who left Netflix in March to start his media company, will produce several films annually under United Artists…
By Allison Lampert and David Shepardson WASHINGTON (Reuters) -Boeing is asking suppliers to disclose records on Chinese titanium since 2014, according to a letter seen by Reuters, as the U.S. planemaker widens checks for false paperwork used to authenticate the metal used in commercial jets. Regulators said in June they were investigating whether false or…
By Sheila Dang (Reuters) – The Paris Olympics will be a showcase of generative AI for American viewers but European audiences won’t see a similar approach, a contrast that reflects how global media companies are deliberating over the use of the technology. Comcast’s NBCUniversal is diving into AI for its U.S. broadcast of the Games,…
