(Corrects attribution in paragraph 5 to Zip’s ANZ CEO from Director for investor relations) (Reuters) -Australian buy-now-pay-later firm Zip Co is further streamlining its operations and cost base following a recent review, a company official told Reuters on Monday. The move comes as sector grapples with increased regulatory scrutiny and falling valuations amid reduced customer…
(Reuters) -UBS Group AG is aiming to avoid using a $10 billion backstop for Credit Suisse amid a backlash, the Financial Times reported on Sunday. UBS executives are hoping to announce that the bank will not call on the government backstop when it publishes its second-quarter results on Aug. 31, the report added. UBS declined…
LONDON (Reuters) – Euro zone manufacturing activity contracted faster than initially thought in June as persistent policy tightening by the European Central Bank squeezed finances, according to a survey which painted an increasingly gloomy outlook for industry. The downturn was broad-based with surveys published earlier on Monday showing factory activity in all four of the…
BERLIN (Reuters) – Germany’s manufacturing sector contracted at the fastest rate in more than three years in June, with both output and new orders falling, a survey showed on Monday. The HCOB final Purchasing Managers’ Index (PMI) for manufacturing, which accounts for about a fifth of Germany’s economy, fell to 40.6 from 43.2 in May,…
ROME (Reuters) – Italy’s manufacturing sector contracted in June at the steepest rate in over three years, a survey showed on Monday, signalling a recession ahead unless buoyant services can prop up the euro zone’s third largest economy. The HCOB Global Purchasing Managers’ Index (PMI) for Italian manufacturing came in at 43.8, down from 45.9…
By John Revill ZURICH (Reuters) – Swiss inflation dipped to 1.7% in June, the government said on Monday, although economists expect the Swiss National Bank to stay its course and raise interest rates at least one more time. The year-on-year increase in consumer prices reported by the Federal Statistics Office was below the 2.2% rate…
MADRID (Reuters) – Factory activity in Spain contracted for the fourth consecutive month in June even though the spending of European Union rescue funds had a positive effect on capital goods, a survey showed on Monday. The HCOB Purchasing Managers’ Index (PMI) for manufacturing compiled by S&P Global fell to 48.0 from 48.4 in May….
By Stefanno Sulaiman and Fransiska Nangoy JAKARTA (Reuters) – Indonesia’s annual inflation rate in June eased to 3.52%, settling into the central bank’s target range for a second straight month, data from the statistics bureau showed on Monday. Headline inflation dropped to its lowest since April 2022 and came in below the 3.64% expected in…
By Yoruk Bahceli (Reuters) – Bond investors could be in luck for the rest of 2023 if market indicators signalling central banks will take policy tightening too far and tip their economies into recession prove accurate. Headline inflation has eased but underlying pressures remain high, keeping central banks hawkish. Canada resumed tightening and Britain and…
By Shaloo Shrivastava BENGALURU (Reuters) – India’s manufacturing industry expanded at the second-fastest rate this year in June, albeit at a slightly slower pace than in May, supported by robust demand despite higher inflationary pressures, a private survey showed on Monday. The Manufacturing Purchasing Managers’ Index, compiled by S&P Global, was 57.8 in June, down…
