By Noor Zainab Hussain, Manya Saini and Saeed Azhar (Reuters) -Wells Fargo & Co’s profit surpassed expectations for the first quarter on Friday as it earned more from higher interest rates, even while executives forecast tighter monetary policy would dampen economic activity. The bank also reported a $643 million increase in the allowance for credit…
By Darya Korsunskaya and Alexander Marrow MOSCOW (Reuters) -Russia’s economy ministry revised higher on Friday its 2023 gross domestic product (GDP) forecast to 1.2% growth from a 0.8% contraction, but lowered its forecast for 2024, mirroring a wider trend that envisages more sluggish longer term prospects. The International Monetary Fund this week also raised its…
By Khushi Mandowara and Bhanvi Satija (Reuters) -UnitedHealth Group Inc on Friday topped expectations for first-quarter results but shares fell 3% after the company failed to address investor worries over high costs next year due to policy changes for government-backed health insurance plans. U.S. health insurers have been under pressure since February when the government…
(Fixes typo in first paragraph) By Joice Alves LONDON (Reuters) – European banks surged on Friday, rising to a one-month high, gaining support from U.S. lenders, which reported better-than-expected results in the first quarter. The STOXX 600 index of European banks gained as much as 3% to reach its highest since mid-March after JPMorgan, Citigroup…
By Lawrence White LONDON (Reuters) -HSBC’s planned sale of its French retail banking business to Cerberus-backed My Money Group could fail due to interest rate hikes in France that boosted the amount of capital the buyer will need, the British bank said on Friday. The potential failure of the deal would undo one of HSBC’s…
WASHINGTON (Reuters) – U.S. business inventories rose moderately in February, suggesting that inventory investment could subtract from economic growth in the first quarter. Business inventories increased 0.2% after falling 0.2% in January, the Commerce Department said on Friday. Economists polled by Reuters had expected inventories, a key component of gross domestic product, to rise 0.3%….
(Reuters) -Digital media conglomerate Starboard said on Friday it has bought Parler for an undisclosed sum and will temporarily shut down the social media app popular with U.S. conservatives to give itself time to roll out a revamped version of the platform. The move comes months after the collapse of a deal that would have…
WASHINGTON (Reuters) – U.S. consumer sentiment inched up in April, but households expected inflation to rise over the next 12 months. The University of Michigan’s preliminary April reading on the overall index of consumer sentiment came in at 63.5, up from 62.0 in the prior month. Economists polled by Reuters had forecast a preliminary reading…
(Corrects month in second paragraph to February from January) WASHINGTON (Reuters) – Production at U.S. factories fell more than expected in March, but eked out a modest gain in the first quarter. Manufacturing output dropped 0.5% last month, the Federal Reserve said on Friday. Data for February was revised higher to show production at factories…
(Reuters) – A U.S. recession is certainly feasible as the Federal Reserve’s steep rate-hikes over the past year filters fully through the economy, Chicago Fed President Austan Goolsbee said on Friday, as he again urged the central bank to be prudent on policy. “There is no way you can look at current conditions around the…
