By David Randall (Reuters) – A widely watched section of the U.S. Treasury yield curve hit its deepest inversion on Monday since the high inflation era of Fed Chairman Paul Volcker, reflecting financial markets’ concerns that an extended Federal Reserve rate hiking cycle will tip the United States into recession. The closely-watched spread between the…
By Kirstin Ridley LONDON (Reuters) -Mozambique’s blockbuster lawsuit against Credit Suisse and others over the $2 billion “tuna bond” scandal can proceed to trial, a London judge ruled on Monday, despite complaints that the African nation has failed to fully disclose documents. High Court Judge Robin Knowles said it was not just, proportionate or necessary…
WASHINGTON (Reuters) – U.S. construction spending increased more than expected in May as a severe shortage of houses for sale boosted outlays on single-family homebuilding. The Commerce Department said on Monday that construction spending rose 0.9% after gaining 0.4% in April. Economists polled by Reuters had forecast construction spending increasing 0.6%. Construction spending advanced 2.4%…
BRASILIA/SAO PAULO (Reuters) – Private economists in Brazil anticipate deeper monetary easing this year and improved inflation prospects until 2026 following the government’s decision to maintain the country’s inflation goal at 3%, a weekly central bank poll showed on Monday. President Luiz Inacio Lula da Silva has consistently blasted the country’s central bank for keeping…
LONDON (Reuters) – U.S. property catastrophe reinsurance rates rose by as much as 50% at a key July 1 renewal date, broker Gallagher Re said in a report on Monday, with states such as California and Florida increasingly hit by wildfires and hurricanes. Reinsurers insure insurance companies, and have been raising rates in recent years…
(Reuters) – Blackstone Real Estate Income Trust (BREIT) said on Monday that redemption requests declined in June after months of turmoil that led to the private equity firm limiting investor withdrawals. “In June 2023, BREIT received $3.8 billion in requests under the Repurchase Plan, which is 29% lower than the peak in January 2023 and…
LONDON (Reuters) – Megan Greene, who is due to join the Bank of England’s Monetary Policy Committee this week, said central banks should not assume that interest rates will settle back down at their pre-coronavirus levels along with lower inflation. In a column published by the Financial Times on Monday, Greene said it was unclear…
SANTIAGO (Reuters) – Chile’s economic activity index fell for the fourth consecutive month in May, the central bank said on Monday, underscoring the economic headwinds faced by the world’s largest producer of copper amid high interest rates. The IMACEC index, a close proxy of gross domestic product (GDP), dropped 2% in May from the same…
By Tatiana Bautzer NEW YORK (Reuters) -UBS has gone on a U.S. recruiting drive for wealth managers catering to rich Americans even as it considers culling 30% of its combined global workforce after the takeover of Credit Suisse. UBS recruited 50 financial advisers, including from Bank of America’s Merrill Lynch unit, JPMorgan Chase’s recently acquired…
PARIS (Reuters) – France’s manufacturing sector continued contracting in June, according to a monthly survey, although the decline was not quite as bad as initially estimated. HCOB’s final Purchasing Managers Index (PMI) for the French manufacturing sector in June, as compiled by S&P Global, came in at 46.0 points. Any figure below 50 points signifies…
