By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The dollar rose on Thursday as weaker-than-expected U.S. economic growth in the first quarter is viewed as not likely to deter the Federal Reserve from raising interest rates next week. The advance estimate of first-quarter gross domestic product (GDP) showed a 1.1% annualized rate during the period. The…
By Lucia Mutikani WASHINGTON (Reuters) – U.S. economic growth slowed more than expected in the first quarter as an acceleration in consumer spending was offset by businesses liquidating inventories in anticipation of weaker demand later this year amid higher borrowing costs. The first decline in private inventories in 1-1/2 years reported by the Commerce Department…
By Humeyra Pamuk and Daphne Psaledakis WASHINGTON (Reuters) -The United States on Thursday imposed sanctions on Russia’s domestic security service FSB and the intelligence unit of Iran’s Revolutionary Guard Corps (IRGC) accusing them of being responsible or complicit in the wrongful detention of Americans overseas. The sanctions also targeted four senior commanders within IRGC’s IO,…
By Michael S. Derby (Reuters) – The Federal Reserve’s in-house watchdog agency is pushing back against proposed legislation in the U.S. Senate that would overhaul how the government department is led. Mark Bialek, who heads the Office of the Inspector General of the Federal Reserve System and the Consumer Financial Protection Bureau, said in a…
By Timothy Gardner and Jonathan Saul WASHINGTON (Reuters) – As Iran’s oil exports rise despite U.S. sanctions over its nuclear program, senators from both parties urged President Joe Biden to enable a federal government agency to seize Iranian oil and gas shipments. Senators Joni Ernst, a Republican, and Richard Blumenthal, a Democrat, said in a…
By Lewis Krauskopf NEW YORK (Reuters) – Some market participants are warning that the U.S. market’s biggest tech and growth stocks may be getting too expensive, even as better-than-expected earnings reports stand to further boost their appeal. The Nasdaq 100 has rallied 19% this year, while four stocks that alone have a 40% weight in…
By Aditya Soni (Reuters) – Meta Platforms Inc is a Wall Street darling again. The company’s shares extended their winning streak on Thursday, surging nearly 14% after Meta’s focus on AI and cost-cutting cheered investors whose enthusiasm has already helped the social media behemoth nearly double in value in 2023. Meta, whose stock was trading…
WASHINGTON (Reuters) – White House national security adviser Jake Sullivan said on Thursday the United States is not looking to decouple its economy from the Chinese economy, saying, “We’re not cutting off trade.” Speaking at the Brookings Institution, Sullivan said China should step up as a constructive force in assisting heavily indebted countries. He said…
By Tom Westbrook SINGAPORE (Reuters) – China’s yuan currency is slowly but surely being adopted for more international payments, which analysts say could lay foundations for a trade system running parallel to the dominant U.S. dollar. In the past day alone, data showed that more cross-border transactions with China were settled in yuan in March…
By Siddarth S and Manya Saini (Reuters) – Mastercard Inc beat estimates for quarterly profit as consumer spending surged against a turbulent economy, but the card company’s disclosure of a probe by the U.S. Justice Department unnerved investors. The regulator has demanded that Mastercard provide documents tied to its U.S. debit program and competition with…
