By Howard Schneider and Lindsay Dunsmuir WASHINGTON (Reuters) -The Federal Reserve will move forward with plans to raise interest rates this month to try to tame high inflation, but the outbreak of war in Ukraine has made the outlook “highly uncertain” for U.S. central bank policymakers as they plan their next steps, Fed Chair Jerome…
By Tom Wilson LONDON (Reuters) – Some of the world’s biggest cryptocurrency exchanges are staying put in Russia, breaking ranks with mainstream finance in a decision that experts say weakens Western attempts to isolate Moscow following the invasion of Ukraine. Western sanctions, which aim to squeeze Russia’s economy and sever it from the global financial…
By Karin Strohecker LONDON (Reuters) – With much of Moscow’s $640 billion reserves under lock and key in the West and sanctions crippling cross-border capital flows, investors fear Russia may be heading for its first ever default on sovereign hard currency debt. On Wednesday, foreign investors were effectively stuck with their holdings of rouble-denominated bonds…
By Noah Browning LONDON (Reuters) -Oil prices surged on Wednesday as supply disruptions mounted following sanctions on Russian banks amid the intensifying Ukraine conflict, while traders scrambled to seek alternative oil sources in an already tight market. Brent crude futures rose by nearly $9, touching a peak of $113.94 a barrel, the highest since June…
By David Henry and Noor Zainab Hussain NEW YORK (Reuters) -Citigroup Inc set new profitability targets on Wednesday at its first “investor day” in five years, aiming for a medium-term return on equity of 11% to 12%, an improvement from its recent performance. Analysts had been looking for a medium-term return on tangible capital equity…
(Reuters) – Shares of Nordstrom Inc soared more than 32% on a faster-than-expected recovery at the company’s off-price Rack outlets that raised hopes about the department store’s ability to stanch further marketshare losses to bigger rivals. The company wrestled with severe shortages of women’s apparel and shoes at Rack stores for most of last year,…
By Devik Jain (Reuters) – U.S. stock index futures notched cautious gains on Wednesday, ahead of Federal Reserve Chair Jerome Powell’s testimony for clues on interest rates as the Ukraine crisis exacerbates concerns about inflation and growth. The mood remained dour across global stock markets as Brent crude jumped to near eight-year highs and metal…
By Noah Browning LONDON (Reuters) – Oil prices surged on Wednesday as supply disruption fears mounted following hefty sanctions on Russian banks amid the intensifying Ukraine conflict, while traders scrambled to seek alternative oil sources in an already tight market. Brent crude futures rose by more than $8, touching a peak of $113.02 a barrel,…
MOSCOW (Reuters) -Russia’s largest lender Sberbank is quitting almost all European markets, blaming big cash outflows and threats to its staff and property following Russia’s invasion of Ukraine and Western sanctions. The move seemed inevitable after the European Central Bank (ECB) ordered the closure of the bank’s European arm, having warned it faced failure because…
MOSCOW (Reuters) – Foreign investors are effectively stuck with their holdings of Russian stocks and rouble-denominated bonds after the central bank put a temporary halt on payments and major overseas’ settlement systems stopped accepting Russian assets. Moscow is blocking foreign investors, who hold tens of billions of dollars worth of Russian stocks and bonds, from…
