By Alex Lawler LONDON (Reuters) – Oil dropped almost $1 a barrel on Monday as a flare-up in COVID-19 cases in Beijing and worries about more interest rate hikes raised concern about demand, although tight global supplies limited losses. Beijing’s most populous district Chaoyang announced three rounds of mass testing to quell a “ferocious” COVID-19…
(This June 12 story officially corrects Russian delegate’s name in paragraph 4 after WTO mistake) By Philip Blenkinsop and Emma Farge GENEVA (Reuters) – World Trade Organization chief Ngozi Okonjo-Iweala expressed cautious optimism on Sunday that more than 100 trade ministers meeting in Geneva would achieve one or two global deals this week, but warned…
By Saikat Chatterjee LONDON (Reuters) – Global government bonds extended a bruising selloff on Monday and the dollar resumed its march towards two-decade highs as red-hot U.S. inflation fuelled worries about even more aggressive policy tightening in a big week for central banks. A market gauge measuring the gap between U.S. two-year Treasury yields and…
(Reuters) – The European Central Bank needs to speed up the pace of interest rate tightening to 50 basis points in September after an initial hike of 25 basis points in July, Slovak Governing Council member Peter Kazimir said on Monday. “The summer is not the end of anything, just the beginning,” Kazimir said in…
BRUSSELS (Reuters) – Amazon has offered to limit its use of seller data and boost the visibility of rival products on its platform in a move that could lead to EU antitrust regulators closing their investigations without a fine by the end of the year, people familiar with the matter said. The world’s largest online…
By Byungwook Kim and Heekyong Yang SEOUL (Reuters) -Striking South Korean truckers are considering blocking shipments of coal to a power plant if the government rejects their demands for minimum pay guarantees, a senior trade union official said on Monday. The Cargo Truckers Solidarity Union, on strike for a seventh day, is weighing several options…
By Tom Wilson, Alun John and Abinaya V LONDON (Reuters) -Major U.S. cryptocurrency lending company Celsius Network on Monday froze withdrawals because of “extreme market conditions,” in the latest sign of pressure on the sector from tumbling crypto markets. Celsius Network, a significant player in crypto lending, offers interest-bearing products to customers who deposit their…
(Reuters) – Futures tracking the tech-heavy Nasdaq tumbled nearly 3% on Monday as a widely watched part of the Treasury yield curve inverted on growing fears that aggressive interest rate hikes by the Federal Reserve will tip the economy into recession. Several investors are now forecasting a hike of 75 basis point this week instead…
FRANKFURT (Reuters) – The euro zone will avoid a recession this year and growth will accelerate noticeably after bottoming out in the second quarter, a key European Central Bank survey showed on Monday. The 19-country currency bloc has been hit by fallout from Russia’s invasion of Ukraine, which has sapped confidence, investment and households’ purchasing…
By Byungwook Kim and Heekyong Yang SEOUL (Reuters) – A strike by South Korean truckers has cost key industrial sectors more than $1.2 billion in lost production and unfulfilled deliveries, the government estimated on Monday, as the damage spreads deeper throughout the economy. The strike, now in its seventh day, has forced steelmaker POSCO to…
