SYDNEY (Reuters) – Australian economic growth slowed in the first quarter as a flood of imports and dismal weather proved a drag, but strength in domestic demand and mounting price pressures still set the scene for more hikes in interest rates. Data from the Australian Bureau of Statistics out on Wednesday showed gross domestic product…
SINGAPORE (Reuters) – Oil prices rose in early Asian trade on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and China ended its COVID-19 lockdown in Shanghai. Brent crude for August delivery was up 78 cents, or 0.7%, at $116.38 a barrel at 0037 GMT. The front-month contract…
By Sinéad Carew and Anisha Sircar (Reuters) – Wall Street’s three major indexes closed lower on Tuesday, following a rally last week, as volatile oil markets kept soaring inflation in focus and investors reacted to hawkish comments from a Federal Reserve official. After outperforming earlier in the session, the S&P’s energy sector lost ground after…
By Jeff Mason and Jarrett Renshaw (Reuters) – U.S. President Joe Biden on Tuesday met with Federal Reserve Chair Jerome Powell to discuss historic inflation that’s draining American wallets, even as he assured the central bank chief he would have freedom from political interference. “The president underscored to Chair Powell in the meeting what he…
By David Shepardson WASHINGTON (Reuters) – The U.S. Federal Aviation Administration (FAA) will grant a shorter regulatory compliance program extension to Boeing than planemaker sought, so it can ensure the company implements “required improvements,” the agency said on Tuesday. The FAA opted to renew Boeing’s Organization Designation Authorization (ODA) program for three years rather than…
By Andrew Chung (Reuters) -The U.S. Supreme Court on Tuesday blocked a Texas law that bars large social media companies from banning or censoring users based on “viewpoint,” siding with two technology industry groups that have argued that the Republican-backed measure would turn platforms into “havens of the vilest expression imaginable.” The justices, in a…
By Arathy Somasekhar HOUSTON (Reuters) -Oil prices turned negative on Tuesday after a report that some producers were exploring the idea of suspending Russia’s participation in the OPEC+ production deal. While there was no formal push for Organization of the Petroleum Exporting Countries to pump more oil to make up for any potential Russian shortfall,…
By Arathy Somasekhar HOUSTON (Reuters) -Oil prices pulled back some of their gains on Tuesday after a report that some OPEC members were exploring the idea of suspending Russia’s participation in an oil-production deal. Exempting Russia from OPEC+, which groups the cartel and allies, could potentially pave the way for other producers to pump significantly…
By Jeff Mason and Jarrett Renshaw (Reuters) -U.S. President Joe Biden and Federal Reserve Chair Jerome Powell met on Tuesday to discuss historic inflation that is draining Americans’ pocketbooks. The meeting, the first since Powell’s confirmation for a second term by the Senate earlier this month, comes as Biden seeks to lower costs for gasoline,…
By Lucia Mutikani WASHINGTON (Reuters) – U.S. consumer confidence eased modestly in May as persistently high inflation and rising interest rates force Americans to become more cautious about buying big ticket items, including motor vehicles and houses, which could curtail economic growth. The survey from the Conference Board on Tuesday also showed consumers’ perceptions of…
