By Amruta Khandekar (Reuters) -Wall Street’s main indexes were set for a lower open on Wednesday following a sharp rally in megacap growth stocks in the previous session that fizzled out on fears of aggressive monetary policy tightening and slowing economic growth. Rate-sensitive Big Tech and growth companies such as Microsoft Corp, Apple Inc, Google…
By Josh Ye HONG KONG (Reuters) -China’s Tencent posted a quarterly profit that had halved from a year ago and recorded no revenue growth, its worst performance since it went public, warning that advertisers in consumer, eCommerce and travel businesses had slashed spending. COVID-19 lockdowns in China have hurt advertiser sentiment, while Tencent’s ad business…
(Reuters) – U.S. stock index futures edged lower on Wednesday following a sharp rally in megacap growth stocks in the previous session that fizzled out on fears of aggressive monetary policy tightening and slowing economic growth. Rate-sensitive Big Tech and growth companies such as Microsoft Corp, Apple Inc, Google owner-Alphabet Inc, Meta Platforms, Tesla Inc…
By Aishwarya Venugopal and Uday Sampath Kumar (Reuters) -Target Corp’s quarterly profit halved and it warned of a bigger margin hit on Wednesday due to rising fuel and freight costs, sending shares down 21% in a clear sign that investors no longer see major U.S. retailers staying immune to inflation. The bleak results come a…
TOKYO (Reuters) – Toyota Motor Corp will suspend vehicle production at one of its factories after a major industrial water leak in central Japan disrupted supply, a company spokesperson said on Wednesday. The automaker will suspend the morning shift operation at Toyota Industries Corp’s Nagakusa plant on Thursday, which will cut by around 600 the…
(Reuters) – Lowe’s Cos Inc reported a bigger-than-expected drop in same-store sales on Wednesday, as demand eased for its home-improvement tools and building materials from pandemic highs. Americans hunkered down during the lockdowns engaged in more do-it-yourself (DIY) home projects, lifting sales of paint and building materials at Lowe’s and bigger rival Home Depot in…
By Asif Shahzad ISLAMABAD (Reuters) – Pakistan opened much delayed talks with the International Monetary Fund (IMF) on Wednesday to resume a seventh review of the $6 billion rescue package agreed in 2019. “Talks with the IMF mission started today,” a statement from the finance ministry said. It said a team led by Finance Minister…
By Engen Tham SHANGHAI (Reuters) – Three banks in China’s central Henan province have frozen at least $178 million of deposits, offering scant information on why or for how long, leaving firms unable to pay workers and individuals locked out of savings, depositors told Reuters. Yu Zhou Xin Min Sheng Village Bank, Shangcai Huimin Country…
DUESSELDORF (Reuters) – Thyssenkrupp’s top shareholder has no plans to sell its 20.93% stake in the German conglomerate, its head said. “We are a stable, reliable anchor shareholder of the company,” Ursula Gather, who heads the board of trustees of the Alfried Krupp von Bohlen und Halbach foundation and also sits on Thyssenkrupp’s supervisory board,…
By Andy Bruce and William Schomberg LONDON (Reuters) – British inflation surged last month to its highest annual rate since 1982, piling pressure on finance minister Rishi Sunak to step up his help for households facing a worsening cost-of-living crisis. Consumer price inflation hit 9% in April, the Office for National Statistics said on Wednesday,…
