(Reuters) – Shares of AI-focused companies will be a major driver of returns for developed markets in a tough economic environment, BlackRock Investment Institute said, citing an unusually concentrated rally in a handful of technology stocks. It said the extent of the concentration of gains on the S&P 500 surpassed levels seen in the 2000s…
By Amruta Khandekar, Matteo Allievi and Bansari Mayur Kamdar (Reuters) – European shares climbed on Wednesday after robust U.S. data overnight soothed concerns about a steep economic slowdown, even as ECB President Christine Lagarde warned that the central bank was still not seeing enough evidence of an inflation cool-down. The pan-European STOXX 600 index closed…
By Eric Onstad LONDON (Reuters) – Hyphen Trading Ltd, owned by property and metals tycoons the Reuben brothers, has demanded $8.4 million in damages from commodity trader Trafigura in a claim linked to an ongoing alleged nickel fraud case, a court document showed. Earlier this month, England’s court website showed that London-based Hyphen Trading filed…
SINTRA, Portugal (Reuters) – Bank of England Governor Andrew Bailey said last week’s rise in interest rates reflected a resilient economy and unexpectedly persistent inflation, sticking closely to his message after the BoE raised rates to 5% from 4.5%. “The cumulative data – both particularly on the labour market and on the inflation release we…
By Nick Carey LONDON (Reuters) – Lucid will pursue more deals to sell its luxury electric vehicle (EV) equipment as it looks to grow its technology supply business, its top executive said on Wednesday, adding its recent deal with Aston Martin is just the start. The U.S. EV firm will provide Aston with technology including…
By Alun John and Dhara Ranasinghe LONDON (Reuters) – Big global currencies are rarely on different paths. Yet Japan’s yen and China’s yuan are slumping against the dollar while in Europe the euro is outperforming and sterling is on a tear. With economic and monetary policy outlooks varying, currency moves are increasingly out of sync…
LONDON (Reuters) – Oscar-winning actor Kevin Spacey appeared in a London court on Wednesday at the start of his four-week trial on a dozen sex offence charges. Spacey, 63, denies allegations of historic offences committed against four men which are said to have taken place between 2001 and 2013. The charges against Spacey include repeated…
(Reuters) -Hong Kong-based conglomerate Swire Pacific Ltd said on Wednesday it would sell its Swire Coca-Cola USA unit for $3.9 billion to its controlling shareholder, John Swire & Sons Ltd. Swire Coca-Cola USA produces and sells Coca-Cola and other drinks across 13 U.S. states. Swire Pacific, which owns a 45% stake in Hong Kong’s flagship…
A look at the day ahead in U.S. and global markets from Mike Dolan Eyeing another slew of impressive U.S. economic soundings, the world’s four most powerful central bankers are set to give a collective take on Wednesday on their final policy push to rein in inflation. Markets are torn between embracing the resilience of…
A look at the day ahead in European and global markets from Wayne Cole. The People’s Bank of China seems to like being enigmatic, throwing the market a curve ball as it fixed the yuan weaker against the dollar than many expected. Dealers had thought the firmer fix on Tuesday meant Beijing was signalling it…
