By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. The top-tier Asian economic data cupboard on Thursday is bare, meaning regional markets will probably feed off U.S. earnings, banking sector woes, debt ceiling developments and geopolitical events for direction. From a corporate perspective, Wall Street this week…
By Granth Vanaik (Reuters) -Mattel Inc posted a bigger-than-expected loss for the first quarter on Wednesday as it grappled with higher costs and retailers cutting back on orders. Consumer companies have been struggling with supply chain issues as well as higher labor and raw material costs, which led Mattel to raise prices for toys and…
(Corrects dateline, day in paragraph 1, typo in headline) (Reuters) – Raymond James Financial Inc missed Wall Street estimates for second-quarter profit on Wednesday as a prolonged dealmaking slump weighed on the investment bank and brokerage’s mainstay business. Investment banking revenue fell 36% to $145 million from a year earlier. Dealmaking was at a virtual…
By Brendan Pierson (Reuters) -President Joe Biden’s administration on Wednesday urged a U.S. appeals court to overrule a conservative Texas-based judge’s order that would essentially ban the abortion pill mifepristone by suspending the drug’s federal regulatory approval in a legal challenge by abortion opponents. The U.S. Justice Department, in a filing to the New Orleans-based…
WASHINGTON (Reuters) – If U.S. President Joe Biden were to be presented with Republican House of Representatives Speaker Kevin McCarthy’s spending and debt bill, he would veto it, the White House said on Tuesday. McCarthy floated a plan last week that would pair $4.5 trillion in spending cuts with a $1.5 trillion increase in the…
(Reuters) – C.H. Robinson Worldwide Inc missed Wall Street expectations for quarterly sales and profit on Wednesday, as the logistics company grapples with falling freight demand against the backdrop of an uncertain economy. The global logistics industry has weathered faltering shipment volumes in the last few quarters, as high inflation and fears of an impending…
By Tim Reid (Reuters) – Former Republican Arkansas Governor Asa Hutchinson formally launched his 2024 presidential bid on Wednesday, in a speech that portrayed himself as a more moderate alternative to party frontrunner Donald Trump. Hutchinson, 72, who’s bid is considered a long-shot, had already broken with Trump this year after the Republican former president’s…
By Blake Brittain (Reuters) – French luxury fashion house Hermès International SCA has settled a lawsuit brought by Skechers USA Inc that claimed Hermès sneakers infringed Skechers’ patent rights, according to a Wednesday filing in Manhattan federal court. The filing said the two sides signed a confidential settlement agreement on Monday. Representatives for the companies…
By Nupur Anand, Saeed Azhar and Niket Nishant (Reuters) -First Republic Bank’s market value plunged again on Wednesday as investors waited to see if it would be able to find buyers for assets and engineer a turnaround without government support. In a brutal sell-off, the bank’s market capitalization briefly sank as much as 41% to…
By Davide Barbuscia CHICAGO (Reuters) -A U.S. default is highly unlikely, but negotiations around the debt ceiling are expected to be protracted, Daniel Ivascyn, chief investment officer at U.S. bond giant Pacific Investment Management Co (PIMCO), said on Wednesday. Speaking at a Morningstar investment conference in Chicago, Ivascyn said prolonged uncertainty around the U.S. debt…
