Stocks, bond yields down as US data muddy Fed rate outlook

Wall Street extends losses as recession fears mount Crude oil drops to its lowest since January The Bank of Canada reports a slower pace of rate hikes China eases COVID rules but imports and exports plummet NEW YORK/MILAN, Dec 7 (Reuters) – Global stocks fell further and Treasury yields fell on Wednesday as U.S. … Read more

Chinese trade suffers worst slump in 2.5 years amid COVID woes, weak demand takes its toll

Chinese exports are worst since February 2020, wrong predictions Imports fall fastest since May 2020 due to sluggish demand Global economic slowdown, COVID problems in China add pressure Politburo meeting points for key driver of domestic demand in 2023, says analyst BEIJING, Dec 7 (Reuters) – China’s exports and imports fell at the fastest pace … Read more

Bankman-Fried, Ellison selects attorneys as FTX probes ramp up

NEW YORK, Dec 6 (Reuters) – Sam Bankman-Fried, founder and former chief executive officer of FTX, and Caroline Ellison, head of its now-defunct commercial affiliate, have contacted defense lawyers as US authorities probe the collapse of the cryptocurrency exchange, according to a Bankman-Fried spokesperson and a source familiar with Ellison’s selection. Bankman-Fried has retained Mark … Read more

Stock markets down, dollar stable as the market measures the Fed’s rate policy

NEW YORK/LONDON, Dec 6 (Reuters) – Global stocks headed for a third straight day of losses on Tuesday and the dollar held steady as the market weighs how long the Federal Reserve will keep interest rates higher and the likelihood that politics causes a recession. US stocks tracked Europe lower, with all sectors in the … Read more

Exclusive: Goldman Sachs on the hunt for cheap crypto companies after the FTX fiasco

LONDON, Dec 6 (Reuters) – Goldman Sachs (GS.N) plans to spend tens of millions of dollars buying or investing in crypto companies after the crash of FTX exchange hit valuations and dampened investor interest. The FTX implosion has increased the need for more reputable and regulated cryptocurrency players, and big banks see an opportunity to … Read more

Wall St slips as services data scare investors over Fed rate hikes

US service sector activity picks up in November Tesla cuts production plan for Shanghai plant for December sources All sectors of the S&P 500 are down, with energy stocks hit hard Indices down: Dow 1.4%, S&P 1.79%, Nasdaq 1.93% 5 Dec. (Reuters) – US markets closed lower on Monday as investors, spooked by better-than-expected data … Read more

BIS warns of $80 trillion of hidden debt from currency swaps

LONDON, Dec 5 (Reuters) – The Bank for International Settlements (BIS) has warned that pension funds and other “non-bank” financial firms now have more than $80 trillion of hidden, off-balance sheet dollar debt in the form of FX exchanges. Dubbed the central bank of the world’s central banks, the BIS raised the concerns in its … Read more

BP is betting on hydrogen as the fuel of the future

BP sees rapid growth in low-carbon hydrogen Fuel to benefit from state subsidies CEO Looney announces hydrogen production goals BP plans major hydrogen project at Whiting, Indiana refinery LONDON, Dec 5 (Reuters) – BP chief executive Bernard Looney is betting on hydrogen to power future low-carbon businesses as governments in major economies pile up cash … Read more

Musk delivers first Tesla truck, but no production or pricing updates

Tesla ships the first Semi to PepsiCo five years after introducing it No order or capacity details for electric truck Semi uses existing Tesla engines to introduce the new Supercharger Dec 1 (Reuters) – Tesla Inc (TSLA.O) CEO Elon Musk delivered the company’s first heavy semi-truck on Thursday to PepsiCo (PEP.O) without offering updated forecasts … Read more

Blackstone’s $69 billion REIT is holding back redemptions in a blow to the real estate empire

NEW YORK, Dec 1 (Reuters) – Blackstone Inc (BX.N) limited withdrawals from its $69 billion privately traded real estate investment trust (REIT) on Thursday after a spate of buyouts, a major blow to a franchise which helped transform it into an asset management behemoth. The limits came because redemptions hit pre-set limits, rather than Blackstone … Read more