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

S&P posts fourth consecutive drop as recession talk weighs on Wall Street

Meta falls on the EU’s concern warning about targeted ads Energy stocks fell as crude oil traded at its lowest level since January Indices down: Dow 1.03%, S&P 1.44%, Nasdaq 2% 6 Dec. (Reuters) – Wall Street closed lower on Tuesday as the S&P 500 extended its losing streak to four sessions as nervous investors … 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

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

Canada’s steep yield curve inversion adds to BoC rate hike dilemma

TORONTO, Dec 4 (Reuters) – As the Bank of Canada is considering moving away from excessive interest rate hikes, it is dealing with an economy that is likely hotter than previously thought, but also with the clearest signal of the bond market that recession and lower inflation lie ahead. Canada’s central bank says the economy … Read more

Merck could maintain its patent lead by displacing the cancer drug Keytruda in one simple swoop

Dec 2 (Reuters) – US drugmaker Merck & Co (MRK.N) is hoping to patent a new formulation of its $20 billion cancer immunotherapy Keytruda that can be injected under the skin, allowing it to protect its best-selling drug from competition expected as soon as 2028. For years Merck has relied on Keytruda to fuel its … Read more

US job market shrugs off recession fears; keeps the Fed on the tightening path

Nonfarm payrolls up 263,000 in November Unemployment rate stable at 3.7%; the participation rate decreases Average hourly wages rose by 0.6%; +5.1% on an annual basis WASHINGTON, Dec 2 (Reuters) – U.S. employers hired more workers than expected in November and hiked wages, shrugging off growing worries of a recession, but that likely won’t stop … Read more