Economy

Optimism over China, peak bond yields draw flows into stocks -BofA

Reuters | January 27, 2023

(Reuters) -Weekly inflows into stocks in the week to Wednesday were the largest in six weeks, data from BofA Global Research showed, as China’s reopening of its borders and expectations that bond yields have peaked fed investor risk appetite. Investors poured $13.9 billion into stocks with $3.4 billion flowing into European shares – the largest […]

Oil falls $2/barrel on economic jitters, U.S. crude stock build

Reuters | January 24, 2023

By Arathy Somasekhar HOUSTON (Reuters) – Crude oil prices slipped on Tuesday on concerns about a global economic slowdown and as preliminary data indicated a bigger than expected build in U.S. oil inventories. Brent futures for March delivery fell $2.06, or 2.3%, to $86.13 a barrel. U.S. crude fell $1.49, or 1.8%, to $80.13 per […]

Spotify to trim 6% of workforce in latest tech layoffs

Reuters | January 23, 2023

(Reuters) -Spotify Technology SA said on Monday it plans to cut 6% of its workforce and would take a related charge of up to nearly $50 million, adding to the massive layoffs in the technology sector in preparation for a possible recession. The tech industry is facing a demand downturn after two years of pandemic-powered […]

IKEA sees higher demand in Europe driven by home furnishings – CEO

Reuters | January 20, 2023

By Divya Chowdhury and Savio Shetty DAVOS, Switzerland (Reuters) – Ingka Group, the owner of most IKEA stores, sees demand in Europe to continue rising in the current fiscal year, driven by strong demand for home furnishings that has outlasted coronavirus lockdowns, the company’s CEO said. “We are right now optimistic that this would be […]

Davos 2023: Convert offices to homes to curb housing crisis-panel

Reuters | January 18, 2023

LONDON (Reuters) – Empty offices globally should be converted to apartments to address a growing housing crisis in many countries, property executives told the World Economic Forum in Davos on Wednesday. Commercial real estate values are sliding as an economic downturn reduces demand for space among cost-conscious companies, whose employees have been spending fewer days […]

‘I didn’t steal funds,’ Sam Bankman-Fried says in unusual post-arrest blog post

Reuters | January 12, 2023

By Luc Cohen NEW YORK (Reuters) -Sam Bankman-Fried said he did not steal money and blamed the collapse of his now-bankrupt FTX exchange on a broad crash in cryptocurrency markets, in a highly unusual blog post on Thursday, a month after his arrest on U.S. fraud charges. Federal prosecutors in Manhattan in December said Bankman-Fried […]

Tesco boss says inflation may not have peaked ‘just yet’

Reuters | January 12, 2023

LONDON (Reuters) -The chief executive of British retailer Tesco, Ken Murphy, said on Thursday that inflation may have not peaked “just yet,” adding that he hoped it would come down by the middle of this year. “We’re not sure it’s peaked just yet,” Murphy said in response to a question on inflation. “We would hope […]

With a sale of Chinese yuan, Russia kicks off 2023 forex intervention

Reuters | January 11, 2023

By Guy Faulconbridge and Darya Korsunskaya MOSCOW (Reuters) -Russia said it would resume foreign currency interventions with the sale of yuan from Friday, underscoring the growing importance of China’s currency in Moscow’s efforts to ensure economic stability amid Western sanctions. After the West imposed the most severe sanctions in modern history over the war in […]

Apple to replace key Broadcom chip with in-house design – Bloomberg News

Reuters | January 10, 2023

(Reuters) -Apple Inc plans to replace a Broadcom Inc chip from its devices with an in-house design in 2025, Bloomberg News reported on Monday, citing people familiar with the matter. The iPhone maker has been working to limit its reliance on other chipmakers, having moved to its own line of chips for recent models of […]

Global stocks close in on 4-week highs, oil rises on hopes of ‘soft landing’

Reuters | January 9, 2023

By David Randall NEW YORK (Reuters) -World stocks rallied on Monday to their highest levels since mid-December after China reopened its borders while benchmark Treasury yields drifted lower as investors scaled back expectations for further rate hikes by the Federal Reserve. The gains were broad across global equity markets, with Europe’s STOXX 600 near a […]

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