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McDonald’s to sell its Russian business, try to keep workers

May 16, 2022 5:24:53 pm

The Chicago-based company announced in early March that it was temporarily closing its stores in Russia but would continue to pay employees. On Monday, it said it would seek to have a Russian buyer hire those workers and pay them until the sale closes. It did not identify a prospective buyer.

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SoftBank racks up record $26 billion Vision Fund loss

May 12, 2022 1:13:49 pm

The loss was in stark contrast to a year earlier when SoftBank posted record annual profit, surpassing global heavyweights such as Warren Buffett's Berkshire Hathaway, after the listing of South Korean e-commerce firm Coupang.

Japan has long sought more inflation and a weak yen. But not like this.

May 12, 2022 11:41:02 am

While overall inflation remains moderate, food and energy costs are rising rapidly, an outgrowth not of increased demand, but of market turmoil related to the pandemic and Russia’s invasion of Ukraine. And the yen has hit a two-decade low against the dollar, a dizzying drop of more than 18% since September that has unnerved Japanese businesses.

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Bank of England hikes rates to 1% as it warns of growing recession risk

May 5, 2022 5:04:19 pm

The rate increase to 1% from 0.75% was backed by six of the bank’s nine policy makers, with three voting for a 50-basis-point increase. Those members, Michael Saunders, Catherine Mann and Jonathan Haskel, were particularly concerned about rising pay growth.

Citi trader made error behind flash crash in Europe stocks

May 3, 2022 5:49:54 pm

A trader at the U.S. firm made a mistake “inputting a transaction,” Citigroup said late last night, after a knee-jerk selloff in Swedish stocks in five minutes wreaked havoc in bourses from Paris to Warsaw, wiping out 300 billion euros ($315 billion) at one point. The bank said it identified the error “within minutes” and corrected it.

Musk sells Tesla shares worth $8.5 bln, says no more sales planned

April 29, 2022 8:21:17 pm

Tesla shares have fallen nearly 20% since Musk disclosed his over 9% stake in Twitter on April 4. Investors have expressed concern that Musk may have to sell Tesla shares to fund his equity contribution to the takeover offer.

Tesla stock drop wipes out $126 billion in one day

April 27, 2022 11:03:06 am

The electric-vehicle maker’s market capitalization is now down more than $275 billion since April 4, when Musk disclosed that he increased his Twitter stake. That’s a drop of roughly 23%.

European shares edge up ahead of ECB meeting

April 14, 2022 2:40:27 pm

Ahead of the ECB's decision, due at 1145 GMT, the broader Euro STOXX 600 gained 0.1%, with French shares adding 0.4% and German stocks up up 0.2%.

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GoTo makes strong debut, lifts mood for Indonesia tech sector

April 11, 2022 4:55:35 pm

PT GoTo Gojek Tokopedia Tbk was formed by last year's merger of ride hailing-to-payments company Gojek and e-commerce leader Tokopedia, with its businesses straddling millions of small and mid-sized firms across the archipelago.

Few cars, lots of customers: Why autos are an inflation risk

April 11, 2022 12:40:12 pm

Car prices have helped push inflation sharply higher over the past year, and economists have been counting on them to level off and even decline in 2022, allowing the rising consumer price index to moderate markedly.

Fed hikes rates, signals aggressive turn against inflation

March 17, 2022 12:03:06 am

The statement dropped direct reference to the coronavirus pandemic but instead cited the war in Ukraine as creating "additional upward pressure on inflation" and weighing on economic activity.

Fresh chaos for nickel as LME hit by glitch while prices plunge

March 16, 2022 5:24:31 pm

Trading briefly restarted at 8 a.m. and nickel futures immediately fell through the 5% daily window before the market was suspended again. The exchange said it halted electronic trading to investigate the problem and will cancel a “small number” of transactions.

Fed traders now fully pricing in seven standard hikes for 2022

March 15, 2022 3:23:13 pm

The last time the market for overnight index swaps linked to Fed meeting dates fully priced that much tightening was on Feb. 11, the day after U.S. consumer-price inflation numbers for January came in hotter than expected, prompting investors to wager on more hawkish central bank policy.

FINA Order awarded to Russian President Vladimir Putin in 2014 has been withdrawn,

Moody’s and Fitch downgrade Russia’s rating to ‘junk’ grade following sanctions by West

March 3, 2022 4:53:14 pm

While Moody's Investors Service downgraded Russia's long-term issuer and senior unsecured (local-and foreign-currency) debt ratings to 'B3' from 'Baa3', Fitch pulled down the rating on the country to 'B' from 'BBB', putting it on 'Rating Watch Negative'.

Russia’s Sberbank to leave European market in face of outflows, safety risk

March 2, 2022 1:34:50 pm

The bank, set to unveil 2021 financial results later, said it was no longer able to supply liquidity to European subsidiaries, following a central bank order, but its capital level and asset quality were sufficient to pay all depositors.

Nations agree to release 60M barrels of oil amid Russian war

Joe Biden announces release of 30 million barrels of oil to maintain global oil prices

March 2, 2022 12:00:15 pm

In his maiden State of the Union Address on Tuesday, Biden said his administration was taking “robust action” to make sure the pain of the US sanctions is targeted at Russia's economy.

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Russia hikes rates to highest since 2003, adds capital controls

February 28, 2022 1:58:50 pm

The interest rate will increase from 9.5% to 20%, the central bank said in a statement before ruble trading was due to open at 10 a.m. local time. It also temporarily banned brokers from selling securities held by foreigners starting Monday on the Moscow Exchange, without specifying which securities the ban applies to.

Stocks slide, Brent hits $100 on Russian incursion: Markets Wrap

February 24, 2022 10:21:34 am

Crude surged on possible risks to Russian energy exports, with Brent touching $100 a barrel. The flight to safer investments saw the U.S. 10-year Treasury yield fall to 1.90%. Gold hit the highest since early 2021. The dollar and yen jumped, while the euro and the ruble retreated.

Saudi Aramco sees good signs oil demand’s rising as shares hit record

February 21, 2022 2:48:01 pm

Crude prices have surged around 20% this year to more than $90 a barrel with consumption increasing and many major producers struggling to boost supply. Several traders believe prices will soon hit $100.

Rapid inflation stokes unease from Wall Street to Washington

February 11, 2022 12:46:34 pm

Markets tumbled after the government released Consumer Price Index data for January, which showed prices jumping 7.5% over the year and 0.6% over the past month, exceeding forecasts.

Google’s parent Alphabet seeks more investors in 20-for-1 stock split

February 3, 2022 10:12:13 am

The new class of retail investors often weigh affordability and brand recognition when deciding which stocks to buy. Alphabet has been at a disadvantage, as its stock is expensive and uses the name of a holding company, rather than the globally recognized brand, Google.

Wall Street’s swings continue as investors agonise over Fed’s next move

January 26, 2022 11:22:39 am

Investors are focused on the Fed’s next move as it focuses on slowing inflation by pulling back on its support for the economy. The central bank has said it will soon stop buying government bonds, and investors expect it to start raising interest rates in March.

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Bitcoin tumbles below $40,000 to lowest level in five months

January 21, 2022 4:32:07 pm

The largest cryptocurrency dropped as much as 7.4% to $38,261, while second-ranked Ether slid below $3,000.

Bitcoin hits lowest since September in drop of 40% from record

January 7, 2022 7:05:34 pm

The retreat comes after minutes from the Federal Reserve’s December meeting, published Wednesday, flagged the chance of earlier- and faster-than-expected rate hikes as well as potential balance-sheet rundown.

Asian stocks follow Wall Street lower after Fed rates signal

January 6, 2022 10:25:42 am

Notes released Thursday from the Fed meeting last month showed policymakers believe the U.S. job market is nearly healthy enough that ultra-low interest rates are no longer needed. Traders took that as a sign the Fed might be more aggressive about rolling back stimulus that is boosting stock prices.

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