Category: Business
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Shares dip to cap stellar year; Treasuries end volatile 2023 flat
By Lawrence Delevingne and Alun John (Reuters) -Global shares pulled back on the last trading day of the year but notched their biggest annual rise since 2019, while U.S. Treasuries finished the year broadly where they started after major swings for the benchmark in 2023. Shares around the world have risen sharply in the last…
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US overnight funding rate hits record high amid year-end volatility
By Davide Barbuscia NEW YORK (Reuters) – A gauge measuring the borrowing costs on loans between banks and other participants in the U.S. repurchase agreement (repo) market hit its highest level since it was launched about five years ago, New York Federal Reserve data released on Friday showed. The Secured Overnight Financing Rate (SOFR), a…
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U.S. drivers hope for lower pump prices in 2024 as gasoline stocks climb
By Shariq Khan (Reuters) – American drivers can expect lower motor fuel costs for a second-straight year in 2024 as a jump in global refining capacity and a surplus in U.S. gasoline stocks drive down retail prices, according to analysts’ forecasts. The U.S. national average retail gasoline price could drop by 13 cents next year…
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Cash the big flow ‘winner’ of 2023 – BofA
LONDON (Reuters) – Global investors put a record $1.3 trillion into cash in 2023, according to a report from Bank of America and data provider EPFR on Friday. They also pumped a record $177 billion into U.S. Treasuries this year, though on a weekly basis the U.S. government bonds are in their third weekly outflow,…
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Factbox-What to expect in 2024: Fed pivot, cooling inflation, easing growth
(Reuters) -Global growth will likely slow in 2024 but a dovish tilt in the Federal Reserve’s rhetoric has raised hopes for the U.S. economy and brightened the outlook for riskier assets, according to big banks. The European Central Bank and the Bank of England sticking to their higher-for-longer rates stance, however, has blurred expectations for…
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Oil gains over 2% but records seventh weekly decline
By Shariq Khan BENGALURU (Reuters) -Oil prices rose more than 2% on Friday after U.S. data supported expectations of demand growth, but both benchmarks fell for a seventh straight week, their longest streak of weekly declines in half a decade, on lingering oversupply concerns. Brent crude futures settled at $75.84 a barrel, up$1.79, or 2.4%,…
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X discusses using Amazon’s ad-buying software – WSJ
(Reuters) -Elon Musk’s social media platform X has discussed a potential partnership with Amazon.com that would make X ads available on the online retailer’s ad-buying software, the Wall Street Journal reported on Friday citing people familiar with the matter. The social media platform’s billionaire owner last month cursed out advertisers that have fled his social…
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In Olympics race, Adidas pursues edge in new sports
By Helen Reid HERZOGENAURACH, Germany (Reuters) – As sportswear rivals jockey for position ahead of next year’s Paris Olympics, Adidas is aiming to stamp its brand on smaller events such as breaking, climbing, skateboarding and BMX. After a high-profile fallout with Ye, the artist previously known as Kanye West, ended its highly profitable Yeezy shoe…
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US consumers see brighter days ahead as inflation fears tumble
(Reuters) -U.S. consumer sentiment perked up much more than expected in December, snapping four straight months of declines, as households saw inflation pressures easing, a development likely to be welcomed by Federal Reserve officials, a survey showed on Friday. The University of Michigan’s preliminary reading of its Consumer Sentiment Index shot up to 69.4, the…
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Factbox-US corporate bankruptcies set for highest level since 2020
By Bansari Mayur Kamdar (Reuters) -Bankruptcy filings by U.S. companies this year are on track to hit their highest since the pandemic, amid high interest rates and sticky inflation, with WeWork being the latest to succumb after grappling with expensive leases and work-from-home trends. There were 34 corporate bankruptcy petitions in November, according to data…