Category: Economy
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Multi-strategy hedge funds end October with gains -sources
By Carolina Mandl NEW YORK (Reuters) -Many of the world’s biggest multi-strategy hedge funds crossed the finishing line of a challenging October for markets with gains, sources familiar with the matter told Reuters. Multi-strategy hedge funds have an advantage in difficult times for markets, because they trade many different assets from equities to currencies and…
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Gold supported in 2024 by bets on monetary policy easing, Mid-East war risks: Reuters poll
By Harshit Verma (Reuters) – Gold prices will rise in 2024 from this year’s average on bets that global central banks would start monetary policy easing and after the Middle East conflict provided a boost to gold’s safe-haven rally above $2,000, a Reuters poll showed on Wednesday. The poll of 30 analysts and traders conducted…
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Canada to pause carbon tax on home heating oil for three years
(This Oct. 26 has been corrected to fix the carbon price to C$170 a tonne, not C$130 a tonne, in paragraph 7) By Ismail Shakil and Nia Williams OTTAWA (Reuters) – Canadian Prime Minister Justin Trudeau on Thursday announced a three-year carbon tax exemption for home heating oil and higher carbon tax rebates for people…
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US mid-sized bank shares slump after downbeat interest income forecasts
By Jaiveer Shekhawat and Niket Nishant (Reuters) -Shares of mid-sized U.S. banks fell on Friday after a string of earnings reports heightened investor concerns that the boost to lenders from the Federal Reserve’s interest rate hikes was tapering off. Regions Financial shares plummeted over 12% to $14.44 after missing profit estimates, when an industry crisis…
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State Street profit beats estimates as fee income, assets under management rise
(Reuters) – State Street beat analysts’ estimates for third-quarter profit on Wednesday, helped by a rise in fee income and assets under management at the custodian bank. Global equity markets have rebounded this year after a downbeat 2022, helping boost the value of investments at banks and asset managers. Peer Bank of New York Mellon…
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Factbox-European companies cut jobs as economy sputters
(Reuters) – The highest inflation for decades and the fallout from war in Ukraine have forced companies across Europe into layoffs or hiring freezes. Here are some of the companies that have announced cuts since April: AUTOS * AUTOLIV: the Swedish airbag and seatbelt maker said on June 8 it plans to cut around 8,000…
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Fund managers turn bearish again in October – BofA survey
MILAN (Reuters) – Investors have turned bearish again in October, boosting cash levels to 5.3% from 4.9% during the previous month and keeping a neutral allocation to stocks, a BofA survey showed. The survey, dated Oct 17, of 259 fund managers with a combined $664 billion in assets under management found expectations for a hard…
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IMF: Russia’s war spending fuels short-term growth, longer-term outlook ‘dim’
By Alexander Marrow (Reuters) – Huge fiscal spending on the military is fuelling short-term economic growth in Russia, but looking at the longer term picture the outlook is “dim”, the International Monetary Fund’s European Director Alfred Kammer said on Friday. The IMF said this week that significant spending and resilient consumption in a tight labour…
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Fed QT mix may be capping, not spurring, long yields: McGeever
By Jamie McGeever ORLANDO, Florida (Reuters) -The recent surge in long-dated U.S. bond yields to their highest since 2007 has a few plausible triggers, but the Fed’s quantitative tightening (QT) policy of reducing its balance sheet does not appear to be one of them. If anything, shifts in the composition of the central bank’s holdings…
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Developing countries facing a debt crunch
LONDON (Reuters) -High interest rates, growing investor risk aversion and borrowing that ballooned in recent years have left a range of developing economies mired in debt crises. Helping them claw out of this will be a key agenda item at the annual IMF and World Bank meetings in Morocco’s tourist hub of Marrakech which kicks…