Business

Centeno wants ECB to send clear message of gentler rate hikes

The European Central Bank should slow the pace of interest rate hikes from December and send a clear message that 75-basis-point increases are not the norm, as inflation is likely to peak this quarter, ECB policymaker Mario Centeno said. The ECB has raised interest rates by a record 75 basis points at each of its […]

Business

Europe’s STOXX 600 hits over 3-month highs; Credit Suisse drops after flagging hefty loss

Europe’s STOXX 600 index closed higher on Wednesday as gains in miners offset losses in Credit Suisse after its profit warning, while investors awaited minutes of the Federal Reserve and European Central Bank’s last policy meetings for clues on future interest rate hikes. The continent-wide index (.STOXX) rose 0.6% to its strongest level since Aug. […]

Business

Deere’s strong earnings aided by pricing boost, shares hit record high

Deere & Co (DE.N) on Wednesday posted a quarterly profit that easily beat Wall Street estimates with strong sales accelerated by price hikes for its agriculture and construction equipment, sending its shares to a record high. Despite supply chain challenges, the world’s largest farm equipment maker reported a 75% increase in profit for its final […]

Business

Bank deposit rates lag changes in Fed policy rate, NY Fed analysts say

U.S. savers are being left behind by the Federal Reserve’s aggressive campaign of interest rate rises, and that’s unlikely to change soon. New research from the New York Fed says bank deposit rates have long failed to catch up with changes in short-term rates. And in the current cycle of swift short-term rate hikes, this […]

Business

News Corp-Fox merger plan opposed by big shareholder

A major investor in News Corp (NWSA.O) and Fox Corp (FOXA.O), Independent Franchise Partners, said on Wednesday it opposes Rupert Murdoch’s plan to recombine the companies, raising a potential obstacle to the mogul’s desire to reunite the media empire he separated nearly a decade ago. The London-based investment firm told a special committee of News […]

Business

U.S. crude oil stocks in SPR fall to lowest level since March 1984 – EIA

.S. crude oil stocks in the Strategic Petroleum Reserve fell by 1.6 million barrels in the latest week to 390.5 million barrels, the lowest level since March 1984, the Energy Information Administration said Wednesday. U.S. East Coast gasoline stocks fell in the period to 47.1 million barrels, the lowest level since November 2012, while refinery […]

Business

Mexico’s central bank not about to ‘decouple’ from Fed on rates, board member says

The Mexican central bank is “not ready yet to decouple” from the U.S. Federal Reserve, and to do so prematurely could weaken the peso currency, Bank of Mexico board member Jonathan Heath said in a podcast published on Wednesday. “I don’t see (decoupling) around the corner, not at all,” Heath said in a podcast interview […]