By Saqib Iqbal Ahmed NEW YORK (Reuters) – A towering rally in the U.S. dollar is expected to hit third-quarter corporate earnings, potentially presenting another obstacle to stocks in a year that has experienced an already-painful market decline. The dollar index, which measures the greenback’s performance against a basket of […]
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Austria’s WIFO slashes 2023 GDP forecast, warns of stagflation
BERLIN (Reuters) – Austria’s WIFO institute slashed its 2023 forecast on Friday, saying record inflation rates resulting from the war in Ukraine are steering the economy towards stagflation. Austrian gross domestic product is expected to grow by 0.2% in real terms in 2023, WIFO said, slashing its June prediction of […]
Credit Suisse seeks to reassure investors with $3 billion debt buyback
By John Revill ZURICH (Reuters) -Credit Suisse will buy back up to 3 billion Swiss francs ($3 billion) of debt, the embattled Swiss bank said on Friday, making a show of strength as it seeks to reassure investors after a tumultuous week. The move trims the Swiss bank’s debt burden […]
UK house prices fall again as higher borrowing costs weigh-Halifax
LONDON (Reuters) – British house prices fell for the second time in three months in September in month-on-month terms and rising borrowing costs are likely to exert “more significant downward pressure” soon, mortgage lender Halifax said on Friday. House prices fell by 0.1% from August, Halifax said. In annual terms, […]
Analysis-Japan’s current account decay underscores yen’s weakened stature
By Leika Kihara and Tetsushi Kajimoto TOKYO (Reuters) – Japan’s current account surplus is likely to have deteriorated in August as the weak yen continues to inflate the cost of imports, casting doubt on the country’s ability to amass foreign wealth and eroding the currency’s prized safe-haven status. The decline […]
Local tourism spending rises during China’s Golden Week despite lockdowns
BEIJING (Reuters) – Spending on local tourism rose during China’s Golden Week holiday that ends on Friday, according to data from China’s largest online travel agency Ctrip, even as clusters of lockdowns continue across the country. Per capita tourism spending in local areas increased by 30% on-year during the Golden […]
Motor racing-Alonso sets wet F1 practice pace in Japan
By Abhishek Takle SUZUKA, Japan (Reuters) – Alpine’s Fernando Alonso set the fastest time in a wet opening practice session for the Japanese Grand Prix on Friday. The Spaniard lapped the soaked Suzuka track in one minute, 42.248 seconds ahead of compatriot Carlos Sainz in his Ferrari. Charles Leclerc followed […]
India’s RBI sells dollars as rupee hits record low on U.S. rate hike fears
MUMBAI (Reuters) – The Reserve Bank of India likely sold dollars via state-run banks on Friday after the rupee slid below 82 to a record low against the dollar on concerns over the U.S. Federal Reserve rate outlook, traders told Reuters. The rupee was last trading at 82.2675, down from […]
Asian stocks retreat on global recession angst; dollar firm
By Kevin Buckland TOKYO (Reuters) – Asian stocks declined on Friday, extending a global equity slide to a third day, as investors fretted over recession risks amid signs of further aggressive central bank policy tightening. The dollar and Treasury yields remained elevated after multiple Federal Reserve officials continued to talk […]
South Korea’s won steadies as Yoon promises to help stabilise markets
By Choonsik Yoo SEOUL (Reuters) -The South Korean government would take steps to spur capital inflows and ensure there were enough dollars available in the local currency market, President Yoon Suk-yeol said on Friday, noting that uncertainty had spread across markets. South Korea’s won has lost about 16% in value […]