Vale Profit Disappoints as China Slowdown Dampens Sales
Brazilian mining giant Vale SA reported second-quarter earnings that trailed expectations as weaker metal prices and sluggish sales countered production growth.
Bloomberg Business
US Hedge Funds Unload $700 Million of China ADRs, Morgan Stanley Says
US-based hedge funds are selling into the rally in Chinese stocks, according to Morgan Stanley.
Ford Blames EV Price War for Delay in Plans to Boost Output
Ford Motor Co.’s is throttling back on plans to ramp-up electric vehicle production, pointing the finger at a price war for battery-powered vehicles.
UK Home Sellers More Open to Price Cuts as Costly Mortgages Hit Demand
Home sellers are increasingly offering price cuts to tempt cash-strapped Britons into deals, raising the likelihood of a further drop in house prices this year.
Yen Jumps on Report That BOJ Will Discuss Tweaking Yield Curve Control
The yen climbed against all of its major peers after a report that the Bank of Japan plans to discuss tweaking its yield curve control policy when it meets Friday.
Biden Set to Tighten Fuel-Efficiency Standards for Automakers
The Biden administration is poised to issue a proposal as early as Friday ordering automakers to increase the average fuel economy of their vehicles, according to people familiar with the matter.
FDA Is Monitoring International Probes into Novo, Lilly Obesity Drugs
US regulators are monitoring international probes into patient reports of suicidal thoughts that may be associated with a new class of drugs from Novo Nordisk and Eli Lilly Co. used for diabetes treatment and weight loss.
Argentina-IMF Deal Seen by Friday as $2.6 Billion Payment Looms
Argentina and the International Monetary Fund are planning to announce a deal by the end of the week to unlock funds needed to repay $2.6 billion in loans, according to people familiar with the situation, a move that would reassure investors of the lender’s continued support for the struggling economy.
American Air, Pilots Reach Agreement on Revised Union Contract
American Airlines Group Inc. and negotiators for its pilots union reached a preliminary agreement on revisions to a proposed contract, including higher pay and benefits that would better align with a more lucrative pending accord at rival United Airlines Holdings Inc.
Bill Hwang Seeks Evidence From Banks ‘Pivotal’ in Archegos Collapse
Archegos Capital Management’s Bill Hwang asked the judge in his criminal fraud case to let him demand evidence from Credit Suisse Group AG, Goldman Sachs Group Inc., Morgan Stanley and other big banks, saying they “played a pivotal role” in the firm’s implosion.
