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Trump presidency could deal heavy blow to Germany’s flagging economy

24 Oct 2024

By Maria Martinez WASHINGTON (Reuters) – Germany would be the big loser if a Trump presidency sparked a tit-for-tat trade war between the United States and Europe, with Germany’s previously much-envied industrial strength potentially becoming an acute vulnerability. Republican former president Donald Trump has floated plans for blanket tariffs of 10% to 20% on virtually …

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Tesla surprises with sales forecast and cost efficiency, shares jump

24 Oct 2024

By Akash Sriram, Abhirup Roy (Reuters) -Tesla CEO Elon Musk said he expects vehicle sales to grow 20% to 30% next year, reassuring investors the company was improving its core business of selling electric vehicles profitably, and reducing concerns about when it could produce a robotaxi. The forecast, building on a target for “slight growth” …

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ECB probably to cut rates by 25 basis points in Dec, Bloomberg News reports

24 Oct 2024

(Reuters) – The European Central Bank (ECB) will probably cut interest rates by a quarter-point in December, Bloomberg News reported on Thursday in an interview with ECB policymaker Robert Holzmann. “I’d say a quarter-point step is probable in December,” Holzmann told Bloomberg. “A bigger half-point cut is unlikely though not impossible. But we might also …

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PMIs take centre stage

24 Oct 2024

A look at the day ahead in European and global markets from Rae Wee Markets in Europe on Thursday will be focused on a raft of preliminary Purchasing Managers’ Index (PMI) readings, particularly from the euro zone, where growth prospects have become a source of concern among investors and policymakers. Business activity in the bloc …

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UK finance minister Reeves promises economic ‘reset’ in upcoming budget

24 Oct 2024

By David Milliken WASHINGTON (Reuters) – British finance minister Rachel Reeves said she would be presenting her upcoming budget as a chance to reset the country’s economy and boost investment when she meets international partners in Washington on Thursday. Reeves is on a two-day trip to the International Monetary Fund and World Bank annual meetings, …

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UK car output falls for seventh month in September amid EV transition, data shows

24 Oct 2024

(Reuters) – UK car output fell for the seventh consecutive month in September, as factories wind down production of current models to retool for new zero-emission vehicles (ZEV), industry data showed on Thursday. A total of 70,039 units rolled off production lines in the month, a 20.6% decline from the previous year. The drop is …

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T-Mobile beats estimates for wireless subscriber additions, fueled by demand for premium plans

24 Oct 2024

By Juby Babu (Reuters) -T-Mobile US on Wednesday exceeded expectations for quarterly wireless subscriber additions as more customers chose its discounted plans that bundle streaming services like Netflix, sending its shares up 2% in after-hours trading. The company’s strong performance in customer growth is largely driven by its high-speed 5G plans, which are often more …

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Telecom Italia executive suspended after private corruption probe

24 Oct 2024

By Marco Carta and Elvira Pollina ROME (Reuters) – Telecom Italia (TIM) suspended and replaced its chief procurement on Wednesday after his office was searched as part of an investigation into alleged private corruption. In a search warrant seen by Reuters, Rome prosecutors alleged that Simone De Rose received, “in the context of a corrupt …

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BRICS leaders tout joint finance, trade projects at Russian summit

23 Oct 2024

By Vladimir Soldatkin and Gleb Bryanski KAZAN, Russia (Reuters) -Leaders of the nations in the BRICS grouping, which accounts for 37% of global economic output, predicted its influence would grow as they met in Russia on Tuesday, outlining common projects ranging from a grain exchange to a cross-border payments system. Russia’s President Vladimir Putin, who …

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UK to change debt reduction target, Guardian reports

23 Oct 2024

LONDON (Reuters) -British finance minister Rachel Reeves will change how the government assesses the public finances to free up room for billions of pounds of extra capital spending, The Guardian newspaper reported on Wednesday. The report cited a senior government source as saying that Reeves would target a measure known as public sector net financial …

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