Reuters US Business

By Lewis Krauskopf NEW YORK (Reuters) -A surprisingly hot inflation report for June is complicating the outlook for markets, as investors brace for more hawkishness from the Federal Reserve and continued volatility in stocks and bonds. Wall Street met the number, which showed consumer prices rising by a greater-than-expected 9.1% in June, with a collective …

Inflation report sets grim markets tone as investors ponder 100-basis-point hike Read More »

(Corrects second byline) By Saeed Azhar and Sinéad Carew NEW YORK (Reuters) -Bank of Canada’s surprise full percentage point interest rate hike on Wednesday could put the brakes on the country’s once-frothy housing market and weigh on banks’ profits after strong mortgage growth emerged as the main growth engine during the pandemic. The Canadian housing …

Bank of Canada’s jumbo rate hike set to slow lenders’ earnings growth Read More »

By Rajesh Kumar Singh CHICAGO (Reuters) -Delta Air Lines Inc on Wednesday posted a lower-than-expected second-quarter profit and warned that cost pressures would remain elevated through the year as it battles operational challenges, sending its shares lower. U.S. carriers are enjoying the strongest summer travel season in three years as more people resume regular activities …

Delta warns of rising costs after missing earnings estimates Read More »

By Stephen Culp NEW YORK (Reuters) – U.S. stocks closed modestly lower on Wednesday after investors digested hotter-than-expected U.S. inflation data, which fueled fears that the Federal Reserve could raise key interest rates by as much as 100 basis points later this month. While all three major U.S. equity indexes bounced off lows reached early …

Wall St ends down as hot inflation data raises odds of steep Fed rate hike Read More »

By Lisa Baertlein LOS ANGELES (Reuters) -Railroads and importers must remove cargo that is stacking up at the nation’s busiest seaport in Los Angeles to avoid exacerbating supply chain congestion, the port chief said on Wednesday. “We must take action on this issue immediately to avoid a nationwide logjam,” Port of Los Angeles Executive Director …

Railroad cargo backups threaten new logjam -Los Angeles port chief Read More »

By David Morgan WASHINGTON (Reuters) – Michael Barr, a former official at the U.S. Treasury, won Senate confirmation Wednesday as the Federal Reserve’s top Wall Street regulator, a role in which he is set to bolster some rules that were eased during the Trump administration. The vote was 66-28, with more than a dozen Republicans …

Barr gets Senate nod as Fed’s top Wall Street cop Read More »

By Pete Schroeder WASHINGTON (Reuters) – An ambitious to-do list awaits Michael Barr, a former senior Treasury official who the U.S. Senate voted Wednesday to confirm to serve as the Federal Reserve’s Wall Street cop. Currently a professor at the University of Michigan Law School, Barr was a central figure at the Treasury under President …

Explainer-Michael Barr faces long to-do list as the U.S. Fed’s next Wall Street cop Read More »

By David Shepardson WASHINGTON (Reuters) -U.S. Secretary of Commerce Gina Raimondo said on Wednesday that lawmakers appear to be moving to carve off $52 billion in semiconductor chips manufacturing subsidies from a larger bill on boosting U.S. competitiveness with China. “Things seem to be coalescing around the path of chips, or maybe chips plus a …

U.S. lawmakers look to carve off chips funding to speed bill passage -Raimondo Read More »

By Sudip Kar-Gupta and Leigh Thomas PARIS (Reuters) -The French government will announce by July 19 details of its plans to take full control of power group EDF, it said on Wednesday, as trading in the utility’s shares was suspended to keep the price in check. France said last week it wanted to fully nationalise …

France to detail EDF nationalisation plan by July 19, shares suspended Read More »

STOCKHOLM (Reuters) -Scandinavian airline SAS and unions representing pilots on strike are resuming talks at 0800 GMT on Wednesday in the Swedish capital, mediator Jan Sjolin said. Pilots employed at SAS Scandinavia went on strike on July 4 after negotiations over a new collective bargaining agreement broke down, forcing the long-struggling airline to cancel more …

SAS and pilot unions set to resume talks as strike enters 10th day Read More »