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Auto parts maker Dana to sell unit to Allison Transmission for $2.7 billion

12 Jun 2025

(Reuters) -Dana will sell its off-highway business to Allison Transmission for $2.7 billion, the auto parts makers said on Wednesday. Shares of the Maumee, Ohio-based Dana rose 7% after the bell. Its board authorized a $1 billion capital return program through 2027 with shareholders set to receive $550 million at or before the transaction closes. …

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Trading Day-Good vibrations turn sour

11 Jun 2025

By Jamie McGeever ORLANDO, Florida (Reuters) – TRADING DAY Making sense of the forces driving global markets By Jamie McGeever, Markets Columnist  I’m excited to announce that I’m now part of Reuters Open Interest (ROI), an essential new source for data-driven, expert commentary on market and economic trends. You can find ROI on the Reuters …

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US monthly budget deficit falls as Trump tariffs boost customs receipts

11 Jun 2025

WASHINGTON (Reuters) -The U.S. government posted a $316 billion budget deficit for May, down 9%, or $31 billion, from a year earlier, as customs receipts nearly quadrupled to a record $23 billion due to President Donald Trump’s steep new import tariffs, the Treasury Department said on Wednesday. Gross customs receipts jumped last month from $6 …

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European shares slip as markets unfazed by US-China deal

11 Jun 2025

By Purvi Agarwal, Ragini Mathur and Pranav Kashyap (Reuters) -European shares saw their early gains evaporate, closing in the red on Wednesday, as the much-anticipated U.S.-China trade talks offered scant details, despite promises of high-level agreements. The pan-European STOXX 600 had risen following a cooler-than-expected U.S. inflation report that eased tariff-related concerns and bolstered hopes …

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Brazil’s finance minister urges lawmakers to back economic agenda

11 Jun 2025

BRASILIA (Reuters) -Brazil’s Finance Minister Fernando Haddad said on Wednesday the country needs to push ahead with measures under consideration in Congress to ensure the current growth cycle in Latin America’s largest economy is sustainable. Haddad made his remarks during a hearing in the lower house of Congress after Speaker Hugo Motta said earlier on …

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Brazil to spare individual tax breaks in fiscal package, sources say

11 Jun 2025

By Marcela Ayres and Bernardo Caram BRASILIA (Reuters) -Brazil’s Finance Ministry does not plan on targeting income tax benefits for individuals in a broad reform of tax breaks to shore up public finances, two ministry officials told Reuters. The officials, who spoke on condition of anonymity because the measures are still being prepared, said the …

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ECB’s latest rate cut will help inflation back to 2%, Lane says

11 Jun 2025

FRANKFURT (Reuters) -The European Central Bank’s latest rate cut will help inflation bounce back to its 2% goal after an expected sag over the next year and a half, the ECB’s chief economist Philip Lane said on Wednesday. “This cut helps ensure that the projected negative inflation deviation over the next eighteen months remains temporary …

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Italian bank deposits’ growth accelerates further in April, central bank says

11 Jun 2025

MILAN (Reuters) -The growth of Italian residents’ deposits at domestic banks accelerated further in April while lending to businesses continued to fall, albeit at a slower pace, the Bank of Italy said on Wednesday. Deposits increased 1.9% year-on-year in April after rising 1.7% in March, central bank data showed. On a monthly basis, they were …

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New Zealand central bank says former head quit over funding dispute

11 Jun 2025

By Lucy Craymer and Renju Jose WELLINGTON (Reuters) -Former New Zealand central bank governor Adrian Orr’s surprise resignation in March was due to his disagreements with the Treasury ministry over proposed cuts to the bank’s operating budget, official documents showed on Wednesday. The Reserve Bank of New Zealand (RBNZ), in an official response to requests …

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