Reuters US Economy

Bank of Canada begins registration of payment service providers

1 Nov 2024

OTTAWA (Reuters) -The Bank of Canada on Friday started registering payment service providers as part of a plan to bring them under its regulation and promote secure and reliable digital transactions. Critics have complained that Canada’s digital payment infrastructure is archaic when compared with some advanced countries, such as the UK and Australia, and lags …

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Saudi Arabia taps state funds to anchor foreign investment in kingdom

1 Nov 2024

By Yousef Saba and Hadeel Al Sayegh RIYADH (Reuters) – Saudi Arabia’s move to sign co-investment deals with big money managers at a flagship conference this week shows the country’s new proposition to attract foreign cash: invest here with the security of Saudi money alongside yours. Saudi Arabia is in a race to secure more …

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Canadian manufacturing PMI rises to 20-month high in October

1 Nov 2024

By Fergal Smith TORONTO (Reuters) – Canadian manufacturing activity increased at a faster pace in October as production and employment picked up in anticipation of rising orders, data showed on Friday. The S&P Global Canada Manufacturing Purchasing Managers’ Index (PMI) rose to 51.1 in October from 50.4 in September, its highest level since February 2023. …

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Canadian dollar seen higher if economy rebounds: Reuters poll

1 Nov 2024

By Fergal Smith TORONTO (Reuters) – The Canadian dollar is expected to rally against its U.S. counterpart in the coming year as lower borrowing costs boost the domestic economy but the result of the U.S. presidential election could unsettle the outlook, a Reuters poll found. According to the median forecast of 40 foreign exchange analysts …

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Australia household spending slips in Sept, confounding rebound hopes

1 Nov 2024

By Wayne Cole SYDNEY (Reuters) – Australian household spending fell in September as consumers cut back on clothing and cars, data showed on Friday, further confirmation that billions of dollars in recent tax cuts were being saved rather than spent. That should be a downside surprise to the Reserve Bank of Australia (RBA) which had …

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Financial conditions vs real rates – is Fed policy too tight or too loose? McGeever

1 Nov 2024

By Jamie McGeever ORLANDO, Florida (Reuters) -As if financial markets needed another factor to complicate the near-term outlook for Federal Reserve policy, the U.S. economy and asset prices, investors now have to make sense of a growing disconnect between real interest rates and financial conditions. In simple terms, is U.S. monetary policy too tight or …

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Column-Hawkish BOE budget twist may not be slam dunk :Mike Dolan

1 Nov 2024

By Mike Dolan LONDON (Reuters) – Britain’s pivotal tax, borrow and invest budget has elevated the Bank of England’s interest rate horizon but sterling has hesitated and reversed – suggesting some think the BOE may well take a more nuanced view over the coming year. BOE officials are currently in their traditional blackout period ahead …

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Japan must avoid issuing debt to fund fresh spending, IMF says

1 Nov 2024

By Leika Kihara TOKYO (Reuters) -Japan must fund any additional spending plans within its budget rather than issue more debt, the International Monetary Fund said on Friday, urging the government to get its fiscal house in order as the central bank starts to raise interest rates. “Given the fact that monetary policy normalisation is happening, …

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Australia’s Macquarie misses first-half profit forecasts on subdued energy trade; shares slide

1 Nov 2024

By Rishav Chatterjee and Byron Kaye (Reuters) – Macquarie Group, Australia’s biggest investment bank by assets, posted first-half profit on Friday that fell short of analyst estimates as stabilising energy markets squeezed the commodities trading unit, its main earner, sending its share price sharply lower.  Profit for the six months through September jumped 14% to …

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