Reuters US Economy

SAO PAULO (Reuters) – Brazilian President Luiz Inacio Lula da Silva on Thursday signed into law a 20% tax on international purchases of up to $50, despite having previously criticized the measure. Lula signed the bill into law during a meeting of his Council for Sustainable Economic and Social Development in Brasilia. The tax on …

Brazil’s Lula signs into law 20% tax on international purchases of up to $50 Read More »

SAO PAULO (Reuters) – Brazilian President Luiz Inacio Lula da Silva said on Thursday there is always room to cut government spending, after his remarks this week pushing against spending cuts had weighed down the real. In an interview with a local radio station, Lula said the government intends to cut social benefits from people …

Brazil’s Lula says there is always room to cut spending Read More »

By Ankika Biswas, Lisa Pauline Mattackal and Carolina Mandl (Reuters) -U.S. stocks ended Thursday around the unchanged mark as investors awaited fresh inflation data, with the Nasdaq able to eke out a slight gain after data showed a continued slowdown in economic activity, raising investors’ hope for rate cuts. “The market is in a bit …

Wall Street closes subdued as investors sit, wait for inflation data Read More »

SANTIAGO (Reuters) – Chilean President Gabriel Boric pitched a decision to raise electricity rates over the next few months as a necessary if unpopular measure that will promote healthier public finances. Power rates had been frozen since 2019, which has led to an accumulated debt of some $6.5 billion, Boric said in an interview on …

Chile’s president defends power rate hike after five-year freeze Read More »

BRASILIA (Reuters) – Brazil’s economy created a net 131,811 formal jobs in May, Labor Ministry data released on Thursday showed, falling short of the 200,000 forecast in a Reuters poll of economists. The figure accounts for 2,116,326 admissions and 1,984,515 jobs closed, and was the worst for any May since 2020, when a net 398,294 …

Brazil creates fewer formal jobs than expected in May Read More »

ZURICH (Reuters) – Switzerland and the United States signed an agreement on Thursday for a mutual exchange of financial account data, the Swiss Federal Department of Finance said. Switzerland currently provides financial account data to the United States on a unilateral basis, but in future, it will also receive corresponding information from the United States …

Switzerland, US agree on exchange of financial account data Read More »

By Peter Frontini and Marcela Ayres SAO PAULO/BRASILIA (Reuters) -Brazilian President Luiz Inacio Lula da Silva signed a decree on Wednesday establishing a continuous inflation target starting in 2025, with quarterly accountability by the central bank. The decree empowers the National Monetary Council (CMN), the country’s top economic policy body, to determine the target. In …

Brazil sets 3% inflation target with new continuous framework Read More »

BRASILIA (Reuters) -Brazil’s central government posted a larger-than-expected primary budget deficit in May, pressured by increased pension benefits, the Treasury said on Wednesday. The deficit excluding interest payments totaled 60.983 billion reais ($11.06 billion), larger than the 54.2 billion reais shortfall forecast by economists in a Reuters poll. Government spending rose by 14% in real …

Brazil’s government spending rises, driving higher-than-expected May deficit Read More »

By Suzanne McGee (Reuters) – Value stocks offer some of the most compelling valuations in the U.S. equity market after badly lagging their growth-focused counterparts this year, Bank of America Global Research equity and quant strategist Savita Subramanian said on Wednesday. “These companies are neglected and trading at very low multiples” at present, but offer …

US value stocks offer opportunities for bargain-hunters, BofA’s Subramanian says Read More »