A look at the day ahead in European and global markets from Ankur Banerjee After the Bank of Canada became the first G7 country to cut interest rates, the stage is set for the European Central Bank to lower rates too. But all eyes are sure to be on President Christine Lagarde as traders ponder: …
By Robert Harvey LONDON (Reuters) – Saudi Arabia set its flagship Arab Light crude oil official selling price (OSP) to Asia at plus $2.40 versus Oman/Dubai average for July, a document seen by Reuters showed on Wednesday. That marks a 50 cent per barrel cut from the June OSP, the first cut in five months …
Saudi Arabia cuts July Arab Light crude oil OSP to Asia Read More »
By Harry Robertson LONDON (Reuters) -A sharp drop in Mexico’s currency after a landslide election result has shaken foreign exchange markets as far as Hungary and Turkey this week, leaving investors asking whether the unwinding of hugely popular “carry trades” will continue. A carry trade involves investors borrowing in currencies that have low interest rates, …
Unwinding of hugely popular currency trade rocks markets Read More »
By Fergal Smith TORONTO (Reuters) -Canadian stocks and bonds rallied on Wednesday, while the loonie touched a near two-week low against its U.S. counterpart, after the Bank of Canada became the first central bank among G7 countries to cut interest rates, raising prospects for Canada’s economy. The Toronto Stock Exchange’s S&P/TSX composite index ended up …
Canada’s stock market hails BoC rate cut, loonie dips Read More »
By Michael S. Derby (Reuters) – A top Federal Reserve Bank of New York official said Wednesday it’s time now for market participants to get prepared for new clearing rules looming in the Treasury bond market. Citing a new rule by the Securities and Exchange Commission mandating central clearing in the government bond market, Michelle …
NY Fed official tells bond market to get ready for central clearing Read More »
By Dan Burns (Reuters) -The U.S. services sector snapped back into growth mode in May after a short-lived contraction in the prior month, with a measure of business activity improving by the most in three years, according to a survey published on Wednesday that may buttress the Federal Reserve’s wariness of a shift to interest …
US services sector activity rebounds while private payrolls growth slows Read More »
By Alexander Marrow and Darya Korsunskaya (Reuters) – Russia’s unemployment rate dropped to a record-low 2.6% in April and real wages soared in March, data published by the federal statistics service showed on Wednesday, highlighting the extent of Russia’s tight labour market. Moscow’s heavy spending on defence and security as it wages war in Ukraine …
Soaring wages, record-low unemployment underscore Russia’s labour squeeze Read More »
By Promit Mukherjee and David Ljunggren OTTAWA (Reuters) – The Bank of Canada trimmed its key policy rate on Wednesday, the first G7 country to do so, in a widely expected move that will ease pressure on highly indebted consumers, but indicated further easing would be gradual and dependent on data. “Let’s just enjoy the …
Canada becomes first G7 nation to cut interest rates Read More »
OTTAWA (Reuters) – Greater Toronto area home sales declined in May for a fourth straight month, while prices rose marginally, data showed on Wednesday, as home buyers waited for the central bank to start lowering borrowing costs. Seasonally adjusted sales declined 1.8% in May from the previous month, according to Toronto Regional Real Estate Board …
Toronto area home sales fall for fourth consecutive month in May Read More »
By Stefanno Sulaiman JAKARTA (Reuters) – Indonesia’s central bank will continue to intervene in the foreign exchange market to stabilise the rupiah, its governor said on Wednesday, adding that the currency would strengthen next year. The rupiah recouped some of its losses on Wednesday to stand at 16,265 a dollar by 0603 GMT, after having …
Indonesia central bank to continue intervention to stabilise rupiah Read More »
