Reuters US Economy

By Medha Singh and Lewis Krauskopf NEW YORK (Reuters) – Nvidia’s plan to split its stock after the stunning rise in the chipmaker’s share price could lure more interest from retail investors while potentially paving the way for the company’s inclusion in the Dow Jones Industrial Average. Nvidia shares were soaring 10% on Thursday afternoon …

Analysis-Nvidia’s split of soaring stock could boost retail investor appeal, Dow chances Read More »

WASHINGTON (Reuters) – The average rate on the popular U.S. 30-year mortgage rate fell below 7% this week for the first time in more than a month, which could help revive the housing market’s waning fortunes. The 30-year fixed-rate mortgage averaged 6.94% during the week ending May 23, the lowest level and first reading below …

US 30-year fixed-rate mortgage falls below 7% Read More »

By Marcela Ayres and Bernardo Caram BRASILIA (Reuters) – A minimum tax on billionaires is likely to gain wider traction among the G20 group of the world’s largest economies as they get clarity on the proposal, French economist Gabriel Zucman of the independent European Union Tax Observatory said in an interview on Wednesday. Zucman, an …

EU Tax Observatory eyes broader G20 support for minimum tax on billionaires Read More »

DUBAI (Reuters) – The United Arab Emirates’ (UAE) economy grew 4.3% year-on-year in the fourth quarter of 2023, preliminary government data showed, with non-oil economic growth vastly outperforming overall GDP. Non-oil GDP surged 6.7% in the same period, according to data from the Federal Competitiveness and Statistics Centre. Financial and insurance activities, transportation and storage, …

UAE economy grew 4.3% in fourth quarter of 2023 Read More »

BERLIN (Reuters) – German private sector activity expanded in May for the second consecutive month, driven by strong activity in services, a preliminary survey showed on Thursday. The HCOB German Flash Composite Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 52.2 in May from 50.6 in April. That was above a Reuters poll …

German business activity grows for second straight month in May, PMI shows Read More »

PARIS (Reuters) – France’s private sector unexpectedly shrank in May after expanding in April, with the dominant services industry joining manufacturing in reporting a contraction in activity, a preliminary survey showed on Thursday. The HCOB flash purchasing managers index for the services sector, compiled by S&P Global, fell to 49.4 from 51.3 the month before, …

French private sector activity unexpectedly contracts in May, PMI shows Read More »

By Howard Schneider (Reuters) -Federal Reserve officials at their last policy meeting said they still had faith that price pressures would ease at least slowly in coming months, but doubts emerged about whether the current level of interest rates was high enough to guarantee that outcome and “various” officials said they’d be willing to hike …

Amid doubts, Fed officials kept disinflation faith at last meeting Read More »

By Michael S. Derby NEW YORK (Reuters) – Meeting minutes from the Federal Reserve’s most recent policy gathering showed that the decision then to moderate the pace of the balance sheet drawdown was not unanimous. “Almost all participants expressed support for the decision to begin to slow the pace of decline of the Federal Reserve’s …

Not all Fed officials favored tapering of balance sheet contraction process Read More »

By Suzanne McGee BOSTON (Reuters) – Goldman Sachs CEO David Solomon said on Wednesday he does not expect the Federal Reserve to cut interest rates this year. “I’m still at zero cuts,” Solomon said at a Boston College event. “I think we’re set up for stickier inflation.” His comments came after Federal Reserve policymakers said …

Goldman Sachs CEO says Fed unlikely to cut rates this year Read More »

By Lucia Mutikani WASHINGTON (Reuters) – U.S. existing home sales unexpectedly fell in April as higher mortgage rates and house prices weighed on demand, dealing another setback to the housing market. Though the report from the National Association of Realtors on Wednesday showed inventory increasing last month to a 2-1/2-year high entry-level homes remained scarce, …

US home sales post second straight monthly drop; house prices accelerate Read More »