Reuters US Economy

Allstate swings to quarterly profit on higher premiums; eyes health, benefits units sale

1 Nov 2023

(Reuters) – Insurer Allstate Corp on Wednesday posted a quarterly profit, compared to a year-ago loss, on the back of higher premiums in its property-liability unit. The company said it was pursuing the sale of Allstate’s Health and Benefits businesses and expects a sale would likely be completed in 2024. Demand for insurance products has …

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Host Hotels & Resorts raises full-year adjusted FFO outlook on higher hotel occupancy

1 Nov 2023

(Reuters) – Real estate investment trust (REIT) Host Hotels & Resorts raised its full-year outlook for adjusted funds from operation (FFO) on Wednesday, helped by healthy hotel occupancy rates. A recovery in international travel has lifted the quarterly results of hotel operators, as post-pandemic flexible work arrangements encourage more Americans to fly overseas for leisure …

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Logistics firm CH Robinson beats profit estimates on cost cuts

1 Nov 2023

(Reuters) – CH Robinson Worldwide edged past analysts’ estimates for third-quarter profit on Wednesday as cost reductions helped the logistics firm counter a decline in freight volumes. The company posted an adjusted profit of 84 cents per share for the three months ended September, compared with the average analyst estimate of 82 cents, as per …

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US stocks rally as Fed holds rates, prompts hope for end to hikes

1 Nov 2023

By Sinéad Carew and Amruta Khandekar (Reuters) – Wall Street’s major indexes closed higher on Wednesday with the Nasdaq’s 1.6% advance leading gains, after the U.S. Federal Reserve kept interest rates unchanged and comments from its top official fueled investor optimism rate hikes were done even though the central bank left the door open for …

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FDIC suspends Republic First Bancorp’s auction process – Bloomberg News

1 Nov 2023

(Reuters) – The Federal Deposit Insurance Corp (FDIC) has suspended an auction process for Republic First Bancorp, after the bank struck a deal with an investor group to raise money, Bloomberg News reported on Wednesday. The FDIC notified potential buyers on Tuesday that the bank’s capital-raising effort was the avenue it was focused on pursuing, …

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JPMorgan’s key index unit puts Venezuela bonds on 3-month observation period

1 Nov 2023

By Marc Jones and Jorgelina do Rosario LONDON (Reuters) – JPMorgan’s influential bond index unit on Wednesday put Venezuela’s sovereign bonds and the notes of its state oil firm PDVSA on an “index watch observation period” for its main emerging market EMBI index until Jan. 31. JPMorgan’s move follows the U.S. Treasury Department’s recent removal …

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US Treasury yields fall on slower pace of auction increases for long-dated debt

1 Nov 2023

By Karen Brettell (Reuters) – The U.S. Treasury Department on Wednesday said it will slow the pace of increases in its longer-dated debt auctions in the November 2023 to January 2024 quarter and expects it will need one more additional quarter of increases after this to meet its financing needs. Treasury yields fell after the …

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Fed’s Powell says higher rates need to persist to affect Fed policy choices

1 Nov 2023

By Michael S. Derby NEW YORK (Reuters) – Federal Reserve Chairman Jerome Powell said Wednesday that market borrowing costs would need to be sustainably higher for that to bear on future central bank monetary policy choices. Tighter financial conditions could bear on Fed actions if they are persistent and it “remains to be seen” if …

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Turkish manufacturing activity contracts in October – PMI

1 Nov 2023

ISTANBUL (Reuters) – Turkish factory activity contracted for a fourth consecutive month in October as firms struggled to secure new business and scaled back production, a survey showed on Wednesday. The Purchasing Managers’ Index (PMI) for manufacturing fell to 48.4 from 49.6 in September, according to a survey by the Istanbul Chamber of Industry and …

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