Reuters US Economy

In rate hike signal, Bank of Canada says economic slack has substantially diminished

15 Dec 2021

By Julie Gordon and David Ljunggren OTTAWA (Reuters) – The slack in Canada’s economy caused by the coronavirus pandemic has substantially diminished, the Governor of the Bank of Canada said on Wednesday, a key sign the central bank is set to begin hiking rates soon. Tiff Macklem, in his final appearance of the year, also …

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Fed’s Powell: Economy no longer needs increasing support from asset purchases

15 Dec 2021

(Reuters) – Federal Reserve Chair Jerome Powell on Wednesday said the U.S. economy is improving quickly and no longer needs the “increasing support” provided by its asset purchases, making it appropriate to conclude that program earlier than previously projected. “The economy no longer needs increasing amounts of policy support,” he said. Powell’s comments at a …

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Anchorage Capital to close $7.4 billion flagship hedge fund – WSJ

15 Dec 2021

(Reuters) – Hedge fund Anchorage Capital Group is closing its flagship fund after 18 years and returning the $7.4 billion it manages to clients, the Wall Street Journal reported on Wednesday. Anchorage didn’t give a date by which clients would receive all of their money back from the fund, according to the report. The company …

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Lowe’s expects 2022 sales to miss estimates as home improvement demand cools

15 Dec 2021

(Reuters) -Lowe’s Cos Inc on Wednesday forecast full-year 2022 revenue and profit below analysts’ estimates, signaling that a pandemic-driven surge in demand for home improvement products would wane. Lowe’s said it expects same-store sales to fall as much as 3% next year, as the easing of coronavirus restrictions encourages Americans to leave behind some pandemic …

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Exclusive: Italy aims to renew bad loan scheme, ease EU accounting doubts -sources

15 Dec 2021

By Giuseppe Fonte, Valentina Za and Gavin Jones ROME (Reuters) – Italy wants to extend a state guarantee scheme that is helping its banks shed problem loans beyond a mid-2022 deadline and plans to open talks with the European Commission to gain its consent, three sources close to the matter said. At the same time, …

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Insurer Prudential Financial pushes U.S. back to office to January -source

15 Dec 2021

(Reuters) – Insurer Prudential Financial Inc has pushed its back-to-office plan in the United States to January on a voluntary basis, a source with knowledge of the matter told Reuters on Wednesday. The decision to move back to office in January was shared with employees before Thanksgiving, the source said. (Reporting by Noor Zainab Hussain …

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Scholz vows to launch biggest transformation of German economy in a century

15 Dec 2021

By Paul Carrel and Madeline Chambers BERLIN (Reuters) -German Chancellor Olaf Scholz said on Wednesday his government would make Europe’s largest economy fit for the future by fostering investment in climate protection and digitalization, vowing no one would be left behind in this major transformation. The Social Democrat’s first major address to parliament since replacing …

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Japan lower house passes record extra budget to prop COVID-hit economy

15 Dec 2021

TOKYO (Reuters) – Japan’s lower house of parliament on Wednesday passed the government’s biggest-ever extra budget worth $316 billion as it looks to spur a recovery from COVID-19 pandemic. The first extra budget under new Prime Minister Fumio Kishida underscored the challenge of juggling hefty spending to protect the crisis-hit economy while managing the industrial …

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Spain November inflation remains at 29-year high, pushed by food and fuel costs

15 Dec 2021

(Reuters) – Spain’s inflation remained at a 29-year-high in November for the second month in a row, propelled by food and fuel prices, final monthly data from the National Statistics Institute (INE) showed on Wednesday. Consumer prices rose 5.5% year-on-year in November, the fastest pace since 1992, according to final data from INE, up from …

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