Reuters US Economy

By Chris Prentice (Reuters) -The U.S. accounting watchdog has found an “absolutely unacceptable” level of serious deficiencies in public company audits it inspected in 2022, chair Erica Williams said in a statement on Tuesday. The Public Company Accounting Oversight Board (PCAOB), which inspected 157 audit firms last year, said in a preliminary report that it …

U.S. accounting watchdog flags ‘unacceptable’ increase in audit deficiencies Read More »

By Lucia Mutikani WASHINGTON (Reuters) – U.S. consumer confidence increased to a two-year high in July amid a persistently tight labor market and receding inflation, bolstering the economy’s prospects in the near term. But the economy is not out of the woods, with the survey from the Conference Board on Tuesday offering mixed signals. Consumers …

US consumer confidence hits two-year high; recession fears linger Read More »

By Steven Scheer JERUSALEM (Reuters) – Moody’s Investors Service said on Tuesday that passage of a new law in Israel limiting some Supreme Court powers signalled that political tensions will continue and likely have negative consequences for Israel’s s economy and security situation. “We believe the wide-ranging nature of the government’s proposals could materially weaken …

Moody’s sees negative economic consequences of Israel’s judicial upheaval Read More »

By Andrea Shalal WASHINGTON (Reuters) – The International Monetary Fund on Tuesday raised its 2023 global growth estimates slightly given resilient economic activity in the first quarter, but warned that persistent challenges were dampening the medium-term outlook. The IMF in its latest World Economic Outlook said inflation was coming down and acute stress in the …

IMF edges 2023 global economic growth forecast higher, sees persistent challenges Read More »

FRANKFURT (Reuters) – Euro zone firms’ demand for loans dropped to the lowest on record last quarter and a further decline is likely over the summer as lenders continue to tighten access to credit, the European Central Bank said on Tuesday based on a survey of big banks. A key input in policy deliberations, the …

Euro zone firms slash loan demand to lowest on record: ECB poll Read More »

By Ruma Paul DHAKA (Reuters) -S&P Global Ratings on Tuesday lowered Bangladesh’s long-term rating outlook to negative from stable, citing risks the country’s external liquidity position could deteriorate in the next year while foreign exchange reserves remain under pressure. The ratings agency expects the economy to expand between 6% to 6.4% annually between 2024 and …

S&P lowers Bangladesh’s rating outlook to negative on liquidity risks Read More »

By Clare Jim HONG KONG (Reuters) -Investors piled into Chinese property developers’ shares and bonds on Tuesday following a sharp selloff in the previous session, after policymakers said they would step up support for the embattled sector. Hong Kong’s Hang Seng Mainland Properties Index jumped 12%, while the CSI 300 Real Estate benchmark gained over …

China’s property firms rally after Beijing pledges economic support Read More »

By Carolina Mandl and Bansari Mayur Kamdar (Reuters) – The Dow Jones Industrial Average led Wall Street higher on Monday and notched its longest winning streak in six years as investors bet on sectors beyond technology in a week filled with earnings reports and a Federal Reserve meeting. “What you’re seeing now is people broadening …

Dow leads Wall Street higher as investors eye beyond tech Read More »

By Sruthi Shankar, Shristi Achar A and Amruta Khandekar (Reuters) -European shares were marginally higher on Monday as gains in energy firms and telecom stocks were countered by worsening fears of recession in the euro zone and losses in Spanish stocks after the country’s general election yielded no clear winner. Spain’s benchmark IBEX index was …

European shares hold steady, Spanish stocks lag on election jitters Read More »

OTTAWA (Reuters) – The Bank of Canada (BoC) will not raise rates again and will start cutting a little later than previously anticipated, according to a survey of market participants released by the central bank on Monday. The BoC’s second-quarter survey, conducted from June 8 to 19, showed a median of the participants expect the …

Canadian market participants see rates staying at 5% in 2023 -BoC survey Read More »