Reuters US Economy

By Katherine Masters NEW YORK (Reuters) – A gulf in spending patterns between wealthy Americans and so-called “aspirational” shoppers is driving luxury retailers to search out new sources of revenue and, in some cases, to shift their merchandise strategies, several retailers said. Jewelry company Signet , which owns brands including Kay, Jared and Zales, was the …

U.S. ‘aspirational’ shoppers are spending less on fashion, jewelry Read More »

LONDON (Reuters) – Goldman Sachs said on Friday the appointments of Mehmet Simsek as Turkish finance minister and Hafize Gaye Erkan as central bank governor suggested a widespread understanding in the new administration that monetary and fiscal adjustments were needed. The Wall Street bank, in an overhaul to a number of its forecasts for Turkey, …

Goldman Sachs: “Fully orthodox” policy maker could raise Turkey rates to 40% Read More »

By Daren Butler and Jonathan Spicer ISTANBUL (Reuters) -President Tayyip Erdogan on Friday appointed Hafize Gaye Erkan, a finance executive in the United States, to head Turkey’s central bank, which is widely expected to reverse course and tighten policy after years of rate cuts and a simmering cost-of-living crisis. Erkan, former co-CEO at First Republic …

Erdogan names Erkan to head Turkey central bank, policy pivot expected Read More »

By Saqib Iqbal Ahmed NEW YORK (Reuters) – U.S. stocks have defied fears of a recession, a banking crisis and soaring Treasury yields to rise 20% from their October lows – one definition of a bull market. The benchmark S&P 500 index closed at a low of 3,577.03 on Oct. 12, 2022, down 25% from …

How US stocks rose 20% from their lows, and where they might be going Read More »

By Shristi Achar A and David Carnevali (Reuters) – U.S. stocks closed higher on Thursday regaining some of their momentum thanks to a rebound by technology stocks, while volatility dropped to record lows ahead of an eventful economic and policy calendar next week. The CBOE Volatility index, also known as Wall Street’s fear gauge, dropped …

Wall Street ends up amid record low volatility ahead of eventful week Read More »

By Chuck Mikolajczak NEW YORK (Reuters) -S&P 500 advanced on Thursday, putting the benchmark index up 20% from its Oct. 12 closing low and heralding the start of a new bull market, at least by the definition of some market participants. Part of the uncertainty is that there is no set definition of a bull …

Behold Wall Street’s new bull market, maybe Read More »

By Dan Burns (Reuters) – U.S. household wealth climbed to the highest in a year in the first three months of 2023, led by the stock market’s recovery from last year’s bear market and mushrooming appetite for high-yielding U.S. government bonds, data from the Federal Reserve on Thursday showed. Household net worth rose by more …

Stocks, Treasuries lead US household wealth to 1-year high in early 2023 Read More »

PARIS (Reuters) – The French economy is on course to eke out meagre growth in the second quarter as industrial and service activity picks up, the central bank said on Thursday in its monthly business climate report. The euro zone’s second-biggest economy is set to grow 0.1% in the April through June period from the …

French central bank expects 0.1% second-quarter growth Read More »

By David Lawder WASHINGTON (Reuters) – The World Bank Group’s new president, Ajay Banga, will visit Peru and Jamaica next week, kicking off a months-long global tour aimed at accelerating the global lender’s evolution to tackle the climate crisis and reinvigorate its development mission, the World Bank said on Thursday. Banga, a former Mastercard CEO …

New World Bank chief to kick off global tour with Peru, Jamaica stops Read More »

By Nevzat Devranoglu and Ali Kucukgocmen ISTANBUL (Reuters) – Turkey’s lira weakened 0.8% to a record low on Thursday, extending losses after a heavy selloff in the previous session that was seen as a sign of the authorities easing controls on the foreign exchange market. The currency later recouped some of its losses, standing at …

Turkish lira extends losses as Ankara loosens grip on forex market Read More »