Argentina economic activity grows at fastest pace since 2022
BUENOS AIRES -Argentina’s economic activity increased 6.5% in January compared with the same month last year, its highest year-on-year growth since mid-2022, official data showed on Thursday. The economy of the Latin American country registered its third consecutive month of…
Bank of Mexico cuts interest rate as trade war stokes recession fears
MEXICO CITY -The Bank of Mexico delivered a unanimous 50-basis-point interest rate cut to 9.00% on Thursday, highlighting progress on inflation but warning of heightened uncertainty relating to trade tensions and a weakening economy. The move, which was expected by…
Euro zone consumers may be put off by inflation ‘misperception,’ ECB’s Schnabel says
LONDON – The euro zone’s economic recovery may have been held back by households’ “misperception” of inflation and income, which has made them reluctant to spend, European Central Bank board member Isabel Schnabel said on Thursday. Policymakers and economists have…
India’s Axis Bank, J.P. Morgan roll out anytime dollar payments for clients
MUMBAI – India’s Axis Bank has partnered with J.P. Morgan to offer real-time U.S. dollar payment capabilities to commercial clients in the country, facilitated by Kinexys, the U.S-based lender’s blockchain and digital assets unit. This is the first instance where…
De-dollarisation could speed up with US isolationist policies, analysts say
LONDON – If the Federal Reserve, a bedrock of global financial stability, were to withhold dollar funding to allies during times of stress, the world could greatly reduce its reliance on the currency, creating “a doubled-edged sword” for the U.S.,…
Argentina’s Milei signals ‘no room’ for FX devaluation
BUENOS AIRES – Argentina’s libertarian President Javier Milei said on Thursday that there was “no room” for a sharp devaluation of the local peso, addressing investor fears about a potential weakening of the currency that has driven a renewed flight…
Tariff fears pressure British stocks; Aston Martin slumps to record low
British equities closed lower on Thursday, with mining stocks leading declines, after U.S. President Donald Trump announced new tariffs on all foreign-made vehicles and auto parts. Late on Wednesday, Trump announced a 25% tariff on imported cars and light trucks…
China accelerates government bond issuance in Q1 to highest on record
China stepped up fiscal support and accelerated the pace of government bond issuance to the highest on record in the first quarter of this year, according to Reuters calculations based on official data. WHY IT’S IMPORTANT Market watchers believe China…
Bank of America mortgage applications jumped 80% in Q1, executive says
NEW YORK -Bank of America saw an 80% jump in mortgage applications between January and March as buyers were tempted by increasing home inventory and lower long-term bond yields, an executive said. “We’re seeing a steady increase in home buying…
Trump’s auto tariffs complicate Fed’s deliberations on rates
President Donald Trump’s permanent 25% tariff on imported autos has expanded the global trade war, feeding expectations for higher prices for cars and other products, but doing little to settle the debate about how policies of his two-month-old administration will…
Barclays switches preference to global fixed income over equities on tariff risks
Barclays said on Thursday it favors fixed income investments over equities for the first time in “several quarters” and warned global economic growth was at risk due to U.S. President Donald Trump’s escalating tariff policies. Despite hurdles such as rising…
NYSE-parent ICE plans to launch battery metals derivatives this year
LAUSANNE – Intercontinental Exchange plans to launch derivatives in battery metals cobalt and lithium spodumene in London later this year, an executive said on Tuesday. “Our customer base is looking to us to provide products to hedge. Our role is…
ProSieben shares plunge as Berlusconi-backed MFE bids low
MILAN/BERLIN -Shares in ProSiebenSat.1 fell sharply after the TV group controlled by Italy’s Berlusconi family made a low-ball bid to other investors in the German media group as part of a plan to strengthen its grip on the company. The…
Brazil’s central bank signals need for higher rates for longer
BRASILIA -The Brazilian central bank’s economic policy director Diogo Guillen said on Thursday that when inflation expectations are unanchored, as they are now, interest rates need to be higher for longer. Guillen and central bank chief Gabriel Galipolo both stressed…
IMF assessing Trump’s tariff plans, does not see US recession
WASHINGTON -The International Monetary Fund is continuing to assess the impact of President Donald Trump’s tariff plans, including his new 25% auto tariffs, but the global lender’s baseline forecasts do not envision a U.S. recession, IMF spokesperson Julie Kozack said…
Exclusive-US pauses financial contributions to WTO, trade sources say
GENEVA -The United States has paused contributions to the World Trade Organization, three trade sources told Reuters, as U.S. President Donald Trump’s administration ramps up efforts to cut government spending. The Trump administration is retreating from global institutions it sees…
First Quantum halts public tours of closed Panama copper mine
PANAMA CITY -First Quantum Minerals said on Thursday it would suspend public tours of its shuttered copper mine in Panama after the country’s president said the Canadian miner should not give the impression that the site is operational. In a…
Brazil center-south sugar crushing down around 18% in first half of March -Unica
SAO PAULO – Sugar cane crushing in Brazil’s center-south region during the first half of March fell almost 18% to 1.83 million metric tons versus the year-earlier period, industry group Unica said in a report published on Thursday. Sugar production…
Brazil central bank raises long-term inflation forecasts, sees challenging path to target
BRASILIA – Brazil’s central bank raised its inflation projections on Thursday for the long-term despite anticipating weaker economic activity this year, and said that this scenario makes reaching its 3% target challenging. After forecasting inflation at 5.1% for 2025 last…
Global Eggs agrees to buy Hillandale Farms for $1.1 billion
SAO PAULO -Global Eggs, a company controlled by Brazilian entrepreneur Ricardo Faria, has agreed to buy U.S. egg producer Hillandale Farms for $1.1 billion, Faria told Reuters on Thursday. Global Eggs is based in Luxembourg and also operates Granja Faria…