OPEC+ agrees deep oil production cuts, Biden calls it shortsighted

OPEC+ to cut output by 2 million bpd Real cuts estimated at 1 million bpd due to under-production Biden criticizes decision, calls it shortsighted Saudi says West’s criticism driven by wealth arrogance Saudi says cuts necessary due to rising interest rates VIENNA/LONDON, Oct 5 (Reuters) – OPEC+ agreed steep oil production cuts on Wednesday, curbing … Read more

German exports beat expectations despite cooling global economy

BERLIN, Oct 5 (Reuters) – German exports rose slightly more than expected in August despite a cooling global economy, rising interest rates and material shortages, the statistics office said on Wednesday. Stronger demand from the United States and China helped push exports to 133.1 billion euros ($132.59 billion) in August, up 1.6% from the previous … Read more

Wall Street seen to decline as rally in growth stocks falters

US private payrolls increase in September – ADP Blackstone in talks to buy Emerson Electric assets – report Twitter eases from one-year high, Tesla slips Futures down: Dow 0.91%, S&P 0.91%, Nasdaq 0.96% Oct 5 (Reuters) – Wall Street was seen to open lower on Wednesday due to weakness in megacap growth and technology stocks … Read more

US steps away from flagship lithium project with Berkshire

Oct 5 (Reuters) – In a February meeting with mining executives, President Joe Biden laid out an aggressive goal for the United States to produce more of its own minerals for the electric vehicle revolution in ways that respected the environment. A “big part” of those efforts, the president said, was Berkshire Hathaway Inc’s (BRKa.N) … Read more

UK to propose asylum ban on English Channel migrants

Conservative government wants to tighten immigration rules Pressure builds to deal with small boat crossings Charity Care4Calais calls government plans ‘barbaric’ BIRMINGHAM, England, Oct 4 (Reuters) – British interior minister Suella Braverman set out plans on Tuesday for new powers which would ban migrants who cross the English Channel from claiming asylum and said it … Read more

Analysis: Tesla could face its toughest challenge yet as the economy cools

SAN FRANCISCO, Oct 4 (Reuters) – As recently as July, Tesla (TSLA.O) Chief Executive Elon Musk said the electric-car maker did not have a problem with customer demand, simply a problem making and shipping all the Model Ys and Model 3s consumers were ready to buy. That may no longer be true. Analysts see early … Read more

Tight global oil supply can’t be reversed easily, Shell, Aramco CEOs say

LONDON, Oct 4 (Reuters) – The oil market is not focusing on the fact that global spare capacity to raise oil production is very low, Saudi Aramco’s Chief Executive said on Tuesday, with Shell’s Chief Executive saying investments will not shift because prices are high . “(The market is) focusing on what will happen to … Read more

Sterling climbs as dollar slips in wake of Bank of England intervention

LONDON, Sept 29 (Reuters) – The pound reversed losses and climbed more than 1% on Thursday as the dollar slipped and investors analyzed the Bank of England’s dramatic intervention in the bond market. Sterling had dropped in morning trading in London but later rallied to stand 1.3% higher on the day at $1.1026 in the … Read more

Brazil markets soar as Bolsonaro’s strong showing sparks runoff vote

SAO PAULO/BRASILIA, Oct 3 (Reuters) – Brazil’s real currency and stock market surged on Monday after far-right President Jair Bolsonaro outperformed polling and clinched his place in a tense runoff vote, denying leftist Luiz Inacio Lula da Silva an outright victory in the first round. The unexpectedly strong showing by Bolsonaro on Sunday dashed hopes … Read more

China’s factory, services surveys suggest economy struggling to rebound

China Sept official manufacturing PMI above forecast Private survey shows factory activity contracted sharply Services sector activity growth slowed in Sept – official survey COVID curbs, softening foreign demand, property weakness weigh BEIJING, Sept 30 (Reuters) – China’s factory activity showed growth in September, but a slowdown in services sector growth and a downbeat private … Read more