FRANKFURT, Oct 14 (Reuters) - Euro zone inflation could exceed expectations in the short and medium term, and this outlook for price growth warrants an end to the European Central Bank's emergency bond purchases next March, Dutch central bank chief Klaas Knot said on Thursday.Inflation has surged this year on a long list of one-off developments but a growing number of observers, including the Inte...Read More
Oct 14 (Reuters) - Current high levels of inflation may not abate as soon as many U.S. Federal Reserve policymakers expect, St. Louis Fed President James Bullard said on Thursday, as he once again urged the central bank to pursue a faster taper of its bond-buying program."I think this is concerning," Bullard told a virtual gathering of the Euro50 Group, with regard to inflation. "While I do think...Read More
* Gold faces resistance at $1,800/oz and $1,835/oz- analyst* Fed could start reducing stimulus by mid-Nov - minutes (Updates prices)Oct 14 (Reuters) - Gold prices hit a one-month high on Thursday, as the dollar and U.S. bond yields eased while investors assessed how strong inflation data could shape monetary policy.Spot gold rose 0.4% to $1,799.30 per ounce by 1100 GMT, having earlier hit its high...Read More
* Graphic: World FX rates in 2021 tmsnrt.rs/2egbfVh* Graphic: Trade-weighted sterling since Brexit vote tmsnrt.rs/2hwV9HvLONDON, Oct 14 (Reuters) - Sterling hit a two-week high on Thursday, building on the previous session’s gains, as traders focused on hopes a post-Brexit trade war with the European Union will be avoided and on expectations the Bank of England will increase rates this yea...Read More
Berlin (Reuters) - Germany's top economic institutes cut their joint forecast for 2021 growth in Europe's largest economy to 2.4% on Thursday as supply bottlenecks hamper manufacturing, but they raised their prediction for next year.The five institutes - the RWI in Essen, the DIW in Berlin, the Ifo in Munich, the IfW in Kiel and Halle's IWH - raised their 2022 forecast to 4.8% from 3.9%, saying th...Read More
BEIJING, Oct 14 (Reuters) - Chinese housing regulators are telling home buyers to exercise caution when making payments on purchases, amid concerns that funds are illegally siphoned away by developers in a sector that is facing a severe liquidity crunch.Chinese developers are allowed to sell residential projects before construction, but are required to put the funds acquired from sales in escrow b...Read More
LONDON (Reuters) - Only one in three companies are properly applying globally-agreed climate-related disclosure standards for helping investors to pick companies committed to sustainability, global regulators said on Thursday.A task force set up by the Financial Stability Board - which groups regulators, central banks and treasury officials from G20 countries - set out recommendations in 2017 on h...Read More
MOSCOW, Oct 14 (Reuters) - Russia’s central bank has seen an influx of foreign investors buying OFZ treasury bonds on the secondary market, an official said, as high yields outweigh the risks of sanctions for some.The Russian central bank has raised its key interest rate five times this year to rein in growing consumer prices and said more increases from the current level of 6.75% were possi...Read More
(Reuters) -Bank of America Corp beat estimates for third-quarter profit on Thursday, as it released reserves of $1.1 billion and recorded strong growth in its lending and equity-trading divisions.Net income applicable to common shareholders rose to $7.26 billion, or 85 cents per share, for the quarter ended Sept. 30 from $4.44 billion, or 51 cents per share, a year earlier.Analysts on average had...Read More
DUBAI (Reuters) - A unit owned by Abu Dhabi state fund Mubadala Investment Company has acquired one of the biggest franchisees of Taco Bell Corp in the United States, according to a statement on Thursday.Mubadala Capital, an asset management subsidiary, bought K-MAC from Lee Equity Partners Opportunity Fund, the unit said in the statement.K-MAC operates over 300 Taco Bell restaurants, mostly in th...Read More
(Adds quotes, detail, chart)TAIYUAN, China, Oct 14 (Reuters) - Aluminium processors in China face slimmer profits this year due to surging metal prices, Shandong Nanshan Aluminium Co Ltd's chairman said on Thursday.Prices of aluminium, used in products from food cans to aeroplanes, have risen by more than 50% this year on strong demand and output cuts due to an energy crisis and flooding in top pr...Read More
SHANGHAI, Oct 14 (Reuters) - U.S.-listed Chinese online brokerages Futu Holding (FUTU.O) and UP Fintech Holding face regulatory risks as China's new personal data privacy law takes effect on Nov. 1, the official People's Daily said in an analysis on its website.Such brokerages, which help mainland Chinese individuals invest in overseas stock markets such as in the United States and Hong Kong, co...Read More
(Kitco News) Gold was largely unchanged and trading near daily highs after the U.S. Producer Price Index (PPI) rose to 8.6% on an annual basis in September versus the expected 8.7%.This marked the largest year-over-year advance since November 2010.The PPI slowed to 0.5% on a monthly basis in September from August's 0.7%. Core PPI, which strips out volatile food and energy prices, came in at 0.2% m...Read More
(Kitco News) The initial weekly jobless claims declined 36,000 to 293,000 in the week to Saturday, beating market expectation sand marking a fresh pandemic low.Economists' consensus calls projected for initial claims to come in at 319,000 following the revised level of 329,000 reported in the previous week.The four-week moving average for new claims - often viewed as a more reliable measure of the...Read More
(Reuters) - Wells Fargo & Co reported a rise in third-quarter profit on Thursday as the bank released funds set aside to cover soured loans brought on by the COVID-19 pandemic.The fourth-largest U.S. bank has operated since 2018 under consent orders from the Federal Reserve and two other U.S. financial regulators to improve governance and oversight, with the Fed also capping its assets at $1.95 tr...Read More
(Reuters) -Morgan Stanley on Thursday reported a bigger third-quarter profit than expected, as it closed more deals and generated a record $1.27 billion from advisory business during the three months.The Wall Street bank benefited from global mergers and acquisitions touching a new high, with deals totaling $1.52 trillion being announced in the three months ended Sept. 27.The figure represents a g...Read More
WASHINGTON, Oct 14 (Reuters) - The Biden administration on Thursday began a process to amend federal procurement rules to require the U.S. government - the world's largest buyer of goods and services - to factor the risks of climate change into its contracts.The administration put out a notice of proposed rulemaking seeking input over 60 days from federal contractors on an amendment to the Federal...Read More
GENEVA (Reuters) - U.S. Trade Representative Katherine Tai on Thursday affirmed the Biden administration's commitment to the World Trade Organization (WTO), saying that reforms were possible as the body readies for a major ministerial conference next month.The 25-year-old global trade body is facing questions about its relevance and director-general Ngozi Okonjo-Iweala is under pressure to deliver...Read More
WASHINGTON (Reuters) - President Joe Biden is pushing to ease supply shortages and tame rising prices in time for Christmas, but unsnarling U.S. supply lines could take far longer, experts told Reuters.Biden brought together powerbrokers from ports, unions and big business on Wednesday to address shipping, labor and warehousing pain in the U.S. supply chain, and announced new around-the-clock port...Read More
Oct 13 (Reuters) - Group of Seven advanced economies said on Wednesday that any digital currency issued by a central bank must "support and do no harm" to the bank's ability to fulfill its mandate on monetary and financial stability, and must also meet rigorous standards.If issued, a central bank digital currency (CBDC) would complement cash and could act as a liquid, safe settlement asset and an...Read More