Author: News Room

Topline Ahead of a pivotal interest rate decision on Wednesday, the Federal Reserve faces a novel dilemma: stubbornly high inflation amid massive uncertainty over a banking crisis that could force a preemptive hiking pause—a prospect some analysts fear could make a potential recession worse than previously feared. Key Facts “Unfortunately, the Fed is boxed in,” Morgan Stanley Wealth Management investment chief Lisa Shalett wrote in a Monday note to clients, cautioning current investing challenges—including high inflation and a banking crisis—have set off a dynamic that “likely raises the odds of an imminent recession.” For the first time during the post-pandemic…

By Stefania Spezzati and Amy-Jo Crowley LONDON (Reuters) -After the accuracy of Revolut Ltd.’s accounts drew scrutiny from regulators, the firm’s plan to secure a U.K. banking licence is facing delays, according to two people familiar with the company. Last month, audit firm BDO issued a so-called qualified opinion for Revolut’s 2021 accounts. While BDO said Revolut’s financial statements gave a “true and fair view of the state of the group,” it cautioned in the same filing that some information related to revenues may have been “materially misstated.” Media coverage of BDO’s warning on March 1 prompted immediate questions from…

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The dollar stumbled on Monday, surrendering earlier gains following unexpected oil output cuts from OPEC+, as data showed the U.S. economy continued to slow with declines in manufacturing and construction spending. Data on Monday added to the narrative that the Federal Reserve is near the end of its rate-hike cycle. An announcement on Sunday of output target cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, propelled oil prices higher. last traded at $84.9 per barrel, up 5.7%. [O/R] The dollar initially rose after the announcement.…

By Ambar Warrick Investing.com — Oil prices kept to a small range in early Asian trade on Wednesday as markets digested a slew of weak U.S. economic indicators, while signs of shrinking inventories and a recent OPEC production cut pointed to tighter supply. Data from the suggested that U.S. crude inventories shrank by 4.3 million barrels in the week to March 31, far more than expectations for a draw of 1.8 million barrels. The reading usually heralds a similar trend in due later in the day, and indicates some improvement in demand, particularly fuel consumption. But this was largely offset…

© Reuters. FILE PHOTO: An Airbus A320neo ‘quiet jet’ comes in to land at the ILA Berlin Air Show in Schoenefeld, south of Berlin, Germany, June 4, 2016. REUTERS/Hannibal Hanschke/File Photo By Tim Hepher and Sophie Yu PARIS/BEIJING (Reuters) – China and France will study the need for cargo planes and long-haul jets “in due course,” a joint statement said on Friday, following a state visit by French President Emmanuel Macron. The comments suggest a more muted stance on the prospect for significant orders of large Airbus jets compared with the planemaker’s best-selling A320neo medium-haul model, for which it is…

The Biden administration is reportedly days from proposing the toughest-ever U.S. limits on emissions from cars, SUVs and pickup trucks, but will likely stop short of a ban on gas-powered vehicles and a mandate to buy electric. The proposed standards on cars and light trucks is set to be announced Wednesday in Detroit, according to a report Thursday from Bloomberg News, which cited unnamed officials familiar with the regulation proposals. The proposal is expected to govern tailpipe emissions of carbon dioxide, smog-forming nitrogen oxide and other pollution from vehicles manufactured for model years 2027 through 2032. Even with federal rules…

Dear MarketWatch, Our son was living in a house we own in Avenal, Calif. Unbeknownst to us, he was renting a room to a person.  Our son died on Feb. 28. When we found out this person was in the house, our daughter-in-law told her to leave and she refused, so our daughter-in-law shut the water off and told the city to not let anyone turn it on. The woman tried three times to turn on water in her name, but the city refused. Our daughter-in-law turned the electricity off, but since there is no local office, we’re unable to tell…

Barstool Sports Inc., the irreverent and sometimes controversial sports-oriented media company, is opening an office in the booming Fulton Market area just west of the Chicago Loop that, according to Crain’s Chicago Business, could span 40,000 square feet. Barstool was founded in suburban Boston and has been based in Manhattan since 2016. It was acquired this year by Penn Entertainment Inc. PENN, -0.45%, which owns and manages gaming and racing facilities and slot-machine and related gambling operations. Barstool-branded sports bars have opened in recent years with locations in Chicago, Philadelphia and the Phoenix area, as has a Barstool sportsbook, which…

A flood of cash going into money-market funds and other higher yielding cash-like assets has been a key focus in financial markets since March when Silicon Valley Bank and Signature Bank collapsed. Those failures put a spotlight on the stability of the U.S. banking system, but also on alternative ways for savers and investors to earn yield as the Federal Reserve continues its work of the past year to tame inflation through higher rates. Indeed, deposit rates at banks have remained stubbornly low, tracking in the 0.2% range (see chart), even as rapid rate increases from the Federal Reserve has…

There’s a reason why politicians have long shied away from addressing Social Security’s massive financial problems. The commonly proposed solutions involve cutting benefits or raising taxes, which would spark an outcry from a range of powerful constituents, including senior citizens and the business community. The situation, however, is only growing more critical. The combined Social Security trust funds are projected to run dry in 2034, according to the latest annual report from the entitlement program’s trustees that was released last week. At that time, the funds’ reserves will be depleted, and the program’s continuing income will only cover 80% of…