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French cartoonist Sempe, famous for New Yorker covers, dies age 89
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Stocks lose ground, Treasury yields climb after inflation data
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EU, South Korea say U.S. plan for EV tax breaks may breach WTO rules
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UK economy contracts 0.6% in June and 0.1% in Q2
Asian stocks mixed and European futures flat on rate hike worries
Date: August 12, 2022
By Sam Byford (Reuters) -Asian stocks were mixed and the yen fell on Friday, capping off a back-and-forth week that saw investors split on how aggressively the Federal Reserve would raise interest rates to tackle inflation. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.1%, and Australia’s AXJO was down 0.72%. Hong Kong’s Hang...
Oil prices slip on cloudy demand outlook, but poised for weekly gain
Date: August 12, 2022
By Sonali Paul and Jeslyn Lerh SINGAPORE (Reuters) -Oil prices dropped in Asia trade on Friday amid an uncertain demand outlook, though benchmark contracts were headed for weekly gains as recession fears eased. Brent crude futures fell 49 cents, or 0.5%, to $99.11 a barrel at 0330 GMT, while U.S. West Texas Intermediate (WTI) crude...
Miners face supply chain overhaul to meet U.S. EV credit deadline
Date: August 11, 2022
By Clara Denina (Reuters) – Miners will struggle to expand operations in the United States in record time to meet a deadline for sourcing key minerals domestically or from select countries as set out by a bill likely to be passed on Friday, companies and industry watchers said. The requirement is part of a sweeping...
Dollar remains under pressure as traders reassess rate hike bets
Date: August 11, 2022
By John McCrank NEW YORK (Reuters) – The dollar was slightly lower on Thursday following a 1% loss the previous day when data showed U.S. inflation was not as hot as anticipated in July, prompting traders to dial back future rate hike expectations by the Federal Reserve. Investors slashed bets on the possibility that the...
Oil output halted at three U.S. Gulf platforms on pipeline outage, Shell says
Date: August 11, 2022
By Arathy Somasekhar and Laila Kearney HOUSTON (Reuters) -Top U.S. Gulf of Mexico oil producer Shell said it had halted production at three of its U.S. Gulf of Mexico deepwater platforms after a leak shut pipelines connecting the platforms. A failure at an onshore pipeline junction in Louisiana leaked about two barrels of oil, said...
Oil settles up as IEA hikes 2022 demand growth forecast
Date: August 11, 2022
By Laura Sanicola (Reuters) – Oil prices settled up more than $2 on Thursday after the International Energy Agency raised its oil demand growth forecast for this year as soaring natural gas prices have some consumers switching to oil. Brent crude futures gained $2.20, or 2.3%, to settle at $99.60 a barrel. U.S. West Texas...