MTGFX

US weekly jobless claims drop to nine-month low; productivity gains speed

Weekly jobless claims drop 3,000 to 183,000 Continuing claims decrease 11,000 to 1.655 million Productivity accelerates at 3.0% rate in fourth quarter Unit labor costs grow at 1.1% pace WASHINGTON, Feb 2 (Reuters) – The number of Americans filing new claims for unemployment benefits dropped to a nine-month low last week as the labor market …

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Wall Street down but off session lows after Fed rate hike, choppy trading

Fed raises interest rates, sees “ongoing increases” Indexes down: Dow 0.96%, S&P 0.40%, Nasdaq 0.03% Feb 1 (Reuters) – US stock indexes were lower on Wednesday in choppy trade, bouncing off session lows hit when the Federal Reserve increased interest rates by a quarter of a percentage point and said it expects “ongoing increases” in …

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Exxon smashes Western oil majors’ profits with $56 billion in 2022

HOUSTON, Jan 31 (Reuters) – Exxon Mobil Corp (XOM.N) posted a $56 billion net profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry. Oil majors are expected to break their own …

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Adani’s crucial share sale 85% subscribed as institutions pump in funds

MUMBAI, Jan 31 (Reuters) – Indian billionaire Gautam Adani’s $2.5 billion share sale inched closer to full subscription on Tuesday as investors pumped in funds after a tumultuous week for his group in which its stocks were pummeled by a scathing short-seller report. The secondary share sale of flagship Adani Enterprises (ADEL.NS) was subscribed 85% …

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India’s Adani Group says evaluating action against Hindenburg Research

BENGALURU, Jan 26 (Reuters) – Adani Group said on Thursday it is evaluating “remedial and punitive action” under US and Indian laws against short-seller Hindenburg Research, which in a report accused the conglomerate of improper use of offshore tax havens. Shares in seven listed group companies of Adani lost $10.73 billion in market capitalization in …

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Musk says Tesla price cuts triggered demand, 2023 sales could hit 2 mln vehicles

Jan 25 (Reuters) – Tesla Inc’s (TSLA.O) aggressive price cuts have ignited demand for its electric vehicles, Chief Executive Elon Musk said on Wednesday, playing down concerns that a weak economy would throttle buyers’ interest. The company slightly beat Wall Street targets for fourth-quarter revenue and profit earlier on Wednesday despite a sharp decline in …

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Bank of Canada hikes rates, becomes first major central bank to signal pause

OTTAWA, Jan 25 (Reuters) – The Bank of Canada on Wednesday hiked its key interest rate to 4.5%, the highest level in 15 years, and became the first major central bank fighting global inflation to say it would likely hold off on further increases for now. The 25-basis-point rise matched analysts’ expectations. The bank has …

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US home sales slump to 12-year low; Glimmers of Hope Emerging

Existing home sales drop 1.5% in December Sales fall 17.8% in 2022, sharpest annual decline since 2008 Median house price rises 2.3% from year ago WASHINGTON, Jan 20 (Reuters) – US existing home sales plunged to a 12-year low in December, but declining mortgage rates raised cautious optimism that the embattled housing market could be …

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Fed to deliver two 25-basis-point hikes in Q1, followed by long pause

BENGALURU, Jan 20 (Reuters) – The US Federal Reserve will end its tightening cycle after a 25-basis-point hike at each of its next two policy meetings and then likely hold interest rates steady for at least the rest of the year, according to most economists in a Reuters poll. Fed officials broadly agree the US …

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