By Scott DiSavino NEW YORK (Reuters) – Oil prices held near a 14-month low on Thursday as bearish worries about demand in the U.S. and China and a likely rise in supplies out of Libya offset a big, bullish withdrawal from U.S. inventories and a delay to output increases by OPEC+ producers. Brent futures were […]
Faster US settlement hit harder than expected, says Citi survey
By Laura Matthews NEW YORK (Reuters) – A shift to shorter settlement for U.S. securities transactions earlier this year had a greater-than-anticipated impact on market participants across the board, with Europe reporting the greatest hit, a Citigroup survey showed. The U.S. sped up its settlement cycle in May, requiring that equities, corporate and municipal bonds […]
Biden preparing to block Nippon’s US Steel takeover, source says
By Jeff Mason WASHINGTON (Reuters) -U.S. President Joe Biden is preparing to block Nippon Steel’s acquisition of U.S. Steel, a source said on Wednesday. The move by Biden would deal a blow to the proposed $14.9 billion deal. The president has previously expressed concern over Nippon’s deal to buy the 122-year-old iconic U.S. steelmaker. U.S. […]
Citi hires Achintya Mangla to head investment banking financing
NEW YORK (Reuters) – Citigroup has hired Achintya Mangla as head of financing for investment banking, a newly created role that will report to the head of banking Viswas Raghavan, according to a memo seen by Reuters on Tuesday. Starting on Wednesday, Mangla will supervise global debt capital markets, equity capital markets, syndicate and private […]
AI likely to weigh on oil prices over the next decade, Goldman says
(Reuters) – Artificial intelligence could hurt oil prices over the next decade by boosting supply by potentially reducing costs via improved logistics and increasing the amount of profitably recoverable resources, Goldman Sachs said on Tuesday. WHY IT’S IMPORTANT The impact of AI on energy and metals has mostly focused on the demand side given the […]
Nvidia and chip index tumble as investors pause AI rally
By Noel Randewich (Reuters) – Shares of AI heavyweight Nvidia tumbled on Tuesday, with Wall Street’s chip index slumping 7% as investors softened their optimism about AI in a broad market sell-off following tepid economic data. Nvidia, viewed as Wall Street’s biggest winner in a race to dominate emerging AI technology, dropped over 8%, while […]
US gasoline slumps to near 3-year low on end of driving season, oil slump
By Shariq Khan NEW YORK (Reuters) – U.S. gasoline futures fell nearly 6% on Tuesday to their lowest since December 2021, as the end of the driving season weighed on demand for the motor fuel amid a sell-off in the broader oil market. Gasoline futures for October deliveries settled 5.5% lower at $1.98 per gallon, […]
Tesla’s China-made EV sales rise 3% y/y in Aug
BEIJING (Reuters) – Sales of U.S. automaker Tesla’s China-made electric vehicles grew 3% in August from a year earlier, data from the China Passenger Car Association (CPCA) showed on Monday. Deliveries of China-made Model 3 and Model Y vehicles rose 17% from the previous month. Chinese rival BYD, with its Dynasty and Ocean series of […]
Tech market values fall on AI costs and recession fears; Eli Lilly, Berkshire gain
(Reuters) – Market values of major tech firms declined in August amid concerns over escalating artificial intelligence infrastructure costs and rising recession risks that would make the stocks particularly vulnerable during a market correction. Last month, Alphabet Inc’s lost 4.7% of its market value as a slowdown in YouTube’s advertising sales fuelled concerns about its […]
ByteDance taps banks for $9.5 billion Asia dollar corporate loan, sources say
(Reuters) – TikTok-owner ByteDance is tapping banks for a $9.5 billion loan that would be the biggest dollar-denominated corporate facility in Asia ex-Japan, two sources with knowledge of the matter said on Monday. Citigroup, Goldman Sachs and JPMorgan are the coordinators of the financing, which carries a tenor of three years and can be extended […]