Explainer: How could the new US corporate minimum tax affect companies?

Aug 12 (Reuters) – The main revenue source in the new US tax, climate and drugs bill is a novel 15% corporate minimum tax aimed at stopping large, profitable companies from gaming the Internal Revenue Service code and slashing their tax bills to zero. The US House of Representatives was scheduled to vote on Friday … Read more

Troubled UK economy rides out Jubilee disruption, but recession looms

Bank holidays for queen’s jubilee hit UK GDP in June Output falls 0.6% in June vs forecasts for 1.3% drop UK’s Zahawi says data show resilience, economists see recession LONDON, Aug 12 (Reuters) – Britain’s economy contracted by less than feared in June, when public holidays had been expected to exert a big drag, although … Read more

S&P 500, Nasdaq close up 4th straight week as optimism grows

Nasdaq, S&P 500 post longest weekly win streaks since November S&P 500 recovers 50% of bear market losses S&P 500 is up 17.7% from a mid-June low NEW YORK, Aug 12 (Reuters) – Wall Street closed higher on Friday as signs that inflation may have peaked in July increased investor confidence that a bull market … Read more

US gasoline prices fall below $ 4 for first time since March

Gasoline demand has waned in the summer Lower-income households spending less as prices dip US retail price hit a record in June Aug 11 (Reuters) – The average price of US retail gasoline fell below $ 4 per gallon on Thursday for the first time in months, giving some relief to drivers in the world’s … Read more

Stocks rally, dollar falls on easing inflation

Wall Street rallies with Nasdaq leading gains CPI was flat in July after rising 1.3% in June In 12 months through July, CPI rose 8.5% vs 9.1% in June NEW YORK, Aug 10 (Reuters) – Wall Street equities rallied and the dollar tumbled after signs of sharply decelerating US inflation prompted bets that the Federal … Read more

Wall Street rally lifts Nasdaq 20% from low as inflation fears ebb

Traders work on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, US, August 8, 2022. REUTERS / Andrew Kelly Register now for FREE unlimited access to Reuters.com Register Fed now seen delivering 50 bps hike in September US consumer price growth slows in July Musk sells Tesla shares … Read more

Fed may slow rate hikes, but policymakers say more is needed

The Federal Reserve building is pictured in Washington, DC, US, August 22, 2018. REUTERS / Chris Wattie / File Photo Register now for FREE unlimited access to Reuters.com Register Kashkari sticks to his view of 3.9% fed funds rate at end-2022 Evans sees 3.4% policy rate this year Both push back on market expectation for … Read more

China’s factory inflation hits 17-month low, consumer prices speed up

A worker walks past steel rolls at the Chongqing Iron and Steel plant in Changshou, Chongqing, China August 6, 2018. REUTERS / Damir Sagolj / File Photo Register now for FREE unlimited access to Reuters.com Register July producer inflation at lowest since Feb 2021 July consumer inflation at 2-year high PBOC seen staying accommodative to … Read more

Nasdaq closes lower as chipmaker Micron’s warning renews tech rout

Micron falls on lowered revenue forecast Semiconductor stocks drop for third session Novavax tumbles after cutting revenue view by half NEW YORK, Aug 9 (Reuters) – The Nasdaq closed down on Tuesday after a dismal forecast from Micron Technology pulled chip makers and tech stocks lower as investors await US inflation data that could lead … Read more

Cryptoverse: Blockchain bridges fall into troubled waters

Representations of cryptocurrency Bitcoin, Ethereum and Dash plunge into water in this illustration taken, May 23, 2022. REUTERS / Dado Ruvic / Illustration Register now for FREE unlimited access to Reuters.com Register Aug 9 (Reuters) – Another day, another hack – and another blockchain bridge burned. When thieves stole an estimated $ 190 million from … Read more