markets
Washington (AFP) - President Joe Biden's administration announced new "guardrails" to help ensure carbon offset markets are actually effective, in a big boost for the controversy-dogged schemes intended to reduce planet-warming emissions. Cabinet officials including Treasury Secretary Janet Yellen laid out the government's first broad guidelines for "high-integrity" carbon markets, aimed at dispelling distrust in a system panned by critics as greenwashing. "It's about building the confidence to be able to use this tool more effectively at scale," White House national climate adviser Ali Zaidi...
AFP
New York (AFP) - Oil prices rose Tuesday on tensions in the Middle East while stock markets wavered as investors awaited key inflation data later this week. Brent North Sea Crude rose 1.3 percent to $84.22 per barrel, while West Texas Intermediate added 2.7 percent to $79.83 per barrel. Meanwhile, Wall Street had a mixed day as investors returned from the three-day Memorial Day weekend. "There appears to be some post-holiday lethargy," said Briefing.com analyst Patrick O'Hare. The Nasdaq surged to a fresh record following a 7.1 percent jump in Nvidia shares following reports that Elon Musk's ...
AFP
New York (AFP) - The Nasdaq climbed to a fresh record Tuesday following a choppy session after a smattering of mixed earnings and muted Federal Reserve commentary. "There really isn't much economic news to speak of," said Cresset Capital's Jack Ablin, who pointed to Wednesday's earnings report from Nvidia as one of the highlights of the week. Shares of Nvidia rose 0.6 percent. Fed governor Christopher Waller welcomed last week's consumer price index report that showed moderating inflation, while adding that "several" months of additional data were needed before interest rates should be cut. Th...
AFP
Dutch Central Bank President Klaas Knot emphasised the likelihood of a June European Central Bank (ECB) rate cut and the critical need for deeper capital market integration to unlock the full potential of Europe's single market. Speaking at a high-level forum in Amsterdam hosted by the Foreign Bankers Association, where Federal Reserve Chair Jerome Powell was also featured, Knot indicated that Frankfurt is prepared to "gradually take its foot off the brake" based on supportive economic data. "If the incoming data confirms the current trends, it would be appropriate to start reducing restrictio...
Euronews (English)
For the second day in a row, the shares of US video game retailer GameStop Corp and movie theatre chain AMC Entertainment Holdings Inc have seen their prices soaring by more than 70% - and the reason is a single social media post. This is what market experts call a "meme rally", involving retail market traders flocking into "meme stocks", buying up the shares of companies with cult-like social media followers. They hit the 'buy' button based on sympathy or trends on social media, rather than profit, income or any other indicator of how the investment is about to perform. Following a relatively...
Euronews (English)
Shares in German reinsurance giant Munich Re rose on Wednesday after the company announced its first-quarter (Q1) 2024 results, clocking in a net profit of €2.14 billion, which was almost a 70% jump from the €1.2 billion seen in Q1 2023. This was mainly due to major-loss expenditure being less than anticipated, as well as a robust operational performance across the board - and investments yielding high returns. Insurance revenue from insurance contracts also increased to €15.1 billion in Q1 2024 from €14.2 billion in the first quarter of 2023. This was mainly due to the reinsurance sector seei...
Euronews (English)
European stocks are poised for a mixed close with the Euro Stoxx 600 and the DAX facing pressure, while the FTSE 100 is higher for the week. Meanwhile, Wall Street has witnessed a volatile week amidst the Federal Reserve meeting and the quarterly results of major tech companies. Asia stands out as the top performer, notably the Chinese stock markets. EuropeOver a five-day trading period, the FTSE 100 rose by 0.4%, whereas the Euro Stoxx 600 saw a decline of 0.5%, and the DAX slipped by 1.4% The stock markets in the eurozone experienced pressure attributed to underperformance in several major s...
Euronews (English)
New York (AFP) - London's stock market bucked the trend in reaching another record high on Thursday, but Wall Street and eurozone equities fell as tech shares sank after Meta signaled an AI spending spree and data showed slower US economic growth. The US growth figures surprised analysts who have been reassured by robust US labor and retail sales data, prompting a resumption of selling that has taken hold of the market in April. US gross domestic product grew 1.6 percent in the first quarter, much slower than anticipated as consumer spending and exports decelerated. "The GDP miss likely took i...
AFP
On a big week for banks with numerous lenders posting financial results, BNP Paribas updated investors too on Thursday with its latest first-quarter earnings, which beat analyst estimates. BNP Paribas said net income for Q1 was down 2.% to €3.1 billion. However, it was well ahead of the €2.48 billion that analysts polled by Bloomberg had expected. The bank said this was helped by lower than expected provisions and a decline in expenses. Overall revenue, meanwhile, fell 0.4% to €12.5 billion but topped the €12.2 billion expected by the market. BNP Paribas bids farewell to EgyptBNP Paribas caugh...
Euronews (English)
Equities were mixed Thursday as investors turned cautious after the past three days' sizeable gains, with Meta's warning that it will spend far more than expected this year fuelling worries that the latest tech-led rally may have gone too far. Traders also kept an eye on Japan as the yen wallowed at a fresh three-decade low above 155 per dollar, a level many observers saw as likely to see authorities intervene in currency markets. They were preparing for the release of key US inflation data Friday that could have a bearing on the Federal Reserve's plans for cutting interest rates ahead of its ...
IBTimes
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