Mexico to Provide 40,000 Jobs to Migrants
2019-06-28 18:19:59 UTC
MEXICO CITY (Reuters) - Mexico is finalizing a deal to provide 40,000 factory jobs to migrants in northern states, President Andres Manuel Lopez Obrador said Friday, addressing a key need for the thousands waiting in Mexico as their U.S. asylum cases are decided.
Speaking at his daily press conference, Lopez Obrador said he expected an agreement with factories to be signed next week.
“This agreement is going to be signed, there will be no legal problem,” he said. “We are arranging this so that they can be hired without much processing.”
Mexico’s border states have been inundated with migrants who must often wait weeks to seek U.S....
Euro Hits Three-Month High Against US Dollar
2019-06-24 04:00:44 UTC
TOKYO (Reuters) - The euro rose to a three-month high against the dollar on Monday, as bearish bets on the U.S. currency remained solid on prospects of a near-term interest rate cut by the Federal Reserve.
The euro stretched its rally last week, up 1.4%, and advanced about 0.15% to $1.1386 in early Asian trade, its highest since March 22.
The dollar index versus a basket of six major currencies was a shade lower at 96.135, having struck 96.093 on Friday, its lowest since March 21, after the Fed last week opened the door for a potential rate cut as early as next month.
That weighed on the dollar and in turn reinvigorated its counte...
US Weekly Jobless Claims Rise; Imported Inflation Weak
2019-06-13 18:19:18 UTC
WASHINGTON (Reuters) - The number of Americans filing applications for unemployment benefits unexpectedly rose last week, which could add to concerns that the labor market was losing steam after job growth slowed sharply in May.
Other data on Thursday showed import prices fell by the most in five months in May amid a broad decline in the cost of goods, the latest indication of muted inflation pressures. The import deflation supports expectations that the Federal Reserve will cut interest rates this year.
U.S. central bank policymakers are scheduled to meet on June 18-19 against the backdrop of rising trade tensions. Financial markets...
US Economic Growth Continues to Slow
2019-06-07 16:37:19 UTC
NEW YORK (Reuters) - The U.S. economy is growing at a 1.4% annualized rate in the second quarter based on data that showed a weaker-than-forecast payrolls growth in May, the Atlanta Federal Reserve’s GDPNow forecast model showed on Friday.
This was a tad slower than the 1.5% pace estimated by Atlanta Fed’s GDP program on Thursday.
US HIRING SLOWS
WASHINGTON (AP) — U.S. hiring stumbled in May as employers added just 75,000 jobs, a sign that businesses have become more cautious in the face of weaker global growth and widening trade conflicts.
Last month’s modest job gain followed a much healthier increase of 224,000 in Apr...
Asia Shares Hit 4-Month Low on Risk of Endless Trade War
2019-05-23 05:34:55 UTC
SYDNEY (Reuters) - Asian shares broke support and caved to a four-month low on Thursday, as concerns grew that the Sino-U.S. trade conflict was fast morphing into a prolonged technology cold war between the world’s two largest economies.
Late Wednesday, Reuters reported the U.S. administration was considering Huawei-like sanctions on Chinese video surveillance firm Hikvision over the country’s treatment of its Uighur Muslim minority, according to a person briefed on the matter.
After the United States placed Huawei Technologies on a trade blacklist last week, British chip designer ARM has halted relations with Huawei in order to comp...
Oil Prices Continue to Rise Amid OPEC-Led Supply Cuts
2019-04-02 21:38:57 UTC
NEW YORK (Reuters) - Oil prices on Tuesday hit their highest level so far in 2019, with Brent crude approaching $70 a barrel, on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut.
Brent futures reached a session peak at $69.52 a barrel, the highest since Nov. 13. The global benchmark rose 36 cents, or 0.52 percent, to settle at $69.37 a barrel.
U.S. West Texas Intermediate (WTI) crude rose 99 cents, or 1.61 percent, to settle at $62.58 a barrel, after touching $62.75, its highest level since Nov. 7.
The United States is considering more sanctions against Iran, the ...
Wall Street Bogged Down by Global Growth Worries
2019-03-27 17:53:13 UTC
(Reuters) - Fears of a global economic slowdown weighed on Wall Street’s main indexes on Wednesday, and along with a prolonged inversion in the U.S. yield curve kept investors at bay.
Apple Inc was a bright spot, rising 1.23 percent after three straight days of losses.
The benchmark 10-year Treasury yields slid on Wednesday, but came off 15-month lows reached overnight as investors remained focused on central bank dovishness globally. The inversion, if it persists, could indicate that a recession is likely in one to two years. [US/]
U.S. stocks have been hit by worries of slowing global economic growth since last week following do...
UK can remain in EU single market until end of 2020
2018-10-25 19:02:53 UTC
BERLIN (Reuters) - The European Commission has offered to allow Britain to remain in the EU customs union and internal market beyond an agreed transitional arrangement until the end of December 2020, the Frankfurter Allgemeine Zeitung reported on Tuesday.
“In a goodwill gesture to Britain, the commission has raised the possibility of extending the transitional period,” the newspaper reported, citing a German government document. It did not say what the new date was.
<hr><i>Reporting by Joseph Nasr; Editing by Alison Williams</i><hr>
<h2>European lawmakers vote to ban single-use plastics</h2>
European lawmakers have approved measu...
Brexit: The Irish border has become a sticking point
2018-10-15 16:25:14 UTC
LUXEMBOURG (AP) — Britain and the European were still both refusing to blink Monday over the question of the Irish border in Brexit talks — only two days ahead of a summit once seen as the moment when they would have to reach deal on Britain’s divorce from the bloc.
A flurry of diplomatic meetings over the weekend had raised hopes for a Brexit agreement, but they were derailed by the issue that has dogged the talks for months — how to ensure that no hard border is created between the EU’s Ireland and Britain’s Northern Ireland once Brexit happens on March 29.
The EU has proposed a “backstop” solution that would keep Northern Ireland ...
US Stock Markets In A Free Fall
2018-10-11 21:54:02 UTC
NEW YORK — The Dow Jones Industrial Average and the S&P 500 fell sharply again Thursday after both indexes on Wednesday logged their largest losses on a percentage basis since Feb. 8.
The S&P 500 has closed lower for five straight days. The Nasdaq declined on Thursday, a day after the tech-heavy index had its biggest percentage drop since June 2016.
Stocks in Asia closed sharply lower on Thursday following the selloff on Wall Street. Tokyo's Nikkei 225 declined 3.9%, and the Shanghai Composite index sank 5.2%. Banks and health care companies are taking some of the worst losses while technology companies are slightly h...
Wall Street faces worst day since February
2018-10-11 21:53:35 UTC
NEW YORK (Reuters) - Stocks on major world markets slid to a three-month low on Wednesday, with the benchmark S&P500 stock index falling more than 3.0 percent, its biggest one-day fall since February.
Technology shares tumbled on fears of slowing demand, while bond yields ended lower after seeing multi-year highs earlier this week.
Major equity indexes in Europe fell more than 1.0 percent, also pulled down by technology shares, and gold prices inched up as some investors sought refuge in the metal.
“The S&P 500 is looking very weak and negative and that is putting fear into investors,” said Michael Matousek, head trader at U.S. Gl...
UK Brexit-negotiator is struggling to make headway
2018-08-29 15:36:40 UTC
LONDON (Reuters) - Financial centers outside the European Union would be the benefactors if the European Union sought to punish the City of London as Britain leaves the bloc, Brexit minister Dominic Raab said on Wednesday.
Raab told a parliamentary committee he did not believe the EU would try to punish the London’s financial sector, but that if they did, “I think the only winners would be the other financial centers in the top 10 like Tokyo and New York.”
<blockquote><h3>UK could hold back EU payments without Brexit deal</h3>
Britain could choose to withhold some payments to the European Union if a deal to ease its exit from the bl...
Germany: When U.S. 'Crosses the Line' Europe Must Act
2018-08-22 19:01:39 UTC
BERLIN — In a long column on how Europe should respond to U.S. policy under President Donald Trump, German foreign minister, Heiko Maas, a member of Merkel’s junior Social Democrat coalition partners, called for the creation of a “balanced partnership” with the US in which the Europeans filled the gaps left where the US withdrew from the world. Europe must, he said, “form a counterweight when the US crosses red lines”.
He also suggested that Europe needed its own system for cross-border payments to conduct trade with Iran in the face of U.S. sanctions.
European powers are scrambling to ensure Iran continues to get the economic benefi...
China slaps additional tariffs of 25 percent on $16 billion US imports
2018-08-08 17:44:20 UTC
BEIJING/WASHINGTON (Reuters) - China is slapping additional tariffs of 25 percent on $16 billion worth of U.S. imports from fuel and steel products to autos and medical equipment, the Chinese commerce ministry said, as the world’s largest economies escalated their trade dispute.
The tariffs will be activated on Aug. 23, the ministry said, the same day that the United States plans to begin collecting 25 percent extra in tariffs on $16 billion of Chinese goods.
The United States published its final list of goods subject to the new tariffs on Tuesday.
China’s final list announced on Wednesday differs from an earlier draft it publishe...
Apple became the first $1 trillion listed US company
2018-08-02 18:06:54 UTC
SAN FRANCISCO (Reuters) - Apple became the first $1 trillion publicly listed U.S. company on Thursday, crowning a decade-long rise fueled by its ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications.
The tech company’s stock jumped 2.8 percent to as high as $207.05, bringing its gain to about 9 percent since Tuesday when its reported June-quarter results above expectations and said it bought back $20 billion of its own shares.
Started in the garage of co-founder Steve Jobs in 1976, Apple has pushed its revenue beyond the economic outputs of P...
Plunge in Facebook shares rattled Amazon options market
2018-07-26 18:56:45 UTC
SAN FRANCISCO/NEW YORK (Reuters) - A plunge in Facebook Inc shares rattled the Amazon.com Inc options market on Thursday, with the social network’s fellow FAANG company due to report quarterly results later in the day.
Facebook on Wednesday warned about a margin hit as revenue growth slows and user privacy costs climb, and its 20 percent share drop heightened focus on the online retailer, already a closely watched stock.
Amazon was the second-biggest decliner in the so-called FAANG group of high-flying tech companies, but Facebook’s second-quarter earnings also cast a pall on shares of Apple Inc, Netflix Inc and Google parent Alphabe...
Hostile rhetoric between Trump and Tehran escalating
2018-07-23 16:27:09 UTC
Hostile rhetoric between Washington and Tehran escalated on Sunday after a tit-for-tat between Trump and his Iranian counterpart, Hassan Rouhani.
U.S. President Donald Trump told Iran it risked dire consequences “the like of which few throughout history have suffered before” if the Islamic Republic made more threats against the United States.
His words, spelled out in capital letters in a late night Twitter message, came hours after Iranian President Hassan Rouhani told Trump that hostile policies toward Tehran could lead to “the mother of all wars.”
Despite the heightened rhetoric, both sides have reasons to want to avoid st...
Germany and China standing together against US protectionism
2018-07-09 21:02:43 UTC
BERLIN (Reuters) - Germany and China signed a raft of commercial accords worth some 20 billion euros ($23.5 billion) on Monday, with their leaders reiterating commitments to a multilateral global trade order despite a looming trade war with the United States.
The deals, involving German industrial giants including Siemens, Volkswagen and BASF, come with the two leading exporting powerhouses being forced into an unlikely alliance in defense of the open global trade on which both their economies depend.
Speaking at a news conference alongside Chinese Premier Li Keqiang, Chancellor Angela Merkel said: “We both want to sustain the system...
Poll: 70 percent of Canadians boycott U.S. products
2018-06-16 07:43:47 UTC
OTTAWA (Reuters) - Seventy percent of Canadians say they will start looking for ways to avoid buying U.S.-made goods in a threat to ratchet up a trade dispute between Prime Minister Justin Trudeau and U.S. President Donald Trump, an Ipsos Poll showed on Friday.
The poll also found a majority of Americans and Canadians are united in support of Trudeau and opposition to Trump in their countries’ stand-off over the renegotiation of the 1994 North American Free Trade Agreement (NAFTA).
Amid the spat, Trump pulled out of a joint communique with six other countries last weekend during a Quebec summit meeting of the Group of Seven rich nati...
United States completely isolated itself at G7 meeting
2018-06-01 19:03:28 UTC
WASHINGTON/WHISTLER, British Columbia (Reuters) — U.S. isolated at G7 meeting as tariffs prompt retaliation.
At a meeting of the Group of Seven top world economic powers in Canada, France’s Finance Minister Bruno Le Maire castigated the United States for its tariffs, saying Washington was isolated.
“Unfortunately we are going to have a G6 plus one with the United States alone against everyone and running the risk of economic destabilization,” Le Maire told reporters in Whistler, British Columbia.
US president Donald Trump told Canada and the European Union on Friday to do more to bring down their trade surpluses, a day after hitti...
EU, Canada, Mexico announce retaliatory measures against US products
2018-06-01 00:35:36 UTC
WASHINGTON/PARIS (Reuters) - Canada and Mexico retaliated against the United State’s decision on Thursday to impose tariffs on steel and aluminum imports and the European Union had its own reprisals ready to go, reigniting investor fears of a global trade war.
The tariffs, announced by U.S. Commerce Secretary Wilbur Ross in a telephone briefing on Thursday, ended months of uncertainty about potential exemptions and suggested a hardening of the Trump administration’s approach to trade negotiations.
The measures, touted by President Donald Trump in March, drew condemnation from Republican lawmakers and the country’s main business lobby...
Wall Street stocks: Dow Jones falls nearly 400 points
2018-05-29 21:41:34 UTC
NEW YORK (Reuters) - A spiraling Italian political crisis provoked a global stock market sell-off on Tuesday, cut the euro to a 10-month low and spiked borrowing costs for the government in Rome.
Investors fear that repeat elections - which now seem likely in the euro zone’s third-largest economy as soon as July - may become a de-facto referendum on Italian membership of the currency bloc and the country’s role in the European Union.
Safe-haven U.S. Treasury bonds and German bunds rallied, as did the Japanese yen, the U.S. dollar and gold by midday in the U.S. trading day. Oil sank further from the near-four-year highs set earlier in...
EU and Mexico reached agreement on free trade deal
2018-04-22 17:58:44 UTC
BRUSSELS (Reuters) - German Chancellor Angela Merkel on Sunday welcomed an agreement reached between the European Union and Mexico on a new free trade deal, a coup for both parties in the face of increased protectionism from the United States under President Donald Trump, saying it would benefit Mexico, Europe and Germany.
“The technical work should take place quickly now but it’s really good news for Europe, for Germany and for Mexico,” Merkel said at the opening ceremony of the Hanover trade fair which was also attended by Mexican President Enrique Pena Nieto.
Since its plans for a trade alliance with the United States were frozen...
China asks EU to stand together against US protectionism
2018-04-17 17:12:37 UTC
BEIJING/BRUSSELS (Reuters) - China’s international trade representative held a series of meetings with the ambassadors from major European nations last week to ask them to stand together with Beijing against U.S. protectionism, according to four sources familiar with the discussions.
Some of the western diplomats involved in the meetings with Fu Ziying, who is also a vice-commerce minister, have viewed the approaches as a sign of how anxious Beijing is getting about the expanding conflict with Washington, the sources said.
U.S. President Donald Trump has threatened to impose tariffs on $150 billion in Chinese imports to the U.S. to p...
Trade Conflict Fears To Keep Markets On Edge
2018-03-30 08:50:53 UTC
BRUSSELS (Reuters) - A full-scale global trade war has not broken out yet - but that hasn’t stopped the market from fretting about one or analysts from warning about the potential cost.
Whether such concerns remain a driving force for asset prices in the coming days depends largely on decisions, tweets and formal announcements from Washington and Beijing, but it seems certain that the uncertainty has at least another month to run.
South Korea has cut a deal with the United States, agreeing to reduce its steel exports to avoid tariffs. The European Union, Canada, Mexico, Brazil, Australia and Argentina face a May 1 deadline to reach e...