Banks financing Musk’s Twitter deal face hefty losses

Oct 5 (Reuters) – Elon Musk’s U-turn on buying Twitter Inc (TWTR.N) could not have come at a worse time for the banks funding a large portion of the $44 billion deal and they could be facing significant losses. As in any large acquisition, banks would look to sell the debt to get it off … Read more

Britain’s tax backdown bounces stocks and sterling

Britain scraps small part of tax plan; markets relieved Reserve Bank of Australia surprises with a small hike High VIX; Credit Suisse stock slide point to nerves beneath SYDNEY, Oct 4 (Reuters) – Asian stocks bounced on Tuesday after Britain scrapped bits of a controversial tax cut plan, tentatively improving global market sentiment and rallying … Read more

Markets cheer Bolsonaro’s strong showing in Brazil vote

SAO PAULO, Oct 3 (Reuters) – Stronger-than-expected support for President Jair Bolsonaro in the first round of Brazil’s presidential election was cheered by financial markets on Monday, as the race went to an Oct. 30 runoff. Brazil’s real was up around 3% against the dollar, while Brazil’s Bovespa index (.BVSP) rose 3%. Bolsonaro’s leftist challenger, … Read more

Credit Suisse shares slip despite moves to soothe investor concerns

Credit Suisse caught in market turbulence ahead of revamp Shares fell as much as 10% in early trading on Monday Bank’s euro-denominated bonds reach record lows Swiss bank says its capital, liquidity are strong ZURICH, Oct 3 (Reuters) – Credit Suisse (CSGN.S) shares slid by as much as 10% on Monday, reflecting market concerns ahead … Read more

Q4 off to shaky start as stocks stumble, but oil jumps

LONDON, Oct 3 (Reuters) – The final quarter of the year got off to a shaky start on Monday, with world stocks languishing at their lowest levels since late 2020 – when the global economy was still reeling from the COVID-19 pandemic. Oil prices jumped more than 4% as the Organization of the Petroleum Exporting … Read more

UK’s Truss tries to reassure on economic plan

Defends economic plan, saying it is right Also tries to reassure Says Kwarteng made decision on high tax rate BIRMINGHAM, England, Oct 2 (Reuters) – British Prime Minister Liz Truss tried to reassure her party and the public on Sunday by saying she should have done more to “lay the ground” for an economic plan … Read more

S&P cuts UK rating outlook after tax cut plan

LONDON, Sept 30 (Reuters) – Ratings agency Standard & Poor’s cut the outlook for its AA credit rating for British sovereign debt on Friday to “negative” from “stable” as it judged Prime Minister Liz Truss’s tax cut plans would cause debt to keep rising. Finance minister Kwasi Kwarteng announced around 45 billion pounds ($50 billion) … Read more

Biden administration changes student loan guidance, as Republican-led states file lawsuit

WASHINGTON, Sept 29 (Reuters) – The Biden administration changed its guidance on who qualifies for federal student loan forgiveness on Thursday, as seven Republican-led states filed a challenge to its student debt cancellation program. President Joe Biden said in August that the US government will forgive $10,000 in student loans for millions of debt-saddled former … Read more

UK’s Truss sticks to policy plan as she breaks silence after market rout

Truss says will not change course on UK policy Bond markets calm after BoE intervention Investors warn of loss of faith in government LONDON, Sept 29 (Reuters) – British Prime Minister Liz Truss said she would stick to her controversial plan to reignite economic growth as she broke her silence on Thursday following nearly a … Read more

Bank of England moves to calm bond market rout after tax cut storm

BoE buying starts bonds, delays gilt sales IMF does ‘not recommend’ policies like UK growth plan Fin min Kwarteng and PM Truss under fire for policy Pound trading down 0.7% to $1,065 Kwarteng meets banking bosses again LONDON, Sept 28 (Reuters) – The Bank of England sought to quell the fire-storm in Britain’s bond markets, … Read more