Turkey inflation hits new 24-year high of 83% after rate cuts

ISTANBUL, Oct 3 (Reuters) – Turkish annual inflation climbed to a new 24-year high of 83.45% in September, data showed on Monday, still lower than forecast, after the central bank surprised markets by cutting rates twice in the last two months . Despite soaring prices, the central bank was expected to cut its policy rate … 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

Pound jumps on UK tax cut reversal, oil swings higher

TOKYO, Oct 3 (Reuters) – Oil jumped on Monday as OPEC+ considered reducing output at its meeting later this week while the pound swung higher after the UK government said it would reverse a controversial tax cut that had roiled British markets. Asian stocks mostly fell in holiday-thinned trade although Japanese markets found support on … Read more

Tencent shifts focus to majority deals, overseas gaming assets for growth

HONG KONG, Oct 1 (Reuters) – Tencent is resetting its M&A strategy to put more focus on buying majority stakes mainly in overseas gaming companies, as the tech giant eyes global expansion to offset slowing growth at home in China, people with direct knowledge of the matter said. Tencent Holding Ltd (0700.HK) has for years … Read more

Analysis: Under water: how the Bank of England threw markets a lifeline

Bank of England bought bonds after pension fund pleas Some UK pension funds faced problematic margin calls BoE support seen as giving window to build collateral British government’s unfunded tax plan spooked markets LONDON/NEW YORK, Oct 2 (Reuters) – Calls to the Bank of England saying some British pension funds were struggling to meet margin … Read more

Wall St posts third straight quarterly loss as inflation weighs, recession looms

S&P 500 notches largest September percentage drop in 20 years All three major US stock indexes post three-quarter slumps Core inflation data hotter than expected Indexes down: Dow 1.71%, S&P 1.51%, Nasdaq 1.51% NEW YORK, Sept 30 (Reuters) – The S&P 500 closed the books on its steepest September decline in two decades on Friday, … Read more

UK pension funds ask corporates for cash after applicable blow-up sources

LONDON, Sept 30 (Reuters) – British pension funds with big losses in gilt market derivatives have sought emergency funds from the companies they manage money for as they race to dump assets to raise cash, industry sources said on Friday. Many pension funds were caught out during the surge in bond yields this week that … Read more

Elon Musk set to showcase Tesla’s humanoid robot after delay

SAN FRANCISCO, Sept 30 (Reuters) – Tesla (TSLA.O) CEO Elon Musk has said a robot business will be worth more than its cars, and on Friday investors, customers and potential workers expect to see a prototype at Tesla’s “AI Day ” that could prove whether the bot named “Optimus” is ready for work. The robot … Read more

Barclays hit by $361 million US penalty for ‘staggering’ blunder

Sept 30 (Reuters) – British lender Barclays (BARC.L) agreed a $361 million penalty with US regulators on Thursday for “staggering” failures that led it to oversell $17.7 billion of structured products, racking up further costs for an error that has blighted CEO CS Venkatakrishnan’s first year in charge. Barclays shares rose 2% in early trading … Read more

Explainer: How a massive options trade by a JP Morgan fund can move markets

NEW YORK, Sept 29 (Reuters) – A nearly $16 billion JP Morgan fund is expected to reset its options positions on Friday, potentially adding to equity volatility at the end of a gloomy quarter for stocks. Analysts have in the past pointed to the JPMorgan Hedged Equity Fund’s quarterly reset roiling markets, and see it … Read more