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Wall Street closes lower as the Fed pounds rate hike drum

Oil prices add to inflation woes post-OPEC + output cut US weekly jobless claims increase more than expected Indexes fall: Dow down 1.15%, S&P 1.02%, Nasdaq 0.68% Oct 6 (Reuters) – Wall Street’s major indexes closed lower on Thursday as concerns mounted ahead of closely watched monthly nonfarm payrolls numbers due on Friday that the …

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OPEC + oil output cut ahead of winter fans inflation concerns

SINGAPORE, Oct 6 (Reuters) – Global oil supply is set to tighten, intensifying concerns over soaring inflation after the OPEC + group of nations announced its largest supply cut since 2020 ahead of European Union embargoes on Russian energy. The move has widened a diplomatic rift between the Saudi-backed bloc and Western nations, which worry …

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UK business activity slides in September by most since early 2021

UK composite PMI falls to 49.1 in Sept (Prev: 49.6) Consumer confidence rocked by cost-of-living crisis UK private car registrations down 3.6% New British PM has had difficult start in office LONDON, Oct 5 (Reuters) – Britain’s private-sector economy last month suffered the sharpest contraction in activity since a COVID lockdown early last year, underlining …

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OPEC + agrees deep oil production cuts, Biden calls it shortsighted

OPEC + to cut output by 2 mln bpd Real cuts estimated at 1 mln bpd due to under-production Biden criticises decision, calls it shortsighted Saudi says West’s criticism driven by wealth arrogance Saudi says cuts necessary due to rising interest rates VIENNA / LONDON, Oct 5 (Reuters) – OPEC + agreed steep oil production …

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US labor market starts to cool; job openings post biggest drop in nearly 2-1 / 2 years

Job openings fall 1.1 million to 10.053 mln in August Healthcare, retail trade lead decline in vacancies Quits, layoffs, hiring increase moderately WASHINGTON, Oct 4 (Reuters) – US job openings fell by the most in nearly 2-1 / 2 years in August, suggesting that the labor market was starting to cool as the economy grapples …

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Dollar slips on euro as lower US yields give markets a breather

LONDON, Oct 4 (Reuters) – The dollar slid on Tuesday, as US Treasury yields paused in a relentless climb higher, providing brief relief to share markets and helping the euro in particular move further off multi-year lows. The Australian dollar was also in focus, sinking after the nation’s central bank surprised markets with a smaller-than-expected …

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Stocks, sterling rally after UK’s tax climbdown injects some confidence

Britain scraps small part of tax plan; markets relieved Reserve Bank of Australia surprises with a small hike High VIX points to more volatility LONDON / SYDNEY, Oct 4 (Reuters) – Global stocks climbed for a second day on Tuesday, after Britain’s decision to ditch part of a controversial tax-cut plan and slightly paler expectations …

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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 …

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UK’s Truss makes U-turn on tax after week of market turmoil

Truss had defended the policy on Sunday Kwarteng now says it was a distraction U-turn made with ‘humility and contrition’ – Kwarteng Cut in highest tax rate was small part of overall plan Markets concerned about how plan was to be financed BIRMINGHAM, England, Oct 3 (Reuters) – British Prime Minister Liz Truss was forced …

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