MARKETS - Page 25

World shares rose, and the dollar and bond market borrowing costs held steady on Thursday ahead of U.S. inflation data and European Central Bank meeting minutes that will add to the hotly-contested debate on where interest rates are heading. Inflation readings due in the United States on Friday are expected to come in below expectations, which would help lower investors’ expectations of future rate hikes from the Federal Reserve. Investors’ bets are now at least 90% that the Fed will

After being stung by Russia sanctions, big banks in Britain are assessing their China risks to prepare for any future escalation of Western penalties against Beijing. The banks are examining how to mitigate exposure to sanctions by adjusting risk-management systems, looking at potential collateral consequences, and assessing ways to avoid being cut off from global trade finance markets. The work is prompted by the heightened tensions between Beijing and the West over Taiwan, which Beijing claims as its own, growing

Oil prices slipped on Tuesday after rallying more than 4% in the previous session, as investors took profits and watched for potential supply disruptions amid military clashes between Israel and the Palestinian Islamist group Hamas. But market participants were also wary of the implications for global growth and inflation, which have been a critical driver of the months-long oil price surge. Central banks in the United States and Europe have boosted interest rates to control inflation, driving consumer prices. A

Global stocks snapped higher on Tuesday, in line with a retreat in bond yields that sucked money from perceived safe-haven assets. But tensions in the Middle East kept investors on edge. Investors were also eyeing a speech by Federal Reserve Chair Jerome Powell later in the day at an annual conference in Jackson Hole, Wyoming, that’s often used as a forum to signal policy changes. Hopes have been growing that the Fed may be nearing an end to its bond-purchasing

The International Monetary Fund said Tuesday that the global economy is limping but still well below pre-pandemic projections. The Fund cut its growth forecast for China and the euro area but left the U.S. outlook unchanged. IMF chief economist Pierre-Olivier Gourinchas addressed reporters ahead of the annual meetings of the IMF and World Bank, taking place this week in Marrakech, Morocco. He noted that “many of the headwinds” from a resurgent global economy have dissipated since its spring meeting, with

On Monday, the Bank of Israel said it will sell up to $30 billion of foreign currency in the open market, in the central bank’s first-ever sale of foreign exchange, to maintain stability during Israel’s war with Palestinian militants in Gaza. The move quickly calmed the market as the shekel recovered from steep early losses. The shekel had fallen to a seven-year low against the dollar before the central bank’s announcement. The Bank of Israel said it will continue to

Bristol Myers Squibb said on Sunday it will acquire cancer drugmaker Mirati Therapeutics (MRTX.O) in an up to $5.8 billion deal that diversifies its oncology business and adds drugs it hopes can help offset expected lost revenue from patent expirations later this decade. The Deal is a sign of the growing urgency among pharmaceutical companies to find new ways to treat diseases affecting tens of millions worldwide. Mirati is working on designing and delivering cancer treatments that target the genetic

Beijing hopes to boost the country’s aggregate computing power by more than 50% by 2025 as it tightens its focus on supercomputing and artificial intelligence innovations. Its aims come amid rising competition between China and the U.S. in high-tech areas ranging from semiconductors and supercomputers to AI, including U.S. export controls on chipmaking equipment. Chinese authorities believe they have already closed the gap in AI R&D with the United States, which currently holds a dominant global position. The government and

On Tuesday, a New Jersey appeals court threw out a $223.8 million verdict against Johnson & Johnson (JNJ.N) that a jury had awarded to four plaintiffs who claimed they developed cancer from being exposed to asbestos in the company’s talcum powder products. The Superior Court of New Jersey, Appellate Division, found that a lower court judge should not have allowed some of the scientific expert testimony the plaintiffs presented to jurors at trial. The judges said the trial court did

Singapore Telecommunications said on Monday it agreed to sell its stake in cyber security business Trustwave for $205 million. Southeast Asia’s largest telecom firm began a strategic review of its 98% interest in Trustwave in 2021 after buying it for $770 million in 2015. The divestment comes after SingTel incurred an impairment charge of around S$336 million on the Chicago-based company in the second half of this year. The charge was mainly due to impairment of assets and goodwill at