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Wall Street slides in broad-based selloff on recession worries

Meta drops on report of EU concern over targeted ads Indexes down: Dow 0.92%, S&P 1.26%, Nasdaq 1.63% Dec 6 (Reuters) – Wall Street’s main indexes slid on Tuesday, led by declines in Meta Platforms and other technology stocks as investors worried about a longer rate-hike cycle despite warnings of a potential recession next year. …

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Canada’s deep yield curve inversion adds to BoC rate hike dilemma

TORONTO, Dec 4 (Reuters) – As the Bank of Canada considers ditching oversized interest rate hikes, it is dealing with an economy likely more overheated than previously thought but also the bond market’s clearest signal yet that recession and lower inflation lie ahead. Canada’s central bank says that the economy needs to slow from overheated …

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Urals oil discount widens as freight rates for Russian oil jump – traders, Reuters calculations

MOSCOW, Dec 2 (Reuters) – Russian Urals oil’s discount to dated Brent have widened significantly, under pressure from record high freight rates for tankers carrying Russian oil and sending sellers’ revenues well below an agreed EU price cap, two traders said on Friday and Reuters calculations showed. EU governments on Friday agreed to a price …

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Mexico, US plan pitch by early 2023 to lure firms from abroad

MEXICO CITY, Dec 2 (Reuters) – Mexican Economy Minister Raquel Buenrostro and US Secretary of Commerce Gina Raimondo on Friday agreed to set out a plan by early 2023 for the relocation of companies from Asia to North America, Mexico’s government said. On her first visit to Washington since taking office in October, Buenrostro has …

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World Bank chief says poorest countries owe $62 bln on bilateral debt

WASHINGTON, Dec 1 (Reuters) – The world’s poorest countries now owe $62 billion in annual debt service to official bilateral creditors, an increase of 35% over the past year, World Bank President David Malpass said on Thursday, warning that the increased burden is increasing the risk of defaults. Malpass told the Reuters NEXT conference in …

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Cuba says its allies have pledged help to end its economic crisis

HAVANA, Nov 30 (Reuters) – China, Russia, Algeria and Turkey have pledged to restructure Cuba’s debt, provide new trade and investment financing, and help ease an energy crisis, Cuban President Miguel Diaz-Canel told state-run media following a rare trip abroad last week. Any help would be a blessing for crisis-racked Cuba. The Communist-run country has …

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Brazil’s transition team asks Petrobras CEO to suspend company’s divestment plan

RIO DE JANEIRO, Nov 28 (Reuters) – Brazil’s government-elected transition team asked state-run oil company Petrobras’ (PETR4.SA) Chief Executive, Caio Mario Paes de Andrade, to suspend the company’s divestment plan so they have time to decide which asset sales would go ahead in the coming years, transition team member Mauricio Tolmasquim told Reuters on Monday. …

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Global oil market signals short-term weakness ahead of EU ban on Russian oil

NEW YORK, Nov 28 (Reuters) – The global oil market is signaling a potential shift, as traders and analysts worry about reduced crude demand and an oversupplied market in the coming months. After months of strength, crude futures are flirting with lows not seen all year as top oil consumer China enters additional COVID-19 lockdowns …

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