Spain, Morocco seek reset of testy relationship at Rabat summit

Spain, Morocco hold first summit in eight years Relations long strained by illegal migration issue Expected to sign up to 20 agreements on trade, investment RABAT, Feb 2 (Reuters) – Spain and Morocco have agreed to set aside their differences, Spanish Prime Minister Pedro Sanchez said on Thursday, as they seek to repair a relationship … Read more

US weekly jobless claims drop to nine-month low; productivity gains speed

Weekly jobless claims drop 3,000 to 183,000 Continuing claims decrease 11,000 to 1,655 million Productivity accelerates at a 3.0% rate in the fourth quarter Unit labor costs grow at 1.1% pace WASHINGTON, Feb 2 (Reuters) – The number of Americans filing new claims for unemployment benefits dropped to a nine-month low last week as the … Read more

Wall Street down but off session lows after Fed rate hike, trading choppy

Fed raises interest rates, sees “ongoing increases” Indexes down: Dow 0.96%, S&P 0.40%, Nasdaq 0.03% Feb 1 (Reuters) – US stock indexes were lower on Wednesday in choppy trade, bouncing off session lows hit when the Federal Reserve increased interest rates by a quarter of a percentage point and said it expects “ongoing increases” in … Read more

UK’s teachers and civil servants join mass strike on ‘Walkout Wednesday’

Up to 500,000 people expected to join UK strikes Government says big pay rises will fuel inflation Schools shut, most trains not running More strikes involving health workers due next week LONDON, Feb 1 (Reuters) – Up to half a million British teachers, civil servants, and train drivers walked out over pay in the largest … Read more

India ramps up spending in last budget ahead of election

NEW DELHI, Feb 1 (Reuters) – India’s government on Wednesday unveiled a $550 billion budget for the next fiscal year that starts on April 1, with a plan for record capital spending while reining in the fiscal deficit. Prime Minister Narendra Modi’s party, which faces elections in key states this year and a national vote … Read more

End of easy-cash era is going to hurt

LONDON, Feb 1 (Reuters) – The end of the easy-cash era is over and its impact has yet to be felt on world markets, hopeful that the pain of aggressive rate hikes and high inflation has passed. US and UK central banks are unwinding stimulus further by offloading bonds they hold, and the European Central … Read more

Rupee poised to inch up on fall in US yields; budget, Fed outcome eyed

MUMBAI, Feb 1 (Reuters) – The Indian rupee is likely to open higher versus the dollar on Wednesday, helped by the decline in Treasury yields following weak US economic data. The rupee is expected to open at around 81.75-81.80 per US dollar, compared with 81.92 in the previous session. The local currency posted its worst … Read more

Stocks firm, dollar on edge ahead of Fed decision

US wage growth moderates, Wall Street rallies MSCI AxJ index up 0.6%; dollar flat All eyes on 1900 GMT Fed announcement SINGAPORE, Feb 1 (Reuters) – Asia’s stock markets steadied on Wednesday, with signs of a slowdown in US wages bolstering hopes that the Federal Reserve could hint at an end to interest rate hikes … Read more

Irish manufacturing ekes out growth in Jan as confidence builds – PMI

DUBLIN, Feb 1 (Reuters) – Irish manufacturing activity showed growth in January after two months of contraction, boosting confidence in the sector as cost pressures also eased markedly, a survey showed on Wednesday. The AIB S&P Global manufacturing Purchasing Managers’ Index (PMI) rose to 50.1 from 48.7 in December. The November-December contraction was the first … Read more

South Korea factory activity contracts in January at slightly milder pace – PMI

SEOUL, Feb 1 (Reuters) – South Korea’s factory activity contracted for a seventh straight month in January, a business survey showed on Wednesday, amid weak global demand and soaring COVID-19 infections in China. Still, the pace of contraction was a bit milder than in the previous month, while manufacturers were also seen preparing for a … Read more