Reuters Financial News

Investing.com — European stock markets fell sharply Thursday, with risk sentiment hit by the release of hawkish minutes of the Federal Reserve’s June meeting as well as weak economic signals.

finance ministry today flagged an upcoming likely scenario that offers no hope to the common people to get an escape from the price pressure. The recent spike in the prices of essential food items, which have doubled in most cases across India, has been attributed to geographical anomalies like heatwave and pestilence. The El-nino influence paired with a delayed impact of constantly reducing WPI on retail inflation is expected to make the situation worse for consumers, the finance ministry suggested in its annual economic review.

Google said CCI officers had ‘copypasted’ parts of a European ruling against the it in a similar case, which CCI denied. In October, CCI slapped a fine of $163 million on Google. In its order CCI had said that modified versions of its Android operating system, called Android forks, to be liberally distributed without any licensing restrictions such as those related to pre-installation of Google apps.

Google has accused the Competition Commission of India (CCI) of ordering changes to its business model «only to protect» rival Amazon, which complained about its struggles to develop a modified Android system version due to Google's restrictions, legal papers show. Google has approached the Supreme Court to quash CCI's October order asking the company to make 10 changes to its business model after the CCI found it abused its dominant position in the market with its Android operating system, which powers 97% of India's smartphones.

(Reuters) -German industrial orders rose significantly more than expected in May, due to large scale orders of ships, spacecraft and military vehicles.

Bolt named Mikko Salovaara as its chief financial officer ahead of the company's preparation for an initial public offering (IPO). The company, a rival of Uber, was valued at over $8 billion when it raised €628 million from investors in January last year.

crypto lending unit Genesis after its largest creditor Gemini — the crypto company founded by the Winklevoss twins — set Thursday afternoon as the final deadline before the company pursues litigation. The lending unit of crypto firm Genesis filed for bankruptcy in January after the collapse of key counterparties including FTX caused it to freeze customer redemptions in November. Genesis is owned by venture capital firm Digital Currency Group (DCG). Although Genesis' lending unit had initially outlined a plan to exit bankruptcy by May, it has yet to reach an agreement on a restructuring plan with creditors, to whom it owes more than $3 billion, according to court filings. Its largest creditor is Gemini, founded by billionaire identical twins Cameron and Tyler Winklevoss who are also former U.S. Olympic rowers. Gemini is seeking to recoup more than $1.1 billion.

TSMC, the world's largest contract chipmaker, said on Thursday it does not expect any direct impact on its production from China's decision to restrict exports of two metals widely used in semiconductors and electric vehicles. In a move that a top Chinese trade advisor warned was «just a start,» Beijing said on Monday it would limit exports of products made from the minor metals of gallium and germanium to protect national security.

rupee will hold on to its recent gains against the dollar in coming months and strengthen marginally in a year, on strong macroeconomic trends and expectations the U.S. Federal Reserve is nearing the end of its hiking cycle, a Reuters poll showed. Despite the Reserve Bank of India (RBI) ending an already-modest rate hiking cycle well before many of its peers, the rupee is up nearly 1% for the year on large foreign capital inflows in a brightening economic outlook.

SILVERSTONE, ENGLAND: Formula One has its pitstops and pitlane and this weekend's British Grand Prix will also have Brad Pitt getting in on the action. The 59-year-old Hollywood actor's as-yet-untitled Formula One movie starts filming at Silverstone against the race backdrop, with the production having its own garage and pitwall stand as a fictional 11th team. The driver boards above the garages, photographed in place this week, feature the unfamiliar names of Sonny Hayes and Joshua Pearce, also known as Pitt and British actor Damson Idris.

rupee depreciated 20 paise to close at 82.23 against the US dollar on Wednesday Most Asian currencies were down 0.2% to 0.4%. The 2-year Treasury yield rose to 4.9630% in Asia, hovering near the highest since March, Reuters reported.

FX strategists polled by Reuters. Although the greenback is still down around 0.5% against major currencies this year, it has gained nearly 1.3% over just the past week thanks to receding calls for a federal funds rate cut and wilting expectations for a U.S. recession this year.

Oil prices moved little in early Asian trade on Thursday as the prospect of tighter supply with output cuts from Saudi Arabia and Russia and a bigger-than-expected drop in U.S. crude stocks were offset by worries over a sluggish demand recovery in China. Brent crude futures was down 2 cents to $76.63 a barrel by 0038 GMT after settling up 0.5% the previous day.

Reuters. White House spokesperson Karine Jean-Pierre told reporters: "Where this was discovered is a heavily traveled area where many ... West Wing visitors come through." On whether anyone had undergone drug testing, Jean-Pierre said: "We will take any action ...

rice prices, now at their highest in 11 years, are set to rally further after India moved to boost payments to farmers, just as El Nino threatens yields in key producers and alternative staples get costlier for poor Asians and Africans. India accounts for more than 40% of world rice exports, which were 56 million tonnes in 2022, but low inventories mean any cut in shipments will fuel food prices driven up by Russia's invasion of Ukraine last year and erratic weather. «India was the cheapest supplier of rice,» B.V.

By David Lawder

By Tim Reid and Nathan Layne

By Pratyush Thakur and Shivansh Tiwary

Treasury yields were modestly higher on Wednesday after a softer-than-expected reading on U.S.-made goods and ahead of the release of the minutes from the Federal Reserve's latest policy meeting in June. Factory orders rose 0.3% in May, shy of the estimate of economists polled by Reuters for a 0.8% increase and matching the revised 0.3% rise in the prior month. The manufacturing sector has struggled under the Fed's rapid rate hike cycle.

Capital controls have helped insulate the rouble against geopolitics in the 16 months since Russia invaded Ukraine, but mercenary leader Yevgeny Prigozhin's aborted march toward Moscow on June 24 has reverberated through markets and raised questions about President Vladimir Putin's grip on power. By 1315 GMT, the rouble was 1.7% weaker against the dollar at 90.54, earlier hitting 91.0675, its weakest point since March 28, 2022. It lost 1.6% to trade at 98.76 versus the euro, earlier passing the 99 mark for the first time in more than 15 months, and shed 1.2% against the yuan to 12.49, a more than 14-month low.

Twitter is not the right place to seek information during an emergency, Dutch politicians and a prominent online group said on Wednesday, following an incident in which citizens were directed to the platform for updates during a large storm. «We find it problematic that the government depends on Twitter for sharing crucial information,» lawmaker Nico Drost's office said in emailed remarks to Reuters, citing accessibility, accountability and reliability issues.