Wall Street ends sharply higher as Treasury yields dip

Apple drops on concerns about iPhone demand Treasury prices rebound after BoE decision S&P 500 records largest one-day gain since Aug. 10 Indexes: Dow +1.88%, S&P 500 +1.97%, Nasdaq +2.05% Sept 28 (Reuters) – Wall Street ended sharply higher on Wednesday following its recent sell-off, helped by falling Treasury yields, while Apple dropped on concerns … Read more

UK housing market may face perfect storm as mortgage rates rise, house prices drop

New mortgage rates now quoted at 5%-6% Millions of homeowners could be overstretched HSBC sees 7.5% fall in house prices into next year LONDON, Sept 28 (Reuters) – A surge in borrowing costs and a likely slowdown in economic growth threaten to trigger a selloff in Britain’s housing market with consequences for personal wealth and … Read more

Pakistan finance minister known for propping up rupee in earlier stints

ISLAMABAD, Sept 28 (Reuters) – Ishaq Dar, Pakistan’s new finance minister, has strongly favored intervention in currency markets in three previous stints in the job, but faces a nation in economic crisis this time and the conditions of an International Monetary Fund (IMF ) programme. Dar, a seasoned politician and chartered accountant, was sworn in … Read more

Door slams on Fed ‘put’ as market pain takes back seat to inflation fight

WASHINGTON, Sept 28 (Reuters) – In the month since Federal Reserve Chair Jerome Powell laid down a hard line on inflation, stocks have suffered double-digit losses, chasms have opened in global currency markets, and yields on the safest US government debt have surged to their highest levels since the dark days of the financial crisis … Read more

IMF and Moody’s censor UK policy that sparked market turmoil

IMF does ‘not recommend’ policies like UK growth plan Moody’s: economic plan is ‘growth negative’ Pound trading down 0.5% to $1.0681 Bond strategists warn market almost untradeable LONDON, Sept 28 (Reuters) – The International Monetary Fund and ratings agency Moody’s ramped up pressure on Britain to reverse a new economic strategy that was roiling financial … Read more

Morning Bid: Eye of the storm

Register now for FREE unlimited access to Reuters.com Register A look at the day ahead in US and global markets from Mike Dolan. As Hurricane Ian raged and set its sights on Cuba and Florida, a global financial storm in bond and currency markets calmed moderately – though likely only temporarily. Ian strengthened into a … Read more

Reversing UK confidence crash requires policy U-turn: economists

LONDON, Sept 27 (Reuters) – Rock-bottom investor confidence in Britain will only recover if finance minister Kwasi Kwarteng scraps the economic plan that unleashed such turmoil in financial markets, leading economists, investors and banks warned on Tuesday. The pound touched an all-time low of $1.0327 on Monday and British government bonds sold off at a … Read more

Sterling sinks to new low as ‘mini budget’ shatters investor faith in UK markets

Pound briefly touched a record low against dollar Gilts continue to collapse LONDON, Sept 26 (Reuters) – The pound plunged to a record low against the dollar early on Monday and British bond prices collapsed as fears mounted over the new government’s fiscal plan, unleashing calls for an emergency Bank of England rate hike to … Read more

In China, home buyers occupy their ‘rotting’, unfinished properties

GUILIN, China, Sept 26 (Reuters) – For six months, home for Ms. Xu has been a room in a high-rise apartment in the southern Chinese city of Guilin that she bought three years ago, attracted by brochures touting its riverfront views and the city’s clean air. Her living conditions, however, are far from those promised: … Read more

Analysis: After feverish week, global investors lick wounds and brace for more chaos

Register now for FREE unlimited access to Reuters.com Register NEW YORK/LONDON, Sept 25 (Reuters) – Global investors are preparing for more market mayhem after a monumental week that whipsawed asset prices around the world, as central banks and governments ramped up their fight against inflation. Signs of extraordinary times were everywhere. The Federal Reserve delivered … Read more