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Net profit fell to $32.6 billion for the quarter to Sept. 30, above the $31.8 billion expected by 12 analysts in a company-provided forecast. The Saudi oil producer said lower oil prices and volumes were partially offset by a reduction in production royalties, which are linked to Brent prices. Chevron (CVX.N) and Exxon Mobil (XOM.N) last month reported sharp year-on-year falls in third-quarter profit as energy prices cooled. Saudi Aramco logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. Back in 2021, Saudi Arabia's de facto ruler, Crown Prince Mohammed bin Salman, said that Saudi Aramco would sell more shares, with the proceeds going to bolster the PIF, the Vision 2030's main funding source.
Persons: Brent, Aramco's, Dado Ruvic, Prince Mohammed bin Salman, Hadeel Al Sayegh, Yousef Saba, Miral Fahmy, Jason Neely, Tomasz Janowski Organizations: DUBAI, Saudi Aramco, Chevron, Exxon Mobil, Reuters Graphics, OPEC, Aramco, REUTERS, Investment Fund, Energy, RBC, Riyadh bourse, Wall Street, Thomson Locations: Saudi, Reuters Graphics Saudi Arabia, Saudi Arabia, Aramco, Riyadh
U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken, February 8, 2021. The dollar index which tracks the U.S. unit against six main peers, was up 0.37% at 105.64. If that continues, he added, attention will turn to how long to keep interest rates at current levels. The euro fell 0.37% to $1.0677 after data showed a larger-than-expected fall in German industrial production in September. The yen softened to 151.74 per dollar last week, edging closer to October 2022 lows that spurred several rounds of dollar-selling intervention.
Persons: Dado Ruvic, Jerome Powell, Marc Chandler, Chester Ntonifor, Chandler, Powell, Neel Kashkari, Austan Goolsbee, Fiona Cincotta, Carol Kong, Karen Brettell, Alun John, Ankur Banerjee, Paul Simao Organizations: REUTERS, U.S ., Australian, Fed, Bannockburn Global, BCA Research, Traders, Minneapolis, . Chicago Fed, PMI, Index, Reserve Bank of Australia, Commonwealth Bank of Australia, Thomson Locations: U.S, Bannockburn, New York, Tokyo, London, Singapore
Tuesday data showing a larger-than-expected fall in German industrial production in September contributed to the euro's weakness, said Fiona Cincotta, senior financial market analyst at City Index. The euro, like most other currencies, gained sharply on the dollar last week as a series of data points - most notably U.S. data from Friday showing job growth slowed in October - sent the U.S. unit lower. The dollar fell 1.4% last week, its steepest decline since mid-July, a sharp reversal after a recent run higher. Federal Reserve Bank of Minneapolis President Neel Kashkari said on Monday the U.S. central bank likely has more work ahead to control inflation. The yen softened to 151.74 per dollar last week, edging closer to October 2022 lows that spurred several rounds of dollar-selling intervention.
Persons: Dado Ruvic, Fiona Cincotta, Chester Ntonifor, Neel Kashkari, Jerome Powell, Carol Kong, Kong, Ankur Banerjee, Alun John, Sam Holmes, Miral Fahmy, Edmund Klamann, Kim Coghill, Emelia Organizations: REUTERS, Rights, PMI, Federal, Treasury, BCA Research, Fed, Federal Reserve Bank of Minneapolis, U.S, Bank, Australian, Commonwealth Bank of, Aussie, Thomson Locations: Rights SINGAPORE, LONDON, U.S, Australia, Tokyo, Singapore, London
Saudi Aramco logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. Net profit fell to $32.6 billion for the quarter to Sept. 30 from $42.4 billion a year earlier. The Saudi oil producer said lower oil prices and volumes were partially offset by a reduction in production royalties. Chevron (CVX.N) and Exxon Mobil <XOM.N> last month posted sharp year-on-year falls in third-quarter profit as energy prices cooled. Aramco's revenue fell to $113.09 billion in the quarter from $144.99 billion a year earlier.
Persons: Dado Ruvic, Hadeel Al Sayegh, Yousef Saba, Miral Fahmy, Jason Neely Organizations: Saudi Aramco, REUTERS, DUBAI, Chevron, Exxon Mobil, OPEC, Aramco, Energy, Thomson Locations: Saudi, Saudi Arabia
Dollar steady as risk rally eases, RBA in focus
  + stars: | 2023-11-07 | by ( Ankur Banerjee | ) www.reuters.com   time to read: +3 min
U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken, February 8, 2021. The Australian dollar was 0.23% lower at $0.6474, but remained close to the three-month peak of $0.6523 touched on Monday. "I think the RBA will probably reiterate its tightening bias," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. "But I think it's still too early to say the latest easing in the dollar will be sustained. The yen hit 151.74 per dollar last week, edging closer to October 2022 lows that spurred several rounds of dollar-selling intervention.
Persons: Dado Ruvic, Carol Kong, Neel Kashkari, Jerome Powell, Powell, CBA's, Sterling, Kazuo Ueda, Ankur Banerjee, Sam Holmes Organizations: REUTERS, Rights, Reserve Bank of Australia, Commonwealth Bank of Australia, New Zealand, Fed, Federal Reserve Bank of Minneapolis, U.S, Bank of Japan, Thomson Locations: Rights SINGAPORE, Tokyo, Singapore
Meta AI logo is seen in this illustration taken September 28, 2023. Alphabet's (GOOGL.O) Google, the biggest digital advertising company, announced the launch of similar image-customizing generative AI ads tools last week. TikTok and Snapchat owner Snap (SNAP.N) both bar political ads, while X, previously known as Twitter, has not rolled out any generative AI advertising tools. Meta's top policy executive, Nick Clegg, said last month that the use of generative AI in political advertising was "clearly an area where we need to update our rules." Earlier, Clegg told Reuters that Meta was blocking its user-facing Meta AI virtual assistant from creating photo-realistic images of public figures.
Persons: Dado Ruvic, Meta, Nick Clegg, Clegg, Joe Biden, Katie Paul, Kenneth Li, Matthew Lewis Organizations: REUTERS, Meta, Housing, Employment, Health, Pharmaceuticals, Services, Google, Reuters, Thomson Locations: New York
Meta and Facebook logos are seen in this illustration taken February 15, 2022. The employee, Arturo Bejar, worked on well-being for Instagram from 2019 to 2021 and earlier was a director of engineering for Facebook's Protect and Care team from 2009 to 2015, he said. "Every day countless people inside and outside of Meta are working on how to help keep young people safe online," the Meta statement said. In his testimony, Bejar recounted that in one meeting Meta Chief Product Officer Chris Cox was able to cite precise statistics on teen harms off the top of his head. "I found it heartbreaking because it meant that they knew and that they were not acting on it," said Bejar.
Persons: Dado Ruvic, Arturo Bejar, Bejar, Meta, Mark Zuckerberg, Zuckerberg, Chris Cox, Katie Paul, Kenneth Li, Aurora Ellis Organizations: Meta, REUTERS, Facebook, Facebook's, Care, Privacy, Technology, Wall Street, Thomson
A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. The source, who declined to be named because the information was confidential, said Intel had made that decision around July. Intel is also expanding its investment in chip packaging in Malaysia, one of Vietnam's main Southeast Asian rivals. "You cannot take for granted that because Intel has already invested here it will invest more," Chung Seck, partner at law firm Baker & McKenzie Vietnam told Reuters. Asked about the possible investment plan at the time, Intel told Reuters: "Vietnam is an important part of our global manufacturing network, but we have not announced any new investments."
Persons: Dado Ruvic, Joe Biden, Biden's, Tran Luu Quang, chipmakers, Chung Seck, Baker, McKenzie, Francesco Guarascio @fraguarascio, Max Cherney, Khanh, Miyoung Kim Organizations: REUTERS, Rights, Intel, U.S, Reuters, Vietnam's, White House, Marvell, McKenzie Vietnam, Thomson Locations: Rights HANOI, Vietnam, China, Taiwan, United States, U.S, Hanoi, Europe, Malaysia, San Francisco, Khanh Vu
A padlock is seen in front of the word 'spyware' and binary code in this illustration taken May 4, 2022. Analysis of the journalist's phone showed an infiltration attempt on Aug. 23, OCCRP's co-founder Drew Sullivan told Reuters. Sullivan said an internal forensic investigation tied the intrusion effort against Mangnale's phone to Israeli firm NSO's Pegasus hacking tool. The spyware allows hackers sweeping access to the targets' smartphones, allowing them to record calls, intercept messages and transform the phones into portable listening devices. The Indian government has denied such allegations and last week Information Technology Minister Ashwini Vaishnaw said that the government was investigating the complaints of phone hacking.
Persons: Dado Ruvic, OCCRP's, Drew Sullivan, Anand Mangnale, Sullivan, wasn't, Rocky Cole, Ashwini Vaishnaw, New Delhi didn't, Zeba Siddiqui, Raphael Satter, Munsif, Rod Nickel Organizations: REUTERS, FRANCISCO, NSO Group, Reuters, Apple, Pegasus, NSO, Technology, Indian Embassy, Thomson Locations: WASHINGTON, Indian, India, Delhi, Washington, New Delhi, BENGALURU
REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsBENGALURU, Nov 7 (Reuters) - Wipro (WIPR.NS), India's fourth-largest IT services provider, is mandating that all its employees globally work from office at least thrice a week from this month, according to a company-wide email seen by Reuters on Tuesday. 2 software services exporter, asked some employees to return to office 10 days a month, while industry leader TCS (TCS.NS) has asked employees to return to the office for five days a week. Wipro has been encouraging employees to work from office thrice a week since May and about 55% of the workforce are currently working from office at that frequency, a company spokesperson said. Wipro had 244,707 employees as of Sept. 30. Starting Jan. 7 next year, consistent defaulters may face consequences, according to the email dated Nov. 6.
Persons: Dado, Sai Ishwarbharath, Varun, Savio D'Souza Organizations: Wipro, REUTERS, Rights, Reuters, Companies, Infosys, TCS, Varun Vyas, Thomson Locations: Bengaluru
Coinbase strengthens its global advisory council
  + stars: | 2023-11-07 | by ( ) www.reuters.com   time to read: +1 min
Smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 7 (Reuters) - Coinbase (COIN.O) said on Tuesday it had added four national security experts to its global advisory council as the cryptocurrency industry comes under intense regulatory scrutiny following the collapse of Sam Bankman-Fried's FTX. Mark Esper, Stephanie Murphy, Frances Townsend and David Urban are joining the council, which advises the company's executive leadership team. Esper is a former U.S. defense secretary and Murphy is a former national security specialist for the defense department. Coinbase said the new additions will help its council examine the consequences of regulatory uncertainty for crypto in the United States, including long-term economic and national security impacts.
Persons: Dado Ruvic, Sam Bankman, FTX, Mark Esper, Stephanie Murphy, Frances Townsend, David Urban, Murphy, Townsend, George W, Bush, Coinbase, Arasu Kannagi Basil, Anil D'Silva Organizations: REUTERS, Counterterrorism, Homeland Security, Urban, BRG Group, Thomson Locations: U.S, United States, Bengaluru
UK antitrust regulator to take on Big Tech with new legal power
  + stars: | 2023-11-07 | by ( ) www.reuters.com   time to read: +1 min
A 3D printed Facebook's new rebrand logo Meta is seen in front of displayed Google logo in this illustration taken on November 2, 2021. The Competition and Markets Authority (CMA) set up a dedicated Digital Markets Unit more than two years ago, armed with the expertise to examine rapidly evolving markets like social media. The proposed "Digital Markets, Competition and Consumers" law, whose powers were originally intended to come into force in 2022, will give the unit the "teeth" to underpin its remit. A small group of big tech companies with designated status will have to comply with the rules, the government said. They could be fined up to 10% of global turnover for breaches under the proposed bill announced on Tuesday.
Persons: Dado Ruvic, Paul Sandle, Kylie MacLellan Organizations: REUTERS, Markets Authority, Markets Unit, Markets, Competition, Thomson
REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsWASHINGTON, Nov 7 (Reuters) - The top U.S. consumer financial watchdog on Tuesday proposed to regulate tech giants' digital payments and smartphone wallet services, saying they rival traditional payment methods in scale and scope but lack consumer safeguards. In a statement on Tuesday, Chopra said the tech sector had expanded into financial services traditionally provided by the closely regulated banking sector. "Today's rule would crack down on one avenue for regulatory arbitrage by ensuring large technology firms and other nonbank payments companies are subjected to appropriate oversight," he said. Representatives of Big Tech companies have previously highlighted their efforts to protect consumer data. The agency said the rule would also foster competition by ensuring that both traditional financial players and the tech sector were equally subject to the same oversight.
Persons: Dado Ruvic, Block's, CashApp, Rohit Chopra, Chopra, CFPB, Lindsey Johnson, Douglas Gillison, Hannah Lang, Chris Prentice, Matthew Lewis, Mark Potter, David Gregorio Our Organizations: PayPal, REUTERS, Rights, Consumer, Apple, Big Tech, Consumer Bankers Association, Electronic Transactions Association, Thomson Locations: Washington, New York
REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNov 7 (Reuters) - Ebay (EBAY.O) forecast fourth-quarter revenue and profit below Wall Street estimates on Tuesday and joined other e-commerce platforms in sounding the alarm on weaker-than-expected consumer spending. EBay forecast current-quarter revenue in the range of $2.47 billion to $2.53 billion, compared with estimates of $2.60 billion, according to LSEG data. The company also expects current-quarter adjusted profit per share in the range of $1 to $1.05, compared with estimates of $1.04. Third-quarter revenue rose 5% to $2.50 billion, in line with Wall Street expectations, as the company saw an uptick in demand for refurbished goods. On an adjusted basis, eBay earned $1.03 per share, compared with estimates of $1.
Persons: Dado Ruvic, Jamie Iannone, Jefferies, D.A, Tom Forte, Chavi Mehta, Shounak Dasgupta Organizations: eBay, REUTERS, Ebay, Wall, Amazon, Davidson &, EBay, Thomson Locations: Jose , California, Europe, United States, Bengaluru
Meta AI logo is seen in this illustration taken September 28, 2023. Alphabet's (GOOGL.O) Google, the biggest digital advertising company, announced the launch of similar image-customizing generative AI ads tools last week. Snapchat owner Snap (SNAP.N) and TikTok both bar political ads, while X, previously known as Twitter, has not rolled out any generative AI advertising tools. Meta's top policy executive, Nick Clegg, said last month that the use of generative AI in political advertising was "clearly an area where we need to update our rules." Earlier, Clegg told Reuters that Meta was blocking its user-facing Meta AI virtual assistant from creating photo-realistic images of public figures.
Persons: Dado Ruvic, Meta, Nick Clegg, Clegg, Joe Biden, Katie Paul, Kenneth Li, Matthew Lewis Organizations: REUTERS, Meta, Google, Reuters, San, Thomson Locations: United Kingdom, San Francisco
SpaceX logo and Elon Musk photo are seen in this illustration taken, December 19, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsMEXICO CITY, Nov 6 (Reuters) - Starlink, the satellite internet service of billionaire Elon Musk's rocket manufacturer SpaceX, has won a tender from Mexico's state energy firm to provide services through December 2026, according to documents seen by Reuters on Monday. The contract is valued between 887.5 million pesos ($51 million) and 1.8 billion pesos ($101 million), according to the decision from Mexico's Comision Federal de Electricidad (CFE). Starlink's bid beat out those of two other companies because it "offered the best conditions in terms of price," the document said. The contract would provide infrastructure for CFE's rollout of internet access throughout rural Mexico, according to a separate document seen by Reuters, a draft contract from CFE.
Persons: Elon, Dado Ruvic, Starlink, Adriana Barrera, Kylie Madry, Matthew Lewis Organizations: SpaceX, REUTERS, MEXICO CITY, Reuters, Comision, CFE, Thomson Locations: MEXICO, Mexico
Dollar rebounds, Fed officials take center stage
  + stars: | 2023-11-06 | by ( Karen Brettell | ) www.reuters.com   time to read: +4 min
Comments from other Fed officials will also be evaluated for signs on whether they expect further rate increases. “Next week’s CPI print is going to be the best adjudicator we have on whether or not the Fed needs to hike rates again,” said Rai. The dollar index was last up 0.13% on the day at 105.19 after earlier dropping to 104.84, the weakest since Sept. 20. The yen hit 151.74 per dollar last week, edging close to October 2022 lows that spurred several rounds of dollar-selling intervention by the Bank of Japan. The Australian dollar fell 0.34% to $0.6491, after earlier reaching a three-month high of $.6523.
Persons: Dado Ruvic, Jerome Powell, , Bipan Rai, Lisa Cook, , Rai, Dane Cekov, Cekov, Karen Brettell, Samuel Indyk, Jonathan Oatis, Aurora Ellis Organizations: REUTERS, U.S, Federal, CIBC Capital Markets, Market Committee, Fed, Bank of Japan, Reserve Bank of Australia, Thomson Locations: North American, Toronto, U.S, London
[1/2] Airplane model is placed on displayed Spirit Airlines and jetBlue Airways logos in this illustration taken, June 21, 2022. JetBlue CEO Robin Hayes defended the deal being challenged by the U.S. Department of Justice in federal court in Boston, saying a merger was the only way to grow JetBlue into a long-term national challenger to the dominant airlines. "You'd never ever get to the size they are based on organic growth," he testified under questioning by JetBlue lawyer Ryan Shores. The Justice Department counters that passengers would suffer roughly $1 billion in net harm annually if JetBlue absorbs Spirit, causing fares to rise. The trial is a rarity for the Justice Department, which historically has approved airline mergers without trials conditioned on asset divestitures.
Persons: Dado Ruvic, Robin Hayes, Hayes, You'd, Ryan Shores, Edward Duffy, JetBlue, District William Young, Nate Raymond, Alexia Garamfalvi Organizations: Airlines, jetBlue Airways, REUTERS, Rights BOSTON, JetBlue Airways, Spirit Airlines, U.S, JetBlue, U.S . Department of Justice, The Justice Department, Democratic, District of Columbia, United Airlines, American Airlines, Delta Air Lines, Southwest Airlines, Department, District, Justice Department, Thomson Locations: Boston, New York City, Newark , New Jersey, Fort Lauderdale . U.S
REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSYDNEY, Nov 7 (Reuters) - Proxy advisory firm Institutional Shareholder Services (ISS) has recommended investors vote in favour of a Brookfield-led consortium's $10.5 billion bid for Australia's Origin Energy (ORG.AX). Brookfield and EIG Partners has offered A$9.53 per share for Origin Energy. AustralianSuper, which holds a 15.03% stake, has said it believes the consortium's bid substantially "undervalues" Origin and will vote against the offer. Brookfield will take ownership of Origin's energy markets business if the vote is in favour of the bid, while EIG's MidOcean Energy will gain a 27.5% stake in Australia Pacific LNG (APLNG). In that scenario, EIG will own Origin and sell the energy markets business to Brookfield, meaning remaining shareholders, including AustralianSuper, will own only APLNG.
Persons: Dado Ruvic, Scott Murdoch, Paul Simao Organizations: Brookfield, REUTERS, Rights, Services, Origin Energy, EIG Partners, Shareholders, Energy, Australia Pacific LNG, Thomson Locations: Brookfield, Australia, Sydney
Dollar dips on growing bets Fed rate hikes are over
  + stars: | 2023-11-06 | by ( Karen Brettell | ) www.reuters.com   time to read: +3 min
Comments from other Fed officials will also be evaluated for signs on whether they expect further rate increases. “Next week’s CPI print is going to be the best adjudicator we have on whether or not the Fed needs to hike rates again,” said Rai. The dollar index was last down 0.03% on the day at 105.02 and got as low as 104.84, the weakest since Sept. 20. Cekov said the yen likely needs to be around the 155 per dollar area for Japanese authorities to consider intervention or to talk the currency up. The yen hit 151.74 per dollar last week, edging close to October 2022 lows that spurred several rounds of dollar-selling intervention by the Bank of Japan.
Persons: Dado Ruvic, Jerome Powell, , Bipan Rai, , Rai, Dane Cekov, Cekov, Sterling, Karen Brettell, Samuel Indyk, Jonathan Oatis Organizations: REUTERS, U.S, Federal, CIBC Capital Markets, Market Committee, Bank of Japan, Thomson Locations: North American, Toronto, U.S, London
Dollar extends drop, still vulnerable after Fed
  + stars: | 2023-11-06 | by ( Samuel Indyk | ) www.reuters.com   time to read: +4 min
The dollar index was hovering around a 6-1/2 week low of 104.84, after falling around 1.4% last week. "You could still see a somewhat weaker dollar in the short-term, but if the (euro-dollar) rally continues it needs to get some fuel from somewhere." JPMorgan analysts say a sustained dollar sell-off would need signs of improvement in the euro zone, China and other regions, which it says are "still tenuous". The latest growth and inflation data from the euro zone and manufacturing surveys from China bear that out. Euro zone recession fears hardened on Monday after a survey showed a downturn in business activity accelerated last month as demand in the services sector weakened further.
Persons: Dado Ruvic, Tina Teng, Dane Cekov, Adrian Prettejohn, Jerome Powell, Nordea's Cekov, Sterling, bitcoin, Samuel Indyk, Rae Wee, Vidya, Kirsten Donovan, Mark Potter Organizations: REUTERS, U.S, Federal, Aussie, CMC Markets, JPMorgan, Economics, European Central Bank, Bank of Japan, Thomson Locations: Auckland, China, U.S
A headset is seen in front of displayed Hipgnosis logo in this illustration taken, June 28, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 6 (Reuters) - Hipgnosis Songs Fund Ltd (SONG.L), which had been undertaking a review of its financial position, said on Monday it would not declare dividends before its new fiscal year to ensure sufficient cash resources. The music royalty fund said catalogue bonus provision was expected to increase by about $23 million to $68 million as at Sept. 30, adding that operating cash flow would be used to fund the payment of catalogue bonuses. It added that 10 out of the company's 146 catalogues were likely to meet "performance hurdles" now according to the respective acquisition agreements. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Nivedita Bhattacharjee and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.
Persons: Dado Ruvic, Hipgnosis, Aby Jose Koilparambil, Nivedita Bhattacharjee Organizations: REUTERS, Fund, Thomson Locations: Bengaluru
The dollar index declined more than 1% last week, its heaviest fall since mid-July and hit a six-week low. World stocks (.MIWD00000PUS) too had their strongest week in a year as expectations the Fed was done raising rates gathered steam. "So it's good then there is expectation for the Fed and other central banks to end the rate hike cycle sooner." Treasury yields slumped last week after softness in U.S. jobs and manufacturing data and after Fed Chair Jerome Powell spoke of 'balanced' risks. The drop in the dollar and yields helped underpin gold at $1,984 , within striking distance of the recent five-month peak of $2,009.
Persons: Dado Ruvic, Tina Teng, Jerome Powell, Teng, Shri Navaratnam, Simon Cameron, Moore, Lincoln Organizations: REUTERS, Rights, U.S, Federal, Aussie, CMC Markets, J.P.Morgan Securities, Treasury, European Central Bank, Bank of, CMC, Bank of Japan, Sterling, Thomson Locations: Rights SINGAPORE, Auckland, China, U.S, Bank of England, bitcoin
Dollar steady but stays vulnerable after Fed steer
  + stars: | 2023-11-06 | by ( Vidya Ranganathan | ) www.reuters.com   time to read: +4 min
The dollar index declined more than 1% last week, its heaviest fall since mid-July and hit a six-week low. World stocks (.MIWD00000PUS) too had their strongest week in a year as expectations the Fed was done raising rates gathered steam. "So it's good then there is expectation for the Fed and other central banks to end the rate hike cycle sooner." Treasury yields slumped last week after softness in U.S. jobs and manufacturing data and after Fed Chair Jerome Powell spoke of 'balanced' risks. The drop in the dollar and yields helped underpin gold at $1,990 , within striking distance of the recent five-month peak of $2,009.
Persons: Dado Ruvic, Tina Teng, Jerome Powell, Teng, Shri Navaratnam, Simon Cameron, Moore Organizations: REUTERS, Rights, U.S, Federal, CMC Markets, J.P.Morgan Securities, Treasury, European Central Bank, Bank of, CMC, Bank of Japan, Sterling, Thomson Locations: Rights SINGAPORE, Auckland, China, U.S, Bank of England, bitcoin
UK pound coins plunge into water coloured with the European Union flag colours in this illustration picture, October 26, 2017. REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsLONDON, Nov 6 (Reuters) - The pound rose on Monday, extending the previous week's rally, as a slide in U.S. bond yields continued to weigh on the dollar. Sterling was last up 0.23% at $1.2409, trading at its highest in more than a month after posting its best weekly performance in a year last week with a rise of 2.1%. The Bank of England also held interest rates, at a 15-year high of 5.25%, last week as it painted a gloomy picture of the UK economy. Gross domestic product data, due on Friday, is expected to show the UK economy shrank 0.1% in the third quarter after growing 0.2% in the three months to June.
Persons: Dado, Sterling, Francesco Pesole, Harry Robertson, Kirsten Donovan Organizations: European Union, REUTERS, U.S, Federal Reserve, ING, Graphics Sterling, Financial, Bank of, Gross, Thomson Locations: U.S, American, Bank of England
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