Stocks lose steam after U.S. data

By Sinéad Carew and Huw Jones LONDON (Reuters) -MSCI’s global equities index gave up earlier gains on Friday after data showed modest U.S. inflation in April, while the dollar fell with Treasury yields as investors still bet on Fed interest rate cuts this year. The U.S. Commerce Department said the personal consumption expenditures (PCE) price index, widely seen as the Fed’s favoured inflation indicator, increased 0.3% last month, in line with expectations and the March … Read more…

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Tesla to recall 125,227 vehicles over faulty seat belt warning system

(Reuters) -Tesla is recalling 125,227 vehicles in the United States due to a malfunction in its seat belt warning system that can increase the risk of injury in a collision, the National Highway Traffic Safety Administration said on Friday. The regulator said the vehicles failed to comply with the federal safety requirements as their seat belt warning light and audible chime may not get activated when the driver is unbelted. The recall affects certain 2012-2024 … Read more…

Trump conviction gives some Republicans pause in key Pennsylvania county

By Nathan Layne BANGOR, Pennsylvania (Reuters) – Bronwen Brown, a registered Republican in a bellwether Pennsylvania county, was ready to vote for Donald Trump again in November despite long-held reservations about his character. His conviction by a New York jury has given her pause. “He’s been found guilty on all 34 counts. Do I want to go with that? Probably not,” the 72-year-old former opera singer told Reuters minutes after Trump became the first former … Read more…

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Nvidia set to overtake Apple as world’s second-most valuable company

By Medha Singh (Reuters) – Nvidia could soon surpass Apple to become the world’s second-most valuable company, as the kingmaker behind the AI revolution takes on the iPhone maker that has ruled Wall Street for decades. The reliance of virtually all artificial intelligence applications such as OpenAI’s ChatGPT on Nvidia’s high-end chips has helped the stock nearly triple in value over the past year to $2.72 trillion. In contrast, Apple ceded its No. 1 spot … Read more…

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US lawmakers ask FBI for briefing on GenScript Biotech’s links to China

By Karen Freifeld (Reuters) – The U.S. House of Representatives committee on China has asked the FBI and the intelligence community for a briefing on GenScript Biotechnology Co and three subsidiaries to determine if the Chinese Communist Party has influence over their operations. In a letter dated May 30 to the FBI and the U.S. office of the director of national intelligence, committee chair John Moolenaar and ranking member Raja Krishnamoorthi said GenScript’s work with … Read more…

Failed Wall Street trades rate roughly stable under faster settlement

NEW YORK (Reuters) – The rate of U.S. failed trades stood at 1.90% on Wednesday, a big test day for the recently implemented faster settlement cycle, roughly stable from Friday’s number, Depository Trust & Clearing Corporation (DTCC) showed this morning. Market participants were expecting it to increase to 4.1% after T+1 implementation, from 2.9%, according to research firm ValueExchange. On Friday, before the settlement period was halved to one day in the U.S., the fail … Read more…

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Salesforce plummets as weak forecast sparks concerns of AI competition

By Kanchana Chakravarty and Arsheeya Bajwa (Reuters) -Salesforce shares slumped about 18% on Thursday, after its lowest-ever quarterly revenue growth forecast raised fears that high interest rates and rival AI offerings were hampering demand at the cloud-based software firm. The company could lose more than $48 billion in market value if losses hold, as it also reported quarterly revenue that was below expectations for the first time since 2006. “Weak bookings in Q1 further test … Read more…

Renault to develop Twingos priced under 20,000 euros with Chinese partner

PARIS (Reuters) – Renault said it would link up with a Chinese engineering company to develop future Twingo cars priced below 20,000 euros ($21,676), as European automakers target smaller and cheaper electric vehicles to compete with Chinese peers. “Twingo’s development is moving forward quickly, as we plan to make the development in two years,” said a spokesperson for Renault’s Ampere electric vehicles division. “The development of the car will be done with a Chinese engineering … Read more…

Stocks fall with bond yields after US economic data

By Sinéad Carew NEW YORK/ LONDON (Reuters) -A global equities gauge was lower on Thursday while bond yields turned lower with the dollar after U.S. economic data came in weaker than expected. The U.S. economy grew more slowly than expected in the first quarter after downward revisions to consumer spending, according to a Commerce Department report which showed gross domestic product (GDP) growing at an annualized rate of 1.3% versus estimates for 1.6% and the … Read more…

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Wall Street says shift to faster trade settlement smooth so far

By Carolina Mandl and Davide Barbuscia NEW YORK (Reuters) -The Securities Industry and Financial Markets Association (Sifma) said on Wednesday the transition to faster trade settlement was going smoothly, with some early numbers and market participants pointing to a well-ordered transition so far. On Tuesday, U.S. trading of equities, corporate and municipal bonds and other securities moved to a one-day securities settlement cycle (T+1) from two days (T+2), to comply with a rule change adopted … Read more…