As meme stock momentum fades, AMC, GameStop fall
Shares in so-called meme stocks with a following among retail investors lost ground on Wednesday, with AMC Entertainment (AMC.N) shares down 8.1%, on track for their fourth straight day of declines, and GameStop Corp (GME.N) falling 4.9%.
S&P 500, Nasdaq post record closing highs after Fed minutes
U.S. stocks ended higher on Wednesday and the S&P 500 and Nasdaq notched record closing highs after minutes from the last Federal Reserve meeting indicated officials may not be ready yet to move on tightening policy.
EU to propose new body to tackle dirty money, documents say
The European Union will propose a new agency to crack down on money laundering and new transparency rules for transfers of crypto-assets, EU documents showed on Wednesday as the bloc responds to calls for tougher action to fight dirty money.
Yellen’s next test: Persuading G20 that U.S. Congress will not block tax deal
U.S. Treasury Secretary Janet Yellen was able to help corral 130 countries to agree to a major revamp of international corporate taxation, but showing them she can bring a deeply divided U.S. Congress on board may prove equally challenging.
Empathy bootcamp? UK banks seek payback on $105 bln COVID loans
As payback time approaches for more than 75 billion pounds ($104 billion) of emergency state-backed loans, Britain’s banks must tread a delicate path with businesses propped up during the pandemic.
UK faces new debt surge in climate push, early action best – OBR
Britain faces another jump in its 2-trillion-pound ($2.8 trillion) public debt pile to make its economy net carbon zero by 2050,but quick global action could make the hit less severe than that of the coronavirus pandemic, a fiscal watchdog said.
Asia shares volatile as China tech worries remain
Asian share markets were volatile on Tuesday, after Australia’s central bank flagged some tapering in its quantitative easing programme and concerns over the future of China’s powerful technology sector weighed down shares.
Dollar awaits Fed minutes, kiwi aloft on rate expectations
The New Zealand dollar rose on Tuesday after a strong business survey pulled forward rate hike expectations there to as soon November, while its Australian counterpart crept higher ahead of its own crucial central bank policy meeting later in the day.
Fed pivot, inflation boost emerging market interest rate hikes in June
Emerging markets saw more interest rate hikes in June as a hawkish pivot from the U.S. Federal Reserve amplified inflationary pressures in a number of developing economies.
Analysis: OPEC disagreement lays bare growing UAE-Saudi economic rivalry
Rare public disagreement between the United Arab Emirates and Saudi Arabia over OPEC policy points to a growing economic rivalry between the two largest Arab economies which only looks set to intensify, several regional analysts said.
