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Wall St drops more than 1% with jobs data feeding fears of more Fed tightening

By Sinéad Carew and Amruta Khandekar (Reuters) – Wall Street’s main indexes lost more than 1% on Thursday, with Nasdaq leading the declines, as evidence of a tight labor market eroded hopes that the Federal Reserve could pause its rating hiking cycle anytime soon as it keeps focused on inflation. Thursday’s ADP National Employment report …

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California lashed by deadly ‘atmospheric river’ storm

By Sharon Bernstein and Kate Fishman SACRAMENTO, Calif. (Reuters) -A massive Pacific storm unleashed high winds, torrential rains and heavy snow across California for a second day on Thursday, knocking out power to tens of thousands of homes and threatening much of the state with flash flooding and mudslides. At least two fatalities have been …

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Google set to challenge India Android antitrust ruling at Supreme Court-sources

By Aditi Shah and Aditya Kalra NEW DELHI (Reuters) -Google is preparing to approach India’s Supreme Court within days to try to block a ruling by the country’s antitrust watchdog that will force the U.S. company to change how it markets its Android platform, two people familiar with its strategy told Reuters. The Competition Commission …

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Stocks sag as hawkish Fed cools China rally; awaits US jobs data

By Koh Gui Qing NEW YORK (Reuters) -U.S. stocks sank on Thursday and brought to a halt a rally in global stocks, as upbeat American jobs data after the Federal Reserve’s firm message that it will not be cutting interest rates any time soon offset China’s latest reopening plans. News that China’s mainland border with …

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Dollar hits four-week high on strong employment data

By Karen Brettell NEW YORK (Reuters) – The dollar index hit a four-week high on Thursday after data pointed to a strong jobs market, supporting the prospect that the Federal Reserve could keep up the pace of aggressive rate hikes. Private employment increased by 235,000 jobs last month, the ADP National Employment report showed on …

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Oil rises after U.S. fuel stocks draw down; economic concerns loom

By Stephanie Kelly NEW YORK (Reuters) -Oil prices rose around 1% on Thursday after posting the biggest two-day loss for the start of a year in three decades with U.S. data showing lower fuel inventories providing support and economic concerns capping gains. Big declines in the previous two days were driven by worries about a …

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Gold falls as tight U.S. labour market suggests higher rates

By Seher Dareen (Reuters) – Gold prices pared losses on Thursday after Fed remarks of inflation easing in 2023, after slipping more than 1% on reports of a tighter-than-expected U.S. labour market boosting expectations of higher interest rates for longer. Spot gold pared losses and fell 0.9% to $1,837.01 per ounce by 1:40 p.m. ET …

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Air India criticised by regulator over handling of unruly passenger on flight

NEW DELHI (Reuters) -Air India faced criticism on Thursday from the aviation regulator for its handling of an unruly passenger on a flight from New York in November, and also acknowledged that a second similar incident occurred last month on a flight from Paris to Delhi. Air India had said in a statement released on …

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China defends its COVID response after WHO, Biden concerns

By Eduardo Baptista and Brenda Goh BEIJING/SHANGHAI (Reuters) -China defended on Thursday its handling of its raging COVID-19 outbreak after U.S. President Joe Biden voiced concern and the World Health Organisation (WHO) said Beijing was under-reporting virus deaths. The WHO’s emergencies director, Mike Ryan, said on Wednesday that Chinese officials were under-representing data on several …

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Banks push FTSE 100 to nine-month highs; recession worries loom

By Shashwat Chauhan and Johann M Cherian (Reuters) -UK’s FTSE 100 closed near nine-month highs on Thursday as shares of Standard Chartered boosted banks, while retailer Next topped the index following its annual profit forecast. The blue-chip FTSE 100 climbed 0.6%, extending gains to a third straight session and the midcap FTSE 250 gained 0.4% …

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