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Asia shares push ahead as China markets jump

SYDNEY (Reuters) – Asian shares crept back toward recent peaks on Monday as Chinese markets swung higher, while investors waited to see if the recent sell-off in longer-dated U.S. Treasuries would extend and maybe take some pressure off the beleaguered dollar.... More »

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Take Five: Impasse!

1/WALL STREET WATCHES WASHINGTON U.S. lawmakers negotiating a fresh dose of stimulus have reached an impasse. Trillions of dollars injected by the Federal Reserve and huge government spending increases have stemmed coronavirus-linked economic damage, fuelling ... More »

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China imposes sanctions against U.S. lawmakers over Hong Kong

BEIJING (Reuters) – China said it would apply sanctions against 11 U.S. citizens including officials from Monday in response to Washington’s move on Friday to impose sanctions on 11 Hong Kong and Chinese officials whom it accused of curtailing political freedo... More »

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Summer mood swings: markets turn higher on hopes of virus aid

LONDON (Reuters) – World stocks and the dollar rallied after a cautious European morning as thin summer trading led to sharp swings in the market, and worries about U.S. gridlock over the next round of coronavirus aid eased. In Europe, stocks were up 1.2% as t... More »

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Gold roars to record high, dollar dives again

LONDON (Reuters) – Gold soared to an all-time high on worsening ties between the United States and China, a sinking dollar and ultra-low interest rates on Monday, while stock markets faltered before a deluge of corporate earnings. Europe’s main stock markets w... More »

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China urges UK to avoid taking wrong path in Hong Kong affairs

BEIJING (Reuters) – China on Monday urged Britain to avoid making further steps down wrong path after reports that it was poised to suspend an extradition treaty for Chinese-ruled Hong Kong. Foreign ministry spokesman Wang Wenbin made the remark during a daily... More »

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UK to ban Huawei from 5G network

LONDON (Reuters) – Prime Minister Boris Johnson’s government will ban Huawei from Britain’s 5G network by ordering telecoms companies to remove its equipment by 2027, Media Secretary Oliver Dowden said on Tuesday. Operators will not be able to purchase 5G comp... More »

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UK decision on Huawei not set in stone, British minister says

LONDON (Reuters) – Britain’s decision to allow China’s Huawei to play a limited role in building its 5G network is not “fixed in stone” and is being reviewed following the imposition of U.S. sanctions, culture minister Oliver Dowden said on Monday. Britain gra... More »

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BOC Aviation cancels 30 Boeing 737 MAX but backs grounded jet

(Reuters) – Aircraft leasing company BOC Aviation (2588.HK) said on Tuesday it had cancelled an order for 30 Boeing (BA.N) 737 MAX planes although its chief executive remained confident in the jet which has been grounded for more than a year. The lessor, which... More »

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China passes national security law in turning point for Hong Kong

HONG KONG/BEIJING (Reuters) – China’s parliament passed national security legislation for Hong Kong on Tuesday, setting the stage for the most radical changes to the former British colony’s way of life since it returned to Chinese rule 23 years ago. Details of... More »

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Hong Kong May retail sales tumble as spending, tourism evaporate

HONG KONG (Reuters) – Hong Kong’s retail sales in May slumped 32.8% from a year earlier, falling for the 16th consecutive month as the virus pandemic slammed the brakes on tourism and spending in the city. Months of anti-government protest have also weighed on... More »

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Rainy day hastens sovereign wealth funds’ refocus to home

LONDON (Reuters) – Famed for snapping up glitzy real estate and stakes in troubled international banks during the global financial crisis, sovereign wealth funds are investing more at home, a trend set to accelerate in the wake of the economic carnage wrought ... More »

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London Stock Exchange’s Rathi to head UK financial watchdog

LONDON (Reuters) – Nikhil Rathi, head of the London Stock Exchange’s UK division, has been appointed chief executive of the Financial Conduct Authority (FCA), Britain’s finance ministry said on Monday. Rathi, a former finance ministry official, will play a key... More »

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Global stocks shrug off fresh virus wave fears, dollar slips

LONDON (Reuters) – World stocks reversed earlier losses and the dollar slid on Monday as investors shrugged off worries that rising coronavirus infections in parts of Europe and the United States over the weekend could scupper a quick economic rebound. Torn be... More »

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Hong Kong spearheads $5 billion Cathay Pacific rescue package

SYDNEY/HONG KONG (Reuters) – Hong Kong will lead a $5 billion rescue of Cathay Pacific Airways (0293.HK), which like other airlines has been hit by a global travel slump triggered by the coronavirus pandemic. The government’s involvement in the recapitalisatio... More »

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Asia shares rally as BOJ buys more bonds- U.S. crude skids

SYDNEY/HONG KONG (Reuters) – Asian shares bounced on Monday as the Bank of Japan (BOJ) announced more stimulus steps to help cushion the economic impact of the coronavirus, but the recent weak run in the global oil price showed no signs of ending. MSCI’s broad... More »

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Oil gains on OPEC+ deal, stocks stymied by pandemic worries

TOKYO/SINGAPORE (Reuters) – Global equities weakened on Monday as investors braced for more indications of economic damage from the coronavirus pandemic while oil prices rose in choppy trade following a landmark deal by OPEC and its allies to cut output. U.S. ... More »

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Factbox: Coronavirus spread closes North American meat plants

CHICAGO (Reuters) – Major meat companies in the United States and Canada have closed plants temporarily due to cases of the new coronavirus and concerns about its spread. Here are some facilities that have shut or reduced production: * JBS USA [JBS.UL] shut a ... More »

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‘Rice ATM’ feeds Vietnam’s poor amid virus lockdown

HO CHI MINH CITY (Reuters) – A Vietnamese entrepreneur in Ho Chi Minh City has invented a 24/7 automatic dispensing machine providing free rice for people out of work following an ongoing nationwide lockdown to curb the spread of the novel coronavirus. Vietnam... More »

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Nintendo game pulled from Chinese platforms after Hong Kong protest

HONG KONG (Reuters) – A Nintendo Switch video game has been pulled off China’s grey market e-commerce platforms, Reuters’ checks show, after Hong Kong activist Joshua Wong used the game to protest against Beijing’s rule of the Chinese territory. The game, “Ani... More »

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Dollar borrowing costs drop to lowest in decade in FX swap markets

LONDON (Reuters) – Dollar borrowing costs in the foreign exchange swap markets retreated further on Monday, with swap rates against the euro and pound falling to their lowest levels in more than a decade. These moves indicate recent emergency actions by global... More »

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Euro zone investor morale hits all-time low on coronavirus – Sentix

BERLIN (Reuters) – Investor morale in the euro zone fell to an all-time low in April and the bloc’s economy is in deep recession due to the coronavirus, which is “holding the world economy in a stranglehold”, a survey showed on Monday. Sentix’s index for the e... More »

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Stocks jump on virus slowdown hopes, but oil slips on oversupply

SYDNEY (Reuters) – Stocks jumped on Monday as investors were encouraged by a slowdown in coronavirus-related deaths and new cases, while oil prices skidded after Saudi-Russian negotiations to cut output were delayed, keeping oversupply concerns alive. Equity i... More »

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Masks do reduce spread of flu and some coronaviruses, study finds

LONDON (Reuters) – Face masks could help limit the spread of the COVID-19 pandemic, according to researchers who studied the effect of surgical masks on the transmission of other corona and flu viruses. In the study, the use of surgical masks by sufferers sign... More »

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Asia shares suffer virus chills, central banks offer cold comfort

SYDNEY/HONG KONG (Reuters) – Asian shares slid on Monday as fears mounted that the global coronavirus shutdown could last for months although markets regained some lost ground late in the session with Australia posting a standout jump. U.S. and European future... More »

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Factbox: Sports events around the world hit by coronavirus pandemic

(Reuters) – Major sports events around the world that have been hit by the coronavirus pandemic: OLYMPICS * The International Olympic Committee and Japan’s Prime Minister Shinzo Abe concluded the Tokyo 2020 Olympics must be postponed and held no later than the... More »

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Blackrock to freeze global hiring for a few weeks: source

LONDON (Reuters) – Blackrock (BLK.N), the world’s largest asset manager, will freeze global hiring for a few weeks, according to a source familiar with the situation. As the deadly coronavirus swept across the global economy, killing thousands of people, compa... More »

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Bank of England cancels stress test of banks over coronavirus

LONDON (Reuters) – The Bank of England canceled this year’s stress test of major banks on Friday and said it may be hard to implement new global capital rules on time given the focus now on supporting lending to customers hit by the coronavirus epidemic. The d... More »

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Stampede to get out: bond ETFs get crushed in selloff

LONDON (Reuters) – A rush to sell global bonds in the past week has now rippled into the world of exchange-traded funds with some of the most actively traded seeing the most bulging gaps relative to the value of underlying holdings in years. Exchange-traded fu... More »

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Louvre museum closed again as workers fret over coronavirus

PARIS (Reuters) – The Louvre museum in Paris shut its doors to art lovers and tourists for a second day on Monday as management held talks with workers over the risks associated with coronavirus. Queues quickly formed in the rain outside the world’s most visit... More »

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Factbox: Sports events hit by the coronavirus epidemic

(Reuters) – The following is a list of international sports events hit by the outbreak of the new coronavirus: ATHLETICS ** The World Athletics Indoor Championships, scheduled for Nanjing from March 13-15, were postponed until next year. World Athletics is wor... More »

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Asian shares rebound as markets bet on coordinated policy stimulus

SINGAPORE/SYDNEY (Reuters) – Asian shares regained a measure of calm on Monday as markets bounced after a searing sell-off last week and as investors pinned hopes on a likely coordinated global monetary response to help soften the economic blow of the coronavi... More »

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Italy’s UniCredit says Mustier to stay on as CEO

MILAN (Reuters) – Italy’s biggest bank UniCredit (CRDI.MI) said on Monday Chief Executive Jean Pierre Mustier had confirmed he would remain in his role, following media reports that he was being considered for the top job at rival HSBC (HSBA.L). UniCredit rece... More »

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Shares drop, gold surges as investors scurry for safety

SYDNEY (Reuters) – Global shares and oil slid on Monday while safe-haven gold surged as the spread of the coronavirus outside China darkened the outlook for world growth with infections and deaths rising in South Korea, Italy and the Middle East. The large spi... More »

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Belgian designer Raf Simons joins Prada as co-creative director

MILAN (Reuters) – Raf Simons will join Prada as co-creative director, marking the first time the Italian fashion house has hired an outsider to work with renowned head designer Miuccia Prada. Belgian-born Simons, 52, will join Prada on April 2, the group said ... More »

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Factbox: Latest on coronavirus spreading in China and beyond

(Reuters) – Here are the latest developments around the coronavirus outbreak: *The death toll in mainland China reached 1,770 as of Sunday-end, up by 105 from the previous day, while there were 2,048 new cases, bringing the total count to 70,548. *In Hubei pro... More »

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Virus time crime: Hong Kong police bust toilet paper gang

HONG KONG (Reuters) – Knife-wielding robbers in Hong Kong stole 50 packs of toilet paper rolls from a supermarket delivery man, police said on Monday, in a sign of the times for a city worried sick by the coronavirus outbreak across the causeway in mainland Ch... More »

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Thailand raises $3.2 billion at 5G license auctions

BANGKOK (Reuters) – Thailand’s telecoms regulator raised 100.52 billion baht ($3.2 billion) in 5G spectrum auctions on Sunday, with operators snapping up 48 licenses ahead of an expected commercial rollout later this year. Thailand’s top mobile operator, Advan... More »

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Latest on coronavirus spreading in China and beyond

(Reuters) – Here are the latest developments around the new coronavirus outbreak: * China’s National Health Commission (NHC) said on Monday the death toll rose to 908, as employees began trickling back to offices and factories around China after the government... More »

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Hong Kong art shows axed amid coronavirus fears

HONG KONG (Reuters) – International art organization Art Basel on Friday announced the cancellation of its high-profile Hong Kong annual show next month as the city grapples with the coronavirus outbreak. The fair had been due to take place from March 19 to 21... More »

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China counts economic cost of virus as markets plunge, death toll up

BEIJING/SHANGHAI (Reuters) – The economic and diplomatic costs of China’s coronavirus epidemic mounted on Monday with investors knocking $400 billion off the value of stocks and the government accusing the United States of over-reacting to the outbreak and whi... More »

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Latest on the coronavirus spreading in China and beyond

(Reuters) – The number of deaths in China from the newly identified virus, which emerged in Wuhan city in the central province of Hubei in December, has risen to 361, as of Sunday, up 57 from the previous day, the National Health Commission said. Here are the ... More »

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Virus worries wipe $420 billion off China’s stock market

SHANGHAI/HONG KONG (Reuters) – Investors erased $420 billion from China’s benchmark stock index on Monday, sold the yuan and dumped commodities as fears about the spreading coronavirus and its economic impact drove selling on the first day of trade in China si... More »

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UK watchdog warns against ‘blanket’ suspension of credit cards

LONDON (Reuters) – Credit card firms must review how they treat customers that have been in persistent debt to help them save up to 1.3 billion pounds a year in lower interest charges, Britain’s Financial Conduct Authority said on Monday. New rules came into f... More »

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New York surges ahead of Brexit-shadowed London in finance: survey

LONDON (Reuters) – New York remains the world’s top financial center, pushing London further into second place as Brexit uncertainty undermines the UK capital and Asian centers catch up, a survey from consultants Duff & Phelps said on Monday. Britain will leav... More »