Author: Multibagger News

By Makiko Yamazaki TOKYO (Multibagger) -Japan’s finance minister said on Tuesday authorities were vigilant to sharp currency market moves, as the yen continued its slump to fresh 38-year lows against the dollar, but stopped short of giving a clear intervention warning. The change in official daily commentary to reporters, in which an intervention warning has become almost customary, comes as analysts question the effectiveness of such jawboning in stopping sharp yen declines. “Foreign exchange levels are set by the market reflecting a complex mix of various factors, including inflation, current account balance, market sentiment and speculative moves,” finance minister Shunichi…

Investing.com– U.S. stocks were little changed Wednesday in holiday-impacted volumes, consolidating after recent gains ahead of the widely-watched official jobs report.  At 09:35 ET (13:35 GMT), the rose 75 points, or 0.2%, the climbed 4 points, or 0.1%, and the edged 7 points, or 0.1%, higher.  The main Wall Street indices are set for a shortened trading day on Wednesday ahead of Thursday’s Independence Day holiday, and come off strong gains on Tuesday after Federal Reserve Chair Jerome Powell flagged some progress in cooling inflation. Fed minutes, labor data in focus  Fed Chair Jerome Powell flagged some progress in bringing down inflation,…

By Marianna Parraga HOUSTON (Multibagger) – The second bidding round for shares in refiner Citgo Petroleum’s parent was “successful,” with several competitive bids received last month by a U.S. federal court, a representative of the court officer overseeing the sale process said on Tuesday. The case, aimed at paying up to $21.3 billion to creditors for past expropriations and debt defaults in Venezuela, was introduced by miner Crystallex in 2017 and has since allowed a dozen and a half companies to pursue proceeds from the court-organized auction. Parties representing Venezuela called the first bidding round in January “disappointing” as the…

By Foo Yun Chee, Ilona Wissenbach and Angelo Amante BRUSSELS/FRANKFURT/ROME (Multibagger) -Lufthansa won EU antitrust approval to buy 41% of ITA Airways for 325 million euros ($350 million) on Wednesday after ceding routes and slots, with the news boosting rival IAG’s shares and hopes for its takeover of Air Europa. The deal will boost Lufthansa’s presence in the lucrative southern European market and is one of three high-profile sector transactions in Europe, underscoring efforts by its airlines to boost scale to offset rising operating costs. Lufthansa CEO Carsten Spohr told a press conference in Rome that ITA’s Fiumicino airport hub…

Investing.com —  The case for a rising neutral level of interest rates has yet to meet two key criteria, according to New York Federal Reserve President John Williams. In prepared remarks at an European Central Bank event in Sintra, Portugal, Williams said recent commentary has suggested that this rate — known as “R-star” — has increased “due to persistent changes in the balance between the supply and demand for savings.” R-star is the theoretical real short-term interest rate at which inflation is tamed and the economy is at full strength. However, Williams argued that the value of R-star is very…

By Vivian Sequera CARACAS (Multibagger) – Venezuela kicks off the home stretch of its presidential election campaign on Thursday ahead of voting planned for the end of the month, where analysts and pollsters say incumbent President Nicolas Maduro may be on the back foot. Opposition activists have regularly denounced what they call oppressive tactics by Maduro, a socialist seeking a third term, including imprisoning opposition members. Maduro on Monday said he had agreed to restart talks with the United States, although officials there have declined to confirm that. The run-up to the campaign’s official start on July 4 has been…

In a recent transaction on July 2, Robert N. Cavanaugh, the President of Accolade, Inc. (NASDAQ:ACCD), sold a portion of his stock in the company. The executive disposed of 457 shares at an average price of $3.541 per share, totaling approximately $1,618. The sale was conducted primarily to satisfy tax withholding obligations related to the vesting of Restricted Stock Units (RSUs). The RSUs in question converted into shares of common stock on a one-to-one basis. As noted in the footnotes of the filing, the sales were part of a “mandatory sell to cover” transaction that is often employed to handle…

Investing.com – The U.S. dollar edged higher in early European trade Tuesday, recovering after recent losses, while the euro dipped ahead of key inflation data. At 04:30 ET (08:30 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 105.700, bouncing from a one-week low seen earlier in the week. Dollar receives Trump boost; Powell set to speak The has climbed as the prospects of a second Donald Trump presidency have risen over the last few days, boosted by President Joe Biden’s faltering debate performance last week as well as the…

Investing.com — Federal Reserve Chair Jerome Powell has predicted that inflation in the U.S. may return to the central bank’s 2% target by late 2025 or the following year, but flagged that policymakers will “take their time” before rolling out potential interest rate cuts. Speaking in a panel discussion at an European Central Bank event in Sintra, Portugal, Powell noted that the labor market — a major driver of inflation — is showing signs of “cooling off,” with wage increases easing back towards “more sustainable levels.” The Fed has also made “significant progress” in bringing the pace of price gains back…

By Erwin Seba HOUSTON (Multibagger) -Crude oil prices fell on Tuesday as fears faded that Hurricane Beryl would disrupt supplies as the storm will avoid most oil fields as it barrels toward Jamaica. futures settled down 36 cents, or 0.42%, at $86.24 a barrel. U.S. West Texas Intermediate crude settled at $82.81 a barrel, down 57 cents or 0.68%. Earlier on Tuesday, WTI rose $1 to $84.38 on fears Beryl might have a wider impact in offshore oil production areas in the U.S.-regulated northern Gulf of Mexico as U.S. demand for motor fuels is increasing. Both benchmarks gained about 2%…