Yahoo Finance - Stock Market Live, Quotes, Business & Finance News

Economic News and Analysis

The latest news and analysis about the health of the US economy.

Fed approves Scotiabank bid to acquire voting shares in KeyCorp

The U.S. Federal Reserve said on Thursday it had approved an application by Scotiabank to buy up to 14.99% of the voting shares in U.S. regional lender KeyCorp, as the Canadian bank looks to boost its exposure to developed markets. Scotiabank announced the $2.8 billion deal in August, which would also allow it to appoint two directors to the Ohio bank's board. Scotiabank CEO Scott Thomson's move to acquire a stake in the regional lender comes as the bank refocuses on the North American trade corridor as part of its new strategy, while it looks at possibly exiting some unprofitable markets in South America.

Reuters 36 minutes ago

BNS

KEY

NY Fed Markets Group chief Neal resigns, will exit bank in March 2025

The head of the Federal Reserve Bank of New York's powerful Markets Group, Michelle Neal, is stepping down and will leave the bank in March 2025, the bank said in a press release on Thursday. Neal will serve as a senior advisor at the bank until she exits, the bank said, adding that Neal is moving to a role in the private sector. Neal oversees the part of the New York Fed that interfaces with the financial sector.

Freight Essentials takes aim at WWEX Group in federal lawsuit

Logistics firm Freight Essentials filed a federal lawsuit against WWEX Group and its affiliates, alleging that the company is engaging in fraudulent business practices with hidden fees. The post Freight Essentials takes aim at WWEX Group in federal lawsuit appeared first on FreightWaves.

Argentina economy seen shrinking 2.6% in Q3, but recession could break

Argentina's economy is expected to have contracted 2.6% in the third quarter of 2024 versus a year earlier, the sixth straight such decline, but expanded against the quarter before, breaking a technical recession going back to the end of last year. A Reuters poll on Thursday, involving 13 local and foreign analysts, gave the year-on-year contraction of gross domestic product (GDP), which follows a 1.7% contraction in the second quarter and a steep 5.1% drop in the first quarter. Economic activity, an early barometer of growth, slid 3.3% year-on-year in September, 3.7% in August and 1% in July, data from the INDEC statistics agency show, as industry slowed amid a harsh austerity drive by libertarian President Javier Milei.

Oil Snaps Three-Day Rally on Expectation of Supply Glut in 2025

(Bloomberg) -- Oil snapped a three-day rally to settle near $70 a barrel with expectations for a supply glut in 2025 countering geopolitical risks. Most Read from BloombergHong Kong's Expat Party Hub Reshaped by Chinese InfluxBrace for a Nationwide Shuffle of Corporate HeadquartersCity Hall Is HiringAmerican Institute of Architects CEO ResignsCloud Computing Tax Threatens Chicago’s Silicon Valley DreamThe International Energy Agency on Thursday reiterated its calls for a large supply surplus nex

Imperial Wants More Aid for $11 Billion Oil Sands Carbon Project

(Bloomberg) -- Imperial Oil Ltd., the Canadian oil sands unit of Exxon Mobil Corp., is calling for more government funding for the nation’s industry, which is embarking on a C$16 billion ($11 billion) endeavor to deploy carbon capture and storage technology and slash emissions by 2030. Most Read from BloombergHong Kong's Expat Party Hub Reshaped by Chinese InfluxBrace for a Nationwide Shuffle of Corporate HeadquartersCity Hall Is HiringAmerican Institute of Architects CEO ResignsCloud Computing

Egg Inflation Gives Top US Producer Cal-Maine a 127% Stock Rally

(Bloomberg) -- As higher egg prices add to inflation for US consumers, producer shares are providing investors with outsized returns. Most Read from BloombergHong Kong's Expat Party Hub Reshaped by Chinese InfluxBrace for a Nationwide Shuffle of Corporate HeadquartersCity Hall Is HiringAmerican Institute of Architects CEO ResignsCloud Computing Tax Threatens Chicago’s Silicon Valley DreamShares of the top US egg supplier Cal-Maine Foods Inc. have more than doubled over the past year, gaining 127

Head of the Federal Aviation Administration to resign, allowing Trump to pick his successor

The head of the Federal Aviation Administration, who has led a tougher enforcement policy against Boeing since a panel blew off a jetliner in January, said Thursday that he will step down next month, clearing the way for President-elect Donald Trump to name his choice to lead the agency. Mike Whitaker announced his pending resignation in a message to employees of the FAA, which regulates airlines and aircraft manufacturers and manages the nation’s airspace. Since then, the challenges confronting Whitaker have included a surge in close calls between planes, a need for stricter oversight of Boeing.

US Producer Prices Jump on Eggs But Fed Categories Come in Soft

(Bloomberg) -- US wholesale inflation unexpectedly accelerated in November on a surge in egg prices, while other categories suggested a muted increase in the Federal Reserve’s preferred price gauge.Most Read from BloombergHong Kong's Expat Party Hub Reshaped by Chinese InfluxBrace for a Nationwide Shuffle of Corporate HeadquartersCity Hall Is HiringAmerican Institute of Architects CEO ResignsCloud Computing Tax Threatens Chicago’s Silicon Valley DreamThe producer price index for final demand ros

Eggs boost US producer prices in November, but services inflation slowing

WASHINGTON (Reuters) -U.S. producer prices increased by the most in five months in November, but easing costs of services such as portfolio management fees and airline fares offered hope that the disinflationary trend remains in place despite stalled progress. Other details of the report from the Labor Department on Thursday were, however, mostly favorable, prompting economists to sharply lower their estimates for the personal consumption expenditures (PCE) price measures tracked by the Federal Reserve for its 2% inflation target. The report, together with other data showing more people were collecting unemployment checks at the end of November relative to the beginning of the year as demand for labor cools, cemented investor expectations that the U.S. central bank would deliver its third consecutive interest rate cut next week.

PPI shows wholesale inflation jumped more than expected amid 'extended and bumpy journey' to Fed's target

Thursday's wholesale inflation reading follows a string of releases that have shown price increases aren't rapidly falling toward the Fed's 2% target.