‘Wannacry’ ransomware attack estimated at $4 billion in losses

Global financial and economic losses from the “WannaCry” attack that crippled computers in at least 150 countries could swell into the billions of dollars, making it one of the most damaging incidents involving so-called ransomware. Cyber risk modeling firm Cyence estimates the potential costs from the hack at $4 billion, while other groups predict losses would be in the hundreds of millions…

Global equity markets, dollar edge higher ahead of first meeting between Trump and China’s Xi

Stocks staged a cautious fight back on Thursday before a potentially tense meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping, the first between the two world leaders. Risk appetite stabilized, having been soured by signs the Federal Reserve might start paring asset holdings later this year and that the chances of early U.S. fiscal stimulus may be evaporating…

G20 failure to agree on resisting protectionism considered as setback for Germany

The failure of the world’s financial leaders to agree on resisting protectionism and support free trade marks a setback in the G20 process and poses a risk for growth of export-driven economies such as host Germany, economists said on Sunday. Acquiescing to an increasingly protectionist United States after a two-day meeting in the German town of Baden-Baden, the finance ministers and central bank governors of the 20 biggest economies dropped a pledge to keep global trade free and open…

Global stock market near record highs, dollar slips after Fed’s rate hike

World stocks perched near a record high on Friday after a week when most of the world’s biggest economies either raised rates, or signaled hikes, in a strong sign of confidence about global growth and inflation. Investors turned their attention to a meeting of world finance chiefs in Germany starting Friday, where topics including economic reform, protectionism and exchange rates are expected to be on the agenda…

Fed rate hike bets lift Wall Street; oil slides amid record U.S. stockpiles; dollar falls

World shares chalked up their longest losing streak in well over a year on Thursday as bets on rising U.S. interest rates propelled the dollar and benchmark bond yields higher and beaten-up commodity markets struggled to find a footing. With global energy stocks on the run, MSCI’s 46-country All World index .MIWD00000PUS fell for a sixth consecutive day, the longest slide since the start of 2016 and down from an all-time high set just over a week ago…

Wall Street rallies, dollar, U.S. Treasury yields jump on Fed rate hike bets

Wall Street indexes rallied on Wednesday, with the Dow hitting a record above 21,000 points, while the dollar and U.S. Treasury yields jumped as investors bet that a U.S. interest rate hike would come soon. New York Fed President William Dudley – one of the most influential U.S. central bankers, and usually considered a dove – said late Tuesday that the case for tightening monetary policy had become “a lot more compelling”, while San Francisco Fed President John Williams said he saw “no need to delay” raising rates…

Political uncertainty has driven gold demand up by 70%, highest level since 2013

The Brexit vote and the election of Donald Trump drove global demand for gold to a four-year high in 2016, as pension funds and other institutional investors piled into the precious metal while higher prices put consumers off jewellery purchases. Global gold demand rose 2% last year to reach 4,309 tonnes, the highest level since 2013, according to a report from the World Gold Council, which represents gold miners…

Global stocks edge up, dollar pares gains after Fed’s upbeat statement

Financial asset prices are moving in step less than at any time in more than a decade, as economic and monetary policies diverge and political risks grow around the world. Unusually loose central bank policy after the global financial crisis drove so-called cross-asset correlations to record highs, meaning prices of stocks and government bonds often moved in tandem in the “risk-on, risk-off” environment that dominated financial markets…

World Bank cuts global economy growth forecast to 2.7% this year

President-elect Donald Trump’s future trade policies are worrying the World Bank. The bank cut its global growth forecast for 2017 on Tuesday, citing “protectionist pressures” as one of the key risks. Along with highly uncertain policies in the U.S. and U.K., “risks” to the outlook include “mounting protectionist pressures, financial market disruptions and growth disappointments in major economies,” the World Bank said in its report…

New Zealand gets shock announcement of PM Key’s resignation

John Key, the New Zealand prime minister and leader of the National party, has resigned in a decision that has taken the country by surprise. Key held a media conference in Wellington at 12.45pm local time, after informing the cabinet of his decision. His resignation will be effective from 12 December, when National MPs will meet to select a new leader…

Global stocks fall, bond yields slip off 4-month highs over global economic uncertainty

Major stock markets around the world fell on Monday and U.S. and European bond yields slipped off four-month highs amid uncertainty over the health of the global economy. U.S. stocks fell as declining oil prices pushed energy stocks down and traders sold Bank of America shares (BAC.N) despite a well-received earnings report from the country’s second-largest bank by assets…

Global stocks dip, dollar up as divided Fed seen inclined to stand pat

Stocks dipped and the dollar edged up on Tuesday after a Federal Reserve official’s remarks appearing to make a near-term rise in U.S. interest rates less likely only partially calmed investor nerves before a speech from ECB chief Mario Draghi. Fed Governor Lael Brainard on Monday cautioned against removing support for the U.S. economy too quickly. Her words weakened the dollar and sent U.S. stocks soaring…

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