LONDON (Reuters) – European shares edged up slightly on Wednesday after mixed earnings reports, but a resurgence of COVID-19 cases kept investors cautious while they waited to hear from the U.S. Federal Reserve. Wall Street closed lower on Tuesday and the negative sentiment continued through the Asian session, with Japan’s Nikkei falling on a rising […]

(Reuters) – U.S. oil refiners in coming days are expected to report the worst second-quarter results in a decade, with production outrunning demand while pandemic-related closings have sapped summer travel. Fuel consumption has tumbled, with latest U.S. data showing a 25% drop on auto travel from a year earlier and a 75% decline in passengers […]

ZURICH (BLOOMBERG) – Credit Suisse Group is set to announce a sweeping overhaul of its business as chief executive officer Thomas Gottstein seeks to tighten controls and boost the performance of the investment bank. The Swiss lender plans to merge the investment bank and capital-markets unit – which has posted losses in recent quarters – […]

(Reuters) – Wall Street closed lower on Tuesday as investors fretted about weakening consumer confidence, disappointing financial results and as investors worried about wrangling in the U.S. Congress over a coronavirus aid plan. Weighing heavily on the Dow were industrial conglomerate 3M Co (MMM.N), down 4.8%, after it reported a second-quarter plunge in demand across […]

WASHINGTON (Reuters) – U.S. consumer confidence fell more than expected in July amid a flare-up in COVID-19 infections across the country, which is threatening the economy’s recovery from an unprecedented recession caused by the pandemic. The survey from the Conference Board on Tuesday showed consumers gloomy about the economy’s prospects over the next six months. […]

(Reuters) – Wall Street’s main indexes were set to open lower on Tuesday as lawmakers geared up for grueling talks over a coronavirus relief deal, with investors also weighing a mixed batch of earnings reports from blue-chip companies. Senate Republicans announced on Monday a $1 trillion aid package hammered out with the White House — […]

The maker of Dettol and Cillit Bang cleaning products has reported surging sales as consumers stocked up in the run-up to, and during, the COVID-19 pandemic. As many companies struggle under the weight of coronavirus-related challenges, Reckitt Benckiser (RB) said comparable sales were 12% higher at £6.9bn in the first six months of the year […]

LONDON (Reuters) – The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC. The pandemic drove down daily crude consumption by as much as a third earlier this year, at a time when the rise of electric vehicles and a shift to renewable energy sources […]

PARIS (Reuters) – Peugeot maker PSA Group (PEUP.PA) held on to its margin target despite a fall in profitability in the first half of 2020, and said a recovery in sales had extended into July after the coronavirus pandemic ate into first-half revenues. Like rival carmakers, PSA halted production as the outbreak spread from China […]

SYDNEY (Reuters) – Gold rocketed to record peaks at $1,975 on Tuesday while the U.S. dollar plumbed two-year lows as investors wagered the Federal Reserve would reaffirm its super-easy policy outlook this week, and a tolerance for higher inflation. The prospect of endless stimulus allowed Asian shares to shake off coronavirus concerns and Sino-U.S. tensions […]