Wall St edges up with earnings, rate-cut expectations in focus

reuters | February 6, 2024

By Johann M Cherian and Ankika Biswas (Reuters) – Wall Street’s main indexes inched higher on Tuesday as investors parsed big-ticket earnings and awaited commentary from policymakers for clues on the timing of the Federal Reserve’s first interest-rate cut. Eli Lilly jumped 3.5% after forecasting 2024 profit above estimates, driven by demand for its blockbuster […]

Lilly expects strong 2024 profit on rising weight-loss drug demand

reuters | February 6, 2024

By Patrick Wingrove and Bhanvi Satija (Reuters) -Eli Lilly on Tuesday forecast 2024 profit above Wall Street estimates on soaring demand for its recently approved weight-loss drug, and said the treatment helped reduce symptoms of a common, difficult to treat fatty liver disease in a mid-stage trial. The company said it expects 2024 revenue of […]

Wall Street equities fall with interest rates, earnings in focus

reuters | February 6, 2024

By Sinéad Carew and Johann M Cherian (Reuters) -Wall Street’s main indexes closed lower on Monday after Federal Reserve Chair Jerome Powell pushed back firmly against speculation that rate cuts would be imminent, while investors assessed a mixed bag of U.S. earnings reports. In an interview aired on Sunday, Powell said more evidence on a […]

AbbVie raises 2027 sales forecast for new immunology drugs to $27 billion

reuters | February 2, 2024

By Leroy Leo and Patrick Wingrove (Reuters) -AbbVie on Friday raised its 2027 forecast for sales of its immunology drugs Skyrizi and Rinvoq to $27 billion, up $6 billion from its previous prediction. The Chicago-based drugmaker has been counting on revenues from its newer immunology medicines to help make up for declining sales of blockbuster […]

US labor market sizzles with blowout job growth, solid wage gains

reuters | February 2, 2024

By Lucia Mutikani WASHINGTON (Reuters) – U.S. job growth accelerated in January and wages increased by the most in nearly two years, signs of persistent strength in the labor market that could make it difficult for the Federal Reserve to start cutting interest rates in May as currently envisaged by financial markets. The closely watched […]

Hong Kong billionaire Richard Li seeks to sell asset manager PineBridge -sources

reuters | February 2, 2024

By Selena Li and Kane Wu HONG KONG (Reuters) -Hong Kong investment firm Pacific Century Group (PCG), founded by billionaire Richard Li, is seeking to sell its majority stake in asset manager PineBridge Investments, according to four people with knowledge of the matter and a deal document seen by Reuters. PCG has hired JPMorgan to […]

Illicit crypto addresses received at least $24.2 billion in 2023 – report

reuters | January 18, 2024

By Elizabeth Howcroft LONDON (Reuters) – At least $24.2 billion worth of crypto was sent to illicit crypto wallet addresses in 2023, including addresses identified as sanctioned or linked to terrorist financing and scams, crypto research firm Chainalysis said on Thursday. Cryptocurrencies enable people to send money around the world without using the mainstream financial […]

Volvo Cars sees ‘tremendous growth’ in EVs, CEO says

reuters | January 17, 2024

By Divya Chowdhury and Savio Shetty DAVOS, Switzerland (Reuters) -Volvo Cars remains confident of “tremendous growth” in the electric vehicles market, CEO Jim Rowan told the Reuters Global Markets Forum in Davos on Wednesday, countering gloomier projections from rivals. The carmaker, which aims for electric vehicles (EVs) to contribute half its sales volume by mid-decade […]

US power and natgas prices soar as extreme freeze hits natgas supplies

reuters | January 13, 2024

By Scott DiSavino (Reuters) -U.S. natural gas and power prices hit multi-year highs on Friday ahead of extreme cold that was expected to bring record gas demand while also cutting supplies by freezing wells. Lower gas supplies at a period of surging demand could test power systems in hard-hit areas. Winter storms in 2021 and […]

ABB buys tech company to give industrial robots eyes and brains

reuters | January 12, 2024

By John Revill ZURICH (Reuters) – ABB has bought a company specializing in boosting the mobility of industrial robots – by using artificial intelligence and 3D vision to move around factories and warehouses. The deal to buy Sevensense, a Swiss start-up, is the latest robotics investment by ABB and follows growing demand for industrial robots […]

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