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India’s Oil Deals With Russia Dent Decades-Old Dollar Dominance

NEW DELHI/LONDON, March 8 (Reuters) – U.S.-led international sanctions on Russia have begun to erode the dollar’s decades-old dominance of international oil trade as most deals with India – Russia’s top outlet for seaborne crude – have been settled in other currencies.

The dollar’s pre-eminence has periodically been called into question and yet it has continued because of the overwhelming advantages of using the most widely-accepted currency for business.

Full coverage: REUTERS

Credit Suisse Equities Business Under Microscope After Revenue Crash

LONDON, March 8 (Reuters) – At the grandiose Fontainebleau Miami Beach hotel, Credit Suisse hosted its top clients in October amid growing doubts it was still in the securities trading game after a series of high-profile blunders.

From BlackRock (BLK.N) to CBOE Global Markets (CBOE.Z), investors and trading firms were treated to fireside chats with guests such as former U.S. President George W. Bush, networking by the lavish hotel’s beachside pools, and fine dining. But it wasn’t long before the mood turned sour, according to an executive at the three-day conference.

Full coverage: REUTERS

Switzerland Joins Global Cartel Probe Into $5-Bln Fragrance Market

March 8 (Reuters) – Shares in Givaudan (GIVN.S) and Symrise (SY1G.DE) took a beating on Wednesday after the Swiss antitrust agency named them as part of a quartet of companies in the crosshairs of international competition watchdogs.

Swiss competition commission COMCO said its probe was targeting market leaders Givaudan, domestic rival Firmenich, which is merging with Dutch chemicals group DSM (DSMN.AS), U.S.-based International Flavors & Fragrances (IFF.N) and Germany’s Symrise (SY1G.DE).

Full coverage: REUTERS

Stocks Slump, Dollar Flies On Hawkish Powell

LONDON, SINGAPORE March 8 (Reuters) – Stocks fell, the dollar hit multi-month highs and U.S. and German short-term bond yields were parked at their highest levels since at least 2008 as Federal Reserve chair Jerome Powell put big rate hikes back on the table to tame inflation.

Ahead of crucial U.S. jobs data on Friday, MSCI’s broad index of global stocks (.MIWO00000PUS) fell 0.3%. Europe’s Stoxx 600 share index slipped 0.3% lower and futures markets indicated a steady start on Wall Street after the S&P 500 index dropped 1.5% on Wednesday.

Full coverage: REUTERS

Oil Steadies After Rate Hike Concerns Spur Sell-Off

LONDON, March 8 (Reuters) – Oil prices steadied after earlier losses on Wednesday, driven by fears that more aggressive U.S. interest rate hikes would hit demand, while the market awaited further clarity on inventories.

Brent crude futures climbed 11 cents, or 0.1%, to $83.40 per barrel by 1103 GMT. U.S. West Texas Intermediate (WTI) crude futures eased 9 cents, or 0.1%, to $77.49 a barrel.

Both Brent and WTI fell by more than 3% on Tuesday after comments by U.S. Federal Reserve Chair Jerome Powell that the central bank would likely need to raise interest rates more than expected in response to recent strong data.

Full coverage: REUTERS

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Industry Dynamics

UK Inflation Rate Unexpectedly Rises To 10.4% In February

LONDON, March 22 (Reuters) – British inflation unexpectedly rose to 10.4% in February, pushed up by higher food prices and pricier drinks in pubs and restaurants, official data showed on Wednesday, a day before the Bank of England announces its latest interest rate decision. Economists polled by Reuters had forecast that the annual CPI rate […]

2023-3-22 | Industry Dynamics

Dollar Pauses, Sterling Drops Ahead Of Fed, BoE

LONDON/SINGAPORE, March 21 (Reuters) – The dollar steadied and sterling fell on Tuesday as traders reckoned banking stress would keep the Federal Reserve and the Bank of England from hiking rates much further, or at all, later in the week. Investors remained concerned over the fate of the banking sector after U.S. lender First Republic shares tumbled […]

2023-3-21 | Industry Dynamics

Analysis: UBS Swallows Doomed Credit Suisse, Casting Shadow Over Switzerland

LONDON, March 20 (Reuters) – UBS Group (UBSG.S) emerged as Switzerland’s one and only global bank with a state-backed rescue of its smaller peer Credit Suisse, a risky bet that makes the Swiss economy more dependent on a single lender. The unprecedented move announced late on Sunday in Zurich capped a race against time by regulators to avert a […]

2023-3-20 | Industry Dynamics