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Canada's RBC quarterly profit rises on personal banking strength

Royal Bank of Canada reported a rise in fourth-quarter profit on Wednesday as the country's biggest lender benefited from strong performance in its personal banking business. The bank's adjusted net income rose to C$4.44 billion ($3.16 billion), or C$3.07 per share, in the three months ended Oct. 31, from C$3.77 billion, or C$2.65 per share, a year earlier. ($1 = 1.4064 Canadian dollars)

Reuters 5 minutes ago

Wall Street is betting on a strong US economy in 2025: Morning Brief

So far, most equity strategy teams see the stock market rising in 2025, buttressed by another strong year of economic growth. That may favor value stocks this time — instead of yet another year of Big Tech domination.

ECB’s Rehn Sees More Grounds for December Interest-Rate Cut

(Bloomberg) -- The European Central Bank will continue to ease policy in the coming months, Governing Council member Olli Rehn told Finnish newspaper Helsingin Sanomat.Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsInflation has slowed to the targeted 2% and euro-area economic growth is fragile, Rehn said in an interview. “These factors have added to the grounds for cutting the benchmark rate in

Futures tick up with focus on Fed commentary, economic data

U.S. stock index futures rose on Wednesday, with those tied to the S&P 500 hitting all-time highs as investors focus on upcoming data and commentary from central bank officials including Chair Jerome Powell. November private payrolls data is due at 8:15 a.m. ET, while the highly anticipated November monthly employment report is expected on Friday.

BOE’s Bailey Signals Expectation of Four Rate Cuts Next Year

(Bloomberg) -- Bank of England Governor Andrew Bailey signaled that policymakers still believe four quarter-point interest rate cuts next year is the most likely scenario as he said inflation has come down “faster than we thought it would.”Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsIn an interview for the Financial Times Global Boardroom event, recorded on Monday, Bailey accepted that the mar

Macron Asks French Lawmakers Not to Topple the Government

(Bloomberg) -- President Emmanuel Macron called on French lawmakers to set aside their personal ambition and reject a vote that would topple the government and throw the country into political turmoil.Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsSubscribe to the Bloomberg Daybreak podcast on Apple, Spotify or anywhere you listen.Far-right leader Marine Le Pen and her National Rally party

Gold Steadies as Market Weighs Turmoil in South Korea and France

(Bloomberg) -- Gold steadied as traders took stock of political turmoil in South Korea and France, which has buoyed demand for haven assets.Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsBullion was little changed near $2,640 an ounce on Wednesday, after rising 0.2% in the previous session. South Korean President Yoon Suk Yeol made a surprise declaration of martial law on Tuesday night, before re

Oil Extends Hefty Advance on OPEC+ Deal Progress, Iran Sanctions

(Bloomberg) -- Oil extended its biggest advance in more than two weeks as OPEC+ made progress toward a deal to further delay the restoration of shuttered supply and the US imposed more sanctions on Iranian crude.Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsBrent crude traded near $74 a barrel after a 2.5% jump on Tuesday, while West Texas Intermediate was above $70. The producer group is edging

South Korean parties further isolate Yoon with impeachment bid

(Bloomberg) -- South Korea’s opposition ramped up the heat on President Yoon Suk Yeol with an impeachment motion after he plunged the nation into a political crisis by briefly imposing martial law. Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsThe Democratic Party and five other opposition parties submitted the motion Wednesday afternoon, according to a DP official speaking with reporters, less

Vodafone to Sell Remaining Stake in Indian Tower Company Indus

(Bloomberg) -- Vodafone Group Plc is to sell its remaining stake in India’s Indus Towers Ltd. after offloading $1.8 billion worth of shares in June.Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsThe UK-based telecommunications firm is selling 79.2 million shares, representing a 3% stake, with some of the proceeds to be used to pay down debt, the company said in a statement Wednesday. The shares w

VW CEO clashes with workers as conflict over closures, pay deepens

Volkswagen's CEO and labour boss clashed during a staff meeting on Wednesday, with management pushing for major cuts while workers warned of more strikes as long as plant closures remain part of wage negotiations at the embattled German automaker. The gathering of around 20,000 workers at Volkswagen's main plant in Wolfsburg was also attended by German Labour Minister Hubertus Heil and comes less than a week before both sides will meet for a fourth round of talks on Dec. 9. Volkswagen insists that plant closures and pay cuts are needed in Germany to respond to Chinese competition, something workers have described as red lines while threatening further strikes after a first round of walk-outs earlier this week.