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(Reuters) -The U.S. Federal Reserve’s incoming vice chair for supervision is seeking to review the confidential ratings for the health of the country’s biggest banks, the Wall Street Journal reported on Friday. If any adjustments were to be made to the supervisory ratings, which have gone through layers of evaluation at the central bank, some bank examiners would likely raise concerns, according to the report. The Fed is yet to release the new ratings for U.S. banks with over $100 billion or more in assets and intends to wait until the Senate confirms Michelle Bowman as the new top banking…

By Sheila Dang and Shadia Nasralla HOUSTON/LONDON (Reuters) -Big Oil’s first-quarter earnings have shown a clear split in how companies are positioned to weather the downturn sparked by a slump in oil prices to a four-year low in April. Investors were focused on whether companies would cut share repurchases, since lower crude prices would leave them with less cash to fund the programs. Buybacks and dividends are key to investor interest in the oil industry. U.S. oil producer Exxon Mobil and UK-based Shell kept the pace of share buybacks. Their top rivals, U.S.-based Chevron and UK-based BP said they would…

RIO DE JANEIRO/SAO PAULO (Reuters) -Brazilian state-run oil firm Petrobras reported on Tuesday oil, gas and gas liquids production of 2.77 million barrels of oil equivalent per day (boed) in the first quarter, down 0.2% from a year earlier. Petrobras’ oil production in Brazil fell by 1% year-on-year, to 2.21 million barrels per day (bpd), said the firm, adding that the Almirante Tamandare floating production vessel (FPSO) started producing in February at the country’s Buzios field. “The start of operations of the FPSO Almirante Tamandare is strategic for Petrobras and represents a sustainable expansion of production,” said Renata Baruzzi, head…

By Shadia Nasralla LONDON (Reuters) – Oil prices extended declines on Wednesday and were set for their largest monthly drop in almost three and a half years as the global trade war eroded the outlook for fuel demand while concern over mounting supply also weighed. Brent crude futures were down 77 cents, or 1.2%, at $63.48 a barrel by 1305 GMT. U.S. West Texas Intermediate crude futures dropped 74 cents, also 1.2%, to $59.68. So far this month Brent and WTI have lost about 15% and 16% respectively for the biggest percentage falls since November 2021. Both benchmarks slumped after…

By Stella Qiu SYDNEY (Reuters) -Core inflation in Australia slowed to a three-year low in the first quarter as costs in the services sector cooled markedly, data showed on Wednesday, supporting the case for another cut in interest rates in coming weeks. Investors are fully expecting a quarter-point rate cut from the Reserve Bank of Australia on May 20 given the darkening outlook for global growth caused largely by U.S. tariffs, even as a stronger-than-expected reading in headline inflation saw some scale back aggressive bets for five rate cuts this year. Data from the Australian Bureau of Statistics showed the…

By Rae Wee SINGAPORE (Reuters) – Shares struggled for direction on Wednesday and oil prices slid as relief over a potential easing of global trade tensions was offset by a worsening economic outlook and dour signals from corporates swept up by Donald Trump’s tariffs. U.S. Treasury yields also languished near multi-week lows as traders raised bets of more rate cuts from the Federal Reserve to support the world’s largest economy. Despite Trump’s move to soften the blow of his auto tariffs and signs of progress in broader trade negotiations, details remain scant, with Commerce Secretary Howard Lutnick saying he had…

MEXICO CITY (Reuters) – Mexico’s economy likely remained flat in the first three months of 2025 as a result of uncertainty generated by U.S. President Donald Trump’s fluctuating tariff policies, a Reuters poll showed on Tuesday. Gross Domestic Product (GDP) likely sat at 0.0% in the first quarter in seasonally adjusted terms, according to the median forecast of 15 analysts polled by Reuters, compared to a 0.6% quarter-on-quarter decline in the last three months of 2024. Analysts have for months warned that the Mexican economy may have shrunk again early this year, which would imply a technical recession. However, the…

(Reuters) – Snap said on Tuesday it will not issue a second-quarter financial forecast citing economic uncertainty, as U.S. tariffs threaten to disrupt the global economy and digital advertising budgets, sending its shares down 14% in extended trading. The Snapchat parent faced challenges at the start of the current quarter, even as it continued to diversify both its advertiser base with small- and medium-sized businesses and its revenue sources with the growth of its subscription service. Snapchat+ subscribers rose 59% to 15 million in the first quarter. But economic uncertainty could trigger an ad spending shift to bigger rivals such…

(Bloomberg) — Traders lowered their bets on the Federal Reserve’s interest-rate cuts this year, pricing in just two reductions for 2025 after the US and China agreed to cut tariffs and moderate their trade war. Most Read from Bloomberg Swaps that track upcoming central bank meetings showed just 56 basis points of easing by December, down from near 75 basis points last week. Traders still see the first quarter-point cut in September. The policy-sensitive two-year yield rose as much as 12 basis points Monday to back above 4%, and was trading around that level late in New York, as traders…

IT services provider ASGN (NYSE:ASGN) beat Wall Street’s revenue expectations in Q1 CY2025, but sales fell by 7.7% year on year to $968.3 million. Guidance for next quarter’s revenue was better than expected at $1 billion at the midpoint, 0.5% above analysts’ estimates. Its non-GAAP profit of $0.92 per share was 2.8% below analysts’ consensus estimates. Is now the time to buy ASGN? Find out in our full research report (it’s free). Revenue: $968.3 million vs analyst estimates of $962.3 million (7.7% year-on-year decline, 0.6% beat) Adjusted EPS: $0.92 vs analyst expectations of $0.95 (2.8% miss) Adjusted EBITDA: $93.6 million…