Fed's Barkin sees no strong case for a rate hike or cut






NEW YORK - Strong U.S. economic growth and subdued inflation mean there is no strong argument for a rate hike or cut right now, though business confidence is fragile, a Federal Reserve policymaker said on Wednesday.

“There’s not a strong case to push rates higher when inflation is under control; there’s not a strong case to move lower when growth remains healthy,” Richmond Fed President Thomas Barkin told the New York Association of Business Economists in Manhattan.

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WeWork starts $2.9 billion property platform with Canada's CDPQ






NEW YORK (Reuters) - The We Company, parent of workspace provider WeWork, said on Wednesday it has created a $2.9 billion real estate investment platform with funding from one of Canada’s largest pension funds, building on ties with private equity firm the Rhone Group.

The platform, called ARK, has gained $1 billion from Canada’s Ivanhoe Cambridge, the property arm of Caisse de dépôt et placement du Québec, the Montreal-based company said.

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Wall St. gains as trade optimism trumps dim economic data






NEW YORK (Reuters) - Wall Street turned positive on Wednesday following reports that U.S. President Donald Trump would hold off on imposing tariffs on imported cars and parts, easing slowdown fears after downbeat economic data.

Technology stocks led all three major U.S. indexes into the black, setting them up for a second day of gains, but S&P 500 remained about 3% below its all-time high reached just over two weeks ago.

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Euro boosted by reports auto tariffs will be delayed






NEW YORK (Reuters) - The euro retraced earlier losses against the U.S. dollar on Wednesday after administration officials said that U.S. President Donald Trump is expected to delay a decision on tariffs on imported cars and parts by up to six months.

A formal announcement is expected by Saturday, the due date for Trump to make a decision on recommendations by the Commerce Department to protect the U.S. auto industry from imports on national security grounds.

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Weak U.S. retail sales, industrial output highlight slowing economy






LONDON (Reuters) - Brexit-supporting rebels in British Prime Minister Theresa May’s Conservative Party said on Wednesday they would vote down her European Union divorce deal when she brings it back to parliament next month.

Britain had been due to leave the EU on March 29 but parliament has three times rejected the withdrawal agreement May struck with Brussels. The United Kingdom is now scheduled to leave, with or without a deal to smooth the exit, by Oct. 31.

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Rebels hope to kill off May's Brexit deal in 'last-chance' vote






LONDON (Reuters) - Brexit-supporting rebels in British Prime Minister Theresa May’s Conservative Party said on Wednesday they would vote down her European Union divorce deal when she brings it back to parliament next month.

Britain had been due to leave the EU on March 29 but parliament has three times rejected the withdrawal agreement May struck with Brussels. The United Kingdom is now scheduled to leave, with or without a deal to smooth the exit, by Oct. 31.

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U.S. bank regulator will vet next Wells Fargo CEO






WASHINGTON (Reuters) - A top U.S. bank regulator said on Wednesday it will vet Wells Fargo & Co’s pick for its next chief executive, a development that could complicate the scandal-hit lender’s efforts to find a permanent replacement for CEO Tim Sloan.

Joseph Otting, the Comptroller of the Currency (OCC), told Congress he would use special legal powers that the regulator typically reserves for overseeing financially troubled lenders to review any proposed candidate.

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U.S., European shares gain after Trump auto-tariff delay






NEW YORK (Reuters) - U.S. and European stock indexes gained on Wednesday after news that U.S. President Donald Trump planned to delay tariffs on auto imports, offsetting earlier pressure on equities and government bond yields from weak U.S. and Chinese economic data.

Trump is expected to delay a decision on tariffs on imported cars and parts by up to six months, three administration officials told Reuters. Fears about an escalating global trade war, particularly following a spike in U.S.-China tensions, have rattled markets over the past week.

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Sterling hits three-month low as Brexit deadlock saps support for PM May






LONDON (Reuters) - The pound fell sharply on Wednesday on growing expectations that Prime Minister Theresa May will again fail to get her Brexit deal approved and could soon face a leadership challenge.

Sterling has weakened more than 1% this month as deadlocked cross-party talks expose deep political divisions over how, when and even if Brexit should take place.

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