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Reuters
an hour ago
- Reuters
Shares nudge higher in Asia, oil slips on truce talks
SYDNEY, Aug 18 (Reuters) - Share markets edged higher in Asia on Monday ahead of what is likely to be an eventful week for U.S. interest rate policy, while oil prices slipped as risks to Russian supplies seemed to fade a little. U.S. President Donald Trump now seemed more aligned with Moscow on seeking a peace deal with Ukraine instead of a ceasefire first, after meeting Russian President Vladimir Putin in Alaska on Friday. Trump will meet Ukrainian President Volodymyr Zelenskiy and European leaders later on Monday to discuss the next steps, though actual proposals are vague as yet. The major economic event of the week will be the Kansas City Federal Reserve's August 21-23 Jackson Hole symposium, where Chair Jerome Powell is due to speak on the economic outlook and the central bank's policy framework. "Chair Powell will likely signal that risks to the employment and inflation mandates are coming into balance, setting up the Fed to resume returning policy rate to neutral," said Andrew Hollenhorst, chief economist at Citi Research. "But Powell will stop short of explicitly signalling a September rate cut, awaiting the August jobs and inflation reports," he added. "This would be fairly neutral for markets already fully pricing a September cut." Markets imply around an 85% chance of a quarter-point rate cut at the Fed's meeting on September 17, and are priced for a further easing by December. The prospect of lower borrowing costs globally have underpinned stock markets and Japan's Nikkei (.N225), opens new tab firmed 0.5% to a fresh record high. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab was a fraction lower, having hit a four-year top last week. EUROSTOXX 50 futures rose 0.3%, while FTSE futures and DAX futures gained 0.2%. S&P 500 futures nudged up 0.1%, while Nasdaq futures added 0.2% with both near all-time highs. Valuations have been underpinned by a solid earnings season as S&P 500 EPS grew 11% on the year and 58% of companies raised their full-year guidance. "Earnings results have continued to be exceptional for the mega-cap tech companies," noted analysts at Goldman Sachs. "While Nvidia has yet to report, the Magnificent 7 apparently grew EPS by 26% year/year in 2Q, a 12% beat relative to consensus expectation coming into earnings season." This week's results will provide some colour on the health of consumer spending with Home Depot, Target, Lowe's and Walmart all reporting. In bond markets, the chance of Fed easing is keeping down short term Treasury yields while the longer end is pressured by the risk of stagflation and giant budget deficits, leading to the steepest yield curve since 2021. European bonds also have been pressured by the prospect of increased borrowing to fund defence spending, pushing German long-term yields to 14-year highs. Wagers on more Fed easing has weighed on the dollar, which dropped 0.4% against a basket of currencies last week to last stand at 97.851 . The dollar was a fraction firmer on the yen at 147.33 , while the euro held at $1.1704 after adding 0.5% last week. The dollar has fared better against its New Zealand counterpart as the country's central bank is widely expected to cut rates to 3.0% on Wednesday. In commodity markets, gold was stuck at $3,328 an ounce after losing 1.9% last week. Oil prices struggled as Trump backed away from threats to place more restrictions on Russian oil exports. Brent dropped 0.4% to $65.61 a barrel, while U.S. crude eased 0.2% to $62.67 per barrel.
Reuters
an hour ago
- Reuters
Australian regulator sues Google over anti-competitive Search deals
Aug 18 (Reuters) - Australia's competition regulator said on Monday it has begun proceedings against Alphabet's Google (GOOGL.O), opens new tab over its past deals with telecom operators Telstra ( opens new tab and Optus for the pre-installation of Google Search on Android mobile phones. Google has cooperated with the regulator, admitted liability and agreed to jointly submit to the Federal Court that it should pay a total penalty of A$55 million ($35.8 million), the Australian Competition and Consumer Commission (ACCC) said. ($1 = A$1.5349)
Times
2 hours ago
- Times
Pay of FTSE 100 bosses rises for fourth year to new record
The total pay of the chief executives of Britain's biggest public companies has increased for a fourth successive year to a new high. The median earnings of the bosses of companies in the FTSE 100, the UK's premier share index, rose 6.8 per cent in the past year to £4.58 million, from £4.29 million in 2023-24, research by the High Pay Centre think tank showed. That was 122 times the median salary of full-time UK workers of £37,430. The highest pay was at Melrose, the aerospace business, where executives were awarded tens of millions of pounds each, boosted by a five-year incentive scheme, triggering a large shareholder revolt at the company's annual meeting this year. Among the ten highest paid chief executives were Sir Pascal Soriot at AstraZeneca , Britain's most valuable public company, who was paid £14.7 million, and Charles Woodburn, who received £11.7 million at BAE Systems, the defence company. The number of FTSE 100 companies paying their chief executives £10 million or more increased from ten to 13 in the past year. Executive pay has been a contentious issue in corporate Britain for years, particularly during economic downturns, and the issue led to sizeable shareholder revolts during the annual meeting season in the spring. Chief executives' pay in the United States, the world's biggest economy, tends to be even larger, with stock awards making up a significant component. The median total compensation for S&P 500 bosses was $17.1 million (£12.6 million) in 2024, a 9.7 per cent increase from the previous year. The prime minister with BAE Systems chief Charles Woodburn GETTY IMAGES A number of FTSE 100 companies have driven through higher American-style incentive schemes recently, arguing they are necessary to hire and retain talented executives in the US. They include Ashtead, Smith & Nephew and Convatec. The High Pay Centre, which campaigns on the issue, argues that excessive spending on top earners often comes at the expense of pay increases for the rest of the workforce. It is calling for the Employment Rights Bill to be introduced in 'full', arguing that higher trade union membership and collective bargaining coverage are linked to reduced pay inequality. Luke Hildyard, director of the High Pay Centre, said: 'The contrast between the multimillion-pound pay awards for the CEOs of Britain's biggest corporations and the wider economic uncertainty and social division across the country is really stark. These figures will feed a growing sense that low and middle earners don't get a fair share of the wealth that their work helps to create, while those at the top take much more than they merit or need.' Its research was based on chief executive pay disclosures made in annual company reports for financial years ending between April 2024 and March 2025 and on the FTSE 100 as constituted at the end of the second quarter of 2024.
