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S&P 500, Nasdaq hit record closing highs; Turkey’s lira plunges

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NEW YORK — The S&P 500 and Nasdaq notched record closing highs on Thursday, boosted by upbeat corporate earnings news from companies including Nvidia, while Turkey’s lira weakened further after its central bank cut rates.

MSCI’s gauge of stocks across the globe was flat, and the Dow Jones industrial average ended lower. Nvidia’s stock jumped and was among the biggest supports for the S&P 500 and Nasdaq after it beat quarterly estimates and forecast strong fourth-quarter revenue. Macy’s shares shot up 21.2% after it raised its earnings outlook.

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On the flip side, Cisco Systems shares fell 5.5%, a day after it forecast current-quarter revenue below expectations due to supply chain shortages and delays. It was the latest in a growing list of U.S. companies citing supply chain problems.

Investors have been concerned over further increases in price pressures. Retail giant Target warned of higher costs earlier this week.

New York Federal Reserve Bank President John Williams said Thursday that inflation is becoming more broad-based and that expectations for future price increases are rising.

The Dow Jones Industrial Average fell 60.1 points, or 0.17%, to 35,870.95, the S&P 500 gained 15.87 points, or 0.34%, to 4,704.54 and the Nasdaq Composite added 72.14 points, or 0.45%, to 15,993.71.

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The pan-European STOXX 600 index lost 0.46% and MSCI’s gauge of stocks across the globe gained 0.03%.

Turkey’s lira shed another 2.83% after its central bank cut rates by 100 basis points to 15%, even in the face of inflation near 20%, sending the Turkish currency hurtling southward.

“The lira remains a punching bag, and further weakness has no end in sight,” said Edward Moya, senior market analyst at Oanda.

The lira has lost around 11.5% of its value this month amid President Tayyip Erdogan’s renewed criticism of interest rates and calls for stimulus despite the risks. It was last at 10.909, having earlier hit a record low of 11.30 per dollar.

The dollar edged back from a 16-month high as traders weighed whether the U.S. currency’s recent surge had gone too far.

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The dollar index, which measures the currency against a basket of six rivals, was last down 0.3%.

In the U.S. Treasury market, yields fell after the relative success of a 20-year bond auction on Wednesday reduced fears about further rapid yield increases.

Benchmark 10-year notes were last at 1.587%. They have jumped from a low of 1.415% last week and are holding below five-month highs of 1.705% reached on Oct. 21.

Oil prices rose slightly after dropping to six-week lows.

Brent crude settled up 96 cents, or 1.2%, at $81.24 a barrel, while U.S. West Texas Intermediate crude futures closed 65 cents, or 0.8%, higher at $79.01.

U.S. gold futures settled down 0.5% at $1,861.4.

(Additional reporting by Tom Westbrook in Sydney and Marc Jones and Sujata Rao in London; Karen Brettell and John McCrank in New York; editing by Shri Navaratnam, Sam Holmes, Philippa Fletcher and Dan Grebler)

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Bloomberg names Green ME of finance for Americas

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Rick Green

Rick Green has been named managing editor for finance in the Americas at Bloomberg News, effective July 11.

He is currently senior editor for markets at Bloomberg.

Green was previously a team leader for distressed company news. He was also corporate finance editor and a senior editor on the U.S. finance team.

Before Bloomberg, Green was assistant managing editor for business and technology at Newsday. He also worked at BusinessWeek magazine as a senior editor and at SmartMoney magazine.

 





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Liberty Steel secures time with Greensill as debt rstructuring continues

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Liberty Steel Group has entered a standstill agreement with Greensill Bank.

It pauses all enforcement actions between the South Yorkshire headquartered business and the subsidiary of the collapsed financial institution as it focuses on recovery.

Greensill Bank, part of Greensill Capital, is Liberty’s largest creditor on the business’s debt facilities, provided in 2019.

Read more:£26m British Steel Special Profiles upgrade given the go-ahead

The agreement lasts until October 31, with potential to extend until the end of the year.

Liberty said it will enable the company to develop a longer term sustainable financing structure, with detailed due diligence and information exchange continuing between the two parties.

A Liberty spokesperson said: “Today’s standstill agreement with Greensill Bank demonstrates we are getting close to a consensual debt restructuring that is in the best interests of all our stakeholders.

“We are working intensively towards a settlement with our major creditors in a timeframe which would obviate the need for a legal battle. Our core businesses continue to perform well and are operationally strong despite some economic headwinds.”

HMRC had filed then withdrew a winding up petition for Liberty earlier this year as progress with creditors was made.



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At Close of Business: Jordan Murray talks an Australian republic

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Journalist Jordan Murray discusses revived debate over the possibility of an Australian republic.



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