ECONOMY & MARKETS

Argentina's economy minister Silvina Batakis took office on Monday after the abrupt resignation of her predecessor threw the government and markets into disarray.

Argentina's long-suffering investors tore into the country's chaotic politics on Monday after the architect of its IMF programme, economy minister Martin Guzman, quit and was replaced by someone seen as close to the powerful vice president Cristina Fernandez de Kirchner.

Argentina's closely watched black market peso rebounded on Tuesday from record lows as the country's new economy minister moved to calm markets, though sovereign bonds plunged amid wider fears about economic crisis and default.

Argentina's closely watched black market peso rose more than 1% to 257 per dollar on Tuesday, traders said, recovering ground after crashing a day earlier as the country's new economy minister pledged fiscal responsibility and stability.

Industrial output in Brazil rose 0.3% in May from April, government statistics agency IBGE said on Tuesday, the fourth consecutive monthly increase but below market expectations of a 0.7% rise.

The S&P 500 and the Dow slipped on Tuesday to start the trading week following a three-day holiday weekend after last Friday's sharp rally, as investors waited for economic data due later this week.

The S&P 500 ended slightly higher on Tuesday as investors kept their focus on the growth trajectory of the U.S.

Wall Street's main indexes fell on Tuesday, with investors fretting about the possibility of a recession as central banks across the world take aggressive actions to stem a surge in inflation.

U.S. stock indexes were set to fall at the open on Tuesday, with investors fretting about the possibility of an economic recession as central banks across the world take aggressive actions to contain a surge in inflation.

More G10 central banks raised interest rates in June than in any month for at least two decades, Reuters calculations showed, and with inflation at multi-decade highs, the pace of policy-tightening is unlikely to let up in the second half of 2022.

Sterling slumped against to a two-year low against the dollar on Tuesday as a crisis in British Prime Minister Boris Johnson's government compounded pressure on a currency already reeling from recession fears and a resurgent greenback.

Crisis-hit Sri Lanka will present a debt restructuring plan to the International Monetary Fund by the end of August, in a bid to win approval for a four-year funding programme, the prime minister said on Tuesday.

Japan spent nearly 30 trillion yen less in the last fiscal year than it had planned for a second year running, which analysts said raises questions about whether stimulus measures like those adopted during COVID-19 could be implemented more efficiently.

China will set up a state infrastructure investment fund worth 500 billion yuan ($74.69 billion) to spur infrastructure spending and revive a flagging economy, two people with knowledge of the matter told Reuters on Tuesday.

The euro sank on Tuesday to its weakest level against the dollar in almost 20 years while oil futures tumbled and bond prices rose as investors sought safety after the latest data fueled fears of a global economic slowdown.

Wall Street's major stock indexes followed European stocks lower on Monday, and the euro sank to its weakest level against the dollar since late 2002, as investors sought safety after the latest data piled on to fears about a global economic slowdown.

The euro sank to a two-decade low versus the dollar on Tuesday as a jump in natural gas prices reignited worries about the euro zone economy and data showed business growth in the region slowed sharply in June.

The euro sank to a two-decade low versus the dollar on Tuesday as another surge in natural gas prices reignited worries about the health of the euro zone economy and data showed euro zone business growth slowed sharply in June.

Gold lost more than 2% on Tuesday to sink further below the $1,800 support level as a sharp rally in the dollar and rising interest rates sapped appetite for the non-yielding asset.

Gold fell on Tuesday pressured by rate hike expectations and a stronger dollar, but growing recession fears kept safe-haven bullion pinned near the key support level of $1,800 an ounce.

Gold fell on Tuesday pressured by rate hike expectations and a stronger dollar, but growing recession fears kept safe-haven bullion above the key support level of $1,800 an ounce.

Gold prices rose marginally on Tuesday, buoyed by economic growth concerns, although an elevated dollar and impending interest rate hikes kept gains in check.

Gold prices eased in a narrow range on Tuesday, as an elevated dollar and impending interest rate hikes overpowered support from underlying concerns over the global economic outlook.

Philippine inflation surged to the highest level in nearly four years in June, cementing expectations for more interest rate hikes and increasing the prospect of the central bank acting more aggressively to temper price pressures.

Oil plummeted nearly $12 a barrel on Tuesday in the biggest daily drop since March and the decline spread to other energy sectors amid worries of a global recession.

Oil plummeted about 9% on Tuesday in the biggest daily drop since March on growing fears of a global recession and lockdowns in China that could slash demand.

Oil plummeted by about $10 a barrel on Tuesday as concerns of a global recession curtailing demand overshadowed a strike by Norwegian oil and gas workers that could cut exports and exacerbate supply shortages.

Brent oil slipped on Tuesday as concerns of a possible global recession curtailing demand outweighed supply disruption fears, highlighted by an expected production cut in Norway.

Oil prices dropped $6 on Tuesday as concerns about a possible global recession curtailing demand outweighed supply disruption fears, highlighted by an expected production cut in Norway.