Reuters - Before the Bell

Click to View in Browser

Tuesday, May 23, 2017

Trump seeks to slash government spending in budget plan

WASHINGTON (Reuters) - The White House on Tuesday will ask Republicans who control the U.S. Congress - and federal purse strings - to slash spending on healthcare and food assistance programs for the poor as they push ahead on plans to cut taxes and trim the deficit.

Factbox: Key points of Trump's 2018 budget proposal

(Reuters) - The following are stories and tables about President Donald Trump's proposed budget for the fiscal year 2018 starting Oct. 1, unveiled by the White House on Monday and due to be delivered to Congress on Tuesday.

Dollar struggles near 6-1/2 month low

LONDON (Reuters) - The dollar struggled to recover ground against other major currencies on Tuesday as stronger German data and low 10-year U.S. Treasury yields offset signs investors were ready to take some profit on its worst week of losses in a year.

U.S. plan to sell oil reserves undermines OPEC supply management efforts

SINGAPORE (Reuters) - U.S. President Donald Trump's proposal to sell half of the United States' strategic oil reserve surprised energy markets on Tuesday since it counters OPEC's efforts to control supply in order to boost prices.

Oil down as White House proposes selling U.S. oil reserves

LONDON (Reuters) - Oil prices fell on Tuesday, weighed down by U.S. President Donald Trump's plan to sell off half the country's huge oil stockpile, threatening a future glut even as OPEC and its allies look set to extend output cuts in a bid to tighten the market.

China to open more sectors to foreign investors

BEIJING (Reuters) - China will further open its economy to foreign investors, through measures such as allowing investment in more industries, such as services, state television said on Tuesday, citing a reform group meeting chaired by President Xi Jinping.

Greece says lenders have moral, political, legal duty to meet obligations

ATHENS (Reuters) - Greece said on Tuesday it has done its part on reforms and that foreign creditors had a "moral, political and legal" duty to meet their obligations toward it.

German Fin Min sees deal for Greece in three weeks 'if all goes well'

BRUSSELS (Reuters) - Germany's Finance Minister Wolfgang Schaeuble expressed some confidence on Tuesday that Greece's international creditors would overcome their differences and agree in three weeks on a deal that would release more loans to Athens.

CEOs of Target, ADM to square off on U.S. border tax at hearing

WASHINGTON (Reuters) - The chief executive officers of two major American companies - retailer Target Corp and agribusiness Archer Daniels Midland Co - will offer countering views in a hearing before U.S. lawmakers on Tuesday on a proposed border adjustment tax.

Ford names Hackett as CEO to tackle car rivals, Silicon Valley

WASHINGTON/DEARBORN, Mich. (Reuters) - Ford Motor Co abruptly named James Hackett as chief executive on Monday, responding to investors' growing unease about the U.S. automaker's slumping stock price and its ability to counter threats from longtime rivals and Silicon Valley.