Finance news

• Analysis: Fed eyes U.S. rate hike, but second-guesses economic gauges

  12-04-2016 23:50 via news.yahoo.com
  
  By Ann Saphir and Jonathan Spicer SAN FRANCISCO/RUSTON, La. (Reuters) - Federal Reserve Chair Janet Yellen has declared that the U.S. central bank's interest-rate decisions will depend on how the economy performs. "I would take the first-quarter real GDP estimates with a big grain of salt," the San Francisco Fed's chief of research, Glenn Rudebusch, told Reuters in an interview on Friday. "First-quarter will be weak, but we think that it is not representative of the underlying strength of the ec
  
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• U.S. banks need more information on how 'living wills' are judged: GAO

  12-04-2016 23:43 via news.yahoo.com
  Big banks do not have enough information on how U.S. regulators evaluate their plans to wind down operations during a crisis without the help of public money, known in the industry as a "living will," and are scrambling to meet annual deadlines for filing them, according to the Government Accountability Office. The requirement for a so-called living will was part of the Dodd-Frank Wall Street reform legislation passed in the wake of the 2007-2009 financial crisis, when the U.S. government spent
  
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• Oil, energy shares rally, boosting stock markets

  12-04-2016 23:03 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - Brent crude oil prices hit a four-month high and energy equities rose on Tuesday after reports of an agreement between two major producers to freeze output, leading U.S. equities higher. Brent crude rose 3.3 percent to $44.22 a barrel and U.S. crude settled up 4.5 percent at $42.17. On Wall Street, energy sector shares led the market, and the S&P 500 hit an intraday high shortly after the headlines on the output freeze.
  
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• Canadian dollar firms to near nine-month high as oil jumps

  12-04-2016 22:55 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - The Canadian dollar strengthened to a near nine-month high against its U.S. counterpart on Tuesday as rising oil prices improved the economic outlook a day before the Bank of Canada's interest rate announcement. The currency has rebounded 15 percent since January, when it hit a 12-year low at C$1.4689, supported by a partial recovery in oil prices, the Canadian government's plan for fiscal stimulus and sharply reduced expectations for Bank of Canada rate cuts.
  
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• Fitch: US keeps 'AAA' debt rating

  12-04-2016 22:47 via news.yahoo.com
  
  Fitch Ratings affirmed the United States' top-flight debt rating Tuesday, saying the world's largest economy remains strong and supported by having the leading reserve currency. The country's 2.4 percent growth rate last year, depressed by the deep contraction in the oil industry, still topped most other advanced economies, Fitch noted. Fitch projected that without any policy changes the US debt burden will continue to creep higher, from 101 percent of gross domestic product in 2016 to more than
  
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• U.S. regulators to notify some banks their 'living wills' are flawed: WSJ

  12-04-2016 22:46 via news.yahoo.com
  
  U.S regulators are preparing to notify some of the country's largest banks, including JPMorgan Chase & Co , that they have submitted flawed "living wills," the Wall Street Journal reported on Tuesday, citing people familiar with the matter. A "living will" refers to a bank's plan for how it would wind down operations during a crisis without the help of public money. The Federal Deposit Insurance Corporation and the Federal Reserve, the two regulators reviewing the wills, declined to comment
  
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• Surging energy shares boost Wall Street as earnings kick off

  12-04-2016 22:31 via news.yahoo.com
  
  Wall Street gained on Tuesday, led by surging energy shares that were buttressed by rising oil prices, as investors scooped up equities at the start of corporate earnings season. All 10 S&P sectors closed higher and the Dow industrials posted their best day in about a month. Energy shares jumped 2.8 percent, with oil majors Exxon Mobil and Chevron giving two of the biggest boosts to the S&P 500.
  
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• US STOCKS-Surging energy shares boost Wall St as earnings kick off

  12-04-2016 22:27 via news.yahoo.com
  Wall Street gained on Tuesday, led by surging energy shares that were buttressed by rising oil prices, as investors scooped up equities at the start of corporate earnings season. All 10 S&P sectors closed ...
  
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• Pakistan army chief accuses India of undermining China investment corridor

  12-04-2016 22:26 via news.yahoo.com
  
  By Kay Johnson GWADAR, Pakistan (Reuters) - Pakistan's army chief on Tuesday accused longtime regional India of seeking to undermine his country's $46 billion project to build an economic corridor to transport goods from China's western regions through the Pakistani deepwater port of Gwadar. Chief of Army Staff General Raheel Sharif, speaking at a development conference on the impact of the China Pakistan Economic Corridor (CPEC), said the significance of a Pakistan-China economic alliance had "
  
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• Greece says 'close' to deal with creditors

  12-04-2016 22:06 via news.yahoo.com
  
  Greece said late Tuesday it was "very close" to clinching a deal with its international creditors despite a suspension in a tough round of talks on the country's latest reforms. The definitive decisions will be taken between now and April 22, or at the latest April 26" at a possible extraordinary meeting of eurozone finance ministers, said Finance Minister Euclid Tsakalotos. Athens' aim is to pass the two laws "by the end o0f April," he told reporters at a joint press conference with the Greek e
  
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• N.Y. Fed joins U.S. GDP forecasting game

  12-04-2016 21:55 via news.yahoo.com
  
  The New York Federal Reserve will launch a weekly gauge of the U.S. economy at a time when investors are concerned about slowing overseas demand and wild swings across financial markets. The New York Fed is known for having an ear on Wall Street due to its role conducting daily market operations for the entire U.S. central bank system. It is unclear whether the bank's forecast model on gross domestic product will be more accurate than the Atlanta Fed's closely watched GDP model and top-tier econ
  
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• New Ukraine government must continue reforms :U.S. Treasury official

  12-04-2016 21:20 via news.yahoo.com
  Any new government formed in Ukraine must continue efforts to root out corruption and work with the International Monetary Fund to pursue economic reforms, a senior U.S. Treasury official said on Tuesday. Asked about the Treasury's view of efforts to form a new government in Kiev following the resignation of key ministers, the official said that Ukraine had made "significant progress" in implementing its IMF program over the past 18 months amid difficult conditions. "It's imperative that that pr
  
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• Restaurant partner of ex-New York City congressman pleads guilty

  12-04-2016 21:01 via news.yahoo.com
  The business partner of an imprisoned former U.S. congressman from New York City pleaded guilty on Tuesday to a tax charge in a case related to the conviction of the Republican politician. Bennett Orfaly, 51, pleaded guilty in federal court in Brooklyn, New York, to having aided and assisted in the preparation of a false tax return for one of his restaurants, Pita Grill Murray Hill, in 2009. Orfaly, who once co-owned another restaurant with former U.S. Representative Michael Grimm at the center
  
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• Italy passes Renzi's flagship reform, opening way for referendum

  12-04-2016 20:49 via news.yahoo.com
  
  By Crispian Balmer ROME (Reuters) - The Italian parliament passed Prime Minister Matteo Renzi's flagship constitutional reform on Tuesday, opening the way for a referendum later this year on an overhaul aimed at giving Italy more stable governments. Renzi says the reform will increase political stability and end decades of revolving-door governments that have made it difficult to revive the country's debt-ridden economy. "This is a historic moment for Italy," Renzi said from Iran, where he was d
  
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• Energy shares lead Wall Street higher as earnings get into gear

  12-04-2016 20:44 via news.yahoo.com
  
  Wall Street gained on Tuesday, led by surging energy shares that were buttressed by rising oil prices, while Alcoa kicked off an expected tepid corporate earnings season. All 10 S&P sectors were higher in afternoon trading. Energy shares jumped 3 percent, with oil majors Exxon Mobil and Chevron giving two of the biggest boosts to the S&P 500.
  
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• Canadian dollar firms to near nine-month high as oil rallies

  12-04-2016 20:41 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - The Canadian dollar strengthened to a near nine-month high against its U.S. counterpart on Tuesday, as rising oil prices improved the economic outlook a day before the Bank of Canada's interest rate announcement. The currency has rebounded 15 percent since January when it hit a 12-year low at C$1.4689, supported by a partial recovery in oil prices, the Canadian government's plan for fiscal stimulus and sharply reduced expectations for Bank of Canada rate cuts.
  
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• US STOCKS-Energy shares lead Wall St higher as earnings get into gear

  12-04-2016 20:40 via news.yahoo.com
  Wall Street gained on Tuesday, led by surging energy shares that were buttressed by rising oil prices, while Alcoa kicked off an expected tepid corporate earnings season. Alcoa shares fell 3.2 percent on Tuesday after the metals company late on Monday reported a lower quarterly profit, with results hurt by low commodity prices.
  
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• Kerry defends trade deals against campaign attacks

  12-04-2016 20:35 via news.yahoo.com
  
  U.S. Secretary of State John Kerry defended a 12-nation Pacific trade agreement on Tuesday against what he suggested was fear-mongering by the leading U.S. presidential candidates. Without mentioning Trump by name, Kerry argued that the Trans-Pacific Partnership deal that the Obama administration negotiated would be good for the U.S. economy even as he acknowledged U.S. workers' fears about free trade agreements. "Many Americans still feel a sense of anxiety about TPP and T-TIP.
  
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• Obama calls for end to gender pay gap

  12-04-2016 20:26 via news.yahoo.com
  
  US President Barack Obama on Tuesday made an impassioned plea for equal pay for men and women in the workplace -- a gender gap that is far from being closed. "Equal pay for equal work should be a fundamental principle of our economy," Obama said on what he has designated National Equal Pay Day. It's a simple principle," he said at a ceremony dedicating a new national women's equality monument at a Washington home that once housed the National Woman's Party.
  
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• Oil, energy shares rally, despite dollar gains

  12-04-2016 20:12 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - Brent crude oil prices hit a five-month high and energy equities rose on Tuesday after reports of an agreement between two major producers to freeze output, while the U.S. dollar had its strongest session in three weeks. Brent crude was up 3.6 percent to $44.36 a barrel and U.S. crude rose 3.3 percent to $41.70. On Wall Street, energy sector shares led the market, and the S&P 500 hit an intraday high shortly after the headlines on the output freeze.
  
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• Two Fed bank presidents backed rate hike ahead of last meeting

  12-04-2016 20:10 via news.yahoo.com
  
  The heads of two regional Federal Reserve banks supported a rate hike ahead of the Fed's March meeting as an improving economy added to sentiment to tighten monetary policy. The heads of the Richmond and Kansas City Fed branches supported a quarter point hike in the main lending rates for banks "in light of continued improvements in labor market conditions and expectations that inflation would rise," according to minutes of the Fed's March discount rate meeting. The discussion over discount rate
  
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• IMF cuts global growth outlook again, warns of political risks

  12-04-2016 20:05 via news.yahoo.com
  
  By David Lawder WASHINGTON (Reuters) - The International Monetary Fund warned on Tuesday of the risk of political isolationism, notably Britain's possible exit from the European Union, and growing economic inequality as it cut its global growth forecast for the fourth time in a year. In the run-up to its spring meetings in Washington this week, the IMF said chronic weakness had left the global economy vulnerable to shocks such as sharp currency devaluations and worsening geopolitical conflicts.
  
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• Valeant Pharmaceuticals gets default notice from debt holder

  12-04-2016 19:48 via news.yahoo.com
  Shares of Valeant Pharmaceuticals International Inc. fell in after-hours trading on Tuesday as the company said it has received a default notice from a debt holder. The default notice was filed by Centerbridge Partners LP, the Wall Street Journal reported. Shares of Valeant, which finished the regular trading session at $31.99 US, dipped as much as eight per cent in the after-hours session before recovering to trade off about three per cent.
  
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• Nigeria says China offered $6 billion loan for infrastructure

  12-04-2016 19:41 via news.yahoo.com
  
  By Felix Onuah BEIJING (Reuters) - China has offered Nigeria a loan worth $6 billion to fund infrastructure projects, the Nigerian foreign minister said on Tuesday. Nigeria has been in talks with China on an infrastructure loan for months. Nigeria is Africa's largest economy and its top oil producer.
  
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• U.S. confident Brazil can meet political, economic challenges: White House

  12-04-2016 19:31 via news.yahoo.com
  
  WASHINGTON (Reuters) - President Obama is optimistic about Brazil's ability to meet political and economic challenges in the wake of a recent International Monetary Fund assessment, the White House said on Tuesday. "The United States and President Obama himself have confidence in the durability of the Brazilian democracy to weather those challenges," said White House spokesman Josh Earnest. (Reporting by Alana Wise)
  
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• Zimbabwe's Mugabe says empowerment law confusing investors

  12-04-2016 19:29 via news.yahoo.com
  
  Zimbabwe's black empowerment policy that aims to transfer majority shares from foreign-owned firms to locals is confusing potential investors and makes it hard to compete for foreign investment, President Robert Mugabe said on Tuesday. The southern African nation passed an Indigenisation and Economic Empowerment Act in 2008, which forces foreign companies, including mines and banks, to transfer at least 51 percent shares to black Zimbabweans. For example, the finance minister said on April 2 for
  
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• Ukraine political squabbles delay formation of new government

  12-04-2016 19:26 via news.yahoo.com
  
  By Pavel Polityuk and Natalia Zinets KIEV (Reuters) - Squabbling over top jobs in Ukraine's government delayed a parliament vote on a cabinet reshuffle on Tuesday that is likely to see the departure of Finance Minister Natalia Yaresko and tighten President Petro Poroshenko's grip on key policy areas. Legislators are in the final stages of agreeing a new coalition following the resignation of Prime Minister Arseny Yatseniuk in the biggest shake-up in Ukraine since the 2014 Maidan uprising brought
  
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• Exclusive: IMF says Greek debt 'highly unsustainable', debt relief 'essential' - draft memorandum

  12-04-2016 19:15 via news.yahoo.com
  
  By Renee Maltezou ATHENS (Reuters) - The International Monetary Fund wants Greece's European partners to grant Athens substantial relief on its debt which it sees remaining "highly unsustainable", according to a draft IMF memorandum seen by Reuters. Earlier on Tuesday, Greece and inspectors from its EU/IMF lenders adjourned talks on a crucial bailout review, mainly due to a rift among the lenders over a projected fiscal gap by 2018 and over Athens' resistance to unpopular reforms. "To restore de
  
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• Nigeria agrees currency swap with China to shore up naira, help fund deficit

  12-04-2016 19:14 via news.yahoo.com
  
  By Felix Onuah BEIJING (Reuters) - Nigeria on Tuesday agreed a currency swap deal with China, officials said, as it looks for ways to shore up its ailing currency and fund a record budget deficit, possibly by issuing yuan-denominated bonds in China. The West African nation is facing its worst economic crisis in decades as sinking oil prices eat into its foreign reserves and the naira weakens against other currencies. Nigeria has been for months looking for sources to help plug a projected 2016 d
  
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• Uganda's economy expanded by 2.1 pct in Q2 of 2015/2016 financial year

  12-04-2016 19:11 via news.yahoo.com
  
  Uganda's economy grew by 2.1 percent in the second quarter of 2015/2016 (Jul-Jun) fiscal year from a revised 1.8 percent in the previous quarter, helped by faster expansion in the agricultural sector, official data showed on Tuesday. "The main contributors to this growth were food crops and fishing activities," UBOS said.
  
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• IMF warnings slip by European stock markets as oil prices rise

  12-04-2016 19:04 via news.yahoo.com
  
  Europe's main stock markets rose on Tuesday, taking in their stride warnings by the IMF that the global economy faces weak growth and possibly severe damage should Britain quit the European Union as oil prices continued to rise. Despite the Brexit warning London's FTSE 100 index rose by 0.7 percent, while both Frankfurt and Paris climbed 0.8 percent. The International Monetary Fund cut its global growth forecast for the third straight quarter, lowering it by 0.2 percentage points from its Januar
  
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• Wall Street jumps as oil surges on report of output freeze

  12-04-2016 19:02 via news.yahoo.com
  
  Oil prices rose more than 3 percent to their highest in five months after Russia's Interfax news agency also reported that the final decision to freeze production will not depend on Iran. "We have oil cooperating with the bulls today," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.
  
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• Greece: Major reforms ready, despite pause in bailout talks

  12-04-2016 18:56 via news.yahoo.com
  
  ATHENS, Greece (AP) — Talks between Greece and its bailout creditors over the country's next economic reforms efforts have been suspended until next week but Athens said Tuesday that an agreement that would trigger debt relief discussions was getting nearer.
  
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• China has offered Nigeria a loan worth $6 billion: Nigerian foreign minister

  12-04-2016 18:55 via news.yahoo.com
  
  China has offered Nigeria a loan worth $6 billion to fund infrastructure projects in Africa's biggest economy, the Nigerian foreign minister said on Tuesday. "It is a credit that is on the table as soon as we identify the projects," Geoffrey Onyeama told reporters travelling with President Muhammadu Buhari to China.
  
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• Development banks could pump $1 trillion into global growth drive - S&P

  12-04-2016 18:51 via news.yahoo.com
  By Marc Jones LONDON (Reuters) - The world's top development banks and multilateral lenders could pump an additional $1 trillion into the global economy without negatively impacting their ratings, Standard and Poor's estimated on Tuesday. Policymakers are expected to back a renewed push for global growth at the International Monetary Fund's spring meetings this week and development banks have been cited as one of the channels that could provide support by upping their lending. S&P said it ha
  
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• 'Very real' Brexit risk could deal blow to world economy

  12-04-2016 18:47 via news.yahoo.com
  
  By David Milliken LONDON (Reuters) - Britain could deal a damaging blow to the fragile global economy if it votes to leave the European Union, the International Monetary Fund said in the sharpest warning yet from a global body about the risks associated with Brexit. The IMF listed Britain's June 23 referendum on EU membership as a key risk, along with instability in China and other emerging markets, volatile share prices and a loss of long-term growth potential in advanced economies. "The planne
  
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• Oil rallies, lifting stocks, despite dollar gains

  12-04-2016 18:01 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - Brent crude oil prices hit a four-month high on Tuesday after reports of an agreement among two major producers to freeze output, boosting energy stocks, even as the U.S. dollar was having its strongest session in three weeks. On Wall Street, energy sector shares posted the most gains and the S&P 500 hit its highest level of the session shortly after the output freeze headlines. The Dow Jones industrial average rose 156.04 points, or 0.89 percent, to 17
  
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• Italian PM in Iran in push to win back economic clout

  12-04-2016 17:54 via news.yahoo.com
  
  Italy's prime minister looked to restore his country's economic clout in Iran Tuesday as he became the highest-ranking European leader to visit Tehran since its nuclear deal with world powers. Accompanied by a 250-member delegation, Matteo Renzi began a two-day trip aimed at rebuilding ties that before sanctions had seen Italy ranked as the Islamic republic's top European trading partner. After an official welcoming ceremony Renzi held talks with President Hassan Rouhani, who visited Rome in Jan
  
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• IMF says 'very real' Brexit risk could deal blow to world economy

  12-04-2016 16:29 via news.yahoo.com
  
  By David Milliken LONDON (Reuters) - Britain could deal a damaging blow to the fragile global economy if it votes to leave the European Union, the International Monetary Fund said in the sharpest warning yet from a global body about the risks associated with Brexit. The IMF listed Britain's June 23 referendum on EU membership as a key risk, along with instability in China and other emerging markets, volatile share prices and a loss of long-term growth potential in advanced economies. "The planne
  
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• IMF issues stark warning on British exit from EU

  12-04-2016 16:28 via news.yahoo.com
  
  LONDON (AP) — The International Monetary Fund warned Tuesday that a British exit from the European Union could inflict severe damage to the world economy by disrupting international trade.
  
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• IMF keeps gloomy Saudi growth outlook

  12-04-2016 16:25 via news.yahoo.com
  
  The International Monetary Fund on Tuesday maintained its gloomy economic forecasts for Saudi Arabia due to low oil prices and lowered its expectations for the Middle East and North Africa overall. The Saudi economy is set to grow by 1.2 percent in 2016, the lowest in seven years, and by 1.9 percent next year, the IMF said in its latest World Economic Outlook. The downbeat predictions came despite the austerity measures taken by the kingdom to cut spending and boost non-oil revenues after postin
  
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• World Bank urges reconstruction strategy as way to foster peace in Syria

  12-04-2016 16:15 via news.yahoo.com
  Development organizations should support an ambitious reconstruction plan in order to help foster a sustainable peace in Syria, the World Bank said on Tuesday. Reconstruction and peace in Syria "are two sides of the same coin," the World Bank said in its short-term economic outlook report on the Middle East and North Africa. "A credible reconstruction strategy, therefore, can be used as an instrument to bring warring parties closer to a peace deal in the first place," the report's authors said.
  
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• IMF cuts global growth forecast, warns of stagnation risk

  12-04-2016 16:15 via news.yahoo.com
  
  By David Lawder WASHINGTON (Reuters) - The International Monetary Fund cut its global growth forecast for the fourth time in the past year on Tuesday, citing China's slowdown, persistently low oil prices and chronic weakness in advanced economies. The Fund, whose spring meetings along with the World Bank will be held in Washington this week, forecast that the global economy would grow at 3.2 percent in 2016 compared to its previous forecast of 3.4 percent in January. In its latest World Economic
  
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• European shares shrug off IMF warnings

  12-04-2016 16:15 via news.yahoo.com
  
  Europe's main stock markets mostly rose on Tuesday, taking in their stride warnings by the IMF that the global economy faces weak growth and possibly severe damage should Britain quit the European Union. In Paris the CAC 40 rose 0.3 percent and the DAX 30 in Frankfurt added 0.2 percent in afternoon trading, taking a lead from gains across most of Asia. The International Monetary Fund cut its global growth forecast for the third straight quarter, lowering it by 0.2 percentage points from its Janu
  
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• IMF cuts eurozone growth forecast amid 'major' challenges

  12-04-2016 16:13 via news.yahoo.com
  
  The IMF cut its growth forecasts for the eurozone on Tuesday as the refugee crisis, terrorism and the threat of Britain choosing to exit the EU weighed on the outlook. Europe has never quite emerged from the debilitating debt crisis that erupted in 2010 in Greece before spreading across the eurozone, requiring massive German-led bailouts and sparking acrimony that nearly saw the single currency area implode. Next year, the eurozone economy would likely expand 1.6 percent, down from the earlier f
  
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• Wall Street slightly higher as oil rises

  12-04-2016 16:02 via news.yahoo.com
  
  Wall Street was slightly higher on Tuesday as a surge in oil drove gains in energy stocks. Investors will turn their attention to corporate earnings over the next several weeks, amid turbulent global markets and the uncertainty surrounding the U.S. Federal Reserve's plan to raise interest rates. "The market has been in a small consolidating phase, biding time and waiting for the next driver that will dictate the next move in equities," said Andre Bakhos, managing director at Janlyn Capital in Be
  
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• Fitch cuts Saudi credit rating over oil price fall

  12-04-2016 15:40 via news.yahoo.com
  
  Fitch Ratings on Tuesday lowered Saudi Arabia's long-term credit rating, saying the plunge in oil prices had "major negative implications" for the world's biggest crude exporter. The agency also noted increased tensions with long-time rival Iran and greater uncertainty over economic policy, now overseen by Deputy Crown Prince Mohammed bin Salman. Fitch downgraded the kingdom's credit rating to AA- from AA, which still denotes expectations of very low default risk.
  
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• Wall Street opens higher as oil rises

  12-04-2016 15:39 via news.yahoo.com
  
  REUTERS - U.S. stocks opened higher on Tuesday, boosted by a surge in oil, even as Alcoa's quarterly results marked a dull start to the earnings season. The Dow Jones industrial average was up 27.4 points, or 0.16 percent, at 17,583.81, the S&P 500 was up 3.2 points, or 0.16 percent, at 2,045.19 and the Nasdaq composite was up 6.15 points, or 0.13 percent, at 4,839.55. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D'Silva)
  
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• Italian PM in Iran on economic push

  12-04-2016 15:33 via news.yahoo.com
  
  Italian Prime Minister Matteo Renzi looked to restore his country's economic clout in Iran Tuesday as he became the highest-ranking European leader to visit Tehran since its nuclear deal with world powers. Accompanied by a 250-member delegation, Renzi began a two-day visit to the Islamic republic aimed at restoring ties that before sanctions had seen Italy ranked as Iran's top European trading partner. Following an official ceremony he held talks with President Hassan Rouhani, who visited Rome i
  
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• IMF cuts Japan growth forecasts, warns over deflation

  12-04-2016 15:32 via news.yahoo.com
  
  The International Monetary Fund on Tuesday cut its growth forecast for Japan, saying the economy would shrink next year as a sales tax rise dents consumer spending and warning of a return to deflation. It also warned that inflation would sink into negative territory this year -- way below the Bank of Japan's 2.0 percent target -- owing to weak energy prices and the growth-sapping impact of a strong yen. "Deflation risks remain a concern in Japan and several euro area countries," the IMF said in
  
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