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☆ Jay Leno and wife Mavis attend ‘Unfrosted’ red carpet event amidst her dementia diagnosis
▼ + stars: | 2024-05-01 | by ( Lisa Respers France | ) edition.cnn.com time to read: +1 min

CNN —Jay Leno and his wife Mavis were full of smiles Tuesday as they supported some of Leno’s comedic colleagues. The couple attended the Los Angeles red carpet premiere for “Unfrosted,” a comedy about the origin of Pop-Tarts, which is the directorial debut of comedian Jerry Seinfeld. Leno, who recently celebrated his 74th birthday, has been granted conservertorship over his wife’s estate as she lives with advanced dementia. “I am so sick of these hard hitting controversial documentaries,” Leno joked to Seinfeld as his wife Mavis Leno laughed. “Can’t somebody just make a comedy anymore?”Seinfeld noted that he and Leno have been friends since 1978 and Leno said he was “very proud” of Seinfeld.

Persons: CNN — Jay Leno, Mavis, “, ”, Jerry Seinfeld, Amy Schumer, Melissa McCarthy, Jim Gaffigan, Leno, conservertorship, Mavis Leno, Seinfeld’s, ” Leno, Seinfeld, ” Seinfeld, CNN’s Alli Rosenbloom Organizations: CNN, Los, Hollywood Locations: Los Angeles

☆ Rise of Hate Spending: Americans Detest High Prices but Keep Shopping
▼ + stars: | 2024-04-21 | by ( Emily Stewart | ) www.businessinsider.com time to read: +12 min

According to experts I talked to, the surge in hate spending can be attributed to various factors. They're aware prices aren't going back to 2019 levels, and given everything everyone's just been through, they may as well live it up. She told me that she often finds herself outraged by prices — and then ultimately succumbs to the forces of capitalism. It's easy to say you want to cut back on spending, given high prices, but when a friend asks whether you want to go shopping, it's hard to say no. Hart, the Illinois writer with a brand-new Stanley cup, sees some of her spending as a way to reclaim power.

Persons: Christ, Lydia Boussour, they're, everyone's, Jordan Hart, Hart, Boussour, —, they've, it's, acclimated, It's, Claire Tassin, Tassin, There's, Taylor Swift, jonesing, people's, Ravi Dhar, Dhar, he'd, he's, I've, she'd, she'll, Stanley Organizations: Retail, Consumers, Morning, Center, Yale School of Management Locations: America, Illinois, YOLO splurging, Europe, York

☆ It’s time to give caregivers more support
▼ + stars: | 2024-04-10 | by ( Katia Hetter | Phyllis Fagell | ) edition.cnn.com time to read: +10 min

Conversations with a wide variety of caregivers, paid and unpaid, helped her realize she wasn’t alone. And yet we are very isolated now, more isolated than ever—and isolation does not work for caregivers. This is bigger than the retail sector and yet so many caregivers are made to feel as though our efforts are small–and not worthy of support. Elissa Strauss: Whether someone is caring for an adult parent, a sick spouse or a child, caregivers are failed across the board. CNN: How could we as individuals support caregivers more?

Persons: Phyllis L, —, Jay Leno, Mavis, Benjamin Shmikler, Elissa Strauss, there’s, Elissa Strauss Laura Turbow Strauss, ”, Strauss, “, wasn’t, Caregiving, Charles Darwin ., Darwin, wouldn’t, I’m, it’s, Simon, Schuster Elissa Strauss, we’re, I’ve, doesn’t, you’re, we’ve Organizations: CNN, “, Roxy, Los Angeles Superior, Others, ” CNN, International Labor Organization Locations: West Hollywood, United States

Estate planning may not be a topic you want to think about, but it's essential for small-business owners. Estate planning is a very sensitive, emotional topic, but as a financial planner, I believe it's essential to discuss. Estate planning should be a top priority — especially for Black business owners seeking to build generational wealth and preserve their legacies. Digital estate planning documentA common blind spot in estate planning is the digital asset space. Digital estate planning will make it easier for your heirs to access your digital assets as needed.

Persons: —, doesn't Organizations: Service

(AP) — A federal appeals court has ordered the appointment of an independent examiner in the bankruptcy case of FTX amid concerns about widespread fraud preceding the collapse of the multibillion-dollar cryptocurrency exchange. A three-judge panel in Philadelphia issued the ruling Friday in an appeal filed by the U.S. bankruptcy trustee, who serves as a government watchdog in Chapter 11 reorganizations. U.S. Bankruptcy Judge John Dorsey denied the trustee’s request last February. The appeals court reversed Dorsey’s ruling, agreeing with the trustee that the bankruptcy code mandates the appointment of an examiner. “Such is the case here.”Restrepo also noted that an examiner is required to make his or her findings public, whereas a debtor or creditors committee conducting an internal investigation has no such obligation.

Persons: John Dorsey, Dorsey, John Ray III, FTX, Sam Bankman, Fried, Prosecutors, ”, Luis Felipe Restrepo, ” Restrepo Organizations: —, U.S, FTX, Alameda Research Locations: Del, Philadelphia, FTX

☆ What do we know about China's new financial watchdog?
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +4 min

BEIJING, Nov 21 (Reuters) - China's Central Financial Commission (CFC), a new regulator with Premier Li Qiang as its head, held a meeting on Monday and urged stronger supervision of risks in the financial sector as Beijing accelerates efforts to become a "major financial power". The CFC was set up for the top-level design, development and supervision of the financial sector, strengthening "unified leadership on financial work", according to a restructuring plan published by state media in March this year. The CFC has recruited many officials from the central bank and the finance ministry, financial news outlet Caixin reported earlier this month. The appointments indicate that both officials, who are close confidants of President Xi Jinping, will play important roles in shaping China's financial policies. He was also appointed as party chief of a separate Central Financial Work Commission (CFWC), which has been set up to strengthen the ideological and political role of the party in China's overall financial system.

Persons: Li Qiang, Premier Li, Li, Lifeng, Xi Jinping, Wang Jiang, Xia Xiande, Xi, Ziyi Tang, Kevin Yao, Ryan Woo, Sumeet Chatterjee Organizations: Financial Commission, Communist Party, CFC, WHO, THE, Financial Work, China Everbright Group, Analysts, Reuters, National Financial Regulatory Administration, State Council, People's Bank of China, prudential, Thomson Locations: BEIJING, Beijing, China, Lincoln

☆ BOJ looks to corp profits, household incomes to boost wages, prices
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

Japanese national flag is hoisted atop the headquarters of Bank of Japan in Tokyo, Japan September 20, 2023. REUTERS/Issei Kato/File Photo Acquire Licensing RightsTOKYO, Nov 14 (Reuters) - The Bank of Japan (BOJ) will aim to create conditions for raising prices and lifting wages through increases in corporate profits and household incomes instead of cost-push inflation, its deputy governor Shinichi Uchida said on Tuesday. "The BOJ will continue to support economic activity and strive to create an environment wherein it's easy to raise wages," he said during a debate at the parliament's upper house committee on financial affairs. Even with upward pressure on long-term interest rates, the BOJ does not believe the 10-year yield will significantly exceed 1%, said Kazuhiro Masaki, director-general of the central bank's monetary affairs department. Reporting by Satoshi Sugiyama; Editing by Tom Hogue & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Issei Kato, Shinichi Uchida, Kazuhiro Masaki, Satoshi Sugiyama, Tom Hogue Organizations: Bank of Japan, REUTERS, Rights, Thomson Locations: Tokyo, Japan

☆ In very rare move, Pope dismisses conservative U.S. bishop Strickland
▼ + stars: | 2023-11-11 | by ( ) www.cnbc.com time to read: +3 min

Pope Francis has dismissed Bishop Joseph E. Strickland of Tyler, Texas, one of his fiercest critics among U.S. Roman Catholic conservatives, a Vatican statement said on Saturday. Usually bishops in trouble with the Vatican are asked to resign before submitting a resignation, which the pope accepts. Strickland, a prolific user of social media who was named to the diocese by the late Pope Benedict in 2012, tweeted earlier this year that he rejected Pope Francis' "program undermining the Deposit of Faith". Strickland is a strong supporter of former U.S. president Donald Trump and is seen as a hero by conservative U.S. Catholic media outlets that are aligned with Trump. The Vatican said Francis named the bishop of Austin, Texas, Joe Vasquez, as the interim administrator of the Tyler diocese.

Persons: Joseph Strickland, Pope Francis, Bishop Joseph E . Strickland, Strickland, Pope Benedict, Francis, Donald Trump, Frank Pavone, Joe Vasquez Organizations: Los Angeles Dodgers, Dodger, Roman, Vatican, Bishops Conference, U.S . Church, Catholic, U.S, Trump, Twitter Locations: Tyler , Texas, Los Angeles , California, U.S, Tyler, Texas, United States, Austin , Texas

☆ In very rare move, Pope dismisses conservative US bishop Strickland
▼ + stars: | 2023-11-11 | by ( Philip Pullella | ) www.reuters.com time to read: +1 min

VATICAN CITY, Nov 11 (Reuters) - Pope Francis has dismissed Bishop Joseph E. Strickland of Tyler, Texas, one of his fiercest critics among U.S. Catholic conservatives, a Vatican statement said on Saturday. It is very rare for a Roman Catholic bishop to be relieved of his duties outright. Usually bishops in trouble with the Vatican are asked to resign before submitting a resignation, which the pope accepts. Popes make such moves, considered drastic, when a bishop refuses a request to resign. Francis named the bishop of Austin, Texas, Joe Vasquez, as the interim administrator of the diocese, the statement said.

Persons: Pope Francis, Bishop Joseph E . Strickland, Strickland, Francis, Joe Vasquez, Phil Pullella, Alvise Armellini, Kirsten Donovan Organizations: CITY, U.S, Roman, Vatican, Bishops Conference, Thomson Locations: Tyler , Texas, Tyler, Austin , Texas

☆ Morning Bid: Powell pushback puts cloud 9 beyond reach
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +5 min

Federal Reserve Board Chairman Jerome Powell answers a question during a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy at the Federal Reserve in Washington, U.S., November 1, 2023. Curiously, there was little change in that basic market pricing after Powell spoke - with end-2024 futures still pointing at a rate of 4.50-4.75% versus the current 5.25-5.50%. But the Treasury market did suffer a bigger jolt - as they were also undermined by poor demand at the latest long bond auction. But others pointed to a ransomware attack on the U.S. arm of The Industrial and Commercial Bank of China, which reportedly disrupted trades in the Treasury market on Thursday. Whatever the main cause, fresh bond market jitters were enough to knock the S&P500 out of its winning streak and close almost 1% lower.

Persons: Jerome Powell, Kevin Lamarque, Mike Dolan, Jerome Powell's pushback, Powell's, Powell, 5bps, Sterling, Janet Yellen, Lorie Logan, Raphael Bostic, Christine Lagarde, Joachim Nagel, Elaine Hardcastle Organizations: Federal, Committee, Federal Reserve, REUTERS, Veterans, Commercial Bank of China, Treasury, University of Michigan, Dallas Federal, Atlanta Fed, European Central Bank, Financial Affairs, Reuters, Thomson Locations: Washington , U.S, U.S, United States, HK, Washington, Beijing, Atlanta

☆ Exclusive: Star Chinese fund manager Wang detained and under investigation - sources
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

Oct 13 (Reuters) - Wang Yawei, a star fund manager in China, has been detained by authorities since August and is under investigation, according to three sources with knowledge of the matter. The 52-year-old founder of Qianhe Capital Management in Shenzhen and Top Ace Asset Management in Hong Kong is the latest high-profile Chinese business executive to be investigated or detained. His case relates to an investigation into Zhu Congjiu, a former senior official at China's top securities regulator, the sources said. Before setting up his own shop, Wang spent 14 years at China Asset Management Co (AMC), one of the country's largest mutual fund houses, as its vice-president and chief investment officer. Zhu is one of several former China Securities Regulatory Commission (CSRC) officials to come under scrutiny in recent years.

Persons: Wang Yawei, Zhu Congjiu, Wang, Zhu, Xi, Sumeet Chatterjee, Edwina Gibbs Organizations: Qianhe Capital Management, Asset Management, Communist, Central Commission, Ministry of Public Security, Qianhe, China Asset Management Co, AMC, China Securities Regulatory Commission, Shanghai bourse, Reuters, Thomson Locations: China, Shenzhen, Hong Kong, Zhejiang province

☆ Bernie Ecclestone: Ex-F1 boss spared jail after admitting tax fraud
▼ + stars: | 2023-10-12 | by ( Story Reuters | ) edition.cnn.com time to read: +3 min

Reuters —Ex-Formula One boss Bernie Ecclestone was spared an immediate prison sentence on Thursday after he pleaded guilty to misleading Britain’s tax authority about overseas assets worth more than 400 million pounds ($492 million). Ecclestone has also agreed a civil settlement with HM Revenue and Customs (HMRC), under which he will pay 652.6 million pounds covering tax, interest and penalties for 18 tax years between 1994 and 2022, prosecutor Richard Wright said. The 92-year-old appeared at London’s Southwark Crown Court and pleaded guilty to one count of fraud by false representation, just over a month before he was due to stand trial. Belinda Jiao/ReutersJudge Simon Bryan gave Ecclestone a 17-month prison sentence suspended for two years, meaning he will only go to jail if he commits another criminal offense during that time. His lawyer Montgomery had noted at a previous hearing in January that Ecclestone was charged shortly after he made “unpopular” comments about Russian President Vladimir Putin.

Persons: Reuters —, Bernie Ecclestone, Ecclestone, Richard Wright, Belinda Jiao, Simon Bryan, Clare Montgomery, Ecclestone “, ” Ecclestone, Andrew Penhale, ” Richard Las, “, Elizabeth Cook, Bryan, Mr Ecclestone, Montgomery, Vladimir Putin Organizations: Reuters, HM Revenue, Customs, Southwark Crown, HMRC, Brabham, Crown Prosecution Service Locations: Southwark, Singapore

☆ Ex-F1 boss Bernie Ecclestone spared jail after admitting tax fraud
▼ + stars: | 2023-10-12 | by ( Sam Tobin | ) www.reuters.com time to read: +3 min

Ecclestone has also agreed a civil settlement with HM Revenue and Customs (HMRC), under which he will pay 652.6 million pounds covering tax, interest and penalties for 18 tax years between 1994 and 2022, prosecutor Richard Wright said. The 92-year-old appeared at London's Southwark Crown Court and pleaded guilty to one count of fraud by false representation, just over a month before he was due to stand trial. Ecclestone gave an unintelligible response to reporters as he left the court and got into a waiting Range Rover. Richard Las, chief investigation officer and director of the Fraud Investigation Service at HMRC, said Ecclestone had "lied to HMRC". The decision also states that Ecclestone paid around 250 million pounds in income and capital gains tax to HMRC between 1999 and 2017.

Persons: Bernie Ecclestone, Belinda Jiao, Ecclestone, Richard Wright, Simon Bryan, Clare Montgomery, Andrew Penhale, Richard Las, Bryan, Mr Ecclestone, Montgomery, Vladimir Putin, Sam Tobin, William James, Alex Richardson, Susan Fenton Organizations: Formula, Southwark Crown, HM Revenue, Customs, HMRC, Crown Prosecution Service, Thomson Locations: Southwark, London, Britain, Singapore

My mother died in 2021, and my father passed away in 2023, both in their 90s with long lives and, thankfully, gentle passings. Because of that planning, wrapping up my mother's financial affairs after her death only took a few months. We did everything rightActing as their power of attorney, I managed my parents' financial planning for several years before their deaths, including placing most of their assets into irrevocable trusts. What I've learned about handling a second parent's estateOther than hiring someone else to handle your deceased parent's affairs, there's no easy way to wrap up financial affairs after both your parents are gone. Estate planning: Having a will and (if needed) trust documents prepared by a lawyer will make your life easier.

Persons: I've, I'd, I'm, preparer, they're Organizations: Will

☆ Hunter Biden expected to receive indictment related to gun charges his attorneys hoped to resolve in now scorched-earth plea deal
▼ + stars: | 2023-09-07 | by ( Associated Press | Lloyd Lee | ) www.businessinsider.com time to read: +6 min

Federal prosecutors expect to hand Hunter Biden a new indictment before September 29. The indictment will be related to gun charges Biden's attorneys hoped to resolve in July. He has also been under investigation by federal prosecutors for his business dealings. Defense attorney Abbe Lowell said Hunter Biden has kept to the terms of the deal, including regular visits by the probation office. The White House Counsel's office referred questions to Hunter Biden's personal attorneys.

Persons: Hunter Biden, Biden, Joe Biden's, Hunter, Delaware David Weiss, Hunter Biden's, Abbe Lowell, Maryellen Noreika, Kevin McCarthy, Department's, Noreika, Donald Trump, should've, Robert Weisberg, General Merrick Garland, Weiss, Farnoush Amiri Organizations: Service, —, U.S, Attorney, Prosecutors, District, Justice, Republicans, Fox News, Treasury Department, Hunter, Stanford Law School, Supreme, News Locations: Wall, Silicon, WASHINGTON, Delaware, Louisiana

☆ For Scotland, Independence Will Always Be an Option - The New York Times
▼ + stars: | 2023-08-07 | by ( Alex Massie | ) www.nytimes.com time to read: +2 min

The bloom is truly off the Scottish National Party, which has continued to dominate political life here in the almost decade since it lost the independence referendum. The party has held majorities in the devolved Parliament and in the Scottish seats at Westminster, and a volley of opinion polls, routinely reporting that Scots under the age of 49 favor independence, bolstered the sense that Scottish independence was a historical inevitability. Ms. Sturgeon insists that she is innocent of any wrongdoing. But even before the allegations, Ms. Sturgeon’s plans for independence had run out of steam. (Ms. Sturgeon’s lackluster successor, Humza Yousaf, has not revitalized the movement.)

Persons: Nicola Sturgeon, Sturgeon, Sturgeon’s, Humza Yousaf Organizations: Scottish National Party, Westminster, Scottish, Labour Party Locations: Scotland, United Kingdom

☆ How the ghost of 1990s property crash returned to haunt Sweden
▼ + stars: | 2023-07-28 | by ( John O'Donnell | ) www.reuters.com time to read: +4 min

SummaryCompanies Swedish house market tumbles as rates riseSwedes dusting down 1990s blueprint to contain crisisBanks say willing to seize collateralFRANKFURT, July 28 (Reuters) - Long before Europe faced its debt crisis, Sweden struggled through its own 1990s property crash. At the centre of the fallout is a $13 billion property group, SBB, which borrowed to buy public property including social housing, government offices, schools, hospitals and police stations. While property doubled in value in the five years leading up to the 1990s crash, prices have since risen five-fold. Sweden's bruising experience in the 1990s, when banks seized swathes of property underpinning loans, hardened its approach and gave it a blueprint for coping with crises. Swedbank has 1 trillion crowns ($97 billion) in mortgages and loans to tenant owner associations and a further 240 billion crowns in loans to property management companies.

Persons: Jens Henriksson, Price, Karolina Ekholm, Swedbank's, Swedbank, Carl Cederschiold, Masih Yazdi, Bo Lundgren, Lundgren, John O'Donnell, Marie, Alison Williams Organizations: SBB, Sweden's, Marie Mannes, Thomson Locations: FRANKFURT, Europe, Sweden, rocketed, Stockholm, Swedish

☆ Mexican president's fiery barbs fuel maverick rival's campaign
▼ + stars: | 2023-07-20 | by ( Dave Graham | ) www.reuters.com time to read: +5 min

Neither the president's office nor Galvez, who represents the center-right National Action Party (PAN), replied to requests for comment. Lopez Obrador has sought to break this narrative by branding Galvez a millionaire, said Roy Campos, Mitofsky's director. The authority this week ordered Lopez Obrador to remain neutral and abstain from election comments. Under Fox's government, Congress in 2005 stripped Lopez Obrador of immunity from prosecution over a minor land dispute. She urged her party to avoid resorting to tactics used against Lopez Obrador in the past.

Persons: Andres Manuel Lopez Obrador, Andres Manuel Lopez Obrador's, Xochitl Galvez, Lopez Obrador, Galvez, Alfa Gonzalez, pugnacious Lopez Obrador, Lopez, Consulta Mitofsky, Claudia Sheinbaum, Marcelo Ebrard, Roy Campos, Gabriel Islas, Beatriz Vazquez, Vicente Fox, Fox, Andres Manuel, Lorena Villavicencio, Sheinbaum, Dave Graham, Susan Heavey Organizations: Isla de, REUTERS, MEXICO CITY, Party of, Democratic Revolution, Action Party, PAN, Regeneration, Mexico City, Institutional Revolutionary Party, Congress, Thomson Locations: Isla, Isla de Cedros, Mulege, Mexico, MEXICO, derailing, MORENA, Spanish, Mexican

☆ J&J faces a pivotal talc verdict. Jim Cramer looks at how both outcomes could impact the stock
▼ + stars: | 2023-07-12 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

J & J has said that more than 60,000 claimants support its latest proposition. This is the first J & J talc trial in about two years. JNJ YTD mountain J & J year-to-date stock performance The unresolved lawsuits against J & J have, in part, weighed on the company's stock. The MedTech and Pharmaceuticals units remained and make up the new J & J. Traders wear Johnson & Johnson coats at the NYSE.

Persons: Johnson, J's, Emory Hernandez, Hernandez, Anthony, LTL, Michael Kaplan, Kaplan, —, Jim Cramer, Jim, J, Jim Cramer's, Adam Jeffery Organizations: LTL Management, J, Johnson, — Chemours, DuPont, CNBC, AAA, Pharmaceuticals, Traders, NYSE, & ' $ Locations: California, North America, U.S

☆ Dollar dips as Powell testimony disappoints hawks
▼ + stars: | 2023-06-21 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

Powell told lawmakers the fight against inflation still "has a long way to go" and that despite a recent pause in interest rate hikes officials agreed borrowing costs would likely need to move higher. While noting that inflation remains very far from the Fed's target, Powell said it may make sense to still raise rates, at a more moderate pace. The dollar index , which measures the currency against six rivals, fell 0.43% to 102.07 following Powell's testimony to the House Financial Affairs Committee. Investors broadly expect rate hikes to resume at the Fed's July meeting, though financial market indicators reflect doubts that the Fed will deliver more increases beyond that. YEN UNDER PRESSURE, STERLING SEESAWSThe euro was 0.62 % higher against the dollar at $ 1.0985 .

Persons: Jerome Powell's, Powell, Karl Schamotta, Schamotta, Michael Brown, STERLING, Kazuo Ueda, Charles Schwab, Saqib Iqbal Ahmed, Tom Westbrook, Farouq Suleiman, Sam Holmes, Kim Coghill, Sharon Singleton, Alex Richardson, Richard Chang Organizations: YORK, U.S, Fed, House Financial, Committee, Investors, Bank of Japan, Reserve Bank of Australia's, Fidelity, Citadel Securities, Thomson Locations: Beijing

☆ Gold flat as markets await Powell's testimony for rate cues
▼ + stars: | 2023-06-21 | by ( ) www.cnbc.com time to read: +2 min

Gold prices moved in a tight range on Wednesday after two-straight sessions of declines, as investors refrained from making large bets ahead of U.S. Federal Reserve Chairman Jerome Powell's congressional testimony. Spot gold held its ground at $1,936.03 per ounce by 0504 GMT. In this light, Chairman Powell's testimony could have a major short-term impact on the market," said Clifford Bennett, chief economist at ACY Securities. "For the moment gold is under the great interest rate threat hammer, but the very real on-going strong jewelry and manufacturing demand should eventually win the day," Bennett added. Among other precious metals, spot silver fell 0.4% to $23.0973 per ounce, platinum shed 0.6% to $957.16, and palladium lost 0.3% to $1,375.37.

Persons: Jerome, Powell's, Clifford Bennett, Powell, Bennett, Michael Langford Organizations: U.S . Federal, ACY Securities, U.S . House Financial, Federal Reserve, Traders, U.S ., Scorpion Minerals Locations: U.S, Washington, Asia

☆ Morning Bid: Powell patter, UK shock, FedEx warning
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanThe Fed chair has a tricky message to communicate. Powell's colleagues on Tuesday stressed again they would stay the course until inflation is back to its 2% target. UK inflation defied expectations of a slowdown and held at 8.7% in May, while 'core' inflation jumped above 7% for the first time since 1992. In corporate news, FedEx FDX.N shares dropped almost 3% overnight after a profit warning. Events to watch for later on Wednesday:* Federal Reserve Chair Jerome Powell testifies to House Financial Affairs Committee.

Persons: Mike Dolan, Jerome Powell's, rationalises, Powell's, Treasuries, BoE, Sterling recoiled, Rivian, Jerome Powell, Adrian Kugler, Philip Jefferson's, Lisa Cook, Austan Goolsbee, Loretta Mester, Christina Fincher Organizations: Federal Reserve, National Association of Home Builders, Bank of, FedEx FDX.N, Rivals Rivian, European, Financial, Fed Board, Chicago Fed, Cleveland Fed, Treasury, Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, Wells Fargo, Britain, Bank of England, China

☆ Stocks fall, U.S. dollar up as investors assess U.S. rate outlook
▼ + stars: | 2023-06-20 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Investors also were digesting China's move to cut its benchmark loan prime rates (LPR) for the first time in 10 months on Tuesday. Among Beijing's moves to stimulate the country's slowing recovery, the People's Bank of China lowered the medium-term lending facility rate on Thursday. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 11, 2023. Against a basket of six major currencies, the dollar was up 0.22% on the day, with the euro down 0.14% to $ 1.0907 . The Australian dollar fell after its latest central bank meeting minutes showed that keeping interest rates unchanged had been under consideration.

Persons: Dow, Brendan McDermid, Jerome Powell, Powell, Joe Manimbo, Brent, Caroline Valetkevitch, Saqib Iqbal Ahmed, Joice Alves, Selena Li, Anisha, Susan Fenton, Jason Neely, Richard Chang Organizations: Treasury, People's Bank of, Federal Reserve, Dow Jones, Nasdaq, Traders, New York Stock Exchange, REUTERS, . House, Representatives, Financial Affairs, Thomson Locations: U.S, People's Bank of China, New York City, China . U.S, New York, London, Hong Kong, Bengaluru

Fed Governor Christopher Waller warned on Friday "core inflation is not coming down like I thought it would." Richmond Fed President Thomas Barkin said he was "comfortable" with further rate increases given that inflation was still not on the path back to 2%. Markets now await comments from more Fed officials including Fed Vice Chair Michael Barr later in the day, and Fed Chair Jerome Powell's semiannual monetary policy testimony to the U.S. House Financial Affairs Committee on Wednesday. Adding to the dour mood, China cut its benchmark lending rates by a smaller-than-expected 10 basis points. U.S.-listed shares of Chinese companies including Alibaba Group , JD.com and PDD Holdings (PDD.O) fell between 1% and 6% in premarket trading.

Persons: Eli Lilly, Christopher Waller, Thomas Barkin, CMEGroup's, Waller, Barkin, Michael Barr, Jerome Powell's, Powell, Hogan, Daniel Zhang, Shristi Achar, Shubham Batra, Johann M, Vinay Dwivedi Organizations: Therapeutics, Dow, Nasdaq, Federal Reserve, Richmond Fed, Traders, Microsoft, U.S . House Financial, Housing, Capitol, Riley, Fed, Alibaba, PDD Holdings, Dow e, Adobe Inc, Ford, General Motors, Tesla Inc, Dice Therapeutics, Thomson Locations: China, U.S, Bengaluru

Eight of the 11 S&P 500 sub-sectors were in the red, with the energy index (.SPNY) leading declines. U.S. markets ended lower on Friday as comments from Fed officials curtailed optimism that the central bank was nearing the end of its aggressive interest rate hikes. Traders now see a 72% chance of Fed hiking its key benchmark rates by 25 basis points in July, according to CMEGroup's Fedwatch Tool. Declining issues outnumbered advancers for a 2.43-to-1 ratio on the NYSE and a 1.82-to-1 ratio on the Nasdaq. The S&P index recorded 11 new 52-week highs and no new low, while the Nasdaq recorded 38 new highs and 40 new lows.

Persons: Eli Lilly, Tesla, Rivian, homebuilding, Sam Stovall, CMEGroup's, Michael Barr, Jerome Powell's, Morgan Stanley, Daniel Zhang, advancers, Shristi Achar, Shubham Batra, Johann M, Vinay Dwivedi, Shounak Organizations: Therapeutics, Nike, Dow, Nasdaq, U.S . Federal Reserve, CFRA Research, Tesla Inc, Reuters, EV, U.S . House Financial, PayPal Holdings, KKR & Co, Alibaba, PDD Holdings, Dow Jones, Adobe Inc, Dice Therapeutics, NYSE, Thomson Locations: U.S, Europe, China, Bengaluru

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