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☆ Tech stocks like Apple are table-pounding buys following earnings, Morgan Stanley says
▼ + stars: | 2024-05-04 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

There's still plenty of room for upside in tech stocks, Morgan Stanley said earlier this week. CNBC Pro combed through Morgan Stanley research to find the firm's favorite overweight-rated stocks based on the latest results and updated forecasts. "We believe GOOGL's AI positioning is improving, and that investors are beginning to recognize this," he said. Spotify Shares of the music streaming giant are too attractive to ignore following the company's blowout earnings report in late April, according to the firm. ... We believe GOOGL's AI positioning is improving, and that investors are beginning to recognize this.

Persons: Morgan Stanley, Brian Nowak, durably, Nowak, Keith Weiss, Weiss, Morgan Stanley's, Benjamin Swinburne, Swinburne, that's Organizations: CNBC, Apple, Microsoft, Spotify, 28X Locations: China

☆ Alphabet soars 10% on strong earnings, first-ever dividend, $70 billion buyback
▼ + stars: | 2024-04-26 | by ( Alex Koller | ) www.cnbc.com time to read: +2 min

Alphabet CEO Sundar Pichai during the Google I/O developers conference in Mountain View, California, on May 10, 2023. Alphabet shares shot up 10% Friday morning after the company posted better-than-expected first-quarter results and greenlit its first-ever dividend and a $70 billion buyback. Earnings of $1.89 per share eclipsed the $1.51 in earnings per share expected by Wall Street. The company said the board also approved the repurchase of an additional $70 billion in stock. Among other price target boosts for the stock following Alphabet's earnings, JPMorgan increased its price target to $200 from $165, while Evercore ISI upped its target to $200 from $160.

Persons: Sundar Pichai, Oppenheimer, Morgan Stanley, durably, — CNBC's Michael Bloom Organizations: Google, LSEG, Wall, YouTube, Barclays, —, JPMorgan Locations: Mountain View , California

☆ Surging inflation fears sent markets tumbling and Fed officials scrambling
▼ + stars: | 2024-04-13 | by ( Jeff Cox | ) www.cnbc.com time to read: +8 min

Energy prices, which have been a major factor in the past two months' inflation readings, pushed higher on signs of further geopolitical turmoil. Minutes released Wednesday from the March Fed meeting showed officials were concerned about higher inflation and looking for more convincing evidence it is on a steady path lower. Sticky price CPI entails items such as housing, motor vehicle insurance and medical care services, while flexible price is concentrated in food, energy and vehicle prices. "If that's the case, you would require a decent amount of unemployment to get inflation all the way to 2.0%." That's why Furman and others have pushed for the Fed to rethink it's determined commitment to 2% inflation.

Persons: Spencer Platt, —, Stocks, Jason Furman, We've, Israel, Jim Paulsen, Wells, Substack, Paulsen, Furman, Barack Obama, Jamie Dimon, John Williams, Susan Collins, it's, Larry Fink Organizations: Getty, Investors, Dow Jones, CNBC, of Economic Advisers, New York Fed, National Federation of Independent Business, Labor Department, JPMorgan, University of Michigan's, Boston, Commerce, CPI, Citigroup, Fed, Atlanta Fed, Dallas Fed, Harvard, BlackRock Locations: Manhattan, New York City, Iran, Israel

☆ A chance to 'differentiate' its offering: What analysts expect from Google's cloud event
▼ + stars: | 2024-04-09 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Alphabet 's cloud event Tuesday could provide a much needed sentiment lift to investors fretting about the search giant's artificial intelligence potential, according to some Wall Street analysts. "With unique AI assets, including proprietary infrastructure and an advanced LLM model, we believe Google cloud has an opportunity to differentiate its cloud offering, improving market share and street sentiment," wrote Bank of America's Justin Post. This week's event, however, could mark a turnaround in the right direction and help lift sentiment toward the company's AI developments. Morgan Stanley's Brian Nowak also highlighted the event as one of five potential catalysts for the stock through the beginning of June. The firm is on the lookout for more examples of how the cloud is benefitting from the AI transformation, he said.

Persons: of America's Justin Post, Post, Morgan Stanley's Brian Nowak, Nowak Organizations: of America's, Nvidia, Microsoft, Wall, Rivals, Google Locations: U.S, Monday's, durably

☆ Stubborn inflation means the Fed will be cutting rates less than the market thought
▼ + stars: | 2024-02-13 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

If nothing else, the January inflation report released Tuesday finally appears to have convinced markets that Federal Reserve officials weren't kidding around when they said they will take a deliberate approach to cutting interest rates this year. Following the consumer price index report showing the year-over-year reading well ahead of the Fed's desired inflation goal, markets recalibrated their monetary policy expectations. The Fed "faces a challenging task in balancing economic growth and employment while trying to control inflation," he added. Indeed, the narrative of the Fed being able to start cutting early, and moving rapidly through the year, was all but dead Tuesday. The January CPI report is a "setback for the Fed and makes a May rate cut unlikely.

Persons: Ditto, —, it's, Sung Won Sohn, Dow, Jerome Powell, Jason Pride, there's, Powell, Matthew Ryan, Krishna Guha, Guha Organizations: Federal Reserve, CME, Labor, CPI, Loyola Marymount University, SS Economics, Dow Jones, US2Y, CBS, Bank of America, Citigroup, Fed, Evercore ISI

☆ Tech execs are telling investors they have to spend money to make money on AI
▼ + stars: | 2024-02-02 | by ( Hayden Field | ) www.cnbc.com time to read: +10 min

One theme investors heard repeatedly from top execs is that, when it comes to AI, they have to spend money to make money. Last year marked the beginning of the generative AI boom, as companies raced to embed increasingly sophisticated chatbots and assistants across key products. One key priority area, based on the latest earnings calls, is AI models-as-a-service, or large AI models that clients can use and customize according to their needs. Alphabet executives highlighted Vertex AI, a Google product that offers more than 130 generative AI models for use by developers and enterprise clients such as Samsung and Shutterstock. Alphabet executives touted Google's Duet AI, or "packaged AI agents" for Google Workspace and Google Cloud, designed to boost productivity and complete simple tasks.

Persons: Sundar Pichai, Mandel Ngan, Satya Nadella, Mark Zuckerberg, Josh Edelson, Zuckerberg, Nadella, Amy Hood, Pichai, You've, durably, Ruth Porat, Andy Jassy, Jassy, Tim Cook, Cook, Thos Robinson, Microsoft's, Rufus, Bard Organizations: Artificial Intelligence, AFP, Getty, Microsoft, Apple, Nvidia, Meta, Google, Amazon, New York Times, Samsung, GE, Spotify, Pfizer Locations: Washington ,, Menlo Park , California, LLMs, New York City

SAN FRANCISCO (AP) — Google’s corporate parent returned to double-digit revenue growth during last year’s final quarter, signaling the internet powerhouse has regained its footing even as it grapples with regulatory and competitive threats to its digital empire. The results announced Tuesday by Alphabet Inc. marked the third consecutive quarter of escalating revenue growth for the Mountain View, California, company, with most of the sales coming through Google’s dominance of search and online advertising. The rebound followed an unprecedented drop in Google’s ad revenue coming out of the pandemic following nearly 20 years of uninterrupted growth. Alphabet’s revenue for the October-December period climbed 13% from the previous year to $86.31 billion. It marked Alphabet’s first quarter of double-digit revenue growth since the April-June 2022 period, at the tail end of the pandemic.

Persons: Google’s, durably, ”, Ruth Porat Organizations: FRANCISCO, Alphabet Inc, U.S . Justice Department, Microsoft, Google Locations: , California, pare

☆ Argentina's Milei, IMF discuss fiscal adjustment plan, monetary program
▼ + stars: | 2023-11-25 | by ( ) www.reuters.com time to read: +1 min

Argentine presidential candidate Javier Milei addresses supporters as they react to the results of Argentina's runoff presidential election, in Buenos Aires, Argentina November 19, 2023. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsNov 24 (Reuters) - Argentina President-elect Javier Milei said on Friday he had spoken with the director of the International Monetary Fund (IMF), Kristalina Georgieva, regarding plans to adjust the country's fiscal policy and monetary program. The country is currently facing inflation nearing 150%, a looming recession and net reserves seen at negative $10 billion. Argentina is tied up by a $44 billion loan program from the IMF that has veered off track. "The IMF is committed to support efforts to durably reduce inflation, improve public finances and raise private-sector-led growth," Georgieva said on X.

Persons: Javier Milei, Agustin Marcarian, Kristalina, Milei, Georgieva, Kylie Madry, Isabel Woodford Organizations: Argentine, REUTERS, International Monetary Fund, IMF, Thomson Locations: Buenos Aires, Argentina

☆ Stocks making the biggest moves premarket: Nvidia, Clorox, Autodesk, GoDaddy and more
▼ + stars: | 2023-11-22 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Nvidia reported an adjusted profit of $4.02 per share on $18.12 billion in revenue. Analysts polled by LSEG expected earnings of $3.37 per share and $16.18 billion in revenue. Autodesk — The software company fell roughly 7% in premarket trading after issuing disappointing fourth-quarter earnings guidance. GoDaddy — Shares of the web domain company rose 2.3% after RBC Capital Markets upgraded GoDaddy to outperform from sector perform. Deere — Shares fell 6.6% after the agricultural equipment maker issued net income guidance between $7.75 billion and $8.25 billion for fiscal 2024.

Persons: LSEG, Piper Sandler, Morgan Stanley, Kristine Liwag, Clorox, Dan Ives, —, Alex Harring, Michelle Fox, Jesse Pound Organizations: Nvidia, Wall, HP —, HP, Autodesk, RBC Capital Markets, GoDaddy, Virgin Galactic Holdings, JPMorgan, Wedbush Securities, Deere, StreetAccount Locations: China

Euro zone business activity data took a surprise downturn this month, suggesting the bloc may slip into recession, creating a drag on the outlook for oil demand. Overall, the region's oil refineries have been consuming less crude than a year ago amid lacklustre economic growth, Euroilstock data has shown. Falling crude oil stockpiles in the U.S., the world's biggest oil consumer also supported prices. That went against eight analysts polled by Reuters who had estimated on average that crude inventories were up by about 200,000 barrels for the week. Gasoline inventories dropped by 4.2 million barrels, while distillate inventories fell by about 2.3 million barrels, the API data showed.

Persons: Nick Oxford, Israel, Vishnu Varathan, durably, Varathan, Stephanie Kelly, Muyu Xu, Tom Hogue Organizations: REUTERS, U.S, West Texas, Iran, Mizuho Bank, American Petroleum Institute, Reuters, Thomson Locations: Cushing , Oklahoma, Gaza, East, Israel, Palestinian, Saudi Arabia, China, U.S

For inflation to durably return to the Fed's 2% target, it "is likely to require a period of below-trend growth and some further softening in labor market conditions," Powell said. There is evidence the labor market is cooling, Powell said, with some important measures approaching levels seen even before the pandemic. Those include new geopolitical risks to the economy from the "horrifying" attack on Israel by the Palestinian militant Hamas group, Powell said. "Persistent changes in financial conditions can have implications for the path of monetary policy," Powell said, with higher market-based interest rates, if sustained, doing the same job as Fed rate increases. "We cannot yet know how long these lower readings will persist, or where inflation will settle over coming quarters," Powell said.

Persons: Jerome Powell, Evelyn Hockstein, Powell, Dan Burns, Ann Saphir, Chizu Nomiyama, Andrea Ricci Organizations: . Federal, Federal Reserve, REUTERS, Economic, of New, Fed, Hamas, Federal, U.S, Thomson Locations: Washington , U.S, U.S, of New York, Israel

SINGAPORE, Oct 18 (Reuters) - The International Monetary Fund (IMF) downgraded its 2023 and 2024 growth forecasts for China, saying its recovery was "losing steam" and citing weakness in its property sector. The report projected that a prolonged housing market correction in China would in the near-term "trigger greater financial stress among property developers and larger asset quality deterioration". The IMF's 2023 outlook for Asia and the Pacific was brighter, with IMF calling it "the most dynamic region this year". Growth in Asia and the Pacific, however, is expected to slow to 4.2% next year. Central banks in the region, however, should guard against easing monetary policy prematurely, the IMF added.

Persons: Kanupriya Kapoor Organizations: Monetary Fund, IMF, Thomson Locations: SINGAPORE, China, Asia, Disinflation, Japan, Central

☆ Bankruptcies in Europe to level off late next year at earliest -Scope
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 12 (Reuters) - The number of companies in Europe that go insolvent will keep growing until at least late next year as higher interest rates and tougher financing conditions weigh on businesses, according to a Scope Ratings analysis seen by Reuters on Thursday. European companies will be on the hook for about 8.2 billion euros ($8.71 billion) in additional interest payments in refinancing maturing capital-market debt next year, it said. Those extra interest costs from durably higher borrowing rates are set to increase again in 2025 and 2026, it said. Assuming a similar scenario for bank debt, extra annual interest paid in 2024 will grow to more than 40 billion euros. ($1 = 0.9414 euros)Reporting by Rene Wagner, Writing by Miranda Murray, Editing by Friederike Heine, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Rene Wagner, Miranda Murray, Friederike Heine, Robert Birsel Organizations: Reuters, European Union, Thomson Locations: Europe

☆ IMF says global economy 'limping along,' cuts growth forecast for China, euro area
▼ + stars: | 2023-10-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +6 min

サマリー Global growth forecast unchanged at 3.0% in 2023Inflation dropping but 'not quite there yet'-IMF chief economistIMF raises U.S. forecast, cuts outlook for China, euro areaMARRAKECH, Morocco, Oct 10 (Reuters) - The International Monetary Fund on Tuesday cut its growth forecasts for China and the euro area and said overall global growth remained low and uneven despite what it called the "remarkable strength" of the U.S. economy. The IMF left its forecast for global real GDP growth in 2023 unchanged at 3.0% in its latest World Economic Outlook (WEO), but cut its 2024 forecast by 0.1 percentage point to 2.9% from its July forecast. "The global economy is showing resilience. "We see a global economy that is limping along and it's not quite sprinting yet." It left Japan's 2024 growth outlook unchanged at 1.0%.

Persons: Pierre, Olivier Gourinchas, Gourinchas, It's, it's, Andrea Shalal, Andrea Ricci Organizations: IMF, Monetary Fund, Economic, International Monetary Fund, World Bank, Reuters, Labor, U.S, autoworkers Locations: China, MARRAKECH, Morocco, U.S, Ukraine, Israel, Marrakech, United States, Japan

Learn moreSamsung's Galaxy Watch line of wearables has long been Android's answer to the Apple Watch, offering as close to a comparable experience as there is. With the recent release of the Samsung Galaxy Watch 6 and Watch 6 Classic, that distinction is true for yet another year. It does have the largest screen of any Galaxy Watch, measuring 3mm larger than the Watch 5 Pro. If it's accurate activity tracking you're after in a Galaxy Watch, the Watch 5 Pro is a far better option with more reliable GPS. AdvertisementAdvertisementThe best experience requires the use of a Samsung phoneCompatibility has long been a weakness of the Samsung Galaxy Watch, and the Watch 6 Classic is no different.

Persons: Rick Stella, It's, durably Organizations: Galaxy, Apple Watch, Samsung Galaxy Watch, Galaxy Watch, Samsung, Navigation, Samsung Galaxy, Samsung Health Monitor

☆ The Fed should call time on its inflation battle, BlackRock bond guru Rick Rieder says
▼ + stars: | 2023-09-29 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

It's time for the Federal Reserve to end its war against inflation, according to Rick Rieder. "My sense is they should be done," the BlackRock bond chief told CNBC Thursday. The central bank has signaled it could raise interest rates again before the end of 2023. AdvertisementAdvertisementIt's time for the Federal Reserve to call an end to its war against soaring, according to Rick Rieder. "I think so," Rieder told CNBC's "Closing Bell", in response to a question about whether interest rates are close to peaking.

Persons: Rick Rieder, —, Rieder, CNBC's, –, that's, Jerome Powell, Bloomberg's Organizations: Federal Reserve, BlackRock, CNBC, Service

☆ China's central bank steps up intervention after yuan hits 16-year low against greenback
▼ + stars: | 2023-08-18 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

The yuan midpoint is a reference point for trading, and caps the range between +2% and -2%. Stock Chart Icon Stock chart iconFriday's move comes after the onshore yuan fell to a 16-year low against the greenback on Wednesday, trading at 7.2981. The onshore yuan strengthened 0.1% against the greenback at 7.2836 on Friday, and the offshore yuan weakened marginally to 7.3057. The onshore yuan is traded on the mainland and referred to as the CNY, while the offshore yuan — traded in markets like Hong Kong and Singapore — is referred to as the CNH. It vowed to "maintain the basic stability of the RMB exchange rate at a reasonable and balanced level, and resolutely prevent the risk of exchange rate overshoot."

Persons: Vishnu Varathan Organizations: Nurphoto, People's Bank of, U.S, Reuters, Mizuho Bank Locations: Fuyang city, East China's Anhui, People's Bank of China, Hong Kong, Singapore, Asia, Oceania

And with China's post-COVID recovery running into the ground and suffering a deepening real estate bust, western investment curbs throw more sand in the wheels. A question now is whether a retreat of western money from emerging markets at least partly explains both their recent underperformance and that of western government bonds, in which emerging central banks and sovereign funds are heavily invested. The picture has not been much better in aggregate emerging bond indices, even if they have done marginally better than developed world counterparts, and worries over emerging high-yield and property linked bonds are rising. Have global investors high-tailed it from emerging markets already? If western money grows more wary and is increasingly warned off China and other selective emerging investments, will there be a mutual pullback of official emerging money from western bond markets?

Persons: Aly, Joe Biden, Morgan, Biden, crumb, Mike Dolan, Richard Chang Organizations: REUTERS, U.S, U.S ., Bank of, Institute for International Finance, Treasury, Reuters, Twitter, Thomson Locations: Shanghai, Shenzhen, China, Ukraine, Washington, Russia, United States, Beijing, Moscow, Taiwan, Brazil, India, South Africa, Hong Kong, Saudi Arabia, South Korea

The Fed last week raised its policy rate to the 5.25%-5.50% range, the 11th increase in the last 12 meetings. Core inflation is still pretty elevated," Powell said in a press conference after the end of the Fed's two-day policy meeting. We think we're going to need to hold policy at restrictive levels for some time. The Fed's policy rate influences the economy by changing what lenders charge consumers for credit card, auto, and home loans or what businesses pay on bonds or for credit lines. "Given that inflation is still sticky, they're going to end up with rates either too high or as high as they are for too long.

Persons: Antulio Bomfim, Bomfim, what's, Jerome Powell, Powell, Lindsay Owens, Thomas Simons, Howard Schneider, Dan Burns, Paul Simao Organizations: Trust Asset Management, Fed, Reuters Graphics Reuters, STAR, North Star, Open, Jefferies, Thomson Locations: U.S

☆ Alphabet's solid second quarter is clouded by U.S. regulatory pressure
▼ + stars: | 2023-07-25 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

Bottom line This was a very strong second quarter from Alphabet. It was also the first quarter in a while during which revenue growth outpaced that of expenses. That strategy should support both revenue growth and profit margins going forward. We think shares can edge higher over time thanks to management finally getting cost growth below revenue growth. At YouTube, management called out stabilization of spending by advertisers.

Persons: Jim Cramer, —, Ruth Porat, Jim Cramer's, Jim, Sundar Pichai, Anna Moneymaker Organizations: U.S, NVIDIA, Nvidia, U.S . Department, DOJ, Google Networks, Google, YouTube, CNBC, Americas, U.S . Chamber, Commerce, Getty Locations: Los Angeles , California

☆ Central banks in Asia could soon diverge from the Fed, Nomura says
▼ + stars: | 2023-07-11 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

Francois Lochon | Gamma-rapho | Getty ImagesCentral banks in Asia could start cutting rates earlier than the Federal Reserve, economists at Nomura predicted. "Our view of Asian central banks cutting policy rates ahead of the Fed in this cycle is based on the fundamental divergences between Asian and U.S. economies," Nomura economists wrote. China's producer prices have already entered deflation territory, while South Korea's inflation hovered around 2.7%, nearing its central bank's target. Seoul could start cutsNomura expects the Bank of Korea to be one of the first central banks after China to cut rates. They pointed to the central bank's governor Rhee Chang-yong shrugging off investor concerns about a weakening South Korean currency.

Persons: Francois Lochon, Sonal Varma, Nomura, lockdowns, BOK, Rhee Chang, Rhee Organizations: Getty, Federal Reserve, Nomura, Federal, Bank of, CNBC, Korean, U.S Locations: Seoul, South, Asia, U.S, China, sputter, Indonesia, Philippines, India, Korea, Singapore, Bank of Korea

☆ Opposition grows to debt ceiling deal measure that would end student loan payment pause
▼ + stars: | 2023-05-31 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

US House Speaker Kevin McCarthy, a Republican from California, arrives to the US Capitol in Washington, DC, on Wednesday, May 31, 2023. A measure in the debt ceiling deal terminating the student loan payment pause is facing heavy opposition from advocates, progressives and borrowers. "The pause on student loan payments remains one of the most durably popular pieces of economic policy because the American people recognize what Washington has long struggled to understand: The student loan system is broken," said Mike Pierce, executive director of the Student Borrower Protection Center. More from Personal Finance:Parents paying for college 'is the norm'4 strategies to avoid taking on too much student debtThese moves can help you save big on college costsRep. Ayanna Pressley, D-Mass., filed an amendment Tuesday that would strike the debt ceiling deal provision ending the pause on student loan payments. According to the legislative text of the proposed agreement to raise the debt ceiling, the pause on federal student loan payments will "cease to be effective" and borrowers will be required to resume paying their student loan bills 60 days after June 30.

Persons: Kevin McCarthy, Mike Pierce, Joe Biden's, Ayanna Pressley, Pressley's, Pressley Organizations: Republican, Washington, Protection, U.S, Supreme, Finance Locations: California, Washington ,

☆ BOJ's Ueda says yield control will end when price goal achievement foreseen
▼ + stars: | 2023-05-09 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

"We're seeing some positive signs in trend inflation, including inflation expectations," the BOJ chief said. Under yield curve control (YCC), the BOJ sets a short-term interest rate target of -0.1% and caps the 10-year bond yield around zero as part of efforts to durably hit its price goal. It also announced a plan to review its past monetary policy moves, laying the groundwork to gradually phase out his predecessor's massive stimulus programme. Ueda said the review will scrutinise the benefits and side effects of past monetary policy, including by conducting workshops with private academics. "We will take necessary policy steps at each of our rate reviews, with an eye on financial and price developments, even while we conduct the review," Ueda said.

Investors cheered the buyback plan, sending shares of the Google parent as much as 4% higher in after-hours trade before they pared gains to trade up 1.6%. Demand rose for cloud services and Google's ad sales held up better than expected. Alphabet reported a slight dip in first-quarter ad sales from a year earlier to $54.55 billion, which nonetheless beat analyst estimates of $53.71 billion. It was the third such decline for the company since it went public in 2004, but was the second in a row following a fourth-quarter ad sales drop of 3.6%. Alphabet's revenue for the quarter ended March 31 stood at $69.79 billion compared with estimates of $68.95 billion, according to Refinitiv data.

☆ Japan's broadening inflationary pressures test Bank of Japan's dovish stance
▼ + stars: | 2023-04-21 | by ( ) www.cnbc.com time to read: +1 min

Japan's consumer inflation held steady above the central bank's target in March and an index excluding fuel costs rose at the fastest annual pace in four decades, data showed, indicating broadening price pressure in the world's third-largest economy. "Inflationary pressure is proving stronger than expected and could last for longer than thought," said Shinke Yoshiki, chief economist at Dai-ichi Life Research Institute. "But there's still a lot of uncertainty on whether wages will rise durably and underpin consumption, which may keep the BOJ in a holding pattern." The core consumer price index, which excludes volatile fresh food, but includes energy costs, rose 3.1% in March from a year earlier, government data showed on Friday, matching a median market forecast. It followed February's increase of 3.1%, which was a sharp slowdown from January's 41-year high of 4.2%, due largely to the effect of government subsidies to soften the cost of utility bills for homes.

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