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The yen held its line against the dollar on Tuesday after making sharp gains the previous day in moves that traders said were sparked by suspected intervention by Japanese authorities. "There is clearly a possibility that the sharp and sudden lifts in the JPY were sparked by intervention. Official figures that would reveal whether intervention did in fact occur won't be available until late May. The Japanese currency still sits lower than it was before the Bank of Japan's policy announcement last week. The Fed is expected to strike a hawkish message, meaning more yen selling is likely, CBA's Kong said.
Persons: haven't, Masato Kanda, Carol Kong, bode, CBA's Kong, pare, Sterling, bitcoin Organizations: Federal, Commonwealth Bank of Australia, Trading, Markets, Bank of, Fed, Traders, European Central Bank Locations: Buenos Aires, Argentina, Tokyo, Asia, Japan, U.S, Bank of England
Oil prices pare gains on U.S. inflation concerns
  + stars: | 2024-04-29 | by ( ) www.cnbc.com   time to read: +1 min
Oil prices fell in early Asian trading on Monday, reversing gains from Friday as U.S. inflation data further dimmed the prospects of interest rate cuts anytime soon and boosted the dollar, which hurts oil demand. "The sticky U.S. inflation sparks concerns for 'higher-for-longer' interest rates", leading to a stronger U.S. dollar and putting pressure on commodity prices, independent market analyst Tina Teng said. Lower inflation would have increased the likelihood of interest rate cuts, which would stimulate economic growth and oil demand. But oil prices could swing higher again if U.S. inventory data and China's PMI index show improvements this week, Teng said. Brent had settled up 49 cents and WTI up 28 cents on Friday on concerns about disruptions to supply from events in the Middle East.
Persons: Tina Teng, Teng, Brent Organizations: Brent, West Texas, U.S . Federal, PMI Locations: Grandfalls , Texas, Russia's Krasnodar
I cried all night long, and then I just felt really, really angry that I had lost everything. That's partly because I feel like my belongings could go at any point, so I don't trust owning stuff anymore. I find it challenging when people say, " Oh, I really need this." I always say, "Okay, you might want it, but you definitely don't need it." People browse constantly on Instagram or social media and convince themselves that they won't be happy unless they buy certain things.
Persons: , Helen Chandler, Wilde, Helen, It's, I'm, pare Organizations: Service, Business
Climate promises are hard to keep. Scotland is the latest, perhaps most surprising example. Scotland, an early industrial power and coal-burning behemoth, was also an early adopter of an ambitious and legally binding government target to slow down climate change. It had promised to pare back its emissions of planet-heating greenhouse gases by 75 percent by 2030, compared to 1990 levels. That is a sharp contrast to the bullishness of the Scottish government in 2021, when diplomats from around the world gathered in Glasgow for international United Nations climate talks.
Persons: pare, Màiri McAllan, Nicola Sturgeon Organizations: Scottish, United Nations Locations: Scotland, Britain, Glasgow
Investing in semiconductors may be the most efficient way to play the artificial intelligence boom, according to VanEck's CEO. "Semiconductors have become the heart of the AI trade," Jan van Eck told CNBC's "ETF Edge" this week. His firm's VanEck Semiconductor ETF (SMH) , which tracks 25 of the biggest chipmakers in the country, is up 21% this year as of Wednesday's close. However, SMH has fallen nearly 6% this month, led to the downside by Intel , AMD and On Semiconductor . Still, Akins advises investors to pay attention to semiconductor fund flows as a barometer for future performance.
Persons: Jan van Eck, CNBC's, SMH, it's, Van Eck, van Eck, Mike Akins, Akins, pare Organizations: Semiconductors, Semiconductor, Intel, AMD, Nvidia
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe market served up another reminder of its indifference to geopolitics on Monday, as traders seemingly shrugged off the potential impact of Iran's strikes on Israel. Signs that the conflict between the two countries won't escalate any further have calmed the market's nerves, XTB research director Kathleen Brooks said on Monday. "The dollar opened the week fairly muted and US bond yields are slightly higher, suggesting that there was no flight to safe havens." Anyone who's been following markets for the past two years won't be surprised at traders' muted reaction to the latest tensions in the Middle East.
Persons: , pare, Kathleen Brooks, Joe Biden, Brooks, who's, Jamie Dimon, Ray Dalio, Neal Shearing, Shearing, isn't Vladimir Putin, Xi Jinping, Ali Khamenei —, Jerome Powell Organizations: Service, Brent, West Texas, Business, JPMorgan, Bridgewater, Capital Economics, Federal Reserve, Fed Locations: Israel, Iran, Tehran, OPEC
New York CNN —Big banks kick off earnings season Friday. “Earnings season just became significantly more important,” said JJ Kinahan, chief executive of IG North America, in a Wednesday note. On one hand, lofty rates could help pad banks’ net interest income, since they can charge a higher borrowing rate for loans and mortgages. Inflation has been a bane on Biden’s presidency, with voters consistently giving him low marks for his handling of the economy. Fed Chair Jerome Powell has said that policymakers want to see more evidence that inflation is headed toward their 2% goal.
Persons: , JJ Kinahan, JPMorgan, Wells, You’ll, Carol Schleif, Wall, Jamie Dimon, , Alicia Wallace, Friday’s, Joe Biden, ” Biden, Bryan Mena, Jerome Powell, Powell Organizations: CNN Business, Bell, New York CNN, Dow Jones, Nasdaq, IG North America, JPMorgan Chase, BlackRock, Citigroup, PNC Financial Services, BMO Family Office, Federal Reserve, Wall, Traders, Bureau of Labor Statistics, , Federal, Fed Locations: New York, Wells Fargo, pare
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMayfield: Need to still see a dovish tilt from the Fed for the market rally to continueBaird's Ross Mayfield discusses why the breadth of the market continues to impress, even as investors pare back expectations for Fed rate cuts this year.
Persons: Baird's Ross Mayfield, pare Organizations: Fed
Provisions of the TCJA — a landmark tax law proposed by the Trump administration and passed by Congress in 2017 — that are set to expire in 2025 include the child tax credit. An additional "other dependent credit" offers a tax credit of $500 to people with less than $400,000 in income who have qualified dependents who are ineligible for the child tax credit. Biden's budget will restore the expanded child tax credit, the White House has said. "Would you agree that if the TCJA child tax credit provisions are not extended, this would also result in a tax hike for Americans making under $400,000?" The budget would impose a minimum 25% tax rate on the unrealized income of the very wealthiest households and raise the IRA's corporate alternative minimum tax for billion-dollar companies from 15% to 21%, while increasing the larger corporate tax rate to 28%.
Persons: Janet Yellen, Joe Biden's, Biden, Sen, Steve Daines, Yellen, Daines, Trump, Mike Crapo, pare Organizations: Treasury, Capitol, WASHINGTON —, Congress, White, Child Tax, Rescue, National Conference of State Legislatures, . Census, House Republicans, Lawmakers, Department of Homeland Security Locations: Washington , U.S, Idaho
Joann, the arts-and-crafts retailer that has operated for more than 80 years, has filed for bankruptcy as consumers pare back on D.I.Y. Its filing listed liabilities of $1 billion to $10 billion, and assets of $500 million to $1 billion. Joann’s shares will be delisted after its bankruptcy proceedings, and the company will be owned by its lenders and other stakeholders. The private equity firm Leonard Green & Partners bought Joann for roughly $1.6 billion in 2011, and spun it off publicly in 2021. Joann owes about $12 million to Spinrite, a craft yarn supplier, its largest unsecured creditor.
Persons: Joann, pare, Ann, Leonard Green, Jones Lang LaSalle Organizations: Nasdaq, Leonard Green & Partners, FedEx Locations: D.I.Y, Hudson , Ohio
Senator Bernie Sanders this week unveiled legislation to reduce the standard workweek in the United States from 40 hours to 32, without a reduction in pay, saying Americans are working longer hours for less pay despite advances in technology and productivity. The law, if passed, would pare down the workweek over a four-year period, lowering the threshold at which workers would be eligible to receive overtime pay. The 40-hour workweek has stood as the standard in the United States since it became enshrined in federal law in 1940. In a hearing on Thursday before the Senate Committee on Health, Education, Labor and Pensions on the proposed law, Mr. Sanders, independent of Vermont, said profits from boosts in productivity over the decades had been reaped only by corporate leaders, and not shared with workers. “The sad reality is that Americans now work more hours than the people of any other wealthy nation,” he said, citing statistics that workers in the U.S. on average work for hundreds of hours longer each week than their counterparts in Japan, Britain and Germany.
Persons: Bernie Sanders, pare, Sanders, Organizations: Health, Education, Labor, Pensions Locations: United States, Vermont, U.S, Japan, Britain, Germany
Democratic presidential candidate U.S. Representative Dean Phillips speaks to the media as he arrives at Londonderry High School during U.S. presidential primary election, in Londonderry, New Hampshire, U.S., January 23, 2024. Democratic Rep. Dean Phillips, Minn., has dropped out of the 2024 presidential race and endorsed President Joe Biden. "And it is clear that Joe Biden is OUR candidate and OUR opportunity to demonstrate what type of country America is and intends to be." Biden's campaign has been in general election mode for weeks, kicking into high gear after the president swept New Hampshire and South Carolina. Though Biden's age was not enough to singlehandedly keep Phillips' campaign afloat, it is still a top vulnerability as the general election nears.
Persons: Dean Phillips, Joe Biden, Phillips, Nikki Haley, Donald Trump, Biden, Jason Palmer, I'm, pare, Elon Musk, Bill Ackman, Democratic Sen, Joe Manchin, Robert Hur, Hur Organizations: Democratic, U.S, Londonderry High School, Tuesday, New, Democratic National Convention, Biden, Tesla, Republican, Department, Justice Locations: Londonderry , New Hampshire, U.S, Minn, America, American Samoa, New Hampshire, South Carolina, lockstep
Fuji and Tokyo skyline Jackyenjoyphotography | Moment | Getty ImagesJapan's Nikkei stock index has been on a record-breaking spree on the back of robust earnings and investor-friendly measures. But the country's ailing economy has experts divided over this sustainability of this rally. Japan's corporate governance reforms have been a key driver for the country's stock markets, Momma said, while stressing that stock indexes do not necessarily represent the entire economy that includes SMEs and households. SMEs are a critical lever in the Japanese economy, accounting for 70% of national employment and 50% of the country's economic growth. "Spillover from the global boom of AI-related stocks certainly helped Nikkei," Momma said.
Persons: Kazuo Momma, Momma, Sayuri Shirai, pare, Shirai, Phillip Colmar MRB Organizations: Nikkei, Mizuho Research, CNBC, Bank of Japan, Nvidia, Technology, Stock, Keio University, Bank of America, Phillip Colmar MRB Partners Locations: Fuji, Tokyo, Germany, Japan, U.S, China
CNN —For Michael Cargill, the thorny dispute over bump stocks is only partly about the controversial devices themselves. Responding to grisly crimes in which machine guns were used to rob banks or ambush police, lawmakers stepped in and initially required owners to register the weapons. The agency estimated that as many as 520,000 bump stocks were sold between 2010 and 2018. Bump stocks replace a semi-automatic rifle’s regular stock, the part of a gun that rests against the shoulder. “We’ll never forget the sound of the machine gun firing into the crowd that night,” Marano said.
Persons: Michael Cargill, It’s, , , Donald Trump, Al Capone, John Dillinger, LaPierre, Trump, Billy Clark, Marisa Marano, “ We’ll, ” Marano, Mark Chenoweth, Chenoweth, Cargill, pare, Spencer Platt, Biden, ” Cargill Organizations: CNN, Cargill, Vegas, Trump, Biden, Alcohol, Tobacco, Firearms, Explosives, Trump –, ATF, Giffords Law Center, , New Civil Liberties Alliance, Securities and Exchange Commission, National Rifle Association, Court, US, Justice Department, Safety Locations: Texas, Las Vegas, ATF’s, Harrisburg , Pennsylvania
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Jim Cramer said Nvidia is just "scratching the surface" of U.S. companies it can serve, not to mention the potential business from international companies and governments. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Eaton, pare, Jim Cramer's, Jim Organizations: CNBC, Nasdaq, Nvidia, Big Tech, Broadcom, Palo Alto Networks, Palo Locations: North America, billings
download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Russian leader Vladimir Putin is still optimistic about defeating Ukraine as the war drags into its third year, The Guardian reported on Wednesday, citing Western officials. The officials said Putin continues to hold "maximalist goals of subjugating Ukraine," per The Guardian. This Western assessment, however, indicates that Putin still believes the Kremlin's original goals for the war can be achieved. The Russian leader may also have been encouraged by the US stalling aid to Ukraine, the Western officials told The Guardian.
Persons: , Vladimir Putin, Putin, Russia's, Sergei Shoigu, Donald Trump, Biden, pare Organizations: Service, Ukraine, Guardian, Western, subjugating, Bakhmut, Defence, Reuters, Avdiivka, International Institute for Strategic Studies, White House Locations: subjugating Ukraine, Russia, Avdiivka, Ukraine, Donetsk, Kremlin, Moscow, Russian, Kyiv
Now, some are wondering if the central bank might not cut rates at all in 2024. He expects the central bank to cut rates two to four times this year. Plus, there’s no official indication that the central bank won’t cut rates this year. • If the neutral interest rate, or the rate that maintains full employment and stable inflation, is revised upward closer to 3.5%. The neutral rate should be 2.5%, based on Fed officials’ estimates for the central bank’s key interest rate, inflation and unemployment.
Persons: stoked, Stocks, won’t pare, , Tom Graff, Jerome Powell, Oliver Darcy, , Eddy, Apple’s, Read, Here’s what’s, Chris Isidore Organizations: CNN Business, Bell, New York CNN —, Federal Reserve, Deutsche Bank, Fed, Deutsche Bank economists, ” Apple, Wednesday, Apple Sports, NBA, NHL, MLS, NCAA, NFL, MLB, ESPN, Labor Department, Bureau of Labor Statistics, SAG Locations: New York, America
A better way to handle layoffs
  + stars: | 2024-02-20 | by ( Aki Ito | ) www.businessinsider.com   time to read: +11 min
Out of everything that happens in the workplace, nothing underscores the harshly transactional nature of employment more than the way companies terminate their employees. To be sure, there are times when layoffs are necessary for the health — and even survival — of a company. In other words, the pitiless and coldhearted way businesses handle dismissals isn't just destructive to those who get dismissed. Is there a better way to handle layoffs? For starters, Herd says, managers should look the employees they're dismissing in the eye, rather than reading from a script.
Persons: TikTok, Brittany Pietsch, she'd, isn't, Pietsch, they're, you've, — they're, Slack, it's, Sandra Sucher, Sucher, pare, Ashley Herd, Herd, , Reagan, Aki Ito Organizations: Mafia, Harvard Business School, Nokia, Business
Wholesale prices rose more than expected in January, further complicating the inflation picture, according to a Labor Department report Friday. The producer price index, a measure of prices received by producers of domestic goods and services, rose 0.3% for the month. On a core basis, which the Fed focuses on more as a longer-term gauge of inflation, the CPI was up 3.9%. Stock market futures moved lower after the PPI report and Treasury yields surged. However, excluding food, energy and trade services, the index rose 2.6% after being up 1.8% in December.
Persons: Dow Jones, pare Organizations: Labor Department, PPI, CPI, Commerce Department
Dollar steady as traders weigh economic data, yen fragile
  + stars: | 2024-02-16 | by ( ) www.cnbc.com   time to read: +4 min
The dollar was steady on Friday, on track for its fifth straight weekly gain, as investors take stock of economic data and firm expectations of the Federal Reserve cutting rates in June, while the yen traded at the psychologically key 150 per dollar level. But overall market expectations on the timing of the first Fed cut and magnitude of the cut will continue to drive volatility in FX markets." "We will likely soon contemplate the appropriate time for monetary policy to become less restrictive," Bostic said. Investor focus has been on comments from policymakers, with Federal Reserve Chair Jerome Powell due to give the Senate banking committee its biannual monetary policy update on March 7. The Australian dollar eased 0.20% to $0.651, while the New Zealand dollar is down 0.21% to $0.609.
Persons: Christopher Wong, Raphael Bostic, Bostic, Jerome Powell, pare, Kieran Williams, bitcoin Organizations: Federal Reserve, PPI, Federal Reserve Bank of Atlanta, Federal, Asia FX, InTouch, Markets, New Zealand Locations: Buenos Aires, Argentina, Singapore, U.S, Japan, Asia, Germany
Stocks and bonds both sold off as investors painfully recalibrated their expectations for five to six interest rate cuts this year to align more with the Fed’s projected three cuts. For example, Yardeni Research has pushed back against the idea that immediate rate cuts are necessary to avoid the Fed overshooting on slowing the economy. Stocks wouldn’t crater even if cuts were off the table completely in 2024, according to Bank of America, despite what Tuesday’s losses suggest. “No cuts could stymie a full-fledged recovery in more credit-sensitive areas,” wrote BofA strategists in a note on February 9. That means regional lenders will no longer have that crutch if they run into trouble after the program’s expiration on March 11.
Persons: Jerome Powell, , Ed Yardeni, it’s, Marc Dizard, Allison Morrow, Bitcoin, bitcoin, Antoni Trenchev, ” Read, Alicia Wallace, Read Organizations: CNN Business, Bell, New York CNN, Wall, Federal Reserve, Traders, Fed, Federal Deposit Insurance Corporation, US Treasury, Valley Bank, Signature Bank, Yardeni Research, Bank of America, PNC Asset Management Group, Federal Reserve Bank of New, New York Fed, Liberty Street Economics, , New York Fed Locations: New York, pare, Federal Reserve Bank of New York, , New
Dollar nears 150 yen ahead of US inflation test; bitcoin buoyant
  + stars: | 2024-02-13 | by ( ) www.cnbc.com   time to read: +4 min
The dollar flirted with the psychological threshold of 150 yen on Tuesday and held broadly steady ahead of a key reading on U.S. inflation due later in the day, while bitcoin hovered around the $50,000 mark for a second day running. The greenback last bought 149.39 yen, edging higher toward the closely-watched 150 level that analysts said would likely trigger further jawboning from Japanese officials in an attempt to support the currency. The projected rise in inflation three years from now dropped to 2.4%, the lowest since March 2020, from December's 2.6%. Analysts said the latest boost to bitcoin comes ahead of its halving event, which will cut the reward for successfully mining a bitcoin block in half. The expectation of rate cuts certainly helps, but it doesn't explain what's really set fire to bitcoin over the past four, five sessions," said IG's Sycamore.
Persons: pare, that's, Tony Sycamore, It's, Kyle Rodda Organizations: greenback, Bank of, IG, Federal Reserve Bank of New, U.S ., New Zealand, U.S, bitcoin Locations: Asia, China, Hong Kong, Bank of Japan, U.S, United States, Federal Reserve Bank of New York, December's, Europe
New York CNN —Consumers bought fewer toys in all of 2023, including during the key Christmas toy-buying period, showing that households continue to pare back on discretionary products. But toy sales in all of 2023 dropped 8%, both in dollar terms (how much consumers paid for toys) and in unit sales (meaning how many toys consumers bought). This shows that shoppers bought fewer toys but also traded down in prices to cheaper toys. “While 2023 was a challenging year for the U.S. toy industry, the four-year compound annual growth rate remains positive,” she said. Among the toys that consumers did buy in 2023, Pokémon, Barbie and Squishmallows were the top three best-selling brands last year, according to Circana.
Persons: pare, Circana, , Juli Lennett, Lennett, I’ve, , ” Lennett, ” Jon Copestake, EY, ” Copestake, ” Robby Pettinato, Joy, ” Pettinato, Toy Joy, “ Anecdotally, “ That’s, it’s, Pettinato, Barbie, Squishmallows, Price, Melissa, Doug, – CNN’s Alicia Wallace, Katie Lobosco Organizations: New, New York CNN — Consumers, Commerce Department, Hasbro, Wild, Inc, CNN, , Star, Marvel, Disney Locations: New York, United States, U.S, Austin
The regional bank reported disappointing earnings, stoking fears of commercial real estate trouble. AdvertisementA smaller lender is facing a firesale of its stock fueled by concerns about its stability, echoing the regional-banking problems last year that stoked fears of a full-blown financial crisis and commercial real estate meltdown. AdvertisementThe increases hit the value of their fixed-income and commercial real estate portfolios. In particular, commercial real estate is under pressure from ongoing remote working, tighter credit availability as lenders have pulled back, and higher debt costs, all of which have weighed on asset values. Treasury Secretary Janet Yellen told lawmakers this week she expects the commercial real estate pressures to "put a loss of stress" on property owners, although she expected it to be manageable, Bloomberg reported.
Persons: stoking, , stoked, NYCB, Banks, Moody's, Wall, Thomas Cangemi, pare, Janet Yellen Organizations: Community Bancorp, Service, New York Community Bancorp, Flagstar Bank, Signature Bank, Valley Bank, Silvergate, Bloomberg, Federal
New York CNN —US stocks fell Monday morning after Federal Reserve Chair Jerome Powell said Sunday the central bank is not ready to cut interest rates yet. We just want some more confidence before we take that very important step of beginning to cut interest rates,” he said in a “60 Minutes” interview with CBS that aired late Sunday. Traders see a mere 15% expectation that the Fed will cut rates in March, compared to 46% a week ago. Elsewhere, McDonald’s shares fell 3.9% after the fast-food chain reported mixed earnings and said that turmoil in the Middle East is hurting its business. Boeing shares lost 1.2% after a new problem has been found during the production of 737 Max jets that will force Boeing to rework about 50 planes that have not yet been delivered.
Persons: Jerome Powell, , Dow, Powell, , McDonald’s, Estee Lauder Organizations: New, New York CNN, Sunday, CBS, Nasdaq, Treasury, Traders, Boeing Locations: New York, mull, pare
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