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☆ Japan aging: Women’s participation in ‘naked festival’ a sign of how aging is forcing changes to male-centric traditions
▼ + stars: | 2024-05-10 | by ( Himari Semans | Chris Lau | ) edition.cnn.com time to read: +8 min

Tokyo/Hong Kong CNN —With a history spanning more than 1,200 years, “hadaka matsuri,” or the naked festival, is Japanese masculinity on full display. Some women in Japan still battle deep-rooted cultural expectations that require them to take the role of “shufu,” or housewife, experts say. But in the naked festival, women have recently found hope. Men strip naked — except for a delicate piece of crotch-covering white loincloth — to take part in the naked festival at Konomiya Shrine on February 22, 2024. Women — donning happi, a traditional festive coat — are responsible for carrying a bamboo offering during the naked festival at Konomiya Shrine on February 22, 2024.

Persons: —, Saudi Arabia —, “, Christopher Gallagher, ”, we’ve, ” Haruhiko, Atsuko Tamakoshi, Chris Gallagher, Enyukai, Ayaka Suzuki, Mitsuko Tottori, Yoko Kamikawa, Fumio, Kaori Katada, Hiyori Kon, Sumo, won’t Organizations: Hong Kong CNN, Economic, Japan, Reuters, Mikiko, Hosei University, pre, CNN, ”, Ministry of Health, ” Eto, Organization for Economic Cooperation, Development, Japan Airlines, Netflix, Little Locations: Tokyo, Hong Kong, Japan, jostle, Germany, Britain, United States, India, Saudi Arabia, Konomiya Shrine, Konomiya

☆ Florida real estate struggles as ‘motivated’ sellers flood market
▼ + stars: | 2024-05-01 | by ( Taylor Craig | In | ) www.cnbc.com time to read: 1 min

Once a red-hot destination for out-of-state homebuyers, Florida is seeing its inventory of homes for sale skyrocket and price growth stagnate. "It was one of the only markets that actually sustained price growth after interest rates went up, so I think this correction is a bit overdue." According to Redfin, the median time a Florida home spent on the market was 57 days in March. "More new listings are coming on the market right now too." There are more than 5,600 active listings in Florida that include the keyword "motivated" in the description on Zillow .

Persons: Daryl Fairweather, CNBC's, Redfin, It's, Fairweather Locations: Florida

☆ Would the Fed really hike rates here? This is what would have to happen
▼ + stars: | 2024-04-20 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

Though it was unthinkable just a short time ago, the question of what it would take the Federal Reserve to raise interest rates further is gaining increasing attention. New York Fed President John Williams faced questioning Thursday about hiking and said he doesn't expect that to happen, but noted that it's always an option. "Basically, if the data were telling us that we would need higher interest rates to achieve our goal, then we would obviously want to do that." Making the same mistake as the 1970s central bank — hiking rates to fight inflation, then cutting prematurely and allowing inflation to return — is a sensitive issue for the Powell Fed. Chances are low, for now So far, only Fed Governor Michelle Bowman has given any credence to the notion of raising rates.

Persons: John Williams, it's, Williams, Jerome Powell, Philip Jefferson, Powell, Nicholas Colas, Colas, Michelle Bowman, Bowman, Esther George Organizations: Federal Reserve, Fed, New York Fed, Summit, DataTrek, CME, Kansas City, CNBC Locations: Washington, Kansas

☆ Lululemon to shutter Washington distribution center, lay off 128 employees after tripling warehouse footprint
▼ + stars: | 2024-04-19 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Lululemon is planning to shut down its Washington distribution center and lay off 128 employees after opening a massive new warehouse outside of Los Angeles, the company confirmed Friday. "While some employees will be retained and will relocate to other facilities, including our recently opened distribution center in the greater Los Angeles area, the optimization will result in the reduction of just over 100 positions within the existing Sumner distribution center," the person added. The closure comes after Lululemon more than tripled its warehouse footprint in the past few years to accommodate its rapid growth. In 2021, it entered into a new lease for a 1.26 million square-foot facility outside of Los Angeles in Ontario, California, filings show. In 2022, it leased a 980,000 square foot warehouse outside of Toronto in Brampton, Ontario.

Persons: Lululemon, Sumner, —, CNBC's Annie Palmer Organizations: state's Employment Security Department Locations: San Diego , California, Washington, Los Angeles, Sumner, Seattle, Sumner , WA, U.S, Canada, Toronto, Ontario , California, Brampton , Ontario, California, North America, Americas

☆ China needs a new economic plan that focuses less on exporting and more on domestic growth, 'Dr. Doom' Nouriel Roubini says
▼ + stars: | 2024-04-04 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

China will stagnate if it relies on manufacturing and exports to grow, Nouriel Roubini wrote in Project Syndicate. That growth model is outdated and worked in a time when foreign markets were more open to Chinese products. AdvertisementChina can't grow out of its economic problems if it stays focused on manufacturing and exports, says famed "Dr. Doom" economist Nouriel Roubini. "The old Chinese growth model is broken," the perma-bear economist wrote for Project Syndicate, later adding: "China therefore needs a new growth model concentrated on domestic services — rather than goods — and private consumption." Related storiesWhen China's economy was smaller, this form of growth made sense, as its exports were still manageable for foreign markets, Roubini said.

Persons: Nouriel Roubini, Doom, —, Roubini, Xi Jinping, he's, Paul Krugman Organizations: Project Syndicate, Service Locations: China, Beijing

☆ A long-time bull who predicted this market rally warns that gains are unsustainable — but these 20 stocks can outperform anyway
▼ + stars: | 2024-03-17 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Brian Belski of BMO Capital Markets was one of the market's most bullish strategists heading into 2024. Market breadth is markedly better in the last few months, according to BMO Capital Markets. For most of 2023, US stocks were disproportionately driven by growth stocks, specifically a handful of top performers. BMO Capital MarketsBelow are 20 stocks with an outperform rating from BMO Capital Markets that look attractive due to their GARP, quality, or value attributes. Along with each name is its ticker, market capitalization, sector, and group or groups that it fits into, according to BMO Capital Markets.

Persons: Brian Belski, It's, Belski, Sharpe Organizations: Business, BMO Capital Markets, Bank, BMO Capital, BMO

Mortgage rates started the week relatively low, but they're back up today. Mortgage rates are expected to go down in 2024, but they've been elevated so far this year in response to still-high inflation. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates inched down to 6.16% this week, according to Freddie Mac data.

Persons: they've, you'll, Freddie Mac, it's Organizations: Zillow, Federal Reserve Locations: Chevron

Mortgage rates have been fairly calm so far this week, with average 30-year mortgage rates hovering around 6.61%, according to Zillow data. Once the Fed starts lowering its benchmark rate, mortgage rates are expected to trend down as well. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. Sky high mortgage rates have pushed many hopeful buyers out of the market, slowing homebuying demand and putting downward pressure on home prices. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: Fannie Mae, you'll Organizations: Fed, Zillow, Mortgage, Association, Sky Locations: decelerate, stagnate, Chevron

☆ The war in Ukraine in 12 key moments
▼ + stars: | 2024-02-24 | by ( Sophie Tanno | ) edition.cnn.com time to read: +13 min

We’ve been taking a look at some of the most significant moments of the war so far. Putin’s announcement signaled the start of Russia’s war in Ukraine, which has so far cost the lives of over 10,300 civilians, according to the United Nations. May 20, 2023: Russia takes control of BakhmutUkrainian army medics treat wounded soldiers at a stabilisation point near Bakhmut frontline. June 2023: Ukraine counteroffensiveUkrainian soldiers shoot rounds into Russian positions with an S60 anti-aircraft canon placed on a truck, outside Bakhmut. February 8, 2024: Ukraine military chief firedCommander-in-Chief of the Armed Forces of Ukraine Valerii Zaluzhnyi during an event dedicated to Ukraine's Independence Day on August 24, 2023 in Kyiv.

Persons: Vladmir Putin, Putin, We’ve, ’, Volodymyr Zelensky, Pavel Klimov, ”, Marko Djurica, Russia's, Kolya Serga, Ed Ram, Sefa, Diego Herrera Carcedo, Moscow, Bakhmut, Wojciech Grzedzinski, Wagner, Prigozhin, Reuters Yevgeny Prigozhin, Russia’s Wagner, Alexander Lukashenko, Mike Johnson, Samuel Corum, Ukraine Valerii, Yan Dobronosov, Zelensky, Ukraine’s, General Valerii Zaluzhnyi, CNN’s Jennifer Hauser, Victoria Butenko, Daria Tarasova, Andrew Carey Organizations: CNN, NATO, Reuters, Ukraine, United Nations, Presidential Press, Snake, Social Media, Anadolu Agency, Concord, Putin, Getty, Republican, Armed Forces, Moscow Locations: Russia, Ukraine, Moscow, Russia’s, Kyiv, United States, Russian, West, Dnipro, Hroza, Kharkiv, Bucha, Moskva, Crimea, Kherson, Ukrainian, Kremlin, Belgorod, Bakhmut, NATO, Robotyne, Mariupol, Washington , DC, Avdiivka

Cornish, a professor at Ohio State University who studies rubber alternatives, isn't the only one pouring energy into alternative crops like that desert shrub, guayule, or the rubber dandelions that bloom with yellow petals in the greenhouse where Cornish works. And in Nebraska and other parts of the central U.S., green grasses of sorghum spring up, waving with reddish clusters of grains. Instead, they're crops that many companies, philanthropic organizations and national and international entities tout as promising alternatives to fight climate change. Most rubber processing happens overseas, and the U.S. isn't prepared to process rubber domestically. That's why specialty markets will be critical if these crops have any hope of taking off here, Cornish said.

Persons: Katrina Cornish, guayule, isn't, Cornish, Nate Blum, Blum, James Gerber, Gerber, there's, It’s, ”, Tesla, Guayule, Bill Niaura, “ You’re, Curt Covington, Covington, Joshua A . Bickel, Ross D, Franklin, Melina Walling Organizations: Ohio State University, Bridgestone, U.S, Agriculture Organization, AgAmerica, Farmers, Associated Press Locations: United States, Arizona, Nebraska, U.S, India, Saharan Africa, South Asia, Americas, Colorado, Wooster , Ohio, Eloy , Arizona, AP.org

☆ Women in Iceland want you to know it's not a gender equality utopia, despite what the statistics say
▼ + stars: | 2024-02-16 | by ( Grace Dean | ) www.businessinsider.com time to read: +22 min

AdvertisementBoth Icelandic and foreign-born women told BI that though they largely feel safe in Iceland, it's no feminist paradise. "That was like a wake up call for many women," Thorgerdur J. Einarsdóttir, professor of gender studies at the University of Iceland, told BI. Some groups of women are more vulnerable to violence and low wages, including foreign-born women, women with disabilities, and trans women, the interviewees said. Older generations fight so younger ones can flourishBut despite these concerns, the women BI spoke to said that they largely felt safe living in Iceland. Women BI spoke to largely said they felt optimistic about the changes that future generations would bring.

Persons: —, Arni Torfason, Saadia Zahidi, Valenttina Griffin, Grace Dean, Adolphsdóttir, Einarsdóttir, Vigdís Finnbogadóttir, Sigurðardóttir, Iceland's, Halldor Kolbeins, Sonja Ýr Þorbergsdóttir, Þorbergsdóttir, Inclusivity, Alice Olivia Clarke, Mads Claus Rasmussen, Ritzau Scanpix, they'd, Steinars, she'd, she's, Ása Steinars, Alondra Silva Muñoz, Griffin, Silva Muñoz, Sigrún, Rósa, that's, Shruthi Basappa, I've, it's, Jewells Chambers, Silva Muñoz –, millennials –, … Organizations: Service, Viking Women, Stockings, Women's Rights, Nordic, Red Stockings, United Nations, Farmers ' Union, University of Iceland, Getty, Iceland, UN, Statistics, Sweden –, Icelandic Teachers ' Union, SEI Locations: Iceland, Reykjavik, Icelandic, Denmark, AFP, Canada, Norway, Sweden, Statistics Iceland, Colombia, Lithuania, Spain, Poland, India, Chile, WomenTechIceland, it's, Brooklyn, New York City, Thorhildur

☆ China and Russia no longer perceived as top security threats, research finds
▼ + stars: | 2024-02-13 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

China and Russia are considered less of a threat to Western populations now than a year ago, as public concern pivots to non-traditional risks such as mass migration and radical Islam, new research said. Public perception of traditional hard security risks remains higher now than three years ago but has fallen since 2022, the year Russia invaded Ukraine, survey results from the Munich Security Index 2024 showed. Top of the agenda will be the ongoing wars between Russia and Ukraine and Israel and Hamas, as well as NATO expansion and a potential return of Donald Trump to the White House. In the polling of 12,000 people across G7 countries plus Brazil, India, China and South Africa, few Western respondents believed that their country would be more secure and wealthy in 10 years' time. By contrast, most of those in emerging economies thought they would be better off financially and in political terms.

Persons: Donald Trump Organizations: Munich Security Locations: China, Russia, Ukraine, Munich, Israel, Brazil, India, South Africa

☆ Can AI carry on this fashion designer’s legacy?
▼ + stars: | 2024-02-06 | by ( Marc Bain | ) edition.cnn.com time to read: +11 min

A few years back, she began thinking about AI after working on a fashion game tied to a line she designed for Walmart. The tagged imagery is fed into the AI model to train it. “It took us about a month to get it to the right point,” said Cyril Foiret, founder and creative director of Maison Meta. Foiret said they essentially had to develop a mini AI model just for that. Last year, she contacted Maison Meta, which was creating a name for itself through projects like organizing the first AI Fashion Week with Revolve.

Persons: Norma Kamali isn’t, Norma Kamali, Lynn Karlin, ”, “, hasn’t, ” Kamali isn’t, She’s, Hillary Taymour, Julius Juul, Heliot Emil, Laverne Cox, Jennifer Lopez, Kamali, Jamie McCarthy, Helmut Lang, Ann Demeulemeester, Alice Bouleau, Bouleau, Maison Meta, Cyril Foiret, Maison, Iman, Nick Elgar, Corbis, Foiret, they’ve, it’s, ” Kamali, “ I’m, Nima Abbasi, Vivienne Westwood, Francesco Da Vinci, ” Abbasi Organizations: The, Fashion, CNN CNN —, New, Maison Meta, Penske Media, Northwest Airlines, Walmart, NBC, Sterling International, Kamali’s, Maison, Getty, Meta, Designers, CNN Locations: New York

Bill Lee on Monday stood before the GOP-dominant Legislature with a much more ambitious pitch: Make school vouchers universal throughout the state. Photos You Should See View All 45 ImagesThe governor floated his school voucher proposal during his annual State of the State address. Yet Lee's school vouchers push has quickly attracted the most attention. Under Lee's ambitious expansion plan, the state would create a new tier of school vouchers called “education freedom” scholarships. The first year of the program would cost $144 million to offer 20,000 scholarships to Tennessee families.

Persons: Bill Lee, Lee, Lee's, ” Lee, it's Organizations: Tennessee Gov, Monday, GOP, Democratic Locations: Tenn, It's, Tennessee, Tennessee's, Davidson, Shelby, Nashville, Memphis, Hamilton County, Chattanooga

☆ 'You are now living through Tech Bubble 2.0': A 32-year market vet warns stocks are doomed to suffer substantial losses with valuations at historic highs and the economy on the verge of recession
▼ + stars: | 2024-01-27 | by ( William Edwards | ) www.businessinsider.com time to read: +7 min

"For those of you younger than us who did not live through the Tech Bubble of the late 1990s, you are now living through Tech Bubble 2.0. As a reminder, the NASDAQ fell about 80% when that bubble burst in the mild recession of the early 2000s," Wolfenbarger said. AdvertisementThere is evidence that backs up Wolfenbarger's bubble claims, starting with fairly standard valuation measures like the Shiller cyclically-adjusted price-to-earnings ratio. While it's not as high as it was during the dot-com bubble, it's higher than it was in 1929 — and is at one of its most elevated levels in history. Bank of AmericaAs for what will finally deflate the bubble, Wolfenbarger is expecting a recession to hit the US economy.

Persons: —, Microsoft —, Jon Wolfenbarger, Merrill Lynch, Wolfenbarger, it's, America's Michael Hartnett, Louis Fed Wolfenbarger, Jeremy Grantham, Adam Karr, Orbis Investment Management Karr, It's Organizations: Service, Apple, Nvidia, Microsoft, Business, JPMorgan, ClearBridge, Tech, NASDAQ, ClearBridge Investments Bank, America's, Bank of America, Bank of America's Global, Institute for Supply Management's Manufacturing, Orbis Investment Management, Global Fund, Federal Reserve Locations: Japan

☆ I left the military for the private sector. My time in uniform was one of the best experiences I've ever had.
▼ + stars: | 2024-01-21 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +6 min

Ong, 26, served for five years before she left for the private sector. AdvertisementThis as-told-to essay is based on a conversation with Jia Hui Ong, who left the military to join the private sector. Joining the private sectorMy journey into the private sector wasn't a smooth ride. After transitioning to the private sector, I also had to find a new sense of purpose in my work. But spending time in the private sector has helped me redefine my interests and strengths.

Persons: Jia Hui Ong, Ong, —, jerry Organizations: Singapore Armed Forces, Service, SAF, ST Engineering, DBS Bank Locations: Singapore

However, as a financial planner, I always recommend being deliberate when it comes to your annual bonus. AdvertisementHere are four things you should avoid buying with your hard-earned bonus money — and some advice on what you should do with it instead. These costs can add up and crunch your budget long after the bonus money is spent. But technology changes and upgrades so rapidly that pouring bonus money into flashy new gadgets often means buyer's remorse sets in fast. But make sure you're using it wisely so that short-term excitement doesn't result in long-term financial regret.

Persons: it's Organizations: Business

☆ A 27-year-old freelance writer increased his income by more than 50% in one year. He explains how GPT-4 and other tools help him bring in six-figures working just 3 hours a day.
▼ + stars: | 2023-12-19 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Read previewIn 2022, Vancouver-based freelance writer Tony Dong made CA$149,000 working about 30 hours per week. "I was kind of stuck, and the choice was between working more hours and billing more or working more efficiently," the financial writer told Business Insider. AdvertisementThanks to GPT-4 and other tools, Dong managed to increase his income by more than 50% in 2023 — he's on track to earn CA$238,000 (about $180,000) as of December 2023 — while working fewer hours. His process looks very similar to how it did in 2022 — he was also using AI tools last year. At the end of the day, "your job as a writer is to make the editor's job as easy as possible."

Persons: —, Tony Dong, Dong, he's, GPT, It's, I'm, they're Organizations: Service, Bank of, Business, . News, USA, Google, Microsoft Locations: Vancouver, GPT, Grammarly

☆ Western officials warn Ukrainian forces face a difficult winter as Russia plans new strikes on infrastructure
▼ + stars: | 2023-12-01 | by ( Jim Sciutto | ) edition.cnn.com time to read: +4 min

Washington CNN —Ukrainian forces are facing a “tough” winter and a difficult year ahead, as Western intelligence assessments do not expect significant movement on the frontlines in the coming months, two Western officials and a senior US military official told CNN. In the nearer term, Western intelligence agencies expect Russia to expand its bombardment of civilian infrastructure, including electrical facilities, in an attempt to inflict further suffering on the civilian population during the cold winter months. Western intelligence assessments indicate the frontlines are unlikely to change much in the coming months. “On the other hand,” a senior Western official told CNN, “Ukraine will have the defender’s advantage, and they are very tough at that”. However, Western intelligence assessments warn that battlefield movement could stagnate until well into 2024, bringing the war closer to the “frozen conflict” that many Russia observers fear plays to Putin’s advantage.

Persons: Vladimir Putin, ”, Donald Trump, Putin, John Kirby, Kylie Atwood, Natasha Bertrand, Jennifer Hansler, Kevin Liptak, Sam Fossum Organizations: Washington CNN, CNN, NATO, Western, “, Fleet, Congress, National Security Locations: Russia, “ Ukraine, United Kingdom, Russian, Ukraine, Europe, Israel

☆ BoC to cut rates starting in Q2 2024, house prices seen flat in 2024: Reuters poll
▼ + stars: | 2023-11-30 | by ( Mumal Rathore | ) www.reuters.com time to read: +4 min

Governor of the Bank of Canada Tiff Macklem walks outside the Bank of Canada building in Ottawa, Ontario, Canada June 22, 2020. But Macklem also said "right now, it is not time to start thinking about cutting interest rates." Interest rate futures are pricing the first rate cut in March, earlier than the poll prediction. "Accompanying labour market weakness should put downward pressure on inflation and prompt the Bank of Canada to cut the policy rate around of the spring of 2024," they wrote. That was despite several government measures announced in the latest Fall Economic Statement to boost housing supply and help lenders dealing with homeowners at risk amid high interest rates.

Persons: Blair Gable, Macklem, It's, Avery Shenfeld, Robert Hogue, Sebastian Mintah, Mumal Rathore, Ross Finley, Tomasz Janowski Organizations: Bank of Canada, REUTERS, Reuters, BoC, U.S . Federal, Barclays, CIBC Capital Markets, of Canada, RBC, Desjardins, Moody's, Thomson Locations: Ottawa , Ontario, Canada, BENGALURU, stagnate

☆ DeSantis campaign suffers massive blow as Koch-funded kingmaker calls Nikki Haley the best chance to beat Trump
▼ + stars: | 2023-11-28 | by ( John L. Dorman | ) www.businessinsider.com time to read: +4 min

The DeSantis campaign is not happy that Americans for Prosperity Action is backing Haley's 2024 bid. "Every dollar spent on Nikki Haley's candidacy should be reported as an in-kind to the Trump campaign," he continued. Haley on Tuesday said she was "honored" to have earned the endorsement from Americans for Prosperity Action. The DeSantis campaign has argued that Haley has no path to the GOP nomination, but no other candidate — including DeSantis — has been able to overtake Trump in polling in any of the early-nominating states. The support from Americans for Prosperity Action will now give Haley critical financial and organizational help in the lead-up to Iowa and New Hampshire.

Persons: Haley, Biden, DeSantis, Andrew Romeo, X, —, Ron DeSantis, Koch, Nikki Haley's, Donald Trump's, Donald Trump, Romeo, Trump, Bryan Griffin, Christina Pushaw, DeSantis — Organizations: Prosperity, GOP, Service, South, Trump, The New York Times, Hawkeye State Locations: South Carolina, Florida, New Hampshire, Iowa

☆ Target will report earnings before the bell. Here's what to expect
▼ + stars: | 2023-11-15 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +1 min

Target will report fiscal third-quarter earnings on Wednesday, as the company tries to claw its way back from a string of disappointing results and high-profile setbacks. Investors will listen for any signs that the retailer's sales are turning around as Target gets ready for the crucial holiday season. Yet Target, which sells a heavier mix of clothing, home goods and impulse purchases than some rivals, has been particularly squeezed. The Minneapolis-based company cut its full-year forecast in August, saying it expects comparable sales to decline by about a mid-single-digit percentage and earnings per share to range from $7 to $8. Shares of the company have fallen nearly 26% this year, with their value cut by more than half since the highs of the Covid pandemic.

Organizations: Target, LSEG Locations: Minneapolis

☆ Euro zone Q3 GDP shrinks, but employment rises
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsBRUSSELS, Nov 14 (Reuters) - The euro zone economy contracted marginally quarter-on-quarter in the third quarter, a new estimate confirmed on Tuesday underlining expectations of a technical recession if the fourth quarter turns out equally weak, but employment still rose. The European Union's statistics office Eurostat confirmed its estimate from Oct 31 that gross domestic product in the 20 countries sharing the euro fell 0.1% quarter-on-quarter in the July-September period for a 0.1% year-on-year rise. European Central Bank vice president Luis de Guindos said last week the euro zone economy was likely to contract slightly or at best stagnate in the fourth quarter after business activity data for October showed further weakening of demand in the dominant services industry. But contrary to the usual trend when the economy weakens, employment in the euro zone rose 0.3% quarter-on-quarter in the same period, for a 1.4% year-on-year increase. The growth slump is caused by strong headwinds from high inflation and record high interest rates as well as the slowly tightening fiscal policy.

Persons: Fabian Bimmer, Luis de Guindos, De Guindos, Jan Strupczewski Organizations: Shipping, REUTERS, Rights, European Central Bank, ECB, Thomson Locations: Hamburg, Germany, Rights BRUSSELS, France, Spain, Belgium, Italy, Austria, Portugal, Ireland, Estonia, Lithuania

☆ Apple ticks lower after warning of dull holiday quarter
▼ + stars: | 2023-11-03 | by ( Aditya Soni | ) www.reuters.com time to read: +2 min

Nov 3 (Reuters) - Apple shares on Friday pared losses that were driven by its forecast for a subdued holiday quarter after a U.S. jobs report bolstered hopes of a pause in interest rate hikes by the Federal Reserve. The iPhone maker on Thursday forecast sales for the holiday quarter, usually its biggest, below Wall Street estimates, blaming weak demand for iPads and wearables. An Apple iPhone 12 is pictured in a mobile phone store in Nantes, France, Sept. 13, 2023. "We view management's flat sales guidance as proof the company cannot rely on iPhone sales to drive shares higher, as it has in the past," D.A. "In mainland China, we set a quarterly record for the September quarter for iPhone," Cook told Reuters.

Persons: Bernstein, Stephane Mahe, D.A, Davidson, Tom Forte, Tim Cook, Apple, Cook, Dan Ives, Aditya Soni, Shounak Dasgupta Organizations: Apple, Federal Reserve, U.S . National Retail Federation, Deloitte, REUTERS, Huawei, Reuters, Wedbush Securities, Thomson Locations: Nantes, France, China

☆ Apple tumbles after warning of dull holiday quarter
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

Nov 3 (Reuters) - Apple fell 3% on Friday after it disappointed Wall Street with a forecast that indicated growth will stay subdued in the quarter where the holiday season usually drives its strongest sales. The iPhone maker on Thursday predicted quarterly sales that were below market estimates, blaming weak demand for iPads and wearables, especially in key market China. "We view management's flat sales guidance as proof the company cannot rely on iPhone sales to drive shares higher, as it has in the past," D.A. "In mainland China, we set a quarterly record for the September quarter for iPhone," Cook told Reuters. He was also positive on the outlook for the services business, whose strong growth in the September quarter had helped the company top quarterly revenue expectations.

Persons: Bernstein, D.A, Davidson, Tom Forte, Tim Cook, Apple, Cook, Dan Ives, Aditya Soni, Shounak Dasgupta Organizations: Apple, U.S . National Retail Federation, Deloitte, Huawei, Reuters, Wedbush Securities, Thomson Locations: China

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