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Japanese stocks are enjoying a banner year, with foreign investors plowing into the market. Japanese investors are hesitant Japanese investors have long been skeptical of the local stock market after the asset price bubble burst in the early 1990s. Another reason Japanese investors may not be as keen on their domestic market could be the yen falling sharply. Outlook for Japanese stocks still strong Despite the recent bout of selling from local investors and the market's recent struggles, many global investors remain bullish on Japanese stocks. This is another "slow-moving but important tailwind to Japanese stocks," with more room to run, according to Zachary Hill, Horizon Investments head of portfolio management.
Persons: Goldman Sachs, Morgan Stanley, Kishida, Julian McManus, Janus Henderson, Bernstein, Zachary Hill, Raymond Chan, Chan, McManus, he's, Warren Buffett Organizations: Japan Exchange Group, Nikkei, Bank of Japan, U.S ., Ministry of Internal Affairs and Communications, Investment, Association, Prime, Nippon, Savings, U.S, Horizon Investments, Federal Reserve, Asia Pacific, Allianz Global Investors, Mitsui, Itochu, Sumitomo Locations: U.S, Japan, Asia
And this Memorial Day weekend could be a case in point: Travelers are expected to come out in record-setting droves. Three-plus years of high inflation have taken their toll on Americans’ budgets and, especially, their mindsets. Inflation has slowed during the past couple of years, pulling back significantly from its peak of 9.1% in June 2022. Americans, especially lower-income consumers, have pulled back spending at retailers as goods inflation outpaces wage growth. Pandemic-era savings have been spent while sticky inflation and high inflation rates eat into household budgets.
Persons: ” Gus Faucher, Price, ” Faucher, Taylor, it’s, , Ed Bastian, Swift, Delta, Taylor Swift’s, That’s, Kathleen Oberg, , Peter Kern Organizations: New, New York CNN, Transportation Security, TSA, PNC Financial Services, CNN, Consumer, Mickey Consumer, Commerce Department, Disney, Delta Air, ” United Airlines, Mastercard, Institute, Marriott International, Marriott, Expedia Group Locations: New York, United States, Hong Kong, Europe
This means that the upper class in one state could still be considered middle class in another. AdvertisementEven so, being upper class may not feel like swimming in wealth. New York has the second-highest share in the upper class at nearly 21%, even though the cutoff is $159,100. AdvertisementThe list of states with the lowest shares of people in the upper class also doesn't correspond. Alaska, Utah, and Idaho have below 15% of their populations in the upper class, while Wyoming and Delaware are in the 15% range.
Persons: , they're Organizations: Service, Business, Pew, DC Locations: Washington, New Jersey, Maryland , Massachusetts, Hawaii , California, New York, Louisiana, Mississippi, West Virginia, Louisiana , Arkansas , Kentucky , Oklahoma , Alabama, New Mexico, Alaska , Utah, Idaho, Wyoming, Delaware
New York CNN —Amazon Fresh has joined the growing ranks of retailers that are cutting prices. It is discounting thousands of grocery items in a bid to entice price-conscious shoppers to add a little bit more to their shopping carts. In the game of chicken between stores and shoppers, it’s the stores that finally appear to be yielding. For Prime members, Amazon Fresh is stacking more savings by offering a 10% discount on hundreds of online grocery items. Last week, Walmart (WMT) said it has rolled back prices on nearly 7,000 items in its stores, saying it was seeing deflation on some key grocery items.
Persons: Sarah Wyeth, “ There’s, ” Wyeth, ” Claire Peters Organizations: New, New York CNN, Target, Walmart, Shoppers, CNN, Savings, Amazon, Aldi Locations: New York, United States
Participants across the country have told BI they spent basic income money to pay rent, afford groceries, pay off debt, and support their children. In April, Chicago announced that it will restart it's basic income program. The renewed Chicago program will join a wave of over 100 basic-income pilots that have been launched since 2019. Fisher is still worried about costs, but Chicago basic income gave her 'a brand new start'When Fisher began receiving basic income, she felt immediate relief. With basic income payments, Fisher was able to afford daily expenses and buy the clothes and shoes she and her daughter needed.
Persons: , Jennette Fisher, Sophia, Fisher, Fisher would've, Teri Olle, Chuck E, hadn't, She's, she's, Chicago's Organizations: Service, Business, SNAP, Economic Security, Chicago, father's Locations: Chicago, City, Economic Security California
Housekeepers in Palm Beach and South Florida are cleaning up, with salaries often topping $150,000 and bidding wars between mansion owners becoming common, according to staffing companies. The mass wealth migration to Florida from New York and other high-tax states has created record demand for household staff in elite Florida enclaves — especially Palm Beach. "We've seen such a boom from people relocating, especially Palm Beach and Miami." In Palm Beach, housekeepers with experience in wealthy homes are typically making between $120,000 and $150,000 a year, along with 401(k) plans, health care and benefits, including overtime. Psitos said she knows one head housekeeper in Palm Beach who makes $250,000 a year, including overtime, and travels with the family to their various homes.
Persons: Robert Frank, housekeepers, I've, Berube, Melissa Psitos, Lily, Psitos Organizations: butlers, The Wellington Agency, Lily Pond Services Locations: Palm Beach, South Florida, Florida, New York, Palm, Palm Beach , Miami , New York, Miami, West Palm Beach
CNN —Chemical toxins are everywhere — in our water, food, air and soil. Children born to European mothers exposed to four families of chemicals that disrupt the body’s endocrine (hormone) system had elevated levels of metabolic syndrome at ages 6 to 11. Metabolic syndrome can include obesity, elevated blood pressure, and abnormally high cholesterol and insulin resistance, which is a precursor to type 2 diabetes. Metabolic syndrome is typically associated with adult cardiovascular disease, type 2 diabetes and stroke, but the growing epidemic of childhood obesity has seen symptoms appearing in kids at younger and younger ages. Having metabolic syndrome as a child is highly predictive of chronic disease as an adult, experts say.
Persons: Nuria Güil, , Oumrait, Vicente Mustieles, Mariana Fernández, Carmen Messerlian, Messerlian, phthalates, , Jane Houlihan, ” Houlihan, Houlihan, PFAS, EWG Organizations: CNN, Icahn School of Medicine, JAMA, Biomedical Research, University of Granada, Harvard, of Public Health, International Council for Chemical Associations, American Chemistry Council, EPA, Food, Food and Drug Administration, FDA, NSF, National Sanitation Foundation Locations: Mount Sinai, New York City, Spain, Messerlian, Chan, Boston, United States
Sales of newly built homes dropped 4.7% in April compared with March, and dropped a larger 7.7% from the prior year, the U.S. Census said Thursday. Higher mortgage rates are clearly hampering sales. Some of that is due to the mix of homes selling, which is mostly on the higher end of the market. Those buyers are not as influenced by mortgage rates, as they often use all cash. The big production builders have been buying down mortgage rates to help boost sales, but they are able to do that because of their size.
Persons: Peter Boockvar, Robert Dietz, NAHB's Organizations: Spring Barbera Homes, Builders, Toll Brothers, Bleakley Financial, CNBC, National Association of Home Builders, Wells Fargo . Locations: Loudonville , New York, U.S, Horton, Wells Fargo
Young men without college degrees have been dropping out of the workforce for decades. On Thursday, the Pew Research Center released a report delving into whether a college degree is worth it. The report compares economic outcomes for young adults who've completed a college degree with those who have not. "Accompanying that wages were also bid up for non-college educated young men at that time." Fry added, "the rising rates of young men with criminal records" could be a reason given they could have a hard time finding work.
Persons: who've, it's, , Richard Fry, Fry, Pew, Gen, millennials Organizations: Service, Pew Research Center, Business, Labor, Bureau of Labor Statistics, Pew, Deloitte
Lewis’ plan, however, included more than just revamping The Post’s subscription offerings. While The Post clearly plans to bet big on infusing its products with A.I., it wants to emphasize the human element of its journalism. Whether the multi-pronged initiative is enough to turn The Post around, of course, remains to be seen. But the new publisher voiced confidence that these measures will put The Post on track for success. “I really hope at some point in the future, when you look back on this day,” he told staffers, “it’s actually quite a significant day in the history of our company.”
Persons: Will Lewis, strode, Lewis, , ” Lewis, I’m, Axios, we’ve, ” Karl Wells, Lewis ’, Vineet Khosla, , Sally Buzbee, Kathy Baird, “ it’s Organizations: New York CNN, The Washington Post, Brit, Apple, POLITICO, Silicon Locations: New York
The city of Denver, Colorado, has undergone notable growth as skilled professionals and businesses move into the state that prides itself on 300 days of sunshine. And I don't think any place checks as many boxes as Denver does," said the city's mayor, Mike Johnston. Now, the city is facing both housing and labor shortages. Denver needs more workers to come in and fill job openings, yet it's already short 70,000 homes. That's about 15% of the price of an average home in Denver, according to real estate site Zillow.
Persons: Mike Johnston, Scott Wasserman Organizations: U.S . Census, Bell Policy Institute Locations: Denver , Colorado, Denver, U.S, Colorado
Before co-founding Netflix, Reed Hastings thought another of his business ideas would become a household name. Specifically, it was a "foot mouse" — where users could control a computer cursor with their feet, Hastings said at a recent Stanford Graduate School of Business event. "It was a terrible idea, but I was equally committed to that terrible idea as I was to Netflix," he said. In the case of the foot mouse, Hastings was a Stanford graduate student at the time, working toward his master's in computer science. He even hired a mechanical engineering graduate student to mockup a prototype.
Persons: Reed Hastings, Hastings, he's Organizations: Netflix, Stanford Graduate School of, Wired, Stanford
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewTarget reported $24.5 billion in revenue last quarter, with comparable sales down 3.7%, marking the fourth consecutive quarter of decline. Unlike total sales, comparable sales exclude new and closed stores, and analysts commonly use the measure to assess a business' underlying health. AdvertisementThe company also revamped and expanded its membership program, Target Circle, adding over a million new shoppers last quarter. "We're encouraged by the meaningful progress we've seen in recent quarters," Cornell said.
Persons: , Brian Cornell, Cornell, Jack children's, We're Organizations: Service, Business, Walmart, Amazon Prime, Target
Fed officials aren’t easing Wall Street’s nerves
  + stars: | 2024-05-22 | by ( Bryan Mena | ) edition.cnn.com   time to read: +4 min
Optimism spurred by the latest inflation data pushed all three major stock indexes to new record highs. But now Wall Street, eager for rate cuts, is on edge again. But some financial leaders remain doubtful that the Fed is feeling confident enough to cut rates soon. “I think we’re set up for stickier inflation.”Some Fed officials say another rate hike isn’t likelyFed officials have mostly sounded a little more optimistic about inflation recently, after the Consumer Price Index for April finally provided some welcome news. Cleveland Fed President Loretta Mester told Bloomberg on Monday that she also thinks interest rates are high enough to deal with inflation.
Persons: they’re, Dow, Christopher Waller, ” Waller, Goldman Sachs, David Solomon, “ I’m, , , Philip Jefferson, Mary Daly, Axios, Jerome Powell, Klaas Knot, Loretta Mester, Chris Larkin Organizations: Washington CNN, Federal Reserve, CNBC, , Peterson Institute for International Economics, Boston College, Mortgage, Association, ” San Francisco Fed, European Central Bank Governing, Cleveland Fed, Bloomberg, Locations: ” San
Washington CNN —Rising US home prices are heightening the housing affordability crisis for Americans, especially first-time buyers. Housing affordability takes into account prices, household incomes and mortgage rates. Sales fell in April for the second month in a row as mortgage rates surged past 7%. Mortgage rates track the yield on the 10-year US Treasury note, which moves in anticipation of the Fed’s decisions on interest rates. Low housing affordability typically crimps demand.
Persons: it’s, , Lawrence Yun, Freddie Mac Organizations: Washington CNN —, National Association of Realtors, Global, NAR, Federal Reserve, Fed, Treasury Locations: San Diego, Chicago, Detroit, America,
European stocks are heading for a higher open Wednesday as regional markets continue to see-saw over the inflation outlook and trajectory of interest rates. Investors in the U.K. will be keeping a close eye on the latest U.K. inflation figures out Wednesday. Economists are forecasting a sharp fall in the April print, driven by lower household energy costs, that could take the headline rate close to, or even below, the Bank of England's 2% target.
Organizations: Bank of England's
Britain’s inflation rate slowed last month to its lowest level in about three years, approaching the Bank of England’s 2 percent target. Consumer prices rose 2.3 percent in April from a year earlier, down from 3.2 percent in March, the Office for National Statistics said on Wednesday. The rate, which declined slightly less than economists expected, was the lowest since July 2021. Food inflation also slowed to 2.9 percent, from 4 percent. The steep decline in headline inflation, closing in on the central bank’s target, signals a new phase in British policymakers’ battle against inflation.
Organizations: Bank of England’s, National Statistics Locations: Ukraine
CNN —Anger is growing in India after a teenager who allegedly killed two people while drunk driving was ordered to write an essay as punishment, with many demanding a harsher penalty and accusing the judiciary of leniency. The minor was taken into custody and later presented to the Juvenile Justice Board, where he was released on bail and given 15 days of community service. He was also asked to write an essay about road safety, Fadnavis said. “This was a surprising order passed (by the Juvenile Justice Board),” Fadnavis said. “It was wrong (to allow the minor to drive),” he told reporters outside his home, while fighting back tears.
Persons: Devendra Fadnavis, Fadnavis, , ” Fadnavis, Prashant Patil, Amitesh Kumar, Kumar, Suresh Koshta, ” Rahul Gandhi, India’s, ” Gandhi, Salman Khan, Khan Organizations: CNN, Porsche, Juvenile, Board, Pune Police, Indian National Congress, Bombay, Court Locations: India, Pune, Maharashtra, Mumbai
Target 's weak quarterly earnings underscored why it cut prices on thousands of household staples: It's struggling to win over bargain hunters. Elsewhere, Aldi dropped prices earlier this month on more than 250 items, including chicken, steak, granola bars and frozen blueberries. Target made its move on Monday, saying it has already reduced prices on about 1,500 items and plans to cut prices on thousands more this summer. Multiple major grocers and restaurants cutting prices or offering deals could offer relief at the checkout, at a time when consumer prices are still climbing more than 3% from last year. The company declined to share details of that split, but Chief Growth Officer Christina Hennington said Target's vendors know the company is committed to passing on savings to its customers to drive traffic.
Persons: Target's, Christina Hennington Organizations: Walmart, Aldi, Federal Reserve
The survival budget considers expenses such as food, housing, childcare, transportation, and healthcare, in addition to taxes and an emergency fund. Here's what ALICE household survival budgets for a typical family of four look like across the country. The total number of ALICE households jumped 12% between 2010 and 2022, particularly impacting single parents and people of color. During these 12 years, the percent change in single-male-headed ALICE households grew 35%. "Part of the survival budget is there's no savings in there," Hoopes said.
Persons: ALICE, who's, Stephanie Hoopes, United For ALICE, That's, it's, Hoopes Organizations: Service, ALICE, Business, United For, cashiers, Social Security Locations: California, Virginia, Stanton , Kansas, El Paso , Texas, America
Shirley Conran, the industrious and proliferous British author whose 1982 novel, “Lace,” was a tale of female autonomy disguised as a bonkbuster (to use the British term for a steamy best seller) that made her a millionaire and introduced the lowly goldfish into the erotic canon, died on May 9 in London. She was 91. The cause of her death, in a hospital, was pneumonia, her son Jasper Conran said. She was also the author of “Superwoman,” a witty and proudly feminist primer on household management. The title was ironic, Ms. Conran wrote: “A Superwoman isn’t a woman who can do anything, but a woman who avoids doing too much.”Her mantra, “Life is too short to stuff a mushroom,” became a feminist rallying cry, finding its way onto matchbooks, dish towels and throw pillows.
Persons: Shirley Conran, , Jasper Conran, Conran, Femail, Organizations: Daily Locations: British, London, England
New York CNN —Even after years of inflation, geopolitical chaos and recession in Europe, the US economy remains robust and resilient. Unemployment rose to 3.9% last month, lower-income consumers are spending less and businesses are limiting employee hours and pay. A recent survey by Santander Bank of its customers found that while inflation fears have largely subsided, middle-income Americans are pessimistic about the economy. Those Americans could still be suffering, but their stories are obscured by data that paints a broad picture of a resilient economy. Piepszak, meanwhile, now leads the company’s newly combined commercial and investment bank with her co-CEO Troy Rohrbaugh.
Persons: , Gregory Daco, haven’t, Skyler Weinand, Regan, , ” Nanette Abuhoff Jacobson, Bryan Mena, What’s, Jamie Dimon, Here’s, Dimon, he’s, , ” Dimon, can’t, “ Dimon, Marianne Lake, Jennifer Piepszak, Piepszak, Troy Rohrbaugh, Rohrbaugh, Mary Erdoes, Jeremy Barnum, Daniel Pinto, COOs Gordon Smith, Smith, Satya Nadella, Bing Organizations: CNN Business, Bell, New York CNN, Regan Capital, Santander Bank, Hartford Funds, Bureau of Labor Statistics, Federal Reserve, JPMorgan, JPMorgan Chase, Bank of America, Microsoft Locations: New York, Europe, Redmond, Washington
This led to me making and selling icons and wallpapers, which was my first experience making money online. I decided not to go to university and instead make money onlineDespite my parents' typical concerns about formal education, I convinced them to give me a year to try making money online before considering university. AdvertisementMy themes became popular, and in 2014, I was approved to sell them on Tumblr's official online store, which significantly increased my income. I expanded my income streams after leaving the startupI started an online store called ULX Store in 2018 to sell my designs and other products. My approach to online business emphasizes starting with one main income stream and then using the earnings from that to diversify into other areas.
Persons: , Oliur Rahman, wouldn't, Plasso, I'm Organizations: Service, Business, XDA Developers, GoDaddy, YouTube Locations: Dubai
Industry analysts think the AI revolution is still in its early stages, and longtime fund manager Chris Retzler agrees. But the market veteran believes small, under-the-radar growth stocks—not the well-known companies that have already surged — are the best way to play the AI boom. AdvertisementHow to invest in small caps — and where to find themSince 2008, Retzler has single-handedly managed the Needham Small Cap Growth Fund (NESGX). Plus, investors are overlooking small-cap stocks' exposure to key growth opportunities like AI, data center buildouts, military modernization, and telecommunication improvements, in Retzler's view. "Money doesn't go immediately to small caps — it goes to the next market cap, generally," Retzler said.
Persons: , Chris Retzler, Retzler, he's, Morningstar, doesn't, Rogers, Lumentum, that's, Generac Organizations: Service, Nvidia, Business, Industry, Growth, MKS, Aspen Locations: ROG
CNN —The legacy of “Saturday Night Fever” is stayin’ alive, as the dancefloor featured in the classic disco movie is set to fetch as much as $300,000 at auction next month. With its flashing colorful lights, the dancefloor provided the perfect backdrop for John Travolta’s character, Tony Manero, to flaunt his now-iconic groovy dance moves in his white shirt. After filming wrapped, the dancefloor stayed at the club until it closed down, when it was bought by an employee. The movie and its catchy soundtrack by the Bee Gees, meanwhile, helped to repopularize disco around the world at a time when its dominance was waning. Meanwhile, Jeff Bridges’ bowling costume, which he wears in the final three scenes of “The Big Lebowski,” could sell for $200,000.
Persons: John Travolta’s, Tony Manero, Julien’s Auctions, Tony Manero –, , Travolta, , Jeff Bridges Organizations: CNN, Julien’s Auctions, Paramount, Getty, Bee, National Recording Registry, of Congress, Indiana Jones, “ Raiders Locations: Los Angeles, Brooklyn , New York, Brooklyn
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