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Bitcoin jumps while Japan holiday dulls most currencies
  + stars: | 2024-09-23 | by ( ) www.cnbc.com   time to read: +4 min
The Bank of Japan left interest rates unchanged last week and indicated it was not in a hurry to hike them again. That decision, coming just days after the Fed's 50 basis points rate cut, put a pause to the yen's sharp gains this month. With Japan closed for Autumnal Equinox Day, the main driver of trade was expectations around further Fed rate cuts and the gains those have spurred in equities, commodity currencies and other risk assets. The Fed's rate cut "appears to have calmed market fears of a U.S. recession", Goldman Sachs said in a note. Meanwhile, the majority of economists polled by Reuters anticipate two more 25 bps rate cuts at the Fed's final two meetings this year.
Persons: Bitcoin, Goldman Sachs, Christopher Waller, Fumio Kishida, Takaichi —, , Shigeru Ishiba, Shinjiro Koizumi, Junichiro Koizumi, Takaichi, pare Organizations: Federal, Bank of Japan, Japan, U.S, U.S ., FedWatch, Treasury, Reuters, House Republicans, Liberal Democratic Party, Barclays, The Bank of Locations: United States, Japan, U.S, The Bank of England
And so it is with Warren Buffett's Berkshire Hathaway slashing its holdings in Apple and Bank of America in recent months. Buffett himself has indicated in recent years that he doesn't see an abundance of compelling value on offer in the public markets. But this in itself isn't much of a clue about future market prospects or the macroeconomic moment. Borgato says he believes "Buffett wants to leave a Berkshire behind that requires [fewer] future cash allocation decisions, not more." I'm not a buyer of the "cash on the sidelines" case for expecting money market assets to drain into stocks.
Persons: , Warren Buffett's Berkshire Hathaway, Buffett, Ed Borgato, it's, pare Berkshire's, Greg Abel, Berkshire Hathaway, BRK.B QUAL, Ajit Jain, Trump, Borgato, Jared Woodard Organizations: Apple, Bank of America, Bank of, Buffett, Berkshire, Berkshire Hathaway, Washington Locations: Berkshire's, Berkshire, Apple,
A quarter of US homeowners (26%) said they are financially unprepared for extreme weather events, according to Bankrate, which surveyed a nationally representative sampling of nearly 1,300 homeowners at the end of July. Those most likely to say they were unprepared lived in the South (29%), the West (28%) and the Northeast (25%). While the majority of homeowners surveyed did have insurance, they don’t necessarily know whether it is adequate to cover the kind of extreme weather their area now faces. “Extreme weather has changed the insurance landscape, and understanding your home insurance policy coverage is more critical now than ever,” said Shannon Martin, a Bankrate analyst who specializes in insurance. “Many insurance companies have reevaluated how they rate extreme weather, and some have changed the perils they are willing to cover.
Persons: , , Shannon Martin, ” Pare, ” Martin Organizations: New, New York CNN Locations: New York, United States
Read previewAmerica's wild, multi-year shopping spree has come to an end — and retailers who got used to Americans dropping cash on just about everything are in a tough spot. US retail sales came in stronger than expected in July, with Americans spending more overall compared to the prior month, according to Census data. Around 40% of consumers said they planned to pare back spending on accessories, home decor, jewelry, and furniture, per McKinsey's survey. We're now back in an environment where good retailers, strong brands that offer compelling value … will benefit," Siegel said. In the meantime, that could mean more pain for retailers, Siegel said, speculating that many were caught by surprise by the shift in consumer sentiment.
Persons: , Ted Rossman, Rossman, pare, Simeon Siegel, Siegel, We're, SPDR Organizations: Service, Business, McKinsey & Company, Bankrate, Customers, BMO, Challenger, Walmart, Target, San Francisco Fed, Primerica Locations: FactSet
The poliovirus that paralyzed a child in Gaza, the first case in the region in 25 years, has traveled a long path. It most likely arose in Nigeria and made its way to Chad, where it was first detected in 2019, according to genetic analysis. This journey was the consequence of a fateful decision by global health organizations to pare down the oral polio vaccine in 2016. Instead, the change has led to outbreaks of polio in dozens of countries and has paralyzed more than 3,300 children. A formal evaluation, commissioned by the global polio eradication program and led by two independent experts, was unflinching in its assessment: “The switch was an unqualified failure.”
Persons: pare, Locations: Gaza, Nigeria, Chad, Sudan, Egypt, Luxor, North Sinai
That’s precisely why the Fed is poised to cut interest rates in September for the first time since 2020. Therein lies the one question on everyone’s mind: How aggressively will the Fed ultimately cut rates? A high threshold for jumbo rate cutsThe Fed makes its decisions on interest rates consistent with what’s happening in the economy. Fed officials have mostly signaled that they’re finally ready to cut rates, but some have still expressed some hesitance. But, for now, there’s no emergency demanding the Fed cut rates aggressively next month, or any time later in the year.
Persons: Jerome Powell, pare, Price, Powell, “ They’re, ” Tani Fukui, they’re, Raphael Bostic, ” Powell, Ryan Sweet, Sweet, That’s Organizations: Washington CNN, Labor Department, Kansas City Fed, Fed, Traders, MetLife Investment Management, CNN, Atlanta Fed, Citi, Oxford Economics Locations: Unemployment, Jackson Hole , Wyoming
Yen slips, markets brace for U.S. inflation data
  + stars: | 2024-08-12 | by ( ) www.cnbc.com   time to read: +3 min
Last week ended calmer, with Thursday's stronger-than-expected U.S. jobs data leading markets to pare bets for Federal Reserve interest rate cuts this year. "It's more a case of market squaring up a little bit ahead of the U.S. inflation data," said Christopher Wong, currency strategist at OCBC Bank in Singapore. The dollar was trading at 146.87 yen , up 0.2% from late U.S. levels on Friday. The Aussie was barely up at $0.6577 on Monday, while the New Zealand dollar stayed below last week's three-week high of $0.6035. Implied volatility on the yen, measured in yen options, has also subsided.
Persons: Bank of Japan's hawkishness, Jackson, Christopher Wong, J.P, Morgan Organizations: Bank of Japan's, Federal Reserve, Nvidia, OCBC Bank, New Zealand, Reserve Bank of New, Bank, Japan, U.S . Commodity Futures Trading Commission Locations: U.S, Singapore, Reserve Bank of New Zealand
He increased his price target by $25 to $575, which suggests shares can jump about 20.9% over the next year. Rollins upgraded the stock to neutral from sell and upped his price target from $1.25 to $3.15 per share, which implies roughly 21.6% potential upside. Analyst Rick Wise initiated coverage of GE Healthcare with a buy rating and $100 price target, which suggests 22.7% upside. Analyst Rob Owens upgraded the global cybersecurity company to overweight from neutral and lowered his price target by $20 to $290, which implies 30.6% upside. Its price target of 1,200 Taiwanese dollars implies upside of 36.4%.
Persons: Morgan Stanley, Piper Sandler, Rob Sanderson, Sanderson, — Pia Singh, Michael Rollins, Rollins, Lumen, Rick Wise, Wise, CrowdStrike, Rob Owens, Owens, pare, Price, Charlie Chan, Chan, Fred Imbert Organizations: CNBC, Taiwan Semiconductor, Meta, Citi, Lumen Technologies, GE Healthcare, Delta Air Lines, Microsoft Locations: U.S
For the past decade, I've been helping New Yorkers from all income brackets and in every borough organize their spaces. Get rid of all the packagingOh my god, the sheer volume of appliance and electronic packaging and manuals I've seen. Instead, use your precious closet space to store items that look good on you now. If you change sizes, you can get new clothes, either from a store or from people in your community. Closet space is a precious commodity.
Persons: I've, You'll, you'll, pare, it's Organizations: Service, Business
Microsoft delivered an overall strong quarter after Tuesday's market close, but a miss on Azure revenue growth put shares under pressure in extended-hours trading. Office Consumer Products and Cloud Services revenue grew 3% as Microsoft 365 Consumer subscriptions grew 10% to 82.5 million. Windows Commercial Products and Cloud Services revenue increased 11%, driven by demand for Microsoft 365. Despite the solid fiscal Q1 outlook for Intelligent Cloud revenue, management guided Azure's constant currency revenue growth to 28% to 29%. Microsoft CEO Satya Nadella speaks during the Microsoft Build conference at Microsoft headquarters in Redmond, Washington, on May 21, 2024.
Persons: We're, Satya Nadella, Nadella, Amy Hood, Hood, That's, Jim Cramer's, Jim Cramer, Jim, Jason Redmond Organizations: Microsoft, Revenue, Nvidia, Broadcom, Devices, AMD, Investors, Products, Cloud Services, Consumer Products, Dynamics Products, Enterprise Mobility, Activision, Windows, , Xbox, Management, CNBC, AFP, Getty Locations: OpenAI, pare, Redmond , Washington
Separate data on spending shows that American shoppers are still shopping. That measure strengthened in the second quarter, rising to a 2.9% rate compared to 2.6% seen earlier this year. Generally, one risk that comes with an economy that’s expanding robustly is that price pressures can either get stuck or heat up. Businesses are still spending, but less on thisBusinesses invested much more in the second quarter than in the first three months of the year. The measure for that — known as “nonresidential fixed investment” — rose to a 5.2% rate in the second quarter, up from 4.4% in the first quarter.
Persons: That’s, pare, , Jamie Cox, ” Scott Helfstein, ” Oren Klachkin Organizations: Washington CNN, Gross, Commerce Department, Federal Reserve, PCE, Harris Financial Group, , Nationwide
Read previewContent recommendation firm Outbrain is closing in on a deal to acquire or merge with Teads, the adtech company owned by European telecommunications giant Altice, according to four sources familiar with the matter. Spokespeople for Outbrain and Teads said it was company policy not to comment on M&A speculation. Teads parent company Altice International reported net debt of 9.2 billion euros, around $10 billion, at the end of the first quarter, while Altice France had some 24 billion euros, about $26 billion, in debt in the same period. AdvertisementTeads reported 601 million euros ($654 million) in revenue in 2023, down 5.5% from the prior year. Its adjusted earnings before income tax depreciation and amortization were 157 million euros ($170 million), an 8.7% decrease from 2022.
Persons: , Outbrain, couldn't, Teads, it's, Taboola, Patrick Drahi, pare, Altice, Moody's, Morgan Stanley Organizations: Service, Business, Altice, chum, CNN, Fox News, Altice International, Drahi Locations: Altice France, USA, France
Goldman Sachs is warning clients of a summer correction in the stock market as economic growth slows down and political risks rise. The S & P 500 is up about 16% year to date, just 2% off its record high. Goldman said it sees increasing risk of a correction. Typically, a correction is defined as a 10% drawdown from a recent high in the S & P 500 and a bear market equals to a 20% pullback. The S & P 500 is currently off 2% from its recent high.
Persons: Goldman Sachs, Christian Mueller, Goldman, Goldman doesn't, pare Organizations: Dow
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBoneparth: Time to pare back exposure from mega-caps and reallocate to small-capsDouglas Boneparth, President of Bone Fide Wealth, discusses how to navigate market volatility.
Persons: pare, Douglas Boneparth Organizations: Bone
CNN —Hungary’s Prime Minister Viktor Orban has told European leaders leaders that Donald Trump is “ready to act as a peace broker” between Russia and Ukraine if elected president, according to a letter seen by Reuters, amid concerns across the continent that Trump would attempt to force Kyiv into ceding territory to Moscow. Orban’s letter, addressed to European Council President Charles Michel and sent to all European Union leaders, was written in the wake of his controversial meetings with former President Trump, Russian President Vladimir Putin and Chinese President Xi Jinping. “I can […] surely state that shortly after his election victory, he will not wait until his inauguration, [Trump] will be ready to act as a peace broker immediately. But his visits with Putin, Xi and Trump have gone down poorly with EU lawmakers, who have accused Orban of vitally “misrepresenting” and “undermining” the EU’s stance on foreign policy. A letter signed by 63 European lawmakers, addressed to the three EU chiefs, said Orban had “caused significant damage” through his meetings.
Persons: CNN —, Viktor Orban, Donald Trump, Trump, Charles Michel, Vladimir Putin, Xi Jinping, , ” Orban, Orban, pare, ” Trump, Joe Biden, Russia –, Orban –, , Putin, Volodymyr Zelensky, Trump’s, Xi, Ursula von der Leyen, Roberta Metsola Organizations: CNN, CNN — Hungary’s, Reuters, European, European Union, Ukraine “, EU, Ukrainian, , European Council Locations: Russia, Ukraine, Moscow, Russian, Hungarian, Beijing, Florida, Kyiv, Hungary
Seeing Workplace Misery, They Offer Company
  + stars: | 2024-07-09 | by ( Martha C. White | ) www.nytimes.com   time to read: +1 min
“Making It Work” is a series is about small-business owners striving to endure hard times. Over six months of weekly video calls, Ms. Schiro, 45, learned how to pare down her overloaded to-do lists. Making changes like adding a line to her email signature saying that she does not respond to messages sent after 6 p.m. seemed like “stupid stuff,” she said, but it took an outsider’s perspective to pinpoint these adjustments. “When you’re burned out, it’s hard to think of those things and implement them,” Ms. Schiro said. Even before the Covid-19 pandemic disrupted how and where people work, the World Health Organization recognized burnout.
Persons: Karen Schiro, Ellyn, , , Schiro, pare, you’re, ” Ms, Michael P, Leiter Organizations: World Health Organization, Acadia University Locations: Fairfax Station, Va, Tacoma, Nova Scotia
More than half of Gen Xers say they regret not saving more for retirement. In fact, Gen Xers are at the perfect age to do just that, says Barry Glassman, a certified financial planner and founder and president of Glassman Wealth Services. Here are three things Gen Xers can start doing as soon as today to ease their retirement worries. Take care of expensive debtFor many Gen Xers, saving for retirement has been placed on the back burner as they juggle other expenses. Seventy-one percent of Gen Xers are homeowners, compared to a little over half of millennials at 52%, according to 2023 Redfin data.
Persons: Gen Xers, it's, Barry Glassman, Jason Stein, pare, Glassman, Xers, Stein, that's Organizations: Allianz, Wealth Services, Bluepoint Wealth Locations: California
Donald J. Trump’s top advisers are planning to drastically scale back and simplify the official platform of the Republican Party, according to a memo sent to the party’s platform committee that was reviewed by The New York Times. The memo — signed by Chris LaCivita and Susie Wiles, the former president’s two lead advisers — described their efforts to pare down the platform “to ensure our policy commitments to the American people are clear, concise and easily digestible.” It dismissed past platforms as needlessly “textbook-long” documents shaped by “special interest influence” that had left the party and its nominee open to attacks from Democrats. “Publishing an unnecessarily verbose treatise will provide more fuel for our opponent’s fire of misinformation and misrepresentation to voters,” the memo read. “It is with that recognition that we will present a streamlined platform in line with President Trump’s principled and popular vision for America’s future.”The memo was sent on Thursday ahead of the G.O.P.’s gathering in Milwaukee next month, where it will first vote on its platform and then hold its national convention to select a presidential nominee.
Persons: Donald J, Trump’s, , Chris LaCivita, Susie Wiles, pare, Organizations: Republican Party, The New York Times, Locations: Milwaukee
How to pick a good, affordable college before applying
  + stars: | 2024-06-17 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +8 min
New York CNN —Long before you take your high schooler on college campus tours, consider this: Shopping for college shouldn’t be any different than shopping for a home. Getting into that top 25% cohort is based on SAT or ACT scores, and having a high, unweighted GPA based on a rigorous high school curriculum. Other ways to reduce college costs before applyingWhile your children are in high school they can take other steps to reduce the total cost of their education. If their high school doesn’t offer them, there is a program called Freshman Year for Free offered by the Modern States Education Alliance. Getting the minimum AP scores a college requires to earn a college credit will lower how much you ultimately have to spend on tuition.
Persons: New York CNN — Long, , Beth Walker, Walker, doesn’t, pare, Mike McKinnon, won’t, Todd Fothergill, Fothergill, you’re, ” Fothergill, ” Walker, Said Walker, Organizations: New, New York CNN, shouldn’t, , College, , National Institute of Certified College Planners, Ivy League, Loan, Students, Stafford, American, Tax, of Education College, College Board, Free, Modern States Education Alliance Locations: New York
Despite the rare event, it’s unlikely the stock market will swing widely because of the economic two-fer, some investors say. Inflation showed signs of cooling in April after staying worryingly warm during the first quarter of this year. America’s rural hospitals keep getting attacked by cybercriminals. Microsoft said in a statement to CNN that it would provide free security updates for eligible rural hospitals, as well as security assessments and training for hospital staff. Google will provide free cybersecurity advice to rural hospitals and start a pilot program to match the firm’s cybersecurity services with the needs of rural hospitals.
Persons: Powell, , Dave Sekera, Alicia Wallace, Sean Lyngaas, Michelle Watson Organizations: CNN Business, Bell, New York CNN, Federal Reserve, CPI, Bank of America, Morningstar, Investors, Traders, Fed, UBS, Federal Reserve Bank of New, The, Consumer, cybercriminals, Microsoft, Google, White, CNN, White House National Security Council Locations: New York, pare, Federal Reserve Bank of New York, York, United States
Cathie Wood's decision to sell more than 1 million shares of Nvidia came as the stock rocketed to astronomical highs. Ark Invest has missed out on more than $1 billion in returns by selling Nvidia stock too early. Ark Invest sold 859,000 Nvidia shares in the fourth quarter of 2022, when the stock was trading below $150 per share. In the first quarter of 2024, ARK Invest continued to pare down its Nvidia stake, selling 81,239 shares. ARK Invest has redeployed its proceeds from selling Nvidia stock into other potential AI companies, though few of those investments have panned out.
Persons: Cathie, , ChatGPT, Wood, pare, it's Organizations: Nvidia, Invest, Ark Invest, Service, Securities and Exchange Commission, CNBC, ARK Invest, Wall Street
New York CNN —Target has spent decades building a reputation for cheap chic home goods, clothing and other merchandise. It was the fourth-straight quarter of sales declines at Target (TGT). More than half of Target’s merchandise is discretionary. Target is trying to lure back shoppers by cutting prices on some key items and adding its own brands. The company also recently created a new house brand called Dealworthy to take on dollar stores and Walmart.
Persons: Target, pare Organizations: New, New York CNN — Target, Walmart, Costco, Target Locations: New York
Opinion | Justice Alito Is a True Believer
  + stars: | 2024-05-21 | by ( Jamelle Bouie | ) www.nytimes.com   time to read: +2 min
In a large part of American political discourse, overt cynicism is the currency of sophistication. It is a sign of political savviness, even worldliness, to know that politicians are creatures of pure self-interest, with no solid beliefs, concerns or preoccupations. For years, the savviest position was the cynical one: Their vocal opposition notwithstanding, neither Republican lawmakers nor conservative judges would actually try to overturn Roe v. Wade. And public cynicism notwithstanding, they want to do this even if it costs them votes in the short term. The same was and remains true for Republicans and abortion.
Persons: Roe, Wade, , William Saletan, suburbanites, pare Organizations: Republican, Democratic Party, Democratic Locations: Slate
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewChinese officials are asking domestic tech giants to buy locally-made AI chips instead of Nvidia's, The Information reported on Monday. Chinese tech giants, The Information's sources said, are now expected to purchase equal numbers of locally and foreign-made AI chips for their new data centers. China is a very important market for the technology industry," Nvidia CEO Jensen Huang told the Financial Times in May 2023. Cupertino-based tech giant Apple, for instance, has been working to diversify its supply chains away from China.
Persons: , Tencent, pare, hasn't, Colette Kress, Jensen Huang, Huang, walling, Jay Pelosky, BI's Yuheng Zhan, Tencent didn't Organizations: Service, Baidu, Business, China's National, Ministry of Industry, Information Technology, Nvidia, downer, Reuters, Financial Times, BI, Apple, Bloomberg, China's Ministry of Industry, Alibaba Locations: China, United States, Cupertino, India
Washington CNN —President Joe Biden’s decision this week to make public his ultimatum that a major Israeli offensive in the city of Rafah would result in a shut-off of some US weapons did not come easily or lightly. Last week, Biden signed off on a pause of 3,500 bombs to Israel that administration officials feared would be dropped on Rafah. Aware or not of the president’s views, Israeli officials reacted with shock to the public announcement. Israeli officials also sought to downplay the significance of Biden’s announcement. It marked the clearest signal yet that six months into the war, Biden was starting to seriously consider conditioning US support for Israel.
Persons: Joe Biden’s, Benjamin Netanyahu, Biden’s, Netanyahu, Biden, Still, CNN’s Erin Burnett, he’d, ” Biden, Burnett, wasn’t, , Erin Burnett, , John Kirby, Kirby, Daniel Hagari, Israel, , Jesus, Israel’s, ” Kirby, straightforwardly, pare, Donald Trump, Utah Sen, Mitt Romney, Mike Johnson, who’d, Pennsylvania Sen, John Fetterman, they’re, CNN’s Manu Raju, Sen, Jon Tester, Ben Cardin, “ I’m, I’ve, we’ve, ” Sen, Bernie Sanders Organizations: Washington CNN, Israel Defense Forces, White, National Security, CNN, Kitchen, Capitol, Israel, Biden’s CNN, GOP, Politico, Pennsylvania, Foreign Relations Locations: Rafah, Gaza, Israel, Wisconsin, I’m, Rafah Israel, “ Israel, Utah, Montana, Vermont
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