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European stocks inch higher as global markets assess inflation spikes
  + stars: | 2021-06-11 | by ( Elliot Smith | ) www.cnbc.com + 0.00   time to read: +2 min
European markets were fractionally higher on Friday as global markets shrug off a sharp rise in U.S. inflation, with many strategists believing it to be transitory. However, strategists have suggested there is enough evidence in Thursday's data to sustain the Fed's assertions that hotter-than-expected inflation will be transitory. Core inflation, which excludes food and energy prices, rose 3.8% to notch its sharpest increase in nearly three decades. Markets in Asia-Pacific were muted in overnight trade after the S&P 500 sailed to fresh record highs stateside on Thursday. The pan-European Stoxx 600 added 0.2% in early trade, with basic resources climbing 1.1% while banks fell 0.6%.
Persons: Charlie Ripley, Boris Johnson Organizations: U.S . Federal Reserve, U.S . Labor Department, Allianz Investment Management, British, National Statistics, CNBC PRO Locations: Asia, Pacific, Europe, Cornwall, U.K
The Fed could be facing a jobs headache in its inflation fight
  + stars: | 2021-06-11 | by ( Jeff Cox | ) www.cnbc.com + 0.00   time to read: +7 min
Those higher salaries in turn will trigger higher prices and could lead to the kinds of longer-term inflationary above-normal pressures that the Fed is trying to avoid. "Whatever is happening here, the Fed needs large numbers of these people to return to the labor force in the fall." In their most recent forecast, Fed officials put core inflation at 2.2% for all of 2021; Shepherdson said the current numbers suggest something closer to 3.5%. While LaVorgna sees inflation as staying relatively under control, he thinks the Fed could face problems from deflationary pressures. The central bank doesn't like inflation that's too low, as it creates a low-expectation cycle that constricts monetary policy during downturns.
Persons: Mike Blake, Ian Shepherdson, Shepherdson, Coursera, David Wilkinson, Wilkinson, Joseph LaVorgna, LaVorgna, Michael Pearce, Leah Millis Organizations: KB, Reuters, U.S . Labor Department, Pantheon, Fed, CPI, NCR, NCR Retail, Americas, National Economic Council, Treasury, University of Michigan, Capital Economics, Federal Reserve Board Locations: Valley Center , California, Atlanta, Natixis, Washington , U.S
TREASURIES-Traders rethink CPI message and send down yields
  + stars: | 2021-06-10 | by ( Ross Kerber | ) www.reuters.com + 0.00   time to read: +3 min
The benchmark 10-year yield was down 2.2 basis points at 1.4671% in afternoon trading, near its low for the session and the least since March. The trading moved down the part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations. It was at 131 basis points, about 2 basis points lower than Wednesday's close and also its lowest since March. The 10-year TIPS yield was at -0.889% and the breakeven inflation rate was at 2.348%. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down less than a basis point at 0.1508%.
Persons: Ross Kerber, Andy Richman, Richman, Ben Jeffery, Chizu Nomiyama Organizations: Treasury, U.S . Labor Department, U.S . Federal Reserve, Sterling Capital Management, U.S, BMO Capital Markets Locations: U.S, York, Boston
MSCI’s benchmark, the S&P 500 and a key European index surged to record highs after the U.S. Labor Department said the consumer price index in the 12 months ended in May accelerated 5.0%, the biggest year-on-year increase since August 2008. In a sign of market complacency, the 10-year U.S. Treasury note’s yield fell 1.2 basis points to 1.4772% after earlier rising above 1.5% following the data’s release. On Wall Street, the Dow Jones Industrial Average rose 0.35%, the S&P 500 gained 0.45% and the Nasdaq Composite added 0.49%. A surprisingly strong U.S. inflation print in April spooked investors, sparking a cautious run into Thursday’s of May data. Short positions in Treasuries were the highest since 2018, according to JP Morgan positioning data last week.
Persons: Subadra Rajappa, ” Rajappa, Joseph LaVorgna, ” LaVorgna, , , MSCI’s Organizations: U.S . Labor Department, Treasury, Societe Generale, Americas, Dow Jones, Nasdaq, European Central Bank, Morgan Locations: New York, Natixis, U.S, Treasuries
TREASURIES-Yields higher after consumer price data
  + stars: | 2021-06-10 | by ( Ross Kerber | ) www.reuters.com + 0.00   time to read: +3 min
The benchmark 10-year yield was up 2.7 basis points at 1.5161% in morning trading and had reached as high as 1.535%. The increase in the 10-year yield broke a pattern of declines in recent days but left the note still below its range of last week. The trading pushed up the part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations. It was at 136 basis points, about 2 basis points higher than Wednesday's close. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up less than a basis point at 0.1568%.
Persons: Ross Kerber, steepening, Subadra Rajappa, Chizu Nomiyama Organizations: Traders, Treasury, U.S . Labor Department, U.S . Federal Reserve, Societe Generale, U.S Locations: U.S, New York, Boston
Stocks rally, dollar stable after jump in U.S. CPI data
  + stars: | 2021-06-10 | by ( Herbert Lash | Simon Jessop | ) www.reuters.com + 0.00   time to read: +3 min
FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo/File PhotoMSCI’s all-country world index surged to a record intra-day high after the U.S. Labor Department earlier said the consumer price index in the 12 months through May accelerated 5.0%, the biggest year-on-year increase since August 2008. The benchmark 10-year U.S. Treasury yield rose 3.0 basis points to 1.5194% after the data’s release, while the dollar index was essentially flat, down 0.08%. A surprisingly strong U.S. inflation print in April spooked some investors, leading to a cautious run into the release on Thursday of the May data. Short positions in Treasuries were the highest since 2018, according to JP Morgan positioning data last week.
Persons: Toby Melville, Subadra Rajappa, ” Rajappa, Joseph LaVorgna, ” LaVorgna, , Organizations: London Stock Exchange Group, City of, REUTERS, U.S . Labor Department, Treasury, Societe Generale, Americas, Dow Jones, Nasdaq, Atlantic, European Central Bank, Morgan Locations: City, City of London, Britain, New York, Natixis, COVID, U.S, Treasuries
Stocks rally, yields drop as U.S. CPI data calms investors
  + stars: | 2021-06-10 | by ( Herbert Lash | ) www.reuters.com + 0.00   time to read: +4 min
The report was largely in line with expectations, said Subadra Rajappa, head Of U.S. rates strategy at Societe Generale in New York. “The (equity) market is going to ignore the data. MSCI’s all-country world index rose 0.45% to 718.81, nudging past its previous record set Tuesday. In the United States, data showed people filing new claims for unemployment benefits fell last week to the lowest level in nearly 15 months. The dollar index fell 0.071%, with the euro down 0.07% to $1.217.
Persons: Toby Melville, Subadra Rajappa, ” Rajappa, Joseph LaVorgna, ” LaVorgna, , MSCI’s, Thomas Hayes, ” Hayes, , Brent Organizations: YORK, Global, London Stock Exchange Group, City of, REUTERS, U.S . Labor Department, Societe Generale, Treasury, Americas, European Central Bank, Dow Jones, Nasdaq, Great, Great Hill Capital, ECB, U.S, West Texas Locations: City, City of London, Britain, New York, Natixis, Great Hill, United States
10-year Treasury yield rises slightly ahead of key inflation report
  + stars: | 2021-06-10 | by ( Vicky Mckeever | ) www.cnbc.com sentiment -0.99   time to read: +1 min
The yield on the benchmark 10-year Treasury note rose less than a basis point to 1.498% at 4 a.m. The 10-year Treasury yield rose slightly early on Thursday but remained below 1.5%, with key inflation data due out later in the morning. Investors have been concerned about whether rising inflation could see the Federal Reserve taper its asset purchases or start to talk about raising interest rates. However, the Fed has emphasized that price pressures are transitory, as the economy reopens and recovers from the coronavirus pandemic. Georgina Taylor, fund manager at Invesco, told CNBC's "Squawk Box Europe" on Thursday that the investment firm agreed that rising inflation was "pretty transitory."
Persons: Dow Jones, Georgina Taylor, CNBC's, Taylor, Invesco Organizations: Treasury, U.S . Labor Department, Fed
Stephen Scherr, chief strategy officer and head of GS Bank USA at Goldman Sachs & Co. Jon Halty | Bloomberg | Getty ImagesA sustained spike in inflation would have "negative consequences" for markets and major banks, according Goldman Sachs Chief Financial Officer Stephen Scherr. Headline CPI rose 5% against expectations of a 4.7% annual climb, and up from 4.2% in April. Deutsche Bank this week broke away from consensus among policymakers and Wall Street strategists who say that the period of red hot inflation will be transitory. The German lender's economists cautioned that continued focus on monetary and fiscal stimulus and dismissal of inflation concerns risked a "time bomb" for the global economy. Speaking exclusively to CNBC Wednesday, before the latest upside inflation surprise, Scherr said the Goldman Sachs position remains that the inflation surge is transitory, but he acknowledged there are risks of overheating.
Persons: Stephen Scherr, Jon Halty, Goldman Sachs, David Roche, Scherr Organizations: GS Bank, Goldman Sachs & Co, Bloomberg, Getty, U.S . Labor Department, Deutsche Bank, Wall Street, Federal Reserve, CNBC Wednesday
Amid the controversy, efforts to have the bill introduced before the end of the state's legislative session this week failed. For example, while 32BJ rejects the New York bill, SEIU President Mary Kay Henry in the past said she would back workers' demands in reaching a deal with companies. Similarly, the New York chapter of the AFL-CIO, the largest U.S. labor federation, backs the compromise proposal, while members of its Colorado chapter said they were opposed to bargaining agreements with the gig companies. In some states the companies hope for buy-in from labor groups, company and union officials said. The companies say they pursue tailored policies for each state to combine flexibility for their mostly part-time workers with benefits and protections.
Persons: Mike Blake, Kyle Bragg, 32BJ's, Uber, 32BJ, Mary Kay Henry, Biden, John Zimmer, Wilma Liebman, Andy Stern, Stern, Britain's, Lyft's Zimmer, Kjersten Forseth Organizations: San Diego State University, REUTERS, Transport Workers Union, Service, Union's, New, SEIU, AFL, U.S . Labor Department, PRO, Republican, U.S . Senate, National Labor Relations Board, U.S . Chamber of Commerce, Teamsters, Colorado AFL, CIO, Thomson Locations: San Diego , California, U.S, New York, Albany, United States, Colorado, Massachusetts , New York , New Jersey , Illinois, Washington, California, Seattle, New York City
(For a live blog on the U.S. stock market, click or type LIVE/ in a news window.) (Updates to market close)NEW YORK, June 8 (Reuters) - Wall Street stocks struggled for closing gains on Tuesday as a lack of clear market catalysts kept institutional investors in a holding pattern, while retail traders kept the rally of so-called meme stocks alive. Smallcaps, once again buoyed by the ongoing meme stock retail frenzy, were outperforming their larger counterparts. Clover Health Investments seized top billing among meme stocks, and ended the session as the largest percentage gainer in the Nasdaq. “(Meme stocks) are where the action is, but you flip it over and look crypto and that’s a mess,” Nolte said.
Persons: We’re, , Paul Nolte, “ There’s, ” Nolte, Smallcaps, , Stephen Culp, Ambar Warrick, Shashank, Richard Chang Organizations: Nasdaq, Amazon.com Inc, Apple Inc, Federal, Kingsview, Management, Clover Health Investments, GameStop Corp, Beyond Inc, U.S . Labor Department and National Federation of Independent, Dow Jones, Tesla, China Passenger Car Association, Boeing Co, Southwest Airlines, GameStop Locations: Chicago, China, Bengaluru
Wall Street languid as 'meme stock' frenzy hogs spotlight
  + stars: | 2021-06-08 | by ( Stephen Culp | ) www.reuters.com + 0.00   time to read: +3 min
NEW YORK (Reuters) - Wall Street stocks wavered near the starting line on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders kept the rally of so-called meme stocks alive. FILE PHOTO: A street sign is seen in front of the New York Stock Exchange on Wall Street in New York, February 10, 2009. REUTERS/Eric Thayer/File PhotoAll three major U.S. stock indexes were little changed, with the S&P and the Dow hovering within 1% of their record closing highs. “Barring unexpected events, I would expect stocks to move sideways for the next three to four weeks.”Smallcaps, once again buoyed by the ongoing meme stock retail frenzy, were outperforming their larger counterparts. Clover Health Investments seized top billing among meme stocks, surging 71.8%, the largest percentage gainer in the Nasdaq.
Persons: Eric Thayer, , Oliver Pursche, ” Pursche, ” Smallcaps, decliners Organizations: YORK, New York Stock Exchange, REUTERS, Nasdaq, Amazon.com Inc, Apple Inc, , Wealthspire Advisors, Clover Health Investments, GameStop Corp, Beyond Inc, U.S . Labor Department and National Federation of Independent, Dow Jones, Tesla, China Passenger Car Association, Boeing Co, Southwest Airlines, GameStop, NYSE Locations: New York, China
Wall Street closes little changed as 'meme stocks' extend rally
  + stars: | 2021-06-08 | by ( Stephen Culp | ) www.reuters.com + 0.00   time to read: +3 min
NEW YORK (Reuters) - Wall Street stocks struggled for closing gains on Tuesday as a lack of clear market catalysts kept institutional investors in a holding pattern, while retail traders kept the rally of so-called meme stocks alive. FILE PHOTO: A street sign is seen in front of the New York Stock Exchange on Wall Street in New York, February 10, 2009. Smallcaps, once again buoyed by the ongoing meme stock retail frenzy, were outperforming their larger counterparts. Clover Health Investments seized top billing among meme stocks, and ended the session as the largest percentage gainer in the Nasdaq. “(Meme stocks) are where the action is, but you flip it over and look crypto and that’s a mess,” Nolte said.
Persons: Eric Thayer, We’re, , Paul Nolte, “ There’s, ” Nolte, Smallcaps, Organizations: YORK, New York Stock Exchange, REUTERS, Nasdaq, Amazon.com Inc, Apple Inc, Federal, Kingsview, Management, Clover Health Investments, GameStop Corp, Beyond Inc, U.S . Labor Department and National Federation of Independent, Dow Jones, Tesla, China Passenger Car Association, Boeing Co, Southwest Airlines, GameStop Locations: New York, Chicago, China
S&P 500 closes little changed as "meme stocks" extend rally
  + stars: | 2021-06-08 | by ( Stephen Culp | ) www.reuters.com + 0.00   time to read: +3 min
NEW YORK (Reuters) - Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders fueled the ongoing meme stocks rally. Smallcaps, once again buoyed by the ongoing meme stock retail frenzy, were outperforming their larger counterparts. Clover Health Investments seized top billing among meme stocks, surging 85.8%, the biggest percentage winner in the Nasdaq. Of the 11 major sectors in the S&P 500, consumer discretionary enjoyed the biggest percentage gain, and utilities suffered the largest loss. The S&P 500 posted 54 new 52-week highs and one new low; the Nasdaq Composite recorded 172 new highs and 16 new lows.
Persons: We’re, , Paul Nolte, “ There’s, ” Nolte, Smallcaps, Eric Thayer, , decliners Organizations: YORK, Dow, Nasdaq, Amazon.com Inc, Apple Inc, Federal, Kingsview, Management, Clover Health Investments, GameStop Corp, Beyond Inc, New York Stock Exchange, REUTERS, U.S . Labor Department and National Federation of Independent, Dow Jones, Tesla, China Passenger Car Association, Boeing Co, Southwest Airlines, GameStop, NYSE Locations: Chicago, New York, China
Wall Street closes little changed as "meme stocks" extend rally
  + stars: | 2021-06-08 | by ( Stephen Culp | ) www.reuters.com + 0.00   time to read: +3 min
REUTERS/Eric Thayer/File PhotoWall Street stocks struggled for closing gains on Tuesday as a lack of clear market catalysts kept institutional investors in a holding pattern, while retail traders kept the rally of so-called meme stocks alive. Smallcaps (.RUT), once again buoyed by the ongoing meme stock retail frenzy, were outperforming their larger counterparts. Clover Health Investments (CLOV.O) seized top billing among meme stocks, and ended the session as the largest percentage gainer in the Nasdaq. "(Meme stocks) are where the action is, but you flip it over and look crypto and that's a mess," Nolte said. "Now the meme stocks are taking over from crypto as the place to be and it's all a consequence of very easy monetary policy."
Persons: Eric Thayer, Paul Nolte, Nolte, Tesla Organizations: New York Stock Exchange, REUTERS, Nasdaq, Amazon.com Inc, Apple Inc, Federal, Kingsview, Management, Clover Health Investments, GameStop Corp, Beyond Inc, U.S . Labor Department and National Federation of Independent, Dow Jones, China Passenger Car Association, Boeing Co, Southwest Airlines, GameStop, Thomson Locations: New York, Chicago, China
Covid News: India’s Capital Will Ease Restrictions
  + stars: | 2021-06-05 | by ( Shashank Bengali | ) www.nytimes.com + 0.00   time to read: +26 min
Covid News: India’s Capital Will Ease Restrictions U.S. states are reconsidering Klan-era anti-mask laws. But as the pandemic recedes in the U.S. and emergency orders related to the pandemic expire, the question of what to do with the old mask laws is resurfacing. When Virginia’s coronavirus state of emergency expires on June 30, a mask ban from 1950 will come back into force. An article in the California Law Review published in November listed 18 states that had anti-mask laws predating the pandemic. Credit... China Daily, via Reuters More Covid-19 restrictions have been placed on Guangzhou, an industrial hub in southern China.
Persons: Desiree Rios, The New York Times Long, Virginia’s, Alena Yarmosky, Ralph Northam, Northam, Ms, Yarmosky, N.Y.P.D, , Steve Marshall, Rob Kahn, Kahn, , Mr, Tyler, Cameron Winklevoss, Alfonso Duran, Cynthia Lummis, Francis Suarez, Jack Dorsey, epidemiologist Dr, Eric Feigl, Ding, Lauren Hard, Juan Arredondo, The New York Times Bre Starr, Starr, Patricia Cohen, Adquena Faine, Dawn Bangi, Byron Auguste, Jon Rahm, Ben Jared, Rahm, Kelley, Kepa Cahill, Maggie Shannon, Michelle Ibarra Simon, “ Covid, ” Sienna Barry, Saul Martinez, Ron DeSantis ’, Christina Pushaw, ” Pushaw, Rebekah D, Jones, DeSantis, Donald J, Trump, Jones’s, wouldn’t, Scott McIntyre, Andrew Solomon, ” Adam, Eve, John Milton, Eden, Suzie Howell, Hope Dean, Adam Dean, Sittichat Angkhasittisiri, Hannah Beech Organizations: Covid, India’s, Miami, Ku, The New York Times, Klux Klan, Klan, Gov, Mr, New York Police, of, American Knights, Ku Klux Klan, Wall Street, West, West Virginia Supreme, Scout, St, Thomas University, ., Lamborghini, Street, Republican, Twitter, Reuters, Republicans, U.S . Labor Department, Opportunity, Club, Getty, PGA Tour, Arizona State, Petaluma High, Dos Pueblos High School, Petaluma High School, Florida Department, Health, News Service, New York Times, Florida Department of Health, Agency for Health Care Administration, Shoppers, General Investment Management, Police Locations: U.S, Isla, South Bronx, New York City, Virginia’s coronavirus, West Virginia, Alabama, California, Minneapolis, Miami, Fla, Wyoming, Miami . Miami, cryptocurrency, China, Guangzhou, Nansha, Liwan, India, Hong Kong, Phoenix, . Arizona, Iowa, Dublin , Ohio, Spain, Scottsdale, Ariz, Petaluma, Southern California, Goleta, , Florida, Palm Beach, coronavirus, Tallahassee, United States, Texas, of Eden, Providence, Poole , England, , Poole, London, Bangkok, Thailand, Bangkok’s
TREASURIES-Yields fall, curve flattens after May jobs report
  + stars: | 2021-06-04 | by ( Karen Pierog | ) www.reuters.com + 0.00   time to read: +3 min
The benchmark 10-year yield, which had its biggest basis-point drop since April 15, fell to its lowest level since May 26 at 1.557%. The 30-year yield slid as low as 2.233% and was last down 6.1 basis points at 2.2341%. The closely watched yield curve between two- and 10-year Treasury notes flattened with the gap between the yields at its lowest since May 26. The two-year Treasury yield was almost a basis point lower at 0.1507%. The yield on 30-year Treasury Inflation-Protected Securities closed at -0.077%, its lowest closing point since mid-February, according to Tradeweb.
Persons: Karen Pierog CHICAGO, Andrew Richman, Gennadiy Goldberg, Richman, Karen Pierog, Karen Brettell, Alden Bentley, Matthew Lewis Organizations: Treasury, U.S . Labor Department, Reuters, Sterling Capital Management, Securities, U.S . Federal Reserve, Treasury Department Locations: New York, Tradeweb, Chicago
Biden intends to nominate Uber critic to oversee gig worker rights
  + stars: | 2021-06-03 | by ( Nandita Bose | ) www.reuters.com sentiment -1.00   time to read: +2 min
REUTERS/Carlos BarriaCompanies Uber Technologies Inc See allLyft Inc See allPresident Joe Biden intends to nominate David Weil, who has supported government crackdowns on the workforce models of gig-economy companies like Uber Technologies Inc (UBER.N), to run a U.S. Labor Department division overseeing gig worker rights. A hallmark of his tenure was spearheading investigations into companies' use of independent contractors. Last month, Biden announced his intention to boost the budget of the Wage & Hour division. In late April, Labor Secretary Marty Walsh told Reuters a lot of gig workers in the United States should be classified as employees who deserve work benefits. Republicans and businesses have criticized the department’s Wage & Hour Division under previous Democratic presidents, saying its investigations were overly aggressive, while labor unions and activists have welcomed the probes.
Persons: Joe Biden, Carlos Barria, David Weil, crackdowns, Weil, Barack Obama's, Uber, Biden, Marty Walsh Organizations: White, REUTERS, Technologies, Uber Technologies, U.S . Labor Department, Biden's Labor Department, Trump, federal, Labor, Democratic Locations: Washington , U.S, U.S, United States
REUTERS/Issei KatoGlobal equities stepped back from record highs on Thursday as investors studied data indicating a uptick in jobs growth for cues on the trajectory of economic recovery and inflation. read moreThe U.S. non-manufacturing activity index rebounded to 64 last month, the highest reading in the series' history, from 62.7 in April. read moreThe MSCI world equity index (.MIWD00000PUS), which tracks shares in 50 countries, shed 0.59% to 710.26. Wall Street's main indexes opened lower on Thursday as investors weighed the influx of U.S. economic data. Investors will be looking for signs of an economic rebound and rising inflation.
Persons: Issei Kato, Oliver Jones, " Jones, Larry Fink, Patrick Harker, Christine Lagarde, Brent Organizations: U.S ., REUTERS, U.S . Labor Department, U.S, PMI, Dow Jones, Nasdaq, Capital Economics, Investment, BlackRock, Philadelphia Federal Reserve Bank, Treasury, Central Bank, Wednesday, Thomson Locations: Tokyo, Japan, April's, Asia, Pacific, U.S, COVID, Australia
Gold edges lower as dollar firms; focus on U.S. economic data
  + stars: | 2021-06-03 | by ( ) www.cnbc.com sentiment -1.00   time to read: +2 min
A one kilo Swiss gold bar and US dollars gold coins are pictured in Paris on February 20, 2020. Gold prices inched lower on Thursday as a slight uptick in the dollar offset support from lower Treasury yields, while investors awaited key U.S. economic readings this week for more clarity on monetary policy. On Tuesday, gold prices hit their highest level since Jan. 8 at $1,916.40. The dollar index, however, edged 0.1% higher against its rivals, making gold less appealing for other currency holders. Elsewhere, silver edged 0.1% lower to $28.17 per ounce, palladium rose 0.1% to $2,858.46, while platinum was steady at $1,189.48.
Persons: Ilya Spivak, hasn't, Jerome Powell Organizations: U.S . Labor Department, Treasury, Federal, Fed, Trust Locations: Paris, U.S
Equities, yields rise as U.S. data shows economy gaining momentum
  + stars: | 2021-05-27 | by ( Chibuike Oguh | ) www.reuters.com + 0.00   time to read: +3 min
NEW YORK (Reuters) -World equity markets and U.S. Treasury yields rose on Thursday as better-than-expected jobless claims data and a positive report on first-quarter gross domestic product showed that economic recovery is gathering steam. The MSCI world equity index rose 0.15% to 709.59. Europe’s broadest stock index gained 0.37%, driven by industrials, basic materials and financial sectors. The dollar index traded in a narrow range on Thursday as traders still looked toward an upcoming inflation report closely watched by Federal Reserve. Oil prices rose on Thursday, bolstered by strong U.S. economic data that offset investors’ concerns about the potential for a rise in Iranian supplies.
Persons: Carlo Allegri, , Thomas Hayes, Richard Clarida, Randal Quarles, Brent Organizations: YORK, Treasury, New York Stock Exchange, REUTERS, U.S . Labor Department, Reuters, Commerce Department, Great, Dow Jones, Nasdaq, Japan, Federal Reserve, U.S, West Texas Locations: U.S, Manhattan, New York City , New York, Great Hill, Asia, Pacific
An Exxon gas station sign requesting proof of employment to purchase gas has been altered to include this text. The image in the meme is a popular template used widely for adding text and is easily available online through “Make your own gas station sign” websites. The gas station sign reads: “MUST SHOW PROOF OF A JOB FOR GAS PURCHASE WE’RE HIRING”While some users understand the sign to be a joke, others seem to believe it. One website called Atom Smasher atom.smasher.org/gas-station/ has a feature allowing users to create their own gas station signs. The gas station sign asking for proof of employment for purchasing gas has been altered.
Persons: , Joe Biden, Read Organizations: Exxon, , U.S . Labor Department, Gas, U.S, Colonial Pipeline, U.S ., Reuters Locations: CrowdTangle, U.S, American, Florida, Virginia, U.S . East Coast
The Republican governors of Ohio and Georgia announced on Thursday their respective states will opt out of receiving federal enhanced unemployment benefits, joining a growing list of GOP-led states dropping the pandemic-related benefit. As of May 13, more than a dozen Republican governors have halted the program. The study also noted that if all of the Republican governors were to pull out, those totals would affect roughly 4.8 million workers. The White House has taken steps to clarify rules around who can receive unemployment benefits and also urge American businesses to increase pay to get people back to work. "We're going to make it clear that anyone collecting unemployment who is offered a suitable job must take the job or lose their unemployment benefits," Biden said in a speech on Monday.
Persons: Brian Kemp, today’s, Mike DeWine, DeWine, Biden Organizations: Ohio, Congress, U.S . Department of Labor, , for Disease Control, Prevention, Covid, CDC, U.S . Labor Department, Century Foundation, U.S . Chamber of Commerce Locations: Ohio, Georgia, Montana , South Carolina , Alabama , Iowa , Idaho , Missouri , Wyoming , Mississippi , Arkansas , Tennessee , Utah, North Dakota
For the second meeting in a row, the Bank of Mexico, known locally as Banxico, kept the rate unchanged at 4.0%, after cutting it by 25 basis points in February. Banxico said that inflation expectations for 2021 had risen since its last monetary policy meeting. Overall, the balance of risks for inflation had an upward bias, the central bank said. “In a highly uncertain environment, the risks for inflation, economic activity and financial markets pose major challenges for monetary policy,” it said. That fueled expectations Mexico’s central bank would likely keep interest rates on hold for the foreseeable future before eventually moving to hike borrowing costs.
Persons: Banxico, , Richard Clarida, ” Goldman Sachs, Alberto Ramos, Ramos, Anthony Esposito, Frank Jack Daniel, Peter Cooney, Paul Simao Organizations: MEXICO CITY, Bank of, U.S . Labor Department, Federal, , Reuters Locations: MEXICO, Bank of Mexico
For the second meeting in a row, the Bank of Mexico, known locally as Banxico, kept the rate unchanged at 4.0%, after cutting it by 25 basis points in February. High U.S. inflation pressures prices in Mexico, its top trade partner, while U.S. rates are a factor in Banxico decision making. Banxico cited external inflationary pressures as the first in a list of four risks to the upside for prices. “The balance for inflation is on the rise, while that of growth appears balanced,” Banxico board member Jonathan Heath said on Twitter. (Reporting by Anthony Esposito; Additional reporting by Abraham Gonzalez; Editing by Frank Jack Daniel, Peter Cooney, Paul Simao and Diane Craft)
Persons: Banxico, ” Goldman Sachs, Alberto Ramos, J.P, Morgan, Ramos, Jonathan Heath, Anthony Esposito, Abraham Gonzalez, Frank Jack Daniel, Peter Cooney, Paul Simao, Diane Craft Organizations: MEXICO CITY, Bank of, U.S . Labor Department, Federal Reserve ., Twitter, Reuters Locations: MEXICO, Bank of Mexico, U.S, Mexico
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