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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSnap election will drive up volatility over the coming weeks, says Deutsche Bank's UleerMaximilian Uleer, Deutsche Bank's head of European equity and cross-asset strategy, joins 'Money Movers' to discuss how to measure the impacts of recent events in Europe, whether the moves in the French market index are an overreaction, and what the European markets are afraid of.
Persons: Bank's, Bank's Uleer Maximilian Uleer Organizations: Bank's Uleer, Deutsche Locations: Europe
World Bank Sees Rosier Growth Outlook
  + stars: | 2024-06-11 | by ( Alan Rappeport | ) www.nytimes.com   time to read: +1 min
The World Bank on Tuesday raised its outlook for the world economy this year but warned that the rise of new trade barriers and protectionist policies posed a long-term threat to global growth. In its latest Global Economic Prospects report, the World Bank projected global growth to hold steady at 2.6 percent this year, an upgrade from its January forecast of 2.4 percent, and predicted that output would edge higher to 2.7 percent in 2025. The forecasts showed the global economy stabilizing after being rocked in recent years by the pandemic and the wars in Ukraine and the Middle East. “Four years after the upheavals caused by the pandemic, conflicts, inflation and monetary tightening, it appears that global economic growth is steadying,” Indermit Gill, the World Bank’s chief economist, said in a statement accompanying the report. However, sluggish growth continues to haunt the world’s poorest economies, which are still grappling with inflation and the burdens of high debt.
Persons: ” Indermit Gill Organizations: Bank, World Bank Locations: Ukraine
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer Atalanta Fed Pres. Lockhart: Will take a 'pretty startling' CPI report to change Fed meetingFormer Atalanta Fed President Dennis Lockhart joins 'Squawk Box' to discuss the Fed's inflation fight, what to expect from the central bank's two-day policy meeting, interest rate outlook, state of the economy, and more.
Persons: Pres, Lockhart, Will, Dennis Lockhart Organizations: Former, Atalanta Fed
Biden Nears Pick for Next F.D.I.C. Chair
  + stars: | 2024-06-11 | by ( Emily Flitter | ) www.nytimes.com   time to read: +1 min
Three weeks after President Biden vowed to pick a new leader for the Federal Deposit Insurance Corporation, the bank regulator shaken by a vast workplace abuse scandal, a front-runner has emerged: Christy Goldsmith Romero, who sits on the five-member Commodity Futures Trading Commission, according to two people with knowledge of the administration’s thinking. Ms. Goldsmith Romero is a lawyer who, after the financial crisis, spent more than 12 years in an office created by Congress to investigate fraud and other misconduct by banks that received money from the government’s roughly $450 billion crisis rescue package, the Troubled Asset Relief Program. From 2011 to 2022, Ms. Goldsmith Romero led the office as the special inspector-general for the program. Mr. Biden has not made a final decision. Ms. Goldsmith Romero’s position as the front-runner for the job was first reported by The Wall Street Journal.
Persons: Biden, Christy Goldsmith Romero, Goldsmith Romero, Goldsmith Organizations: Federal Deposit Insurance Corporation, Futures Trading Commission, Troubled Asset, Wall Street
Healthcare AI companies raised $2.8 billion in the first quarter of this year, according to the SVB report titled "The AI-powered Healthcare Experience." SVB projects funding to AI healthcare companies to total $11.1 billion in 2024. While healthcare AI startups might have it better, they're not out of the woods. Healthcare startups using AI for administrative tasks have grabbed $6.6 billion since 2021 and made up 42% of healthcare AI deals in the first quarter of this year, according to SVB. AdvertisementIn some cases, Big Tech companies are pushing healthcare startups forward.
Persons: , Raysa Bousleiman, they're, Siva Namasivayam, Galym, Bousleiman, Shiv Rao Abridge, Lynne Chou O'Keefe, Lightspeed's Imanbayev Organizations: Service, Silicon Valley Bank, Business, Big Tech, Abridge, Health, Lightspeed Venture Partners, Google, Fathom, Nvidia, Ventures, Technologies Locations: Cohere, Abridge, SVB .
The US can counter de-dollarization efforts, a think tank expert says. Currency experts have sounded the alarm on what it could mean for the dollar hegemony in global trade and finance. To that end, the US should look to prevent counter-coalitions from forming, and do so by seeking out healthy foreign policy and positive trade partnerships, she said. To prevent the trend from accelerating further, the US should also actively pursue dollar stability through tech-based financial solutions, such as developments in digital payments. The same argument was posed by two other think tank experts on Monday, who warned that internal US dysfunction was the real threat to the dollar.
Persons: , Carla Norrlöf, Norrlöf, it's, dollarization Organizations: Service, greenback, Project Syndicate, Atlantic Council Locations: Russia, China, Washington
Americans shouldn't expect interest rate cuts to head their way anytime soon. Related stories"It may be bad, partly, because it is driven in part by uncertainty and fear and high interest rates holding back activity," Pollak added. "And if I had to bet, I bet that we will get two rate cuts, one in September and one in December." Some Democratic lawmakers have been pushing the Fed to cut rates and give Americans some breathing room, especially after the European Central Bank cut rates earlier in June for the first time in five years. "The Fed's decision to keep interest rates highs continues to widen the rate gap between Europe and the U.S, as the lower interest rates could push the dollar higher, tightening financial conditions," they wrote, adding: "You have kept interest rates too high for too long: it is time to cut rates."
Persons: there's, Jerome Powell, Powell, Julia Pollak, ZipRecruiter, It's, Pollak, Nick Bunker, Joseph Briggs, Goldman Sachs, we're, David Kelly, Kelly, Elizabeth Warren, Jacky Rosen, John Hickenlooper Organizations: Service, Reserve, Business, North America, Morgan Asset Management, Democratic, European Central Bank Locations: United States, Amsterdam, Sens, Europe
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer World Bank Pres. Malpass: Inflation is coming from what the rest of the government is doingDavid Malpass, former World Bank president and Purdue University distinguished fellow, joins 'Squawk Box' to discuss the state of the economy, growth outlook, the Fed's monetary policy, inflation outlook, and more.
Persons: David Malpass Organizations: Bank, World Bank, Purdue University
Euro slips to one-month low as Macron calls French election
  + stars: | 2024-06-10 | by ( ) www.cnbc.com   time to read: +4 min
It was last down 0.24% at $1.0776 as investors weighed the implications of renewed political uncertainty in the euro zone's second-biggest economy in a key election year. "But the exchange rate is still more likely to be influenced by this week's U.S. inflation data and FOMC meeting." The jobs data led traders to once again shift their expectations of when the Fed will cut rates and by how much. Markets are now pricing in 36 basis points of cuts this year compared to nearly 50 bps — or at least two cuts — before the jobs data. U.S. inflation data is also due on Wednesday.
Persons: Emmanuel Macron, Macron, Mansoor Mohi, Uddin, Ryan Brandham, Jerome Powell, Marc Chandler, Sterling Organizations: European Union, Federal Reserve, Bank Of Singapore, European Central Bank, Reuters, North America, Validus Risk, Bannockburn Global, The Bank of Japan Locations: European, Asia, France's, U.S, ., Bannockburn, New York
Russia's economy is facing challenges despite resilience and high liquidity, says Rosneft's CEO. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But doing business is hard, according to the boss of a Russian oil giant. This story is available exclusively to Business Insider subscribers.
Persons: , Igor Sechin, Rosneft Organizations: Russia's, Service, St ., Economic, Business Locations: Ukraine, Russian, St, St . Petersburg
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNvidia: Here's why BofA Securities maintains a bullish stance on the stockVivek Arya, Bank of America Securities senior semiconductors analyst, joins 'Squawk on the Street' to discuss if investors should buy Nvidia's stock at today's levels, how much Nvidia will support the software industry, and more.
Persons: Vivek Arya Organizations: Nvidia, BofA Securities, Bank of America Securities
London CNN —Around 20 branches of Barclays have been vandalized by pro-Palestinian and climate activists who said they were protesting against the UK bank’s business dealings in Israel and its funding of polluting industries. “Frustration with Barclays’ limited progress towards stopping their genocidal and climate-destructive financing has helped spawn this new radical flank of activism,” Palestine Action said. “Shut the System and Palestine Action have taken radical direct action in frustration with Barclays’ paltry progress on changing their climate destroying and genocidal financing,” one post read. A number of pro-Palestinian groups have called for protests against Barclays, alleging that the bank invests billions of dollars in companies linked to Israel’s military. “The defense sector is fundamental to our national security and the UK government has been clear that supporting defense companies is compatible with (Environmental, Social and Governance) considerations.
Persons: , Barclays “, , Guy Smallman, embargos Organizations: London CNN —, Barclays, CNN, BCS, Palestine Solidarity Campaign, Trade, NATO, Social, City of London Police Locations: Israel, London, Palestine, Edinburgh, Gaza, Croydon, City
The 2-year Treasury yield was last more than two basis points higher to 4.8909%. U.S. Treasury yields were higher on Monday as investors looked ahead to the Federal Reserve's monetary policy meeting and key inflation data due this week. Due this week are the latest Federal Reserve interest rate decision and policy guidance, as well as fresh key economic data, including inflation data. The Fed is due to meet Tuesday and Wednesday, and is widely expected to leave interest rates unchanged at the conclusion of its meeting. Policymakers have repeatedly said that they are looking for more data evidence to be sure that inflation is easing sustainably toward the 2% target before making interest rate cuts.
Persons: downwardly Organizations: Treasury, U.S, Federal
New York CNN —Another month, another hot jobs report that has Wall Street wondering when the Federal Reserve will finally cut interest rates. On the other, it puts long-awaited interest rate cuts from the Federal Reserve on the back burner. Before the Bell: Do you think the Fed could lower its projection for three quarter-point rate cuts this year? Is it concerning that the European Central Bank and Bank of Canada have begun cutting rates before the Fed? A Samsung spokesperson told CNN that, “there is no impact on production and management activities” as a result of the one-day walkout.
Persons: Bell, Nate Thooft, I’m, that’s, Yoonjung Seo, , Son Woomok, Matt Egan, Lina Khan, Beam, Robinson Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Manulife Investment Management, Reserve, European Central Bank, Bank of Canada, European Central Bank and Bank of Canada, Workers, Samsung Electronics, Nationwide Samsung Electronics Union, CNN, Reuters, Samsung, SK Hynix, Micron Technology, Federal Trade Commission, Southern, Biden, FTC, Politico Locations: New York, South Korea, Miami, United States
Investment bank Moelis & Co. is investigating a "serious incident" involving one of its employees. On Sunday, a video showing a man appearing to punch a woman in Brooklyn, New York, surfaced online. The employee has been placed on leave, the bank told Business Insider on Monday. AdvertisementA senior banker at boutique investment firm Moelis & Co. has been placed on leave after a "serious incident" over the weekend in Brooklyn, New York. On Sunday, a video circulated online appearing to show a man punching a woman in the face in the street.
Persons: Organizations: Moelis, Service, Business Locations: Brooklyn , New York, Brooklyn
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer FDIC chair Sheila Bair on promoting regional bank mergers: They need scale to competeSheila Bair, former FDIC chair and a Systemic Risk senior advisor, joins 'Squawk Box' to discuss why she's in favor of promoting regional bank mergers, concerns over concentration in the banking industry, how banking regulation and mergers will be regulated under different administrations, state of the FDIC, and more.
Persons: Sheila Bair Organizations: FDIC
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOf the four stocks dropped from the S&P this year only Zions Bank outperformed, says Jim Cramer'Mad Money' host Jim Cramer looks at recent shakeups in the S&P 500.
Persons: Jim Cramer Organizations: Zions Bank
In today's big story, we're giving a preview of what to expect at Apple's annual event . The big storyApple's AI unveilingApple CEO Tim Cook at the Worldwide Developers Conference in 2023. Josh Edelson/AFP Getty ImagesApple kicks off its big event today from a unique spot: behind. AdvertisementBut when CEO Tim Cook takes the stage for his keynote address this afternoon, it'll be about catching up with Apple's fellow Big Tech peers. It wouldn't be the first time Apple announced a deal with a fellow tech company that has massive implications , writes BI's Hasan Chowdhury.
Persons: , Larry Connor, Tim Cook, Josh Edelson, Insider's Jordan Hart, BI's Hasan Chowdhury, Monica Schipper, Nordin Catic, Tyler Le, Sam Altman, OpenAI, Apple, Satya Nadella, Altman, Alyssa Powell, Chelsea Jia Feng, Andrii Sedykh, Javier Zayas, Abanti Chowdhury, They're, Gen, isn't, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Annie Smith Organizations: Service, Business, showtime, Apple, Worldwide, Developers, Big Tech, Google, Microsoft, Getty, Getty Images, Taiwan Semiconductor Manufacturing Company, Amazon Locations: India, Mexico, Burazin, New York, London
Asia-Pacific markets were mixed on Monday after a stronger-than-expected U.S. jobs report on Friday revealed hiring and wage growth picked up in May. This adds to the narrative the Fed doesn't have to rush to lower interest rates. Traders don't expect the Federal Open Market Committee to cut rates at its meeting this week or the next meeting in July. This week in Asia, investors will be looking at Japan's first-quarter gross domestic product numbers on Monday, followed by the Bank of Japan's rate decision on Friday. Separately, China and India's inflation numbers for May will be released on Wednesday.
Organizations: Bank of Japan, Bank of Locations: Tokyo . Asia, Pacific, Asia, China
Some analysts are eyeing zero rate cuts from the Fed this year. AdvertisementAfter the latest jobs report all but dismissed an interest rate cut in July, some analysts are taking it a step further, and expect no rate cuts at all this calendar year. That's more pessimistic than what investors continue to bet on, with fed fund futures indicating at least one 25-basis point rate cut to occur in 2024. According to market veteran Ed Yardeni, the Federal Reserve should "take a vacation," and leave interest rates unchanged through 2024, he told CNBC-TV18. AdvertisementMeanwhile, Catalyst Capital's David Miller agreed that the Fed shouldn't cut interest rates in 2024, citing that this would allow inflation to run hotter.
Persons: RBC's Lori Calvasina, , That's, It's, Lori Calvasina, Ed Yardeni, Capital's David Miller, Mark Zandi, I've Organizations: Service, Bloomberg, Treasury, Federal, CNBC, TV18, Yardeni Research, Moody Analytics, Federal Reserve
Oil slips on dollar's strength from U.S. jobs data
  + stars: | 2024-06-10 | by ( ) www.cnbc.com   time to read: +3 min
Oil wells are seen at an oil facility by the Highway 5 near Bakersfield in California, U.S. on Nov. 27, 2022. Oil prices nudged lower for a second straight session on Monday, weighed down by a firmer dollar as expectations of interest rate cuts were pushed out further following strong U.S. jobs data on Friday. On Friday, data showed the U.S. added more jobs than expected last month, leading investors to trim expectations for rate cuts and causing the dollar to rally. In the U.S., Washington stepped up purchasing of crude oil to replenish the Strategic Petroleum Reserve after prices fell. Last week, U.S. energy firms cut the number of oil and natural gas rigs operating to the lowest since January 2022, energy services firm Baker Hughes said on Friday.
Persons: Emmanuel Macron, Le, Tony Sycamore, Sycamore, Brent, WTI, FGE, Washington, Baker Hughes, Hayan Abdel, Ghani Organizations: Brent, . West Texas, greenback, European Union, IG, U.S . Federal Reserve, Bank of Japan, Organization of, Petroleum, bbl, Strategic Petroleum Reserve, Iraq's Oil Locations: Bakersfield, California, U.S, European, Sydney, OPEC, Kurdistan, Iraq, Turkey
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS: We're expecting the BOJ will decide to reduce government bond purchasesMasamichi Adachi, chief Japan economist at UBS, says, however, the Bank of Japan will be "rather conservative on the rate hike at this timing."
Persons: We're, Masamichi Adachi Organizations: UBS, Bank of Japan Locations: Japan
Read previewThe year 2020 was supposed to be when I could finally take it easy and focus on myself. I decided to leave my career in accounting behind and finally take a crack at my lifelong dream of being a writer. But Lebanon's banking system collapsed — the World Bank called it a Ponzi scheme — and the country entered a financial crisis. Call it youthful naivety, but I didn't have a reentry plan in case I needed to return to work. The Lebanese financial crisis continued long after the COVID-19 pandemic.
Persons: , didn't, I'm, it's, I've Organizations: Service, Business, Bank, Lebanese Locations: Lebanon, freefall, American
But the leadership of its ailing wealth unit is continuing to undergo major changes under its new boss Andy Sieg. Citi's wealth unit has seen at least 21 senior executives exit since Merrill Lynch veteran Sieg joined in September. The latest is Julia Carreon, global head of wealth platform and experiences. Sieg also plans to expand Citi's already successful wealth business in Asia. Here is our running list of senior departures from Citi Wealth.
Persons: , Andy Sieg, Merrill Lynch, Sieg, Julia Carreon, Naz Vahid, Carreon, David Bailin, Fraser, Andy, Mark Mason, Shyam Sambamurthy, Merrill, Don Plaus, Hale Behzadi, Dawn Nordberg, Morgan Stanley, Citi David, Francesco Bertoni, Alfonso Camacho Bustillo, Hoyt, Paul Hodes, Robert Hoffman, Keith Lee Hong, Li, Liu, Fernando Lopez Munoz, Alex Marshall, Eduardo Martinez Campos, Luigi Pigorini, Fernando Senso, Jeff Sutton, Naz, Vahid, Eduardo, Seamus Yin, Hayley Cuccinello Organizations: Service, Citi, Citi Wealth, Business, Bankers, Citi Global Wealth, North America, Francesco Bertoni EMEA, Hoyt Gier Global, South, Asia, Fernando Lopez Munoz Head, Tate, Eduardo Martinez Campos Head, Mark Mills Regional, Fernando Senso Castilla Global, Jeff Sutton Global, Eduardo Ventura, West Locations: Asia, Hong Kong, Singapore, Paul Hodes Asia, South Asia, Keith Lee Hong Kong, Asia Pacific, Shyam Sambamurthy South Asia, Fernando Senso Castilla, America, West China, hcuccinello@businessinsider.com
Annoyed, mostly at myself but also a little bit at the seller, I had a sinister thought: What if I file a dispute with my credit-card company? AdvertisementA credit-card charge-back happens when a consumer sees something they don't like or recognize on their statement and asks the bank to look into it. Much of that is friendly fraud: The report cited a statistic from the data-analytics company Datos Intelligence that 75% of all the fraud digital businesses see is first-party fraud. Your order arrived and you claim it didn't: fraud. I've never disputed a purchase before, and my credit-card company would like to keep me happy.
Persons: , I'd, Oscar Bello, wasn't, Domenic Cirone, Robert Painter, Kevin, they've, what's, Bello, I've, Emily Stewart Organizations: Equifax, Mastercard, Datos Intelligence, Citi, Chargeback, Mmm, Business Locations: Ethoca, New Orleans
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