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☆ Broadcom surges to a record after earnings. 3 reasons why the stock can go even higher
▼ + stars: | 2024-06-13 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Broadcom surged more than 12% to a record high Thursday following an excellent fiscal second-quarter earnings report on Wednesday night . The other part of Broadcom's AI business is selling products like Ethernet switches that help stitch together servers inside data centers. AVGO 1Y mountain Broadcom's stock performance over the past 12 months. Tan said on the call Wednesday that customer — aka Apple — is all of Broadcom's wireless business. Wall Street estimates for Broadcom's wireless business will need to rise to reflect the increased iPhone demand we expect to see.

Persons: —, Hock Tan, Tan, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Broadcom, Nvidia, Apple, Apple Intelligence, America, VMWare, CNBC, Getty Locations: San Jose , California

☆ Broadcom is the next stock that could enter the trillion-dollar club, according to Bank of America
▼ + stars: | 2024-06-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Broadcom could be the next stock to reach a trillion-dollar market cap, Bank of America said. AdvertisementChip maker Broadcom looks like a contender to be the next member of the stock market's trillion-dollar club, Bank of America said Thursday. Bank of America thinks Broadcom has even greater potential even after its big quarterly report. Upside drivers will be semiconductor sales and Broadcom's VMWare, a software firm it acquired last year. AdvertisementIf Bank of America's price target pans out, that would place Broadcom among an exclusive group of stocks with trillion-dollar market capitalization.

Persons: BofA, — Organizations: Broadcom, Bank of America, Service, VMware, VMWare, Nvidia, Microsoft, Apple

The bank also raised its price target to $160 from $115, suggesting 18% upside from Wednesday's close. — Michelle Fox 7:59 a.m.: KeyBanc raises Netflix price target Netflix's growth isn't going to slow down any time soon, according to KeyBanc Capital Markets. — Pia Singh 7:23 a.m.: Bank America raises price target on Boeing Bank of America is weighing the challenges and opportunities Boeing has to make a turnaround. She kept her $38 price target, which implies shares could drop just slightly from its latest close. — Pia Singh 5:45 a.m.: Jefferies names Microsoft a top pick Microsoft is "going for AI gold," according to Jefferies.

Persons: Jefferies, Christine Cho, — Jesse Pound, Clark, Anna Lizzul, Kimberly, — Michelle Fox, Justin Patterson, Patterson, — Pia Singh, Ronald Epstein, Epstein, Oppenheimer, Ulta, Rupesh Parikh, Parikh, Morgan Stanley downgrades Corning, Corning, Morgan Stanley, Meta Marshall, Marshall, Tom O'Malley, O'Malley, AVGO, JPMorgan's Harlan Sur, Timothy Arcuri, Brent Thill, Fred Imbert Organizations: CNBC, Microsoft, Barclays downgrades NextEra Energy Partners, NextEra Energy Partners, Barclays, Bank of America, Clark Bank of America, KeyBanc, Markets, Netflix, Bank America, Boeing Bank of America, Boeing, Broadcom, VMware, Google, UBS, Jefferies Locations: Kimberly, F2H25

☆ Luxury developer Michael Shvo has big plans. Bitter disputes and a soft real estate market threaten to thwart them.
▼ + stars: | 2024-06-13 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +15 min

Amid the whirlwind of activity, the 51-year old, Israel-born executive has presented himself as a real estate visionary with a personal preference for all-black attire and a taste for luxury brands. BVK recently hired the residential brokerage firm Corcoran Group to complete a market study of the Fifth Avenue project, a person who viewed the report said. Miller noted he did not have direct knowledge of the situation at 685 Fifth Avenue. At 685 Fifth Avenue, he recently marked down prices for some of the units. In contrast, the Shore Club, which is being built by the New York real estate developer Steve Witkoff just a few hundred yards away from the Raleigh has pre-sold briskly.

Persons: —, Michael Shvo, Shvo, Peter Marino, Norman Foster, Renzo Piano, BVK, Corcoran, Jonathan Miller, Miller Samuel, Miller, Pam Liebman, Corcoran's, Truist, Michael Lirtzman, Akuna, Lirtzman, I've, Scott Wadler, Wadler, Jed Jacobsohn, John Goodman, Diane, –, Goodman, profanely, Serdar, Shvo's, Bilgili, Deutsche Finance didn't, Alex Miranda, I'm, Steve Witkoff, Morgan Chase Organizations: Service, Bayerische, Deutsche Finance, Business, GFI, Group, Shvo, Wabash, Akuna, Colliers, Wabash –, Raleigh, Core, New York State, Noë, Associates, West, Bilgili, BVK, Shore Club, New Locations: New York, Manhattan's Plaza, Los Angeles, Miami Beach, Raleigh, Israel, Wilshire, LA, Manhattan, Chicago, Miami, Paris, South Florida, San Francisco, Manhattan's, Turkish, BVK, Wabash, Shvo, Munich

☆ Neither Biden nor Trump is seriously addressing the safety net crisis
▼ + stars: | 2024-06-13 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +9 min

“They’re both promising not to tackle the debt,” Ryan said, coming back to the issue that has animated his political career. Trump wants to extend all of the tax cuts, which could further explode the debt without corresponding spending cuts. When Trump and Republicans enacted the current tax structure, they made individual tax cuts temporary and most of the corporate tax cuts permanent. Biden has proposed additional taxes on those making more than $400,000 to address Medicare’s solvency, among other ideas, but does not have a detailed Social Security plan. The dirty little secret in all of this is, Medicare and Social Security are going insolvent on their own.

Persons: Donald Trump, Paul Ryan, he’ll, Trump, ”, Ryan, Republican –, “, ” Ryan, Sen, Mitt Romney, “ They’re, Joe Biden, Biden, Barack Obama, CNN’s Tami Luhby, What’s, won’t, Alan Greenspan, Obama, Republican Sen, Alan Simpson, Erskine Bowles Organizations: CNN, Trump, Republican, Fox News, Social Security, Democrats, Affordable, Biden, Republicans, Democratic, American, Treasury, Medicare, Fox, Federal, White House, National Commission Locations: Wisconsin, Trump, Luhby

☆ Luxury developer Michael Shvo has big plans. Bitter disputes and a soft real estate market threatens to thwart them.
▼ + stars: | 2024-06-13 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +15 min

☆ Where’s inflation really heading? Traders and economists are using this real-time inflation gauge to get ahead of the curve
▼ + stars: | 2024-06-12 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

The inflation rate the government arrives at also impacts how much you receive in Social Security benefits and likely is a factor in determining your pay. The government also has a much longer history of producing inflation reports with extremely thorough standards. Like PCE and CPI, Truflation assigns relative importance values to categories to mirror how an average consumer’s income is allocated. That’s why small increases in the cost of housing can end up having big impacts on the overall inflation rate. How Truflation data is being usedWall Street traders were the first group drawn to Truflation, Rust said.

Persons: Truflation, Hilton, Stefan Rust, Rust, “, ” Danielle DiMartino Booth, Richard Fisher, Booth Organizations: New, New York CNN, Index, Federal, Social Security, PCE, CPI, Amazon, Walmart, Nielsen, Bureau of Labor Statistics, Labor Department, CNN, Dallas Fed, QI Research Locations: New York, Zillow

☆ What the Fed’s interest rate decision means for your savings
▼ + stars: | 2024-06-12 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

Online high-yield savings accountsThe best bang for your savings can still be had in online high-yield savings accounts at FDIC-insured banks, which yield way more than today’s 0.58% overall average savings rate. As of June 11, the average online savings account rate was 4.40%, according to DepositAccounts.com. If you leave it parked in a regular savings account at 0.5%, you’ll get $50 in interest for a year. As with any savings account, banks can lower the rate they offer — also known as the APY — at any time. Money market accounts and money market fundsMoney market deposit accounts and money market mutual funds are generating yields competitive with the best high-yield savings accounts.

Persons: ’, ”, Greg McBride, ” McBride, you’ll, —, McBride, “, Collin Martin, Martin Organizations: New, New York CNN, Federal Reserve, National Credit Union Share Insurance, Securities Investor Protection Corporation, Treasury, Fed, Schwab Center, Financial Research Locations: New York, Schwab.com, United States

☆ Key takeaways from the Fed’s latest interest rate decision
▼ + stars: | 2024-06-12 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Officials penciled in just one rate cut this year, according to their latest economic projections, compared to the three they forecast in March. They also expect inflation to be more stubborn this year than they thought in the spring, according to their forecasts. The Fed has kept interest rates at a 23-year high for nearly a year, after kicking off an aggressive rate-hiking campaign in March 2022. Here are key takeaways from the Fed’s latest decision on interest rates. Still-high inflation is continuing to eat into some budgets, pandemic savings are drying up, borrowers continue to pile on more debt and the highest interest rates in nearly a quarter century are squeezing Americans.

Persons: Jerome Powell, Powell, ’, it’s, ”, “ We’ve, ” Powell, trickling, Wall, Matt Colyar, “ Organizations: Washington CNN, Federal Reserve, Labor Department, That’s, CPI, Fed, Moody’s Locations: April’s

☆ US bus company Coach files for bankruptcy to sell its business
▼ + stars: | 2024-06-12 | by ( ) edition.cnn.com time to read: +2 min

Coach USA, the operator of Megabus and other commuter bus lines in the US and Canada, filed for bankruptcy protection in Delaware late Tuesday, seeking to sell its assets and shed debt incurred in an ill-timed 2019 private equity buyout. Coach, the largest privately owned bus company in the US, was acquired by private equity firm Variant Equity Advisors for $270 million, mostly using debt that is still on the company’s books. Coach CEO Derrick Waters said that buses will continue to run as normal during the company’s bankruptcy. The company operates several other bus brands in addition to Coach, including Megabus, Dillon’s Bus Company, and Go Van Galder. Renco Group, a private investment company, would acquire the majority of Coach’s assets in exchange for taking on $130 million of company debt and certain union contracts.

Persons: Derrick Waters, ” Waters, Van Galder Organizations: USA, Equity, Coronavirus, Economic Security, Dillon’s Bus Company, Renco, Avalon Transportation, ABC Buses Locations: Canada, Delaware, Wilmington , Delaware, Atlanta , Georgia

☆ National Amusements stops discussions with Skydance on Paramount deal, sources say
▼ + stars: | 2024-06-11 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

National Amusements has stopped talks with Skydance on a proposed merger with Paramount Global , CNBC's David Faber reported Tuesday. The deal had been awaiting signoff from Redstone, CNBC previously reported. She has approved of their ideas and leadership during their short tenure, CNBC previously reported. This is why it was no surprise when Paramount and Skydance agreed to merger terms earlier in June, CNBC reported. Under those terms, which were still being ironed out up until Tuesday, Redstone would have received $2 billion for National Amusements, CNBC reported.

Persons: Skydance, CNBC's David Faber, Shari Redstone, David Ellison's Skydance, Spokespeople, Redbird, It's, George Cheeks, Chris McCarthy, Brian Robbins, Bob Bakish, Paramount's Organizations: Paramount Studios, Amusements, Paramount Global, Paramount, RedBird Capital, KKR, CNBC, National Amusements, Street, CBS, Paramount Media Networks, Paramount Pictures, Redstone, Apollo Global Management, Sony, Skydance Locations: Los Angeles , California, Redstone

☆ Homebuyers take on 'a lot more than a mortgage payment,' expert says — 'hidden costs' average $18,000 a year
▼ + stars: | 2024-06-11 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

"Homebuyers have to make a compromise along the way, and often it's the age or the condition of the home," she said. The survey found that the median age of owner-occupied homes in the U.S. is about 40 years old. A mistake, however, is spending your entire reserve of savings for the down payment and ending up "house poor," Ostrowski said. In 2023, 46% of homeowners used cash from savings to cover home improvement projects, according to Angi.com. On average, there are three offers for every home that's listed for sale, Lautz said.

Persons: Jessica Lautz, Lautz, Ostrowski, you've, They're, who's Organizations: National Association of Realtors, Survey, U.S . Census Locations: U.S

☆ Macron’s Call for Elections in France Adds to Fears of Financial Woes
▼ + stars: | 2024-06-11 | by ( Liz Alderman | ) www.nytimes.com time to read: +1 min

Investors made clear on Tuesday the depth of their concerns over President Emmanuel Macron’s gamble to call for new elections in France, driving up the nation’s borrowing costs, pushing down stock prices and prompting the Moody’s ratings agency to warn it may downgrade French sovereign debt as risks of political instability rise. Mr. Macron’s dissolution of the lower house of Parliament on Sunday after his party was battered by Marine Le Pen’s far-right party in European Parliament elections has ignited concerns that the government could grind to a stalemate. The turmoil has focused attention on France’s fragile finances, and the prospect of legislative gridlock that could undermine the government’s ability to address it. “This decision will not ease the economic challenges facing the country,” Philippe Ledent, senior economist at ING Bank, wrote in a note to clients. Public finances and the performance of the French economy will be “at the heart of the electoral campaign,” he added.

Persons: Emmanuel Macron’s, Le, ” Philippe Ledent, ”, Macron Organizations: ING Bank, Public, Paris Bourse Locations: France, Paris

☆ 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

☆ As one Social Security program marks a 50-year anniversary, here's how benefits may change
▼ + stars: | 2024-06-11 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Martonaphoto | Moment | Getty ImagesUpdates aimed at improving benefit accessThe Social Security Administration is taking steps to try to reduce some of the restrictions that come with SSI benefits. It is also expanding the rental subsidy policy for SSI applicants and beneficiaries, as well as the definition of a public assistance household. Those changes should allow more people to access and qualify for SSI, O'Malley said. Under current limitations, at work, SSI beneficiaries may not be able to contribute to a 401(k) or earn raises. Individuals who receive both Social Security and SSI benefits may see reductions to their payments.

Persons: O'Malley, Emerson Sprick, Rylin Rodgers, Rodgers, Wendell Primus, Nancy Pelosi, Tracey Gronniger Organizations: Social Security Administration, SSI, Social Security, Center, Microsoft, Brookings, Justice, Aging

☆ Mega-cap stocks are overvalued and risk a big correction, according to a CIO. Here's why that presents a 'monstrous' buying opportunity.
▼ + stars: | 2024-06-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

The stock market's leaders are overvalued and could suffer a big correction, RBA's Richard Bernstein said. The RBA chief investment officer pointed to a discrepancy between the debt and equity markets, which could hint at a soon-to-come market correction. But, only a narrow group of stocks are dominating the equity market, which implies profits aren't expanding for most companies. While large-cap stocks tanked during the lost decade of the 2000s, small-cap, energy, and emerging market stocks did exceedingly well. In a previous note, he said the stock market's shifting leadership from the most-hyped names to underloved equities presents once-in-a-generation opportunity for investors.

Persons: RBA's Richard Bernstein, —, Richard Bernstein, Bernstein, Goldman Sachs, Goldman Sachs Research Bernstein, Russell Organizations: Service, Wall Street, Apollo, Bloomberg, Goldman Sachs Research, Nasdaq

☆ Biden Proposes Dropping Medical Debt From Credit Reports
▼ + stars: | 2024-06-11 | by ( Zolan Kanno-Youngs | Sarah Kliff | ) www.nytimes.com time to read: +1 min

The Biden administration on Tuesday proposed removing medical debt from the credit reports of more than 15 million Americans, making it easier for millions to qualify for car, home and small-business loans. The proposed rule, which will go through a public comment period, would not take effect immediately. It would forbid health care providers to share medical debt with loan providers and prohibit those providers from factoring in medical information when it came to granting loans. Vice President Kamala Harris said the move would improve “the financial health and well-being of millions of Americans.”“One of the most significant consequences of carrying medical debt is the harm it does to a person’s credit score,” Ms. Harris said. “Medical debt makes it more difficult for millions of Americans to be approved for a car loan, a home loan or a small-business loan, all of which in turn makes it more difficult to just get by, much less get ahead.

Persons: Biden, Kamala Harris, ”, ” Ms, Harris Organizations: “

☆ Trump is dangling a lot of promises for a second term as he seeks support in new spaces
▼ + stars: | 2024-06-11 | by ( Steve Contorno | ) edition.cnn.com time to read: +9 min

CNN —Former President Donald Trump lately has dangled some very specific promises to his audiences. But Trump’s campaign has prioritized flipping Nevada and the Democratic Party’s historical advantage in Latino communities, and polling suggests they have made progress on both fronts. Trump’s campaign confirmed the former president intends to seek a legislative change. “President Trump will ask Congress to eliminate taxes on tips,” spokesperson Karoline Leavitt told CNN. Trump has published an entire website to host many of his proposals for a second term.

Persons: Donald Trump, Trump, Joe Biden’s, ” Trump, hasn’t, Ron Wyden, Sheldon Whitehouse, Trump’s, “, ”, Karoline Leavitt, “ Joe Biden, Biden, Chase Oliver, Ross Ulbricht, Ulbricht, Ross, Joe Biden, ” Oliver, Harris, ” Biden, Quentin Fulks, headwinds, Shawn Fain Organizations: CNN, Las, Libertarian, Trump, Republican, Biden, Democratic, National Rifle Association, Senate Democrats, Washington Post, Oregon Democrat, Rhode, Culinary Workers Union Local, Garden State, US Department of Justice, Black Voters, Black, United Auto Workers, Fox Locations: Las Vegas, Michigan, In Nevada, Nevada, U.S, Oregon, Rhode Island, Wildwood , New Jersey, Garden, battlegrounds, Detroit

☆ U.S. election 'almost certainly will' be a big market event, says Goldman Sachs' Jonny Fine
▼ + stars: | 2024-06-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. election 'almost certainly will' be a big market event, says Goldman Sachs' Jonny FineJonny Fine, Goldman Sachs global head of investment grade debt, joins 'Squawk on the Street' to discuss the concern around rising yields in Europe, if the economic policy could change in Europe, and if the U.S. election will be a market mover.

Persons: Goldman Sachs, Jonny Fine Jonny Fine Locations: Europe, U.S

☆ Biden administration moves to ban medical debt from credit reports
▼ + stars: | 2024-06-11 | by ( Rob Wile | ) www.cnbc.com time to read: +2 min

The Biden administration is moving to ban medical debt from credit reports. Medical debt, she said, "makes it more difficult to get by, much less get ahead. A recent study estimated that one in five U.S. households live with medical debt, including people with health insurance; and that on average, a typical American household owes about $4,600 in medical debts. "Medical bills on credit reports too often are inaccurate and have little to no predictive value when it comes to repaying other loans." The association said it had also extended the time before medical collections debt appears on credit reports and deleted resolved debts and medical collection debts below $500.

Persons: Joe Biden, Kamala Harris, North Carolina Governor Roy Cooper, Biden, Harris, Rohit Chopra Organizations: U.S, North Carolina Governor, Chavis Community Center, Consumer Financial Protection Bureau, Consumer Data Industry Association Locations: Chavis, Raleigh , North Carolina, U.S

☆ Up to 65% of workers with these jobs are middle class—and some don't require a bachelor's degree
▼ + stars: | 2024-06-11 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

But the middle class may be more occupationally ambiguous, especially since a middle class income can range from $49,720 to $149,160 in the U.S., according to Pew Research's definition and based on the latest Census Bureau income data. Pew defines the middle class as households earning between two-thirds and double the median income, which was $74,580 in 2022, according to the U.S. Census Bureau. Since over half of U.S. households were estimated to be in the middle class as of 2022, Pew says, it makes sense the jobs that offer those middle class incomes would vary. But some positions and industries tend to have higher shares of middle class workers. Notably, many of the jobs that are likely to ensure a middle class salary may not require a college education.

Persons: Pew Organizations: Pew, . Census, Survey, Armed, Workers, Bureau of Labor Statistics, Department of Defense, Public, CNBC Locations: U.S

☆ Phone banks and pickleball: How the Biden campaign plans to court older voters
▼ + stars: | 2024-06-11 | by ( Mike Memoli | ) www.cnbc.com time to read: +7 min

John Della Volpe, who has been doing intensive research on young voters, said older voters have embraced Biden's policies, such as lowering the cost of prescription drugs, whereas younger voters don't feel similar benefits from them. Rep. Ann McLane Kuster, D-N.H., said older voters in her state and elsewhere are attracted to Biden's "steady hand." At the same time, Biden had a narrow lead among voters 65 and older, according to the poll. While Trump won voters 65 and older in the 2016 election by 7 percentage points, Biden narrowed that gap to 5 points in 2020. The Biden campaign hopes to maintain his apparent momentum among older voters in part by contrasting Biden's proposals for seniors with Trump's policies.

Persons: Biden, Joe Biden, Al Gore, Harris, Douglas Emhoff, Jill Biden, Ronald Reagan's, John Della Volpe, Della Volpe, Lisa Clark, Clark's, Ann McLane Kuster, Kuster, Roe, Wade, Donald Trump, — Biden, Trump, it's Biden, Kamala Harris, Mia Ehrenberg, Richard Fiesta Organizations: Biden, Democrat, Democratic, NBC, Republican, an Air Force, Trump, Social Security, Alliance, Retired, Medicare, Fiesta Locations: New Hampshire, France, Vietnam, Wisconsin

☆ Bond giant PIMCO sees another wave of bank failures coming as commercial mortgage trouble mounts
▼ + stars: | 2024-06-11 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

"The real wave of distress is just starting" for commercial property debt, Pimco's John Murray told Bloomberg. He warned that bank failures could jump amid high exposure to commercial property loans. AdvertisementA "very high" concentration of distressed commercial real estate loans will be drive another spate of bank failures, Pimco's global head of real estate, John Murray, told Bloomberg. "The real wave of distress is just starting," Murray said. Ever since interest rates spiked two years ago, heavy attention has been paid to commercial real estate as doubt grows over property owners' ability to refinance debt.

Persons: Pimco's John Murray, —, John Murray, Murray Organizations: Bloomberg, Service, Business

☆ There's a 'renaissance' coming for boring stocks. Here's how investors can position to take advantage, according to BofA.
▼ + stars: | 2024-06-11 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Bank of America predicts large-cap value stocks will start to outperform growth stocks. AdvertisementThe most boring area of the stock market is poised for a "renaissance" of outperformance, according to Bank of America. AdvertisementA hard landingAnother scenario in which value stocks should outperform is if the economy experiences a hard landing. That would likely lead to a sharp sell-off in growth-oriented stocks and the relative outperformance of value stocks. A world of structurally higher rates and inflation should bolster value stocks," Bank of America said.

Persons: —, Savita Subramanian, corporates, Banks, Ebrahim Poonawala, Consumer Staples, Staples, Subramanian Organizations: of America, Bank of America, Service, Equity, " Utilities, Energy, Banks, Consumer

☆ UK unemployment nears three-year high, wage growth firm as election looms
▼ + stars: | 2024-06-11 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

A staff wanted sign in the window of a restaurant in the Soho district of London, U.K., on Tuesday, Sept. 7, 2021. LONDON — U.K. unemployment unexpectedly rose to its highest level in two and a half years, data showed Tuesday, amid a heated general election campaign in which the economy is a key battleground. Simultaneous strong wage growth divided opinions from market-watchers mulling the timing of an interest rate cut from the Bank of England. While market pricing on Tuesday suggested next to no chance of a rate cut at the BOE's June meeting, and a 36% shot in August, that probability rises to nearly 60% for the September deliberations. Consultancy Capital Economics said that, while the stickiness of wage growth would be a "lingering concern" for the BOE, the rate should soon be on a "firm downward path" as unemployment rises.

Persons: Richard Carter, Cheviot, BOE, Capital's, Ruth Gregory, Rishi Sunak, Keir Starmer, Sunak, We've, it's, Starmer Organizations: LONDON, Bank of England, National Statistics, Reuters, Consultancy Capital Economics, Conservative Party, Labour, Conservatives Locations: Soho, London

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