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☆ Nike reigns supreme among teen shoppers. Here are the other brands they love the most
▼ + stars: | 2023-10-10 | by ( Courtney Reagan | ) www.cnbc.com time to read: +4 min

Interestingly, male teens report spending 11% more than last fall, while females are spending 8% less. When teens are spending, 37% said they are using funds earned from a part-time job, while 62% said parents contribute to spending. Clothing and apparel spending fallsTeens are spending 4% less on clothing compared to last year, down to $563 per year. After Nike, American Eagle and Lululemon are the second- and third-most preferred brands among teens, the same as in the spring. Converse held the spot for the second-most favorite brand behind Nike but dropped in market share by 1 percentage point.

Persons: Joe Raedle, Piper, Shein, Converse, Temu, Polly Organizations: Nike, Getty, Adidas, Ross Stores, Nordstrom, Target, Walmart Locations: Miami Beach , Florida, U.S, Maxx, Australia

☆ Here are Monday's biggest analyst calls: Tesla, Arm, Meta, Amazon, Apple, Netflix, Disney, Oracle & more
▼ + stars: | 2023-10-09 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Goldman Sachs reiterates Netflix as neutral Goldman said it's standing by its neutral rating heading into earnings next week. Barclays reiterates Disney as equal weight Barclays said it's cautious on Disney heading into earnings in early November. JPMorgan reiterates Apple as overweight JPMorgan said its Apple survey checks show product delivery times are moderating. Bank of America initiates Motorola Solutions as buy Bank of America said Motorola is "well-positioned with multiple tailwinds supporting growth." Bank of America downgrades Datadog to neutral from buy Bank of America said it's concerned about slowing demand for the software company.

Persons: Wells, JPMorgan, Domino's, Goldman Sachs, Goldman, it's, Baird, Tesla, TSLA, Jefferies, Redburn, Evercore, Lennox, Piper Sandler, Piper Organizations: Meta, JPMorgan, Arm Holdings, Bank of America, Netflix, Barclays, Disney, ESPN, Apple, Holdings, " Bank of America, Motorola Solutions, Motorola, American, Spotify, Oracle, Citi, Patterson, UTI Energy Locations: Datadog, SASE, CY26

☆ This could be the next major bullish catalyst for AI darling Nvidia
▼ + stars: | 2023-10-08 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

A new chip from Nvidia could prove the next major catalyst for the artificial intelligence darling in 2024, according to Wall Street analysts. Even so, Wall Street remains bullish on the chipmaker, with about 85% of analysts holding a buy rating on the stock, and the average price target implying 43% upside from Friday's close. While the launch of the next-generation chip known as Blackwell isn't expected until 2024, Wall Street analysts are already bracing for the debut to drive significant growth at Nvidia, which already dominates the AI market. The chip is also slated to carry a higher average selling price and better performance than Nvidia's current H100 model. Piper Sandler's Harsh Kumar called the product the "next-gen compute GPU product" for AI and high performance computing.

Persons: Jensen, Blackwell isn't, Atif Malik, Piper Sandler's Harsh Kumar, John Vinh, Vinh, — CNBC's Michael Bloom Organizations: Nvidia, Wall Street, Citi, Taiwan Semiconductor, KeyBanc Locations: CoWoS, 2H24, 4Q24

☆ Britain's Sunak Says London 'Unequivocally' Stands With Israel
▼ + stars: | 2023-10-08 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +1 min

LIVERPOOL, England (Reuters) -British Prime Minister Rishi Sunak told Israeli Prime Minister Benjamin Netanyahu on Sunday Britain was standing with Israel "unequivocally" following the attacks by Hamas and that London was working to ensure the world speaks in one voice. "(Sunak) reaffirmed that the UK will stand with Israel unequivocally against these acts of terror. The prime minister offered Prime Minister Netanyahu any support Israel needs," Sunak's Downing Street office said in a statement following a phone call between the two leaders. Prime Minister Netanyahu thanked the prime minister for the UK's support." Sunak urged all sides to show restraint while reiterating Britain's support for Israel.

Persons: Rishi Sunak, Benjamin Netanyahu, Israel, Netanyahu, Sunak, Briton, Alistair Smout, Elizabeth Piper Organizations: LIVERPOOL, British, Israeli, Sunday Britain, Israel Locations: England, London, Israel, Gaza

☆ Here are Friday's biggest analyst calls: Netflix, Nvidia, Eli Lilly, Disney, Levi's, Exxon, Walmart and more
▼ + stars: | 2023-10-06 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

JPMorgan reiterates Exxon as overweight JPMorgan said it's standing by its buy rating on the oil and gas giant. Seaport initiates Netflix as buy Seaport said it sees plenty of upside in shares of Netflix. JPMorgan upgrades Eaton to overweight from neutral JPMorgan said the industrial and electrical company is best in class. UBS reiterates Levi's as buy UBS said Levi's is still an attractive stock despite the company's disappointing earnings report Thursday. " JPMorgan upgrades Apellis to overweight from neutral JPMorgan said the pharmaceutical company is well-positioned for more upside.

Persons: Piper Sandler, Bernstein, Disney, XOM, Jefferies, TD Cowen, Cowen, Eaton, Eli Lilly, Doug McMillon, Berenberg, Morgan Stanley, Meta, Levi's, Oppenheimer downgrades O'Reilly, AutoZone, Oppenheimer, it's, Truist Organizations: Disney, Netflix, Hulu, JPMorgan, Exxon, Barclays, Nvidia, Intel, Gaudi, Citi, Discover Citi, DFS, Seaport, Bank of America, Energy, of America, Apple, Vegas, Prix, Clearway Energy, Walmart, United Auto Workers, Auto, Meta, UBS Locations: Parks, NVDA, China, ETN, TEL, AZO, ORLY

☆ Ozempic isn't the existential threat food companies think it is — yet
▼ + stars: | 2023-10-06 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +6 min

Food companies fear soaring Ozempic sales could hurt their bottom lines. AdvertisementAdvertisementExecutives at America's biggest food companies can't stop talking about Ozempic . And early data suggests that Ozempic sales will have some impact on the food industry. AdvertisementAdvertisementFor example, if consumers begin to prefer smaller portions, food companies have time to adjust their package sizes, and restaurants have time to modify their menus. "This is not an existential threat to the food industry," he said.

Persons: —, Doug McMillon, Arun Sundaram, Morgan Stanley, Walmart's John Furner, Steve Cahillane, Rice Krispies, Jefferies, Sundaram, David M, Gordon, Ozempic Organizations: Service, America's, Nordisk, North, Walmart, Bloomberg, Wall, Cheesecake

☆ Three Killed After Small Plane Crashes in Canada's British Columbia
▼ + stars: | 2023-10-06 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +1 min

By Kanishka Singh(Reuters) - Three people were killed on Friday after a small plane crashed in the city of Chilliwack in Canada's British Columbia province, officials said. The plane - a Piper PA-34 Seneca, a twin-engined light aircraft - crashed into trees and bushes behind a motel, near the local airport. All three people onboard, including the pilot, were killed and the Royal Canadian Mounted Police said it was notifying the next of kin. Haylie Morris, who worked nearby, told the Vancouver Sun she watched the plane go down in front of her. "(I) started running and I saw it go into the forest across the street, crash through the trees," Morris told the newspaper.

Persons: Kanishka Singh, Haylie Morris, Morris, Rosalba O'Brien Organizations: Transportation Safety Board, Canada, Royal Canadian Mounted Police, Vancouver Sun Locations: Chilliwack, Canada's British Columbia, Piper, Seneca, Vancouver, Washington

The collective impact of higher rates across the economy could also weaken the government's own finances. With borrowing rates high and inflation still relatively elevated, consumers, who drive about 70% of economic growth, are expected to spend more cautiously. “Those tighter, higher rates will have an impact on the economy.”Financial analysts point to several reasons for the rapid increase in lending rates. Overseas buyers have reduced their purchases, thereby forcing rates higher to attract buyers. “All of that is driving these fears of higher rates, and no one knows when it’s going to stop,” said Gennadiy Goldberg, head of US rates strategy at TD Securities.

Persons: Kevin McCarthy, Goldman Sachs, Goldman, Freddie Mac, Loretta Mester, ” Mester, it’s, ”, Gennadiy Goldberg, Benson Durham, Piper Sandler, Durham, Jerome Powell, ‘, we’re, ’ ”, Nancy Vanden Houten, David Page Organizations: WASHINGTON, United Auto Workers, Representatives, Republican, Treasury, Federal Reserve Bank of Cleveland, ”, Fed, Treasury Department, TD Securities, Oxford Economics, AXA Locations: U.S, ’ ” Durham, London

☆ Britain's Keir Starmer plots painstaking path to power
▼ + stars: | 2023-10-05 | by ( Elizabeth Piper | ) www.reuters.com time to read: +10 min

[1/2] British Labour Party leader Keir Starmer speaks during Prime Minister's Questions, at the House of Commons in London, Britain, May 24, 2023. Hours later, those from the opposition Labour party were summoned by senior members in charge of discipline and ordered to delete the posts and apologise. Welcome to Keir Starmer's Labour Party. "Thanks to Keir Starmer's leadership, voters see a changed Labour Party that is ready to change the country with a mission-driven government," a Labour spokesperson said when asked to comment for this story. 'CORBYN WITHOUT THE MADNESS'Named after the founder of the Labour Party, Keir Hardie, Starmer was brought up in a staunchly left-wing household.

Persons: Keir Starmer, Jessica Taylor, Handout, Gene Simmons, Simmons, Islam, Keir Starmer's, Jeremy Corbyn, we've, Starmer, Tony Blair, Rishi Sunak, Keir Hardie, Charlie Falconer, Claire Ainsley, Olaf Scholz, Australia's Anthony Albanese, Ainsley, Falconer, COVID, Keir, Mark Stephens, Blair, Starmer's, Andrew Cooper, David Cameron, Cooper, David Clarke Organizations: British Labour Party, REUTERS, Labour, Reuters, Keir Starmer's Labour Party, Conservatives, Conservative, Labour Party, Policy Institute, Labor Party, Public Prosecutions, Critics, Board, Police Service, Northern, Human, OF, DPP, of Human, Reigate Grammar, Thomson Locations: London, Britain, Australia, Germany, U.S, Caribbean, Uganda, Reigate

☆ Piper Sandler's Scott Siefers explains the impact of higher Treasury yields on the banking sector
▼ + stars: | 2023-10-04 | 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 EmailPiper Sandler's Scott Siefers explains the impact of higher Treasury yields on the banking sectorScott Siefers, Piper Sandler senior banks analyst, joins 'Squawk Box' to discuss the latest market trends, the impact of higher yields on the banking sector, and more.

Persons: Piper Sandler's Scott Siefers, Scott Siefers, Piper Sandler

And if you do, you should stand with me," Sunak said, referring to what he described as 30 years of political short-termism. "It may be helpful, but it won't be sufficient" to help them win the next election. Chris Hopkins, political research director at the polling firm Savanta, said he could not see how Sunak could win. Cabinet ministers have given speeches to sparsely populated rooms and some party members have openly talked what they may do in opposition. Writing by Elizabeth Piper; editing by Kate Holton and Philippa FletcherOur Standards: The Thomson Reuters Trust Principles.

Persons: Rishi Sunak, Sunak, Goldman Sachs, Andy Street, Suella Braverman, pollsters, John Curtice, Chris Hopkins, Savanta, Liz Truss, Nigel Farage, Steve Tuckwell, Elizabeth Piper, Kate Holton, Philippa Fletcher Organizations: Conservative, Conservatives, Labour, University of Strathclyde, European Union, Republican Party, London's Labour, Thomson Locations: MANCHESTER, England, Manchester, British, Birmingham, West Midlands, United States

A handful of stocks are heading straight for the death cross. A death cross is a price chart pattern that forms when a stock's 50-day moving average crosses below its 200-day moving average. The death cross is also used as a bear market predictor. CNBC Pro found just under 20 stocks, from financial giants to restaurant operators, that are close to forming a death cross. Wells Fargo is also close to forming a death cross and is down 5% so far this year.

Persons: FactSet, McDonald's, Wells Fargo, Deere, Piper Sandler, Clarke Jeffries Organizations: CNBC Pro, MGM Resorts, Analysts Locations: Tuesday's, U.S

☆ Here are Tuesday's biggest analyst calls: Nvidia, Rivian, Amazon, Airbnb, Warby Parker, HP, FedEx and more
▼ + stars: | 2023-10-03 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Here are Tuesday's biggest calls on Wall Street: KeyBanc reiterates Nvidia as overweight KeyBanc raised its price target on Nvidia to $750 per share from $670 and said it sees "outsized growth." Bank of America adds FedEx to the US1 list Bank of America added the stock to its top picks list. "Upgrading Clean Energy Fuels (CLNE) from Outperform to Strong Buy, with the company on the cusp of ramping up in-house RNG production." JPMorgan reiterates Amazon as a top pick JPMorgan said ignore the noise and buy the dip in shares of Amazon. Bank of America initiates Dycom as buy Bank of America said in its initiation of the telecommunications infrastructure company that it's uniquely positioned.

Persons: KeyBanc, Ally, Evercore, bode, Stifel, Churchill, CHDN, Raymond James, Baird, Vestis, Piper Sandler, Tesla, IBKR, Morgan Stanley, Rivian, it's, Warby Parker, Booz Allen Hamilton, Goldman Sachs, Wedbush Organizations: Nvidia, Aclaris Therapeutics, ISI, Citi, Arista Networks, Arista, " Bank of America, FedEx, Bank of America, FedEx Corp, Owl Capital, Swift Transportation, Evercore ISI, TAM, Energy Fuels, JPMorgan, FTC, DOJ, HP Inc, underperform Bank of America, HPQ, UBS, Booz, of America, Emerson Electric, Warner Music Group, Apple, Constellation Brands Locations: China, CY23

☆ Here are the 8 House Republicans who voted to oust McCarthy as House speaker
▼ + stars: | 2023-10-03 | by ( Piper Hudspeth Blackburn | ) edition.cnn.com time to read: 1 min

CNN —A group of eight House Republicans joined with Democrats Tuesday in a historic vote to remove Republican Rep. Kevin McCarthy as speaker. The vote in the House of Representatives on the motion to vacate was 216-210, with Florida Rep. Matt Gaetz leading the effort. Because of the GOP’s razor-thin majority in the House and a Democratic conference united against him, McCarthy needed the support of nearly all of his party’s members to keep the gavel. It was not immediately clear who would replace the California Republican, and GOP Rep. Patrick McHenry of North Carolina was named speaker in the interim. Here are the House Republicans who voted to oust McCarthy:

Persons: Kevin McCarthy, Matt Gaetz, McCarthy, Patrick McHenry of Organizations: CNN, Republicans, Democrats, Republican, Florida Rep, Democratic, California Republican, GOP, House Republicans Locations: Patrick McHenry of North Carolina

CNN —Following Kevin McCarthy’s historic ouster as House speaker, names have started to emerge as possible successors to take over the gavel. Jordan replied “yes,” when asked if he is running for speaker and said he had just talked to House Majority Leader Steve Scalise, the No. Anna Moneymaker/Getty Images/FILELouisiana Rep. Steve Scalise, who serves as House majority leader, announced on Wednesday his intention to succeed McCarthy. As he exited a GOP meeting, he told reporters, “Steve Scalise has been a friend for a long time. Kevin HernRep. Kevin Hern leaves a meeting of the House Republican Conference at the Capitol Hill Club on Wednesday, July 26, 2023.

Persons: Kevin McCarthy’s, McCarthy, Tuesday’s, Jim Jordan Rep, Jim Jordan, Anna Moneymaker, Jim Jordan of Ohio, Jordan, “, Steve Scalise, Fani Willis, Attorney Alvin Bragg, Trump, Hunter Biden, ” Scalise, Scalise, ”, David Duke, Tom Emmer, Tom Williams, Emmer, “ Steve Scalise, Kevin Hern, ”, I’ve, ” Hern, Hern Organizations: CNN, GOP, Republican, Committee, Manhattan, Attorney, Justice Department, Freedom Caucus, Building, Congress, Ku Klux, House Republican Conference, Capitol, Minnesota Republican, Louisiana Rep, Minnesota, Financial Services, Capitol Hill Club, Oklahoma Republican, Caucus, McDonalds, Small Business Locations: Washington , DC, Benghazi, Trump, Fulton County, Louisiana, Alexandria , Virginia, New Orleans ’, Minnesota, Texas

MANCHESTER, ENGLAND - OCTOBER 3: British Prime Minister Rishi Sunak tours the Exhibitor's Hall on Day 3 of the Conservative Party Conference in Manchester, Britain, October 3, 2023. We've had 30 years of a political system which incentivises the easy decision, not the right one. Thirty years of vested interests standing in the way of change," he will say, according to excerpts of his speech. "Our political system is too focused on short-term advantage, not long-term success ... Our mission is to fundamentally change our country." "The Labour party have set out their stall: to do and say as little as possible and hope no one notices.

Persons: Rishi Sunak, Carl Court, Sunak, Grant Shapps, we've, We've, Jeremy Hunt, Keir Starmer, Elizabeth Piper, Andrew MacAskill, Alistair Smout, William Maclean, Robert Birsel Organizations: British, Conservative Party Conference, REUTERS Acquire, Rights, Conservative, Labour Party, Times, Euston, Labour, Thomson Locations: MANCHESTER, ENGLAND, Manchester, Britain, Rights MANCHESTER, England, English, London

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Powell and Philadelphia Fed President Patrick Hasker will speak at a roundtable discussion, due 11 a.m. Later in the day, Cleveland Fed President Loretta Mester will speak on the outlook for the U.S. economy. Rivian Automotive (RIVN.O) advanced 2.9% after Evercore ISI raised the EV maker's stock to "outperform" from "in line". Reporting by Shubham Batra and Shashwat Chauhan in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Jerome Powell, Patrick Hasker, Loretta Mester, Russell Hackmann, Kevin McCarthy, bitcoin, Piper Sandler, Goldman Sachs, Shubham Batra, Shashwat Chauhan, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal, Philadelphia Fed, Cleveland Fed, Hackmann Wealth Partners, Democratic, Republican, Dow e, Nvidia, Rivian, ISI, EV, Thomson Locations: New York City, U.S, Powell, Singapore, Bengaluru

MANCHESTER, England, Oct 2 (Reuters) - British finance minister Jeremy Hunt poured cold water on growing calls for tax cuts within the governing Conservative Party on Monday, saying he could not commit to any "inflationary" reduction before the next election. But his message was overshadowed by calls from senior Conservative lawmakers, including Prime Minister Rishi Sunak's predecessor, for tax cuts to try to close the gap in opinion polls with the opposition Labour Party before an election expected next year. He said any tax cuts this year would be inflationary, making it more difficult to achieve Sunak's pledge made in January to halve inflation by the end of the year. Yes, but it means difficult decisions and we're prepared to take those difficult decisions," Hunt told Sky News, adding that voters understood "how difficult these decisions are". "So ahead of this year's Autumn Statement, we must make the Conservative Party the party of business once again, by getting Corporation Tax back down to 19%.

Persons: Jeremy Hunt, Hunt, Rishi Sunak's, Sunak, we're, Liz Truss, Alistair Smout, Elizabeth Piper, Andrew MacAskill, Kylie MacLellan, Sachin Ravikumar, Sarah Young, Emelia Sithole, Catherine Evans Organizations: Conservative Party, Conservative, Labour Party, Times, Sky News, Labour, Corporation, Tax, Thomson Locations: MANCHESTER, England, British, Manchester

☆ Here are Monday's biggest analyst calls: Apple, Meta, Rivian, Nvidia, Amazon, U.S. Steel, FedEx & more
▼ + stars: | 2023-10-02 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Monday's biggest calls on Wall Street: Goldman Sachs adds Nvidia to the conviction buy list Goldman said the stock is well positioned to benefit for AI. UBS initiates Sunnova as buy UBS said the solar company is best positioned to take share. Morgan Stanley upgrades U.S. Steel to overweight from equal weight Morgan Stanley said in its upgrade of the steel stock that the transformation continues. UBS reiterates Amazon as buy UBS raised its price target on Amazon to $180 per share from $175 and says it's bullish on ads in Prime video content. Morgan Stanley reiterates TJX Companies as overweight Morgan Stanley said it's sticking with its overweight rating after a meeting with company management.

Persons: Goldman Sachs, Goldman, bullish, Evercore, RIVN, Gordon Haskett, Piper Sandler, Piper, Jefferies, Truist, Wells, ROY, SolarEdge, Morgan Stanley, Davidson, CLX, it's Organizations: Nvidia, UFC, WWE, UBS, NOVA, Susquehanna, FedEx, Meta Connect, Microsoft, Barclays, JPMorgan, Apple, Steel, Bank of America, NSC, Amazon, TJX Companies Locations: PODD, GLP, 3Q23, 2Q23, 1Q23, 4Q23, Europe, Bank of America downgrades Norfolk Southern

Kellogg's cold cereal products are pictured in a market after Kellogg Company announced it would split. REUTERS/Mike Segar/File Photo Acquire Licensing RightsNEW YORK, Oct 2 (Reuters) - Shares of Kellanova (K.N) fell more than 7% on Monday after the packaged food giant, previously known as Kellogg Company, completed the spinoff of its North American cereal business into a new standalone entity called WK Kellogg Company (KLG.N). Under the separation agreement, Kellanova shareholders received one share of WK Kellogg common stock for every four shares of Kellanova stock held as of September 21, a statement said. Kellanova shares fell to as low as $51.83, down 7.2%, after opening at $55.70, while WK Kellogg Company dropped by more than 11% and was last at $13.79. Kellanova will retain its place on the benchmark S&P 500 (.SPX) index, while WK Kellogg shares will join the S&P SmallCap 600 index (.SPCY) on Tuesday, before market open.

Persons: Mike Segar, WK Kellogg, Kellanova, Michael Ashley Schulman, Rice, Piper Sandler, Research's Arun Sundaram, Chibuike Oguh, Lance Tupper, Christina Fincher Organizations: Kellogg Company, REUTERS, WK Kellogg Company, WK Kellogg, New York Stock Exchange, Running, Capital Advisors, MorningStar, Jefferies, Thomson Locations: New York, U.S, Kellanova, California, American, Bengaluru

☆ Britain's finance minister to announce higher minimum wage
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +2 min

UK Parliament/Jessica Taylor/Handout via REUTERS/File Photo Acquire Licensing RightsMANCHESTER, England, Oct 1 (Reuters) - British finance minister Jeremy Hunt on Monday will announce a rise in the minimum wage in his annual Conservative party conference speech, where he is expected to ignore a growing clamour for tax cuts within his party. On Monday Hunt will announce that the living wage, the minimum wage for workers over 23 years old, will rise to at least 11 pounds ($13.42) an hour from 10.42 pounds. Prior to Hunt's speech, former Prime Minister Liz Truss will put pressure on the government to lower taxes in her only expected intervention at this year's conference. A year ago as prime minister, she had to scale back her tax-cutting plans in a U-turn at conference, and the market turmoil she sparked forced her resignation in October. However, since then she has stuck to her message that lower tax, especially for businesses, is part of what Britain needs to spark growth.

Persons: Jeremy Hunt, Jessica Taylor, Handout, Michael Gove, Hunt, Rishi Sunak's, Liz Truss, Alistair Smout, Elizabeth Piper, Andrew MacAskill, Emelia Sithole Organizations: REUTERS, Rights, Conservative, Bank of England, Low, Thomson Locations: London, Britain, Rights MANCHESTER, England, British

☆ In Government Row Over ECHR, UK's Cleverly Says No Need to Leave
▼ + stars: | 2023-10-01 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +1 min

MANCHESTER, England (Reuters) - British foreign minister James Cleverly knocked back a suggestion by another government minister on Sunday that leaving the European Convention of Human Rights was needed so the country could better tackle illegal immigration. Sunak has ruled out leaving the ECHR, a treaty agreed by almost every nation in Europe after World War Two, saying Britain could curb the arrival of illegal migrants without having to quit. But some in his party, including interior minister Suella Braverman, say the international conventions governing refugees were not fit for purpose, and only served to encourage activist lawyers to block deportations. Cleverly told a fringe event organised by think tank Onward at the Conservative conference, he did not "feel that in order to achieve what we need to achieve, to protect our borders, we are necessitated to leave the ECHR". And I have no doubt that the decisions that we have made are completely within the boundaries of international law.

Persons: James, Rishi, Kemi Badenoch, Sunak, Suella Braverman, Elizabeth Piper, Emelia Sithole Organizations: European Convention of Human, British, Sunday Times, Conservative Locations: MANCHESTER, England, Europe, Britain

☆ UK PM Sunak says we are making "good progress" on bringing down inflation
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: 1 min

MANCHESTER, England, Oct 1 (Reuters) - British Prime Minister Rishi Sunak said on Sunday that the government is making "good progress" on bringing down inflation as he laid out his priorities at the start of the governing Conservatives' annual conference. Britain's inflation rate is forecast to fall to about 5% by the end of the year - half January's level - and meeting the target would mean Sunak would meet one of the five key pledges he set out at the start of the year. "Inflation is making people feel poorer, the quicker we bring inflation down the better it is, and that is why it is the right priority, and we are making good progress," Sunak told the BBC. Reporting by Elizabeth Piper, writing by Andrew MacAskill, Editing by Alistair SmoutOur Standards: The Thomson Reuters Trust Principles.

Persons: Rishi Sunak, Sunak, Elizabeth Piper, Andrew MacAskill, Alistair Smout Organizations: British, Conservatives, BBC, Thomson Locations: MANCHESTER, England

"The discussion about where the tax burden should fall I think is one that we need to take, not now, but in a little bit (of) time," Gove told Sky News. "I would like to see the tax burden reduced before the next election," he said, adding that workers should be the focus of any such reductions. "Rishi Sunak is desperate for people to think he’s in charge," said Jon Ashworth, a member of leader Keir Starmer's team. Liz Truss, Sunak's predecessor, and other senior Conservative lawmakers signed a letter on Saturday saying they would not support "any new taxes that increase the overall tax burden". "We're not in a position to talk about tax cuts at all."

Persons: Michael Gove, Phil Noble, Gove, Sunak, Rishi Sunak, Opinium, Labour's, Jon Ashworth, Keir Starmer's, Liz Truss, Jeremy Hunt, We're, Elizabeth Piper, Alistair Smout, Andrew MacAskill, Kirsten Donovan, Hugh Lawson Organizations: Britain’s, REUTERS, Conservatives, Labour Party, Sky News, Conservative, Labour, for Fiscal Studies, Thomson Locations: Manchester, Britain, MANCHESTER, England

☆ A 32-year market vet warns a recession is still on the way as the Fed's jumbo rate hikes continue to work their way into the economy — and shares 3 reasons why stocks are overvalued by 35%
▼ + stars: | 2023-09-30 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

The hikes scared investors into thinking a recession would be on the way. But today, the labor market remains strong and inflation is under 4%, prompting rosier outlooks about the fate of the US economy. Rate hikes take time to work their way into the economy. But their main adversary going forward is going to be the Fed, with inflation still elevated. The Consumer Price Index is at 3.7% year-over-year, and core inflation, which the Fed watches closely, is even higher at 4.3%.

Persons: Michael Pento, Piper Sandler, Pento, Louis, LEI, Greg Boutle, Morgan Stanley's Mike Wilson, Piper Sandler's Michael Kantrowitz, Jeremy Grantham, Merrill Lynch, Gary Shilling, Jerome Powell Organizations: Federal Reserve, Federal Reserve Bank of St, National Federation of Independent Businesses, Conference, Stock, Robeco, Nasdaq, BNP, Fed

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