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☆ Europe stocks higher after fall in U.S. inflation; UK economy contracted in May
▼ + stars: | 2023-07-13 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The pan-European Stoxx 600 was up 0.3% at 8:45 a.m. in London, with tech stocks up 1%. LONDON — European stock markets were higher Thursday morning after a cooler-than-expected U.S. inflation reading and fall in U.K. gross domestic product. The U.K. economy contracted 0.1% in May, official figures showed, though this was less than the 0.3% month-on-month contraction forecast in a Reuters poll of economists. Asia-Pacific stocks were higher Thursday, while the S&P 500 closed Wednesday at its highest level since April 2022. U.S. producer price figures are due today.

Persons: industrials Organizations: LONDON, CPI, Federal Reserve Locations: London, U.K, U.S, Asia, Pacific, Europe, France

That could help lower overall inflation when the next CPI report is released on Aug. 10, with the details in Wednesday's report suggesting "downside risks" to any forecast of July's inflation rate. Indeed, at least one Fed official on Wednesday stuck to policymakers' prevailing hawkish mantra that inflation is still too high. While not specifically addressing the CPI report, Richmond Fed President Thomas Barkin told a Maryland business group that he still felt inflation had "been stubbornly persistent." 'FINAL INNINGS'But the latest CPI data could undercut arguments for yet another rate increase beyond the July meeting. Fed officials, blindsided by the persistence of inflation they initially thought would dissipate on its own, have been reluctant to bank on good news continuing.

Persons: Omair Sharif, Rick Rieder, Lael Brainard, Brainard, Thomas Barkin, Goldman Sachs, they've, Raphael Bostic, Bostic, Howard Schneider, Michael S, Ann Saphir, Dan Burns, Paul Simao Organizations: Federal Reserve, U.S . Labor Department, Reuters Graphics Reuters, BlackRock, Fed, White, Economic Council, Economic, of New, Richmond Fed, U.S, Cleveland Fed's Center, Inflation Research, Atlanta Fed, Derby, Thomson Locations: U.S, of New York, Maryland

☆ Asian shares rise, dollar dips as traders await US inflation data
▼ + stars: | 2023-07-12 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

The Japanese yen strengthened against most major currencies and last fetched 139.43 against the dollar, its highest in a month. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.61% higher, while Australia's S&P/ASX 200 index (.AXJO) rose 0.54%. "However, if the core CPI decelerates as anticipated, investors may continue to keep the odds for September and November rate hikes low." China shares (.SSEC) eased 0.14%, while Hong Kong's Hang Seng Index (.HSI) rose 0.5% in early trading. The dollar index , which measures the U.S. currency against six peers, fell 0.197% at 101.40, having slid as low as 101.37, its lowest in two months.

Persons: Australia's, Hong, Rodrigo Catril, Wells, Saira Malik, Brent, Ankur Banerjee Organizations: Federal, Japan's Nikkei, Reuters, Saxo Markets, National Australia Bank, Investor, JPMorgan, Citigroup, New Zealand, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, China, Wall, dealmaking

☆ US stocks jump as investors cheer lowest inflation reading in over 2 years
▼ + stars: | 2023-07-12 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Headline inflation eased to just 3% in June, marking the lowest inflation reading in 2 years. Core inflation, meanwhile, posted a year-per-year increase of 4.8% last month, below the expected 5%. Meanwhile, core CPI, which excludes volatile food and energy prices, rose 4.8% year-per-year, below economists' estimates of a 5% increase. The AI revolution is here and will spark a 15% rally in tech stocks, according to Wedbush's Dan Ives. A recession is looking less likely as inflation cools and the job market stays resilient, according to top economist Paul Krugman.

Persons: Neil Birrell, Ray Dalio, Wedbush's Dan Ives, Paul Krugman Organizations: Service, of Labor Statistics, Federal Locations: Wall, Silicon

☆ Stocks rise, dollar retreats ahead of inflation data
▼ + stars: | 2023-07-11 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

Markets are awaiting U.S. inflation data on Wednesday to see if price pressures are continuing to moderate, which could provide clues on the interest rate outlook. The MSCI All-World index (.MIWD00000PUS) rose 0.3%, lifted by gains in European shares, as the STOXX 600 (.STOXX) rose 0.6% and U.S. stock index futures , rose 0.2-0.4%, suggesting a modest rise at the opening bell. Economists polled by Reuters expect the consumer price index to have risen by 3.1% in June, after May's 4% increase. "There is a massive eye on tomorrow's inflation data - it comes to late in the day for the July meeting. Analysts expect earnings to have shrunk 6.4% in the second quarter year-on-year, according to IBES data from Refinitiv.

Persons: Toby Melville, Craig Erlam, Jim Reid, Wells, Julie Zhu, Jamie Freed, David Evans, Chizu Organizations: London Stock Exchange Group, City of, REUTERS, Federal, Reuters, U.S ., Treasury, Deutsche Bank, London Metal Exchange, JPMorgan, Citigroup, Refinitiv, Thomson Locations: City, City of London, Britain, China, U.S, Brent, Wall, Hong Kong

☆ Taylor Swift changes controversial lyrics for ‘Better Than Revenge’
▼ + stars: | 2023-07-07 | by ( Lisa Respers France | ) edition.cnn.com time to read: +8 min

From Taylor Swift On her birthday in 2019, Swift shared this photo of herself as a child. From Taylor Swift A 13-year-old Swift sings the National Anthem before an NBA game in Philadelphia in 2002. Kevin Winter/ACMA/Getty Images Swift sings the National Anthem before Game 3 of the 2008 World Series in Philadelphia. John Mabangalo/Pool/Getty Images Swift performs during a sold-out show at New York's Madison Square Garden in 2009. Jeff Kravitz/Getty Images Swift performs on stage during an "Eras Tour" concert in Atlanta in April 2023.

Persons: CNN — Taylor Swift, ” Swift, “, Swift, ” Taylor, shaming, ” Taylor Swift, Christopher Polk, Scott, Andrea Swift, Taylor Swift, Jesse D, Tim McGraw, Kevin Winter, John Mabangalo, Chad Batka, Bryan Bedder, Larry Busacca, Miley Cyrus, Lucas Till, Hannah Montana, Sam Emerson, Everett, Jonas, Frank Masi, Taylor, I'm, West, Beyonce, Jeff Kravitz, Lucy Nicholson, Christopher Morris, Josh Haner, Kevin Mazur, James Taylor, Charles Sykes, Matt Sayles, Mark J, Terrill, Invision, Jimmy Fallon, Douglas Gorenstein, Nicholas Harvey, Kanye West, Kim Kardashian, Laraine Newman, Bill Hader, Taran Killam, Kristen Wiig, Keenan Thompson, Fred Armisen, Kerry Washington, Betty White, Bradley Cooper, Dana Edelson, Andrea, Ethan Miller, Tim Boyles, Selena Gomez, Jordan Strauss, Mike Coppola, John Shearer, Andrew Lloyd Webber, Brandon Urie, Katy Perry, Republic Records Jack Antonoff, Aaron Dessner, Will Heath, Seth Wenig, Terence Rushin, didn’t, It’s, –, Scooter Braun, Braun Organizations: CNN, Staples Center, NBA, of Country, Garden, New York Times, New York's Rockefeller Center, Walt Disney Co, Kanye, Madison, MTV, NBC, ACM, Academy of Country, Getty, New York's Metropolitan Museum of Art, Universal Pictures, Coachella, Republic Records, New York University, Machine Locations: Los Angeles, West Reading , Pennsylvania, Philadelphia, Las Vegas, New York, Auburn Hills , Michigan, Newark , New Jersey, Pennsylvania, Frankfurt, Germany, London, Arlington , Texas, Tampa, Chicago, Atlanta

☆ China's services activity softens as recovery falters - Caixin PMI
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

The data broadly tracked the government's official PMI released last week and showed a slowdown in service sector activity as demand for in-person services weakened. Business activity and new orders both expanded at notably slower rates last month than in May, the Caixin PMI showed. The rate of job creation in the services sector also edged up to a three-month high but remained mild overall. Caixin/S&P's composite PMI, which includes both manufacturing and services activity, fell to 52.5 from 55.6 in May, marking the sixth straight month of expansion. "Meanwhile, the services sector continued a post-COVID rebound, but the recovery was losing steam."

Persons: Wang Zhe, Nomura, Ting Lu, Ellen Zhang, Ryan Woo, Sam Holmes Organizations: P Global, PMI, Employment, Caixin Insight, Thomson Locations: BEIJING, COVID, China

☆ China's services activity softens as recovery falters, private survey shows
▼ + stars: | 2023-07-05 | by ( ) www.cnbc.com time to read: +2 min

China's services activity expanded at the slowest pace in five months in June, a private-sector survey showed on Wednesday, as weakening demand weighed on post-pandemic recovery momentum. The data broadly tracked the government's official PMI released last week and showed a slowdown in service sector activity as demand for in-person services weakened. Business activity and new orders both expanded at notably slower rates last month than in May, the Caixin PMI showed. The rate of job creation in the services sector also edged up to a three-month high but remained mild overall. "Meanwhile, the services sector continued a post-COVID rebound, but the recovery was losing steam."

Persons: Wang Zhe, Nomura, Ting Lu Organizations: P Global, PMI, Employment, Caixin Insight Locations: China, Covid

☆ Gold listless as investors wait for Fed's June meeting minutes
▼ + stars: | 2023-07-04 | by ( ) www.cnbc.com time to read: +2 min

Bars of gold are seen at Krastsvetmet, one of the world's largest producers of precious metals, in Moscow, January 31, 2023. Spot gold was little changed at $1,921.39 per ounce by 0241 GMT, while U.S. gold futures were flat at $1,929.10. High interest rates discourage investment in non-yielding gold. Markets will also watch for minutes of the June 13 to14 FOMC meeting being released on Wednesday. While gold prices could recover to $1,940 before a potential drop lower, "the rates background remains a significant drag," Frappell added.

Persons: Nicholas Frappell, Frappell, Masato Kanda Organizations: U.S, ABC Refinery, Investors, Reserve Bank of Locations: Moscow, U.S, U.S . Federal

The Institute for Supply Management (ISM) said its manufacturing PMI dropped to 46.0 from 46.9 in May, the lowest reading since May 2020. "The ISM saw the dollar pare its earlier gains," he said. The yield on interest rate-sensitive two-year Treasuries fell on the news, before later heading higher, as did the dollar. The yen fell to near eight-month lows against the dollar as intervention came into sight after Finance Minister Shunichi Suzuki warned on Friday against investors selling the yen too far as it weakened past the threshold of 145 to the dollar. The Japanese yen weakened 0.17% versus the greenback to 144.59 per dollar.

Persons: Marc Chandler, pare, Treasuries, Shunichi Suzuki, Joice Alves, Ankur Banerjee, David Evans, Conor Humprhies, Christina Fincher Organizations: Institute for Supply Management, PMI, Bannockburn Global, Japan, Bank of Japan, European Central Bank, Thomson Locations: Bannockburn, New York, China, London, Singapore

In Asia, while factory activity expanded marginally in China, it contracted in Japan and South Korea as Asia's economic recovery struggled to maintain momentum. REUTERS/Siyi LiuChina's Caixin/S&P Global manufacturing PMI eased to 50.5 in June from 50.9 in May, the private survey showed. The figure, combined with Friday's official survey that showed factory activity extending declines, adds to evidence the world's No. South Korea's PMI fell to 47.8 in June, extending its downturn to a record 12th consecutive month on weak demand in Asia and Europe. Factory activity also contracted in Taiwan, Vietnam and Malaysia, the PMI surveys showed.

Persons: Rory Fennessy, lockdowns, Toru Nishihama, Siyi Liu China's, Jonathan Cable, Sam Holmes, David Evans Organizations: PMI, European Central Bank, Oxford Economics, P, Dai, Research, REUTERS, P Global, Reuters, Jibun, of, International Monetary Fund, Thomson Locations: Japan, South Korea, China, TOKYO, Europe, Britain, Asia, United States, European, U.S, Dezhou, Shandong province, South, Taiwan, Vietnam, Malaysia, of Japan's

☆ US manufacturing slump deepens, factory gate price pressures subdued
▼ + stars: | 2023-07-03 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Shrinking activity left factories resorting to layoffs, the survey from the Institute for Supply Management (ISM) showed on Monday. ISM Manufacturing Business Survey Committee Chair Timothy Fiore described the practise as happening "to a greater extent than in prior months." At face value, the ISM survey is consistent with an economy that is in recession. The ISM survey showed that transportation equipment was the only one of the six biggest industries reporting growth last month. ISM manufacturing PMIWEAK DEMANDThe ISM survey's forward-looking new orders sub-index climbed to a still-subdued 45.6 from 42.6 in May amid increased caution from businesses and consumers alike.

Persons: Timothy Fiore, payrolls, Andrew Hunter, Jonathan Millar, José Torres, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Institute for Supply Management, Manufacturing Business Survey, Federal Reserve, Capital Economics, PMI, Reuters, Treasury, Barclays, Manufacturers, Machinery, Commerce Department, Interactive Brokers, Thomson Locations: homebuilding WASHINGTON, U.S, New York, Miami

☆ Stock Market Today: Dow Futures Hover, Tesla Jumps
▼ + stars: | 2023-07-03 | by ( ) www.wsj.com time to read: +2 min

Stock futures edged higher to kick off the second half of 2023, with shares of growth companies—and particularly Tesla—leading premarket. Tesla’s stock jumped over 6% in premarket trading after the electric-vehicle maker posted a record quarter for sales . The stock market ended last week on solid footing after the Fed’s preferred inflation measure, the personal-consumption expenditures price index, notched its lowest reading in two years. Stock futures mostly ticked up. Futures tied to the tech-focused Nasdaq-100 rose 0.3%, while those tied to the S&P 500 added 0.1%.

Persons: Tesla, Janet Yellen’s, Hong, Hang Seng, Alexander Novak, Bitcoin Organizations: Federal, Stock, Futures, Dow, Nikkei, Brent, Securities and Exchange Commission Locations: . U.S, U.S, China, Shanghai, Saudi Arabia

[1/2] A worker works on a production line at a factory of a ship equipments manufacturer, in Nantong, Jiangsu province, China March 2, 2020. China Daily via REUTERSBEIJING, June 29 (Reuters) - China's factory activity likely contracted for a third straight month in June, albeit at a marginally slower pace, a Reuters poll showed on Thursday, underscoring the need for further policy stimulus to counter weak demand at home and abroad. An index reading above 50 indicates expansion activity on a monthly basis and a reading below indicates contraction. The government has set a modest GDP growth target of about 5% for this year after badly missing its 2022 goal. The highest reading in the poll was 49.7, still short of breaking into expansion territory, while the lowest reading was 48.0.

Persons: Nomura, Li Qiang, Joe Cash, Madhumita Gokhale, Anant Chandak, Simon Cameron, Moore Organizations: REUTERS, PMI, Thomson Locations: Nantong, Jiangsu province, China, REUTERS BEIJING, Tianjin, Bengaluru

☆ Investors look to next week's key inflation data after rally in stocks stumbles
▼ + stars: | 2023-06-23 | by ( Zev Fima | ) www.cnbc.com time to read: +4 min

The Dow Jones Industrial Average , the S & P 500 and the Nasdaq lost more than 1% each for this holiday-shortened week. This coming week will feature some key inflation data to keep an eye on. On Tuesday, the May housing starts report was released, coming in much stronger than expected, at a 1.63 million seasonally adjusted annual rate (SAAR), versus 1.39 million SAAR expected. Building permits were also above expectations at a1.49 million SAAR versus 1.43 million SAAR expected. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jerome Powell, Jim Cramer, he's, Jefferies, JEF, Mills, HB Fuller, Jim Cramer's, Jim, Spencer Platt Organizations: Federal, Dow Jones, Nasdaq, Constellation Brands, Corp, Walgreens Boots Alliance, Micron Technology, Gross, Aid, McCormick &, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Getty Locations: U.S, SAAR

☆ Debt ceiling crisis hangs over markets, with investors hoping to avoid a repeat of 2011
▼ + stars: | 2023-05-13 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +8 min

Republicans, led by House Speaker Kevin McCarthy, want to attach spending cuts to any agreement to raise the debt ceiling. Biden and the Democrats say they are willing to talk about spending cuts but only outside the debt ceiling discussions. Raising the debt ceiling would allow the government to pay for spending that has already occurred. That year, the debt ceiling was raised at the last minute but not before a summer of bickering sent the S & P 500 down 17% from late July to mid-August. The market this past week stumbled with the debt ceiling deadline looming and over concern about regional bank failures.

☆ Wholesale prices rose just 0.2% in April, less than estimate as inflation pressures ease
▼ + stars: | 2023-05-11 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Wholesale prices rose less than expected in April, according to a Labor Department report Thursday that provides more hope that inflation is at least trending lower. The producer price index, a measure of prices for final demand goods and services, increased 0.2%, against the Dow Jones estimate for 0.3% and after declining 0.4% in March. On an annual basis, the headline PPI increased just 2.3%, down from 2.7% in March and the lowest reading since January 2021. Though the PPI rise was less than expected, the services index increased 0.3%, the biggest move since November 2022, the Bureau of Labor Statistics report stated. Gasoline prices rose 8.4%, pushing the goods index higher by 0.2%.

Persons: Dow Jones, Quincy Krosby Organizations: Labor Department, Dow, PPI, of Labor, LPL, Federal Reserve, CPI Locations: Washington

☆ Markets think the odds of a Fed rate cut in July are almost 50% after April CPI showed inflation cooling more than expected
▼ + stars: | 2023-05-10 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Inflation in April increased by less than anticipated, spurring further bets the Federal Reserve will start rate cuts this summer. Odds of a cut in July rose to 45.9% on Wednesday from 29.3% a day earlier. Federal Reserve Chairman Jerome Powell and his colleagues last week ushered in their 10th consecutive rate increase as inflation remains above their 2% target. The Fed funds rate at 5%-5.25% stands at the highest since 2007. Inflation appears unlikely to rev higher again, which means the most likely scenario for monetary policy is the Fed remaining on hold, said Zaccarelli.

☆ US stocks trade mixed as investors assess cooler April inflation data
▼ + stars: | 2023-05-10 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

US stocks end mixed on Wednesday after the release of April inflation data. Inflation cooled to 4.9%, below expectations of a 5% rate. The Nasdaq Composite powered higher while the Dow slumped. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. But the Dow, which carries many bank and consumer-oriented stocks, felt the weight of investors' concerns about the economy moving into a recession.

☆ US manufacturing contacts again in April but pulls off 3-year low
▼ + stars: | 2023-05-01 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

The ISM said its manufacturing PMI increased to 47.1 last month from 46.3 in March, which was the lowest reading since May 2020. It was the sixth straight month that the PMI remained below the 50 threshold, which indicates contraction in manufacturing. The proportion of manufacturing GDP with a composite PMI calculation at or below 45 percent - a good barometer of overall manufacturing weakness - was 12 percent in April, compared to 25 percent in March, said Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee. Only two of the six biggest manufacturing industries, petroleum and coal products as well as transportation equipment, reported growth last month. The ISM survey's forward-looking new orders sub-index rose to 45.7 last month from 44.3 in March.

☆ US manufacturing contracts again in April, but pace slows
▼ + stars: | 2023-05-01 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

The ISM said its manufacturing PMI increased to 47.1 last month from 46.3 in March, which was the lowest reading since May 2020. The ISM said 73% of manufacturing gross domestic product was contracting, up from 70% in March. "The proportion of manufacturing GDP with a composite PMI calculation at or below 45 percent - a good barometer of overall manufacturing weakness - was 12 percent in April, compared to 25 percent in March," said Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee. Only two of the six biggest manufacturing industries, petroleum and coal products as well as transportation equipment, reported growth. Higher prices align with government data showing wages and salaries in the manufacturing industry growing solidly in the first quarter.

☆ US home prices rose slightly in February, snapping seven months of declines
▼ + stars: | 2023-04-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —US home prices rose slightly in February, snapping a seven-month streak of month-over-month declines, according to the latest S&P CoreLogic Case-Shiller US National Home Price Index, released Tuesday. The national composite index now stands 4.9% below its June 2022 peak. Miami again had the biggest year-over-year price gain in February, followed by Tampa, Florida; and Atlanta. Miami had a year-over-year price increase of 10.8%, followed by Tampa with a 7.7% increase and Atlanta with an 6.6% increase. In January, four West Coast cities — San Francisco; Seattle; San Diego; and Portland, Oregon — saw year-over-year price declines.

☆ US consumer confidence hits nine-month low; housing market bottoming out
▼ + stars: | 2023-04-25 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Consumers have shown resilience despite high inflation and a rise in interest rates, keeping the economy afloat, thanks to a strong labor market. The Conference Board said its consumer confidence index fell to 101.3, the lowest reading since July 2022, from 104.0 in March. The survey's so-called labor market differential, derived from data on respondents' views on whether jobs are plentiful or hard to get, rose to 37.3 from 36.5 in March, consistent with a tight labor market. "Take consumer purchase plans with a grain of salt," said Tim Quinlan, a senior economist at Wells Fargo in Charlotte, North Carolina. That skepticism also extended to home purchase plans.

☆ World food prices fall for 12th month running in March - FAO
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +3 min

ROME, April 7 (Reuters) - The United Nations food agency's world price index fell in March for a 12th consecutive month, and is now down 20.5% from a record high hit one year ago following Russia's invasion of Ukraine. The Food and Agriculture Organization's (FAO) price index, which tracks the most globally traded food commodities, averaged 126.9 points last month against 129.7 for February, the agency said on Friday. The FAO cereal price index fell 5.6% month-on-month in March, with wheat registering a 7.1% drop, maize a 4.6% decline and rice easing 3.2 percent. FAO also raised its forecast for world cereal production in 2022 to 2.777 billion tonnes, just 1.2% down from the previous year. World cereal utilisation in the 2022/23 period was seen at 2.779 billion tonnes, FAO said, down 0.7% from 2021/22.

☆ US services sector growth slows; price pressures abating
▼ + stars: | 2023-04-05 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Despite the pullback in growth in the services sector, Anthony Nieves, chair of the ISM Services Business Survey Committee noted that "the majority of respondents report a positive outlook on business conditions." The services sector is being supported by consumers switching spending from goods, which are typically bought on credit. ISM services PMITRADE DEFICIT WIDENSWhile accommodation and food services businesses reported that "traffic is recovering and nearly flat," they added "we are optimistic about the coming months." With demand cooling, services sector inflation continued to subside, though it remains elevated. Services sector employment growth also moderated.

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