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Goldman profit slides to three-year low on consumer losses
  + stars: | 2023-07-19 | by ( ) www.reuters.com   time to read: +3 min
The bank took a writedown of $504 million tied to its GreenSky business and $485 million related to its consolidated real estate investments. It was Goldman's lowest quarterly profit since the second quarter of 2020. Trading revenue for fixed income, currency and commodities fell 26%, while equities trading revenue was broadly unchanged. On Tuesday, Goldman's peer Morgan Stanley (MS.N) said its investment banking revenue was in line with last year, but the trading business had weakened. However, uncertainty about the trajectory of the economy continues to be a hurdle with global mergers and acquisitions activity falling 36% from last year in the second quarter.
Persons: Goldman, David Solomon, GreenSky, Goldman's Marcus, Marcus, Morgan Stanley, MS.N, Niket Nishant, Noor Zainab Hussain, Saeed Azhar, Arun Koyyur Organizations: Goldman Sachs, Analysts, Investment, Federal Reserve, Reuters, Thomson Locations: Bengaluru, New York
Next Gucci CEO may have toughest job in luxury
  + stars: | 2023-07-19 | by ( ) www.reuters.com   time to read: +2 min
LONDON, July 19 (Reuters Breakingviews) - Gucci is getting a new look. Gucci took a harder hit during the pandemic than some mega-brand rivals, then struggled to bounce back. That’s way below the 10% and 15% rise brokers are pencilling in for Louis Vuitton and Christian Dior (DIOR.PA) respectively. All of that makes Gucci CEO job one of the most interesting in the luxury sector – but also possibly the toughest. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Gucci, Marco Bizzarri, Jean, François, Kering’s, Bizzarri, Roberto Eggs, Louis Vuitton, Christian Dior, Karen Kwok, Xavier Niel’s, Liam Proud, Streisand Neto Organizations: Reuters, Tuesday, Gucci, JPMorgan, Revenue, Alpha, Louis, Hermès, Barclays, Bain & Company, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson Locations: Milan, Italian, Kering’s Paris, China, People’s Republic
Retail sales increased 0.2% last month, the U.S. Commerce Department said, but core retail sales increased 0.6%, excluding automobiles, gasoline, building materials and food services. Headline data for May also was revised higher to show sales gaining 0.5% instead of 0.3% as previously reported. Asian stocks fell earlier in the session as markets caught up with growth data from Monday showing the post-pandemic bounce in China's economy was over. Besides the Fed, the European Central Bank and the Bank of Japan also hold policy meetings next week. Expectations that the Fed and the ECB will diverge on rate hikes have caused the dollar to weaken recently.
Persons: Brendan McDermid, Morgan Stanley, Jimmy Chang, Chang, J.P, Morgan, Fiona Cincotta, DAX, Brent, Herbert Lash, Elizabeth Howcroft, Selina Li, Chizu Nomiyama, Jonathan Oatis, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Bank, Federal, Bank of America, U.S . Commerce Department, Rockefeller, Dow Jones, Nasdaq, Deutsche Bank, Citigroup, Fed, European Central Bank, Bank of, ECB, U.S, West Texas, Thomson Locations: New York City, U.S, New York, Europe, China, Germany, Bank of Japan, London, Hong Kong
[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. Headline data for May also was revised higher to show sales gaining 0.5% instead of 0.3% as previously reported. Deutsche Bank said it was lowering its forecast for China's economic growth this year, following similar moves on Monday by J.P. Morgan, Morgan Stanley and Citigroup. Besides the Fed, the European Central Bank and the Bank of Japan also hold policy meetings next week. Expectations that the Fed and the ECB will diverge on rate hikes have caused the dollar to weaken recently.
Persons: Brendan McDermid, Dow Industrials, Thomas Hayes, Dow, Morgan Stanley, J.P, Morgan, Fiona Cincotta, DAX, Brent, Elizabeth Howcroft, Selina Li, Chizu Nomiyama, Jonathan Oatis Organizations: New York Stock Exchange, REUTERS, Reserve, U.S . Commerce Department, Treasury, Dow, Nasdaq, Microsoft Corp, Amazon.com Inc, Apple Inc, Great, Great Hill Capital, Bank of America, Dow Jones, Deutsche Bank, Citigroup, Fed, European Central Bank, Bank of, ECB, Thomson Locations: New York City, U.S, Great Hill, New York, Europe, China, Germany, Bank of Japan, Hong Kong
[1/2] FILE PHOTO-People walk past a screen displaying the Hang Seng stock index outside Hong Kong Exchanges, in Hong Kong, China July 19, 2022. Investors are waiting for clearer signs that inflation is cooling, with the readings on U.S. retail sales and industrial production to be released later on Tuesday. Economists reckon retail sales in June will show a 0.5% rise from May, strong enough to keep the soft landing scenario without rekindling worries about inflation. The Fed, European Central Bank and Bank of Japan are holding policy reviews next week. The U.S. dollar index dipped slightly to 99.71 in Asia trade, having struck its lowest since April 2022 on Friday.
Persons: Lam, Morgan Stanley, Goldman Sachs, Gary Ng, Ng, Brent, Selena Li, Simon Cameron, Moore, Sam Holmes Organizations: Hong Kong Exchanges, REUTERS, Federal, Bank of America, Natixis Corporate, Investment Bank, The, European Central Bank and Bank of Japan, Japan's Nikkei, ECB, Fed, Bank of England, U.S, Bank of Japan, Thomson Locations: Hong Kong, China, HONG KONG, Asia, Pacific, Japan
One senior Taiwan fund manger told Reuters that third quarter profit would bounce back given expectations for AI demand and launches of new iPhones ahead of the year-end holiday shopping season. The second quarter is traditionally a slow period for sales for the tech industry with demand usually picking up in the third quarter and towards the year-end shopping season. TSMC , Asia's most valuable listed company, posted a surprise rise in net profit for the quarter ended March, up 2% from a year earlier. The company will provide guidance for the third quarter and update previous forecasts on its earnings call at 0600 GMT on Thursday. ($1 = 30.9600 Taiwan dollars)Reporting by Faith Hung and Ben Blanchard Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.
Persons: TSMC, TSMC's, Faith Hung, Ben Blanchard, Shri Navaratnam Organizations: TAIPEI, Taiwan Semiconductor Manufacturing Co, Nvidia, Reuters, Investment, EV, Thomson Locations: Taiwan, China, Taipei
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slipped 0.63% in the morning session. Investors are waiting for stronger signs of inflation cooling, with the readings on U.S. retail sales and U.S. industrial production to be released later on Tuesday. Economists reckon retail sales in June will show a 0.5% rise from May. The U.S. Federal Reserve, European Central Bank and Bank of Japan are holding policy reviews next week. A possible divergence of U.S. Federal Reserve and European Central Bank on rate hikes has recently caused dollar to weaken.
Persons: Gary Ng, Ng, Brent, Selena Li, Simon Cameron, Moore Organizations: Natixis Corporate, Investment Bank, The U.S . Federal Reserve, European Central Bank and Bank of Japan, Japan's Nikkei, . Federal Reserve, European Central Bank, Fed, Bank of England, Bank of Japan, U.S, Thomson Locations: HONG KONG, Asia, Pacific, Japan, Hong Kong, China
Fury of the Gods” and “Fast X.”The latest “Mission: Impossible” film arrived last weekend to solid results, but below what Hollywood had been expecting. “Oppenheimer” is based on the 2005 biography “American Prometheus” by Kai Bird and Martin J. Sherwin. “Both studios went all-in on original films, directed by notable auteurs with an interest in pushing the envelope,” said Paul Dergarabedian, a senior Comscore analyst. “Barbie” is aimed at women, while “Oppenheimer” has the edge with men. One represents what many cinephiles loathe about Hollywood: movies based on toys.
Persons: moviegoing, John Wick, Indiana Jones, , Mario, III, Barbie, “ Oppenheimer, Kai Bird, Martin J, Sherwin, Paul Dergarabedian, ” “ Barbie ”, — Margot Robbie, Ryan Gosling —, Cillian Murphy, “ Barbie ”, “ Oppenheimer ” Organizations: Hollywood, Mario Bros, Locations: United States, Canada
She’s rolling in the grass dressed in sunflower yellow, kissing a man about whom she’s passionately ambivalent (“Boyfriends and Girlfriends,” 1987). She’s strolling through the countryside in a fleecy blue sweater, having no fun at all (“The Green Ray,” 1986). This is summer love, Eric Rohmer-style: It isn’t easy, but it sure is chic. The characters are “often on vacation, so you want something that’s sort of breezy that you can move in,” she said. “His clothes aren’t extravagant, but they’re elegant in this easy, ineffable way.”
Persons: she’s, Ray, She’s, Frenchman, Eric Rohmer, ” Alexandra Tell, Locations: France
Dollar decline slows as investors wait on Fed
  + stars: | 2023-07-17 | by ( Karen Brettell | ) www.reuters.com   time to read: +3 min
This week is likely to see the dollar consolidate as investors wait on the Federal Reserve’s meeting next week, when the U.S. central bank is expected to hike rates by an additional 25 basis points. The pace of last week’s dollar decline “seemed unusually large,” said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York, noting that the market should steady and see a firmer dollar this week. Fed funds futures traders are pricing in an additional 32 basis points of tightening with the benchmark rate expected to peak at 5.40% in November. The dollar index was last down 0.12% at 99.832, after falling to 99.574 on Friday, the lowest since April 2022. The dollar dipped 0.07% against the Japanese yen to 138.65, after dropping to 137.245 on Friday, the lowest since May 17.
Persons: , Marc Chandler, Francesco Pesole, Bundesbank, Joice Alves, David Holmes, Andrea Ricci Organizations: YORK, Federal, Bannockburn Global, Treasury, ING, International Monetary Fund, European Central Bank, Thomson Locations: U.S, Bannockburn, New York, Germany, London
Versus the yen the dollar fell 0.28% to 138.36 yen per dollar, after touching its lowest against the Japanese currency in two months on Friday. ,"The FX market is front running possible normalisation of Fed policy in 2024," said Chris Weston, head of research at broker Pepperstone in Melbourne. "The question then is whether the dollar sell-off has gone too far and we are at risk of mean reversion early this week." The Swedish and Norwegian crowns continued to climb after making gains of more than 5% on the dollar last week. The Swedish crown rose 0.2% to 10.2360 against the dollar, the Norwegian crown rose instead 0.4% to 10.0160.
Persons: Francesco Pesole, Chris Weston, Carol Kong, Sharp, Joice Alves, Tom Westbrook, Angus MacSwan, Andrew Heavens Organizations: ING, Federal Reserve, Fed, European Central Bank, Pepperstone, U.S, New Zealand, Commonwealth Bank of Australia, dovish Bank of, Thomson Locations: SYDNEY, U.S, Germany, Europe, Melbourne, dovish Bank of Japan, Norwegian, London, Sydney
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOptions Action: Traders risking less than 1% on AT&T stock price to bet on a bounceMike Khouw, Optimize Advisors president, joins CNBC’s Melissa Lee and the Options Action traders to talk AT&T.
Persons: Mike Khouw, Melissa Lee Organizations: Options
July 17 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The macro and market week in Asia starts with a bang on Monday, with a raft of top-tier economic indicators from China culminating in second-quarter GDP growth data. A raft of Chinese economic indicators for June - investment, retail sales, industrial production and unemployment - will be released on Monday, as well as the second-quarter GDP report. A sub-consensus Q2 GDP print on Monday could tilt expectations toward further easing. Here are key developments that could provide more direction to markets on Monday:- China GDP (Q2)- China investment, retail sales, industrial production, unemployment (June)- Indonesia trade (June)By Jamie McGeever; Editing byOur Standards: The Thomson Reuters Trust Principles.
Persons: Jamie McGeever, Goldman, Morgan Stanley, Goldman Sachs Organizations: Bank of America, Tesla, Netflix, Thomson, Reuters Locations: Asia, China, U.S, Japan, New Zealand, Australia, Indonesia
China economic data likely to show recovery is fading quickly
  + stars: | 2023-07-16 | by ( ) www.reuters.com   time to read: +4 min
Producer prices fell at the fastest pace in over seven years in June and consumer prices teetered on the verge of deflation, data showed earlier in the week. Authorities are likely to roll out more stimulus steps including fiscal spending to fund big-ticket infrastructure projects, more support for consumers and private firms, and some property policy easing, policy insiders and economists said. The central bank cut the RRR - the amount of cash that banks must hold as reserves - in March. China also cut its benchmark lending rates by a modest 10 basis points in June, the first such reduction in 10 months. But the central bank is likely to be wary of cutting lending rates further.
Persons: Kevin Yao, Kim Coghill Organizations: Reuters, Authorities, Thomson Locations: BEIJING, China, Beijing, COVID
LONDON, July 16 (Reuters) - Novak Djokovic has experienced everything possible on a tennis court during his trophy-laden 23-year career but said he has never faced a player quite like Carlos Alcaraz. "I didn't expect him to play so well this year on grass, but he's proven he's the best player in the world," Djokovic said after his 1-6 7-6(6) 6-1 3-6 6-4 defeat. I think he's got some nice sliding backhands, some similarities with my backhands. After outplaying Alcaraz in a one-sided first set, Djokovic then slugged out an 85-minute second and had a point for a two-set lead in the tiebreak but dumped a backhand into the net. "Set point, I missed the backhand.
Persons: Novak Djokovic, Carlos Alcaraz, Alcaraz, Rafa Nadal, Roger Federer, Margaret Court's, Casper Ruud, cramp, Djokovic, Andy Murray, Roger, Rafa, He's, we've, he's, Serbia's Novak Djokovic, Spain's Carlos Alcaraz, Dylan Martinez Djokovic, outplaying, Martyn Herman, Toby Davis Organizations: Court, Wimbledon, Djokovic, Lawn Tennis, Croquet Club, Thomson Locations: U.S, London, Britain
How to save San Francisco
  + stars: | 2023-07-16 | by ( Adam Rogers | ) www.businessinsider.com   time to read: +18 min
But treating San Francisco as some sort of outlier, a sui generis example of urban decay, is wrong, too. After I washed out back there I washed up on the Embarcadero, a typical San Francisco story. Because here's my one crazy trick to fix San Francisco: homes. Paul Chinn/The San Francisco Chronicle via Getty ImagesThis is just a matter of good old-fashioned supply and demand. To revive the city, San Francisco needs to get back to its freak-flag-flying roots.
Persons: Nobody's, I've, It's, it's, who'd, Paul Chinn, nix, aren't, rafter, Tayfun, Francis Wood, fixable, Berkeley, Adam Rogers Organizations: Liberal, Homelessness, Bay Area, Pride, Black Panthers, Washington Monthly, San Francisco, Getty, SF, Supervisors, Crafts, Planners, Foods, Anadolu Agency, Walgreens, Nordstrom, Unit Locations: San Francisco, Bay, Francisco, California, Black, Los Angeles, Boston , New York, Washington, United States, Barcelona, Paris, St, Barbary, Hong Kong, Mexico City, Angeles, Houston, Helsinki, East, Treasure, Emeryville
If you want to rile up a San Francisco native, mention the doom loop. But treating San Francisco as some sort of outlier, a sui generis example of urban decay, is wrong, too. After I washed out back there I washed up on the Embarcadero, a typical San Francisco story. Because here's my one crazy trick to fix San Francisco: homes. To revive the city, San Francisco needs to get back to its freak-flag-flying roots.
Persons: Nobody's, I've, It's, it's, who'd, Paul Chinn, nix, aren't, rafter, Tayfun, Francis Wood, fixable, Berkeley, Adam Rogers Organizations: Liberal, Homelessness, Bay Area, Pride, Black Panthers, Washington Monthly, San Francisco, Getty, SF, Supervisors, Crafts, Planners, Foods, Anadolu Agency, Walgreens, Nordstrom, Unit Locations: San Francisco, Bay, Francisco, California, Black, Los Angeles, Boston , New York, Washington, United States, Barcelona, Paris, St, Barbary, Hong Kong, Mexico City, Angeles, Houston, Helsinki, East, Treasure, Emeryville
These signals are data points that indicate things like share price and trading volume, to name a few. He has a checklist of variables that he looks for before deciding to short a stock. He's also able to shop around for the best locate fee, or a flat per-share fee to borrow shares to short sell. This indicates the price point where many traders purchased shares before the price plunged, leaving them stuck holding the shares. This price point could indicate a resistance line and a possible area to short the stock, he said.
Persons: David Capablanca, TraderSync, David Olivares, Olivares, Capablanca, He's, VWAP David Capablanca, it's, I'm Organizations: Capablanca's, Interactive, Capablanca, Growth Corp, Insider
The S & P 500 gained 2.4% amid a better-than-expected inflation reading and the early innings of second-quarter earnings season. CNBC Pro screened the S & P 500 for stocks in overbought territory, based on their 14-day relative strength index. A 14-day RSI above 70 means a stock is overbought and could be due for a reversal. Here are the S & P 500 stocks currently in overbought territory: Charter Communications is the most overbought stock in the S & P 500, with a gain of 1% this week and an RSI reading exceeding 99. These are the most oversold names in the S & P 500: Hershey is the most oversold stock of the group, with an RSI of about 13.
Persons: Phillips, Baker Hughes, Johnson Organizations: CNBC Pro, Communications, Williams Companies, Phillips, Hershey, RSI, Humana, Myers Squibb, Pfizer, Johnson Locations: overbought, Bristol
July 14 (Reuters) - BlackRock Inc (BLK.N), the world's biggest asset manager, handily beat second-quarter profit estimates but showed a slowdown in money inflows, sending shares down about 2%. Net inflows for the quarter were $80 billion, down from $89.6 billion a year ago and $110 billion in the first quarter, amid heightened economic uncertainties. "The firm's flow mix remains skewed toward lower fee strategies, which continue to weigh on organic base fee growth," Goldman Sachs said in a note to clients. Citigroup described the results as "a bit of a mixed quarter," given BlackRock's profit beat but lower-than-expected inflows. Shares in BlackRock are up 2.85% this year, underperforming the S&P 500 index (.SPX), which is up almost 18%.
Persons: Refinitiv IBES, Kyle Sanders, Edward Jones, Goldman Sachs, BlackRock, Larry Fink, Fink, Martin Small, Jaiveer Singh, Chizu Nomiyama, Mark Potter, Anna Driver Organizations: BlackRock Inc, BlackRock, Citigroup, CNBC, Thomson Locations: New York, BlackRock, Bengaluru
As investors bet on a milder inflation outlook, the MSCI World Equity index (.MIWD00000PUS) rose to its highest so far this year. BOND YIELD BOUNCEU.S. government bond yields bounced back slightly on Friday after sharp declines earlier in the week. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up 10.6 bps at 4.717%. "Getting the 3% (inflation reading) is one thing, getting back to 2% is going to be a much harder task," Villamin said. LOWER DOLLAR HOLDSThe dollar hovered near a 15-month low on Friday and was set for its biggest weekly decline since November after softening U.S. inflation data.
Persons: Brendan McDermid, Germany's DAX, Michele Morganti, Morganti, Norman Villamin, We're, Villamin, Brent, Lawrence Delevingne, Elizabeth Howcroft, Jan Harvey, Nick Macfie Organizations: New York Stock Exchange, REUTERS, U.S . Federal Reserve, Wednesday U.S, JPMorgan Chase, UnitedHealth, Dow Jones, Nasdaq, Generali Investments, Treasury, Brent, Thomson Locations: New York City, U.S, Rome, Libya, Nigeria, Boston, London
Still, what you say — and how you say it — matters, according to parenting expert and author Erika Katz. Positive parenting can strengthen a child's mental health, lead to academic improvement and promote well-being throughout teenage and adult years, according to findings from The University of California, Davis. When kids are shamed by their parents, meanwhile, research shows it can stunt their confidence and motivation. Here are four scenarios where you may get frustrated with your kid, and what to say, according to Katz. Using "we" instead of "you" while parenting comes off less accusatory: Opt for phrases like, "We don't hit, we don't steal.
Persons: Erika Katz, Katz, Davis, they're, That's, It's, Warren Buffett Organizations: CNBC, University of California
Microsoft (MSFT) updated plans to expand further into cybersecurity this week, creating chaos in pure-play vendors like Club name Palo Alto Networks (PANW). We think that decline was an overreaction and the bounce since shows that investors have come to realize that Microsoft's moves pose little threat to cybersecurity leader Palo Alto. Bottom line We believe Palo Alto will stay the cybersecurity leader regardless of Microsoft's announcement. Founded in 2005, Palo Alto has been in the space much longer than Microsoft, and it has a first-mover advantage. Signage outside Palo Alto Networks headquarters in Santa Clara, California, U.S., on Thursday, May 13, 2021.
Persons: Palo Alto, I'm, Jim Cramer, Nikesh Arora, Arora, We've, Brent Thill, Goldman Sachs, Gabriela Borges, Satya Nadella, Palo, Jim, Jim Cramer's, David Paul Morris Organizations: Microsoft, Palo Alto Networks, Palo Alto, Jefferies, Alto Networks, Apple, Management, JPMorgan, Nasdaq, Big Tech, CNBC, Bloomberg, Getty Locations: Palo Alto, Palo, PANW, cybersecurity, Santa Clara , California, U.S
“SlamBall is special because it’s a brand that has lived on in social media in a really powerful way. Making its comeback for a 2023 summer league, SlamBall will be back on TV screens, via ESPN, and hopes to attract new viewers. The sport has lived on via social media clips of crazy moves. SlamBall LLCDreams becoming reality“I had this recurring dream all the time,” Gordon says of the origins of the sport. “Social media didn’t exist, Twitter didn’t exist, TikTok didn’t exist.”With incredible dunks like George Byrd's on Kevin Cassidy, SlamBall has huge viral potential.
Persons: Mason Gordon, SlamBall, ” Gordon, , Gordon, , Gerard Gordeau, Taylor Wily, Markus Boesch, Stan “, ” Fletcher, Fletcher, , Stan, Jim Heath, “ I’m, Fletcher’s SlamBall, Michael Jordan, Julius “ Dr, J ” Erving, Mike Tollin, SlamBall’s, Ben Peppi, George Byrd's, Kevin Cassidy, Pat Ecclesine, BringBackSlamBall, Pat Ecclesine ‘, “ There’s, it’s Organizations: CNN, NFL, NBA, MLB, MLS, CNN Sport, ESPN, UFC, Mandalay Sports Media, Twitter, Locations: Las Vegas, Los Angeles
U.S. consumers still have a healthy balance sheet, the banks said, but warned spending was slowing and there had been a modest deterioration in some consumer debt. "The U.S. economy continues to be resilient," JPMorgan Chief Executive Jamie Dimon said. Investors have worried that high interest rates could push the economy into a recession, but the outlook remains uncertain. Wells CEO Charlie Scharf said the range of scenarios for the economy should narrow over the next few quarters. For now, the economy is performing better than many expected but will likely continue slowing.
Persons: JPMorgan Chase, Wells Fargo WFC.N, Wells, Jamie Dimon, Jeremy Barnum, Charlie Scharf, Larry Fink, Wells Fargo, Scharf, Morgan Stanley, Goldman Sachs, Niket Nishant, Noor Zainab Hussain, Mehnaz Yasmin, Manya, Nupur Anand, Saeed Azhar, Megan Davies, Paritosh Bansal, Nick Zieminski Organizations: JPMorgan, Citigroup, Citi, Federal Reserve, CNBC, Wells, Bank of America, Manya Saini, Thomson Locations: Wells, U.S, Bengaluru, New York
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