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☆ UK economy grew 0.2% in August, propped up by services sector
▼ + stars: | 2023-10-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

U.K. gross domestic product grew by 0.2% in August, the Office for National Statistics estimated Thursday, partially recovering from a downwardly revised 0.6% contraction in July. "It does not change the outlook for the Bank of England and confirms that the Bank Rate does not have much upside from here, but will remain at current levels for an extended period." The Bank of England last month ended a run of 14 consecutive interest rate hikes after data showed inflation was running below expectations. "The UK has grown faster than France and Germany since the pandemic and today's data shows the economy is more resilient than expected," U.K. Finance Minister Jeremy Hunt said Thursday. U.K. headline inflation dipped to an annual 6.7% in August, below expectations but still well above the Bank's 2% target.

Persons: Mathieu Savary, Jeremy Hunt, Thiru Organizations: Citibank, HSBC, National Statistics, BCA Research, Bank of England, of England, Bank, Finance, Institute of Chartered Accountants, Wales, Bank of England's Locations: Wharf, London, United Kingdom, U.K, European, France, Germany, England

A stacker unloads iron ore onto a pile at a mine located in the Pilbara region of Western Australia December 2, 2013. China iron ore imports vs SGX priceIMPORTS SLIPThere are also signs that China's iron ore imports may soften in October, although that is most likely related to the week-long holidays at the start of the month. The last official reading on iron ore imports was August's customs figure of 106.42 million metric tons, which was the highest monthly total since October 2020. A further possible concern for iron ore imports is what policy China will adopt regarding steel production for the coming winter period. One possible bullish factor for iron ore is the continuing retreat of China's port inventories, which suggests scope to import more to boost stockpiles.

Persons: David Gray, doesn't, SteelHome, Sonali Paul Organizations: REUTERS, Rights, China, HK, Garden, JPMorgan, Reuters, Thomson Locations: Pilbara, Western Australia, Rights LAUNCESTON, Australia, Beijing, Singapore, China's, China

☆ Inflation held steady in September as housing and gas prices keep going up
▼ + stars: | 2023-10-12 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

That's the same as the year-over-year increase of 3.7% in August. Core CPI increased 4.1% from September 2022 to September this year. AdvertisementAdvertisementInflation is still elevated and held steady in September, based on Consumer Price Index or CPI data out Thursday. The year-over-year increase in this index had been falling, based on data before Thursday's data release. AdvertisementAdvertisementCore CPI index increased 0.3% from August to September.

Persons: —, Julia Pollak, ZipRecruiter, Pollak, Price, Gregory Daco Organizations: Service, Consumer, Index, CPI, Bureau of Labor Statistics, BLS, payrolls

Official data showed economic output expanded by 0.2% in August from July, matching the median forecast in a Reuters poll of economists. "The UK economy is holding up but remains in a precarious state," said David Bharier, head of research at the British Chambers of Commerce. The data showed Britain's huge services sector grew by a slightly stronger than expected 0.4% in August from July while manufacturing and construction shrank by 0.8% and 0.5%. Investors are putting a chance of less than one in four on the BoE resuming its rate hikes after its next scheduled meeting in November. Britain's economy stood 2.1% bigger than in February 2020, just before the coronavirus pandemic hit, the ONS said.

Persons: Matthew Childs, Sterling, Elizabeth's, BoE, David Bharier, William Schomberg, Andy Bruce, Kate Holton Organizations: REUTERS, Bank of England, Monetary Fund, Chambers of Commerce, European Union, ONS, Thomson Locations: London, Britain, Miral

☆ Stock futures inch higher as Wall Street awaits key inflation data: Live updates
▼ + stars: | 2023-10-11 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange during morning trading on January 04, 2023 in New York City. U.S. stock futures ticked up Wednesday night as investors looked toward new consumer inflation data for greater insight on the economy. Futures tied to the Dow Jones Industrial Average added 38 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures inched up about 0.2% each. "[August's] CPI print was a bit stronger than we anticipated, though the downward trend in core inflation persisted.

Persons: Dow Jones, Andrew Patterson, Raphael Bostic, Susan Collins Organizations: New York Stock Exchange, Futures, Dow Jones, Nasdaq, Dow, Investors, Federal Reserve, Vanguard, Traders, Atlanta Fed, Boston Fed, Delta Air Lines, Walgreens Boots Alliance Locations: New York City . U.S, Israel

☆ UK housing market challenging but rate pause offers hope -RICS
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

The Royal Institution of Chartered Surveyors (RICS) house price balance, which measures the difference between the percentage of surveyors seeing rises and falls in house prices, edged down to -69 after August's sharp drop to -68. Echoing other gauges of British house prices, RICS' latest figure was the weakest since February 2009 and was below the median forecast of -63 in a Reuters poll of economists. Britain's housing market boomed during the coronavirus pandemic as demand for homes with more space surged, but it has been a victim of the BoE's run of 14 interest rate hikes, which began in December 2021. "Although the decision to pause monetary policy tightening a few weeks ago provided a glimmer of relief for the market, interest rates are likely now set to remain on hold for a prolonged period," Parsons said. The weak state of the housing market has hurt companies such as building materials supplier Travis Perkins (TPK.L), which on Wednesday downgraded its annual profit forecast by as much as 27%.

Persons: Henry Nicholls, RICS, Tarrant Parsons, Parsons, Travis Perkins, William Schomberg, Kylie MacLellan Organizations: REUTERS, Bank, Royal Institution, Chartered Surveyors, Thomson Locations: London, Britain

☆ An suspended for three months by PGA Tour for doping violation
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +1 min

Mandatory Credit: Christopher Hanewinckel-USA TODAY Sports/File Photo Acquire Licensing RightsOct 11 (Reuters) - South Korean golfer An Byeong-hun has been suspended by the PGA Tour for three months for a doping violation, the U.S.-based circuit said on Wednesday. "He has cooperated fully with the Tour throughout the process and accepted his suspension," the PGA Tour said, adding that it had no further comment on the matter at this time. The 32-year-old An, whose suspension is retroactive to Aug. 31, will be eligible to return to competition on Dec. 1. An recorded four top-10 finishes in 31 events during the 2022-23 PGA Tour season. His last PGA Tour start was at August's BMW Championship where he finished 43rd in the penultimate playoff event.

Persons: Byeong, Christopher Hanewinckel, Frank Pingue, Toby Davis, Ed Osmond Organizations: FedEx St, Jude Championship, PGA, Doping Agency, August's BMW, Thomson Locations: Memphis , Tennessee, USA, U.S, Korea, Toronto

☆ The CPI trade: Here's where JPMorgan sees the market going, based on these scenarios
▼ + stars: | 2023-10-11 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

"This would be the Goldilocks Scenario," JPMorgan wrote. This could lead to the S & P 500 rallying between 1% and 1.5%. This outcome could pull the S & P 500 down in a range of 1.5% to 2%. "Another tail-risk outcome where some of the most interesting moves could come from the bond market," JPMorgan wrote. JPMorgan expects the S & P 500 to jump 1.5% to 2%.

Persons: Dow Jones, — CNBC's Michael Bloom Organizations: Federal Reserve, JPMorgan, Fed, CPI Locations: U.S

☆ UK consumers hunker down as fuel prices climb
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

A person puts fuel in their car at a filling station, at an ASDA supermarket in Birkenhead, Britain, July 3, 2023. Britain's high inflation rate has slowed but at 6.7% in August it remains more than three times the Bank of England's 2% target. The BRC's like-for-like sales measure - which adjusts for changes in store space - slowed to show growth of 2.8% from 4.3% in August. Seventy percent of consumers surveyed by Barclays said they were finding ways to reduce costs, up slightly from August. Jack Meaning, chief UK economist at Barclays, said the warning signs of wariness among consumers was filtering through into their spending decisions.

Persons: Phil Noble, Helen Dickinson, electricals, Dickinson, BoE, Jack, William Schomberg, James Davey Organizations: REUTERS, Consumers, British Retail Consortium, Bank of England's, Barclays, Rugby, Thomson Locations: Birkenhead, Britain, August's

☆ Stock futures are little changed Monday evening as Israel-Hamas war raises geopolitical concerns: Live updates
▼ + stars: | 2023-10-09 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

U.S. stock futures were near the flat line on Monday night as Wall Street assessed the impact and risks of a protracted conflict from the Israel-Hamas war. Futures linked to the S&P 500 ticked down 0.01%, while Nasdaq 100 futures added 0.07%. In the wake of the attacks, investors have also raised concerns of how tougher sanctions on Iran could affect global oil supply. Tightened sanctions on Iran and subsequent disruptions to Iran's oil supply "would have more of an impact on oil markets," said BMO Capital Markets chief investment officer Yung-Yu Ma. "I think the oil markets have a little bit of a buffer here.

Persons: Dow, Brent, Meera Pandit, Yung, Yu Ma, Ma Organizations: Dow Jones Industrial, Nasdaq, West, Energy, Israel, West Bank, Asset Management, Capital Markets, Investors Locations: Israel, West Texas, Aqsa, Gaza, Iran

☆ 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

☆ The 20 US metro areas expected to see the biggest price booms, according to a property-data firm
▼ + stars: | 2023-10-08 | by ( Laila Maidan | ) www.businessinsider.com time to read: 1 min

Home prices have appreciated for a 139th consecutive month, according to CoreLogic. Prices have now gone up by 42% since the start of the pandemic shutdowns in March 2020. These 20 metro areas are expected to see the price biggest spikes over the next year. August's home price index issued by CoreLogic revealed that home prices just rose for the 139th consecutive month on a year-over-year basis. August saw a 3.7% increase in home prices from last year, the biggest since February.

Persons: CoreLogic

☆ UK house prices fall by most since 2009 in 12 months to Sept-Halifax
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Carl Recine/File Photo Acquire Licensing RightsLONDON, Oct 6 (Reuters) - British house prices fell at the fastest pace since 2009 over the 12 months to September, data from mortgage lending Halifax showed on Friday, echoing other measures of the housing market which have slowed after a jump in interest rates. Halifax said house prices were 4.7% lower last month than in September 2022, compared with a 4.5% annual fall in August. Prices fell by 0.4% in September from August, a less severe monthly drop than August's 1.8% slide. Rival lender Nationwide said on Monday its measure of house prices in September were 5.3% lower than a year earlier, matching their fall in August which was the biggest annual drop since 2009, although prices were unchanged in monthly terms. The fall in house prices so far remains much less marked than the climb during the coronavirus pandemic which lasted into last year.

Persons: Carl Recine, Kim Kinnaird, William Schomberg, Sarah Young Organizations: REUTERS, Halifax, Bank of England, Nationwide, Thomson Locations: Liverpool , Merseyside, Britain, Halifax

☆ Job growth surged in September
▼ + stars: | 2023-10-06 | by ( Madison Hoff | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

The US added 336,000 jobs in September, greater than job growth in August. "It is a sign of stability, steady growth, and we are committed to making sure that all Americans share in the growth and prosperity." Leisure and hospitality saw robust job growth in September, with a gain of 96,000. Government employment soared by 73,000, with bigger gains in local and state government roles compared to the job growth for the federal government. After an increase in the unemployment rate in August as more people entered the labor force, the unemployment rate was 3.8% again in September.

Persons: —, Labor Julie Su, Nick Bunker, Julia Pollak, ZipRecruiter, Bunker, Daniel Zhao, Karin Kimbrough, Kimbrough, there's Organizations: Workers, Service, Bureau of Labor Statistics, of Labor, Labor, North America, Leisure

☆ A new Chile? Argentina is at the epicenter of a new ‘white gold’ rush
▼ + stars: | 2023-10-06 | by ( Sam Meredith | ) www.cnbc.com time to read: +8 min

Ricardo Ceppi | Getty Images News | Getty ImagesMomentum behind Argentina's lithium mining boom is picking up fast. The region is estimated to hold more than half of global lithium reserves, mainly located in Argentina (21%) and Chile (11%). Leftist President Gabriel Boric announced in April that the state was taking a majority stake in the country's lithium industry, dismaying some business leaders. Tomas Cuesta | Getty Images News | Getty Images"Everyone thinks in Latin America, when it comes to mining and lithium, Chile comes to mind. The protests took place shortly after a controversial change in legislation gave lithium mining companies greater access to indigenous lands.

Persons: Ricardo Ceppi, Jujuy Gerardo Morales, Mariano Machado, Gabriel Boric, Javier Milei, Argentinians, Tomas Cuesta, Verisk Maplecroft's Machado, Machado Organizations: Salinas Grandes, Getty, Eurasia Group, International Energy Agency, Americas, Verisk Maplecroft, Group, Verisk, CNBC, La Libertad Locations: Salinas, Jujuy, Argentina, Chile, America, Buenos Aires, Catamarca, Salta, Verisk, China, Chile Chile, Australia, Santiago del Estero, Argentina's

☆ There's much not to like about the September jobs report for the market, but there's a silver lining
▼ + stars: | 2023-10-06 | by ( Bob Pisani | ) www.cnbc.com time to read: +1 min

What a shocker in the September jobs report: 336,000 jobs created, way above the 170,000 expected. Here's the silver lining, though: The issue everyone is most concerned about is inflation, and wage inflation is continuing to moderate. It is curious that copper and even beaten-up gasoline and oil are higher since the jobs report at 8:30 a.m. Oil stocks such as Occidental Petroleum are up, even as Exxon is down on reports of its interest in buying Pioneer Natural Resources . I'm not trying to sugarcoat a jobs report that was a surprise to all of us.

Persons: I'm Organizations: Freeport McMoRan, Occidental Petroleum, Exxon, Natural Resources, Visa, Caterpillar

☆ Treasury yields rise as investors await September jobs report
▼ + stars: | 2023-10-06 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

U.S. Treasury yields rose Friday as investors looked ahead to the release of the September jobs report, which could inform upcoming Federal Reserve monetary policy decisions. Investors are awaiting fresh data from the labor market in form of the September jobs report, which comes after a series of jobs data was released earlier in the week and could affect monetary policy. Economists surveyed by Dow Jones are expecting the jobs report to show that the U.S. economy added 170,000 jobs in September, which would be below August's 187,000. Should the report indicate continued tightness in the labor market, a further interest rate hike may be a possibility. Friday's jobs report comes after mixed labor market data published throughout the week.

Persons: Dow Jones Organizations: Treasury, U.S, Dow Locations: U.S

☆ US job growth sizzles; wage inflation cooling
▼ + stars: | 2023-10-06 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

The report followed news this week that job openings jumped in August and first-time applications for unemployment benefits remained low in September. "Moreover, it underscores that they will be in no hurry to cut rates - higher rates for longer." The economy needs to create roughly 100,000 per month to keep up with growth in the working-age population. Monthly wage growth also remained moderate, with average hourly earnings rising 0.2% after a similar gain in August. But as fewer people quit their jobs in search of greener pastures, wage growth could moderate, though recent hefty union contracts pose a risk.

Persons: Elizabeth Frantz, Kathy Bostjancic, Lucia Mutikani, Andrea Ricci, Chizu Organizations: REUTERS, Federal Reserve, Labor Department, Financial, Treasury, Nationwide, Reuters, United Auto Workers, UAW, General Motors, Ford Motor, Chrysler, Manufacturing, Labor, Thomson Locations: Arlington , Virginia, U.S, WASHINGTON, payrolls, Washington .

☆ House-building slump brings biggest UK construction fall since 2020
▼ + stars: | 2023-10-05 | by ( David Milliken | ) www.reuters.com time to read: +2 min

Partly finished houses are seen on a new housing development under construction in Liverpool, Britain June 2, 2023. The all-sector PMI - which includes services, manufacturing and construction - edged down to 48.2 in September, its lowest since January 2021. The house-building index dropped to 38.1 from 40.7 - its lowest since April 2009, apart from two months in 2020. Commercial construction also fell as clients grew more concerned about the economic outlook and civil engineering saw the steepest decline in over a year. Alongside the weaker activity, the survey showed the biggest rise in subcontractors' availability in 14 years and more stable input costs after steep rises between mid 2020 and mid 2023.

Persons: Phil Noble, Tim Moore, Rishi Sunak, Sunak, David Milliken, Toby Chopra Organizations: REUTERS, P, Reuters, PMI, P Global Market Intelligence, Nationwide, Bank of, Thomson Locations: Liverpool, Britain, August's, Bank of England, London, Manchester, Birmingham

A double-digit gain in the price of rice drove annual inflation to accelerate by 6.1% last month, its fastest pace in four months, according to data from the Philippine Statistics Authority released on Thursday. The country's economic planning agency on Thursday said it would recommend extending the lowered tariff rates on rice until December 2024, a day after Philippine President Ferdinand Marcos Jr lifted the cap on rice prices. Rice inflation quickened by 17.9% in September, the fastest in over 14 years, the statistics authority said, helping fuel the 10.0% food inflation rate for the month. September's faster-than-expected inflation could convince the Bangko Sentral ng Pilipinas (BSP) to resume hiking rates after it left its benchmark rate (PHCBIR=ECI) steady at its last two meetings. Last month's inflation print brought year-to-date average inflation to 6.6%.

Persons: Lisa Marie David, Ferdinand Marcos Jr, Marcos, September's, Nicholas Mapa, Neil Jerome Morales, Mikhail Flores, Karen Lema, Martin Petty Organizations: REUTERS, Philippine Statistics Authority, Philippine, ng Pilipinas, ING, Christian, Thomson Locations: Manila, Philippines, MANILA

☆ CNBC Daily Open: Brief reprieve for investors
▼ + stars: | 2023-10-05 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Michael M. Santiago | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayThe bottom lineInvestors got a brief reprieve from bad news and rising costs yesterday, which helped to ease pressure from stocks. "I don't think you get a broader [rally] participation until rates ease up, and that's only if rates ease without some sort of financial crisis or hard landing recession," said Ross Mayfield, investment strategy analyst at Baird. Echoing Mayfield, Liz Young, SoFi's head of investment strategy, said, "Obviously, we're getting a little reprieve today, but I think it's just that."

Persons: Michael M, Tuesday's JOLTS, Brent, Ross Mayfield, Baird, Echoing Mayfield, Liz Young Organizations: GM, New York Stock Exchange, Santiago, CNBC, Federal, ADP, West Texas, Dow Jones, Nasdaq Locations: New York City, U.S

Oct 6 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. A batch of data from Japan includes household spending and consumption figures, leading indicators, and the latest foreign exchange reserves. But Bank of Japan money market data indicates that the yen's jump on Tuesday was not the product of yen-buying intervention. The big policy event in Asia will be the Reserve Bank of India's interest rate decision, and more importantly, its guidance. The rupee goes into the meeting trading at 83.00 per dollar, right down at August's record low 83.45 per dollar.

Persons: Jamie McGeever, payrolls Organizations: Bank, Reserve Bank, U.S, Thomson, Reuters Locations: Japan, Asia, U.S, India

☆ Thousands evacuated on Spain's Tenerife as summer wildfire re-ignites
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +1 min

MADRID, Oct 5 (Reuters) - Authorities on the Spanish island of Tenerife evacuated some 3,000 people from their homes overnight as a wildfire sparked by high temperatures and strong winds raged in a forested area already ravaged by fire in August. August's wildfire burned for days, destroying some 15,000 hectares (37,000 acres) of woodland within the national park surrounding the Mount Teide volcano, Spain's highest peak. Thousands were also evacuated then, with most returning to their homes. A firefighter plane discharges water over Guimar, as wildfires rage out of control on the island of Tenerife, Canary Islands, Spain August 22, 2023. The island, in the Atlantic off Africa's northwestern coast, is on alert for high temperatures that are expected to reach 39 degrees Celsius (102.2 degrees Fahrenheit) throughout Thursday.

Persons: Nacho, Fernando Clavijo, Clavijo, David Latona, Emma Pinedo, Andrei Khalip, Deborah Kyvrikosaios Organizations: Twitter, Emergency, REUTERS, Canary, Thomson Locations: MADRID, Tenerife, army's, Canary Islands, Spain, Madrid

☆ Euro zone economy likely contracted in Q3 as demand faltered -PMI
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

HCOB's final Composite Purchasing Managers' Index (PMI), compiled by S&P Global and seen as a good gauge of overall economic health, nudged up to 47.2 in September from August's 46.7. Wednesday's survey showed the downturn was broad-based as, like in August, output declined in both services and manufacturing. "The HCOB Composite PMI for the euro zone did rebound a bit. A PMI covering the bloc's dominant services industry remained sub-50 for a second month but did rise to 48.7 from 47.9. Indeed, euro zone firms bulked up their teams at a faster pace than in August.

Persons: Cyrus de la Rubia, Jonathan Cable, Hugh Lawson Organizations: P Global, August's, PMI, Hamburg Commercial Bank, Thomson Locations: Germany, France, Hamburg

☆ Euro zone economy likely contracted in Q3
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

HCOB's final Composite Purchasing Managers' Index (PMI), compiled by S&P Global and seen as a good gauge of overall economic health, nudged up to 47.2 in September from August's 46.7. Wednesday's survey showed the downturn was broad-based as, like in August, output declined in both services and manufacturing. "The HCOB Composite PMI for the euro zone did rebound a bit. In one bright spot, services firms increased headcount at a faster pace last month than they did in August. Indeed, euro zone firms bulked up their teams at a faster pace than in August.

Persons: Wolfgang Rattay, Cyrus de la Rubia, Jonathan Cable, Hugh Lawson Organizations: REUTERS, P Global, August's, PMI, Hamburg Commercial Bank, Thomson Locations: Duisburg, Germany, France, Hamburg

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