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CNBC Daily Open: No news is good news
  + stars: | 2023-09-11 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
Source: NYSEThis 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. There was, for the first day during the week, no significant news, whether good or bad. To markets already jolted by a downbeat August and desperate for more signs of the interest rate trajectory, good news was bad news and bad news was bad news. But this time, any good news — in other words, lower-than-expected CPI — will be straightforwardly good.
Persons: Bryce Doty, Dow Organizations: NYSE, CNBC, Dow Jones, Nasdaq, Sit Investment Locations: U.S
CNBC Daily Open: Markets cheered the lack of news
  + stars: | 2023-09-11 | 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. Every bit of information that could move markets during the week indeed moved markets — negatively. To markets already jolted by a downbeat August and desperate for more signs of the interest rate trajectory, good news was bad news and bad news was bad news. This week looks to be different because there's no lack of heavy-hitting economic data, in the form of August's CPI report.
Persons: Michael M, Bryce Doty, Dow Organizations: New York Stock Exchange, Santiago, CNBC, Dow Jones, Nasdaq, Sit Investment Locations: New York City, U.S
By almost any objective measure, Americans are doing much better economically than they were nearly three years ago, when President Joe Biden took office. Inflation hangoverSharply higher prices in 2021 and 2022 marked a painful economic moment for households around the world. The partisan gapCNN’s latest poll shows that Republicans and Democrats are both souring on President Biden’s handling of the economy. “People are no longer telling us how they feel about the economy — really, they’re telling us how they feel about the president,” Wolfers said. Either way, that poses a political problem for President Biden, whose re-election campaign has sought to highlight the economy’s strengths.
Persons: New York CNN —, Joe Biden, SSRS, , There’s, , Justin Wolfers, Wolfers, That’s, ” Wolfers, you’d, ” Morgan Stanley, Jamie Kelter Davis, Carola Binder, , Biden, It’s, Biden’s, David Axelrod, — CNN’s Matt Egan Organizations: New, New York CNN, CNN, University of Michigan, P Global Market Intelligence, Atlanta, Bloomberg, Getty, United, Index, Bureau of Labor Statistics, Haverford College, Biden, , White House Locations: New York, Wolfers, United States, Ukraine
A Breakout Moment for Vivek Ramaswamy
  + stars: | 2023-08-30 | by ( Michael Barbaro | Mary Wilson | Diana Nguyen | ) www.nytimes.com   time to read: 1 min
In the Republican presidential race, the battle for second place has been jolted by the sudden rise of a political newcomer whose popularity has already eclipsed that of far more seasoned candidates — Vivek Ramaswamy. Jonathan Weisman, who is a political correspondent for The Times, explains the rising candidate’s back story, message and strategy.
Persons: Vivek Ramaswamy, Jonathan Weisman Organizations: Republican, The Times
Saul Loeb | AFP | Getty ImagesU.S. regulators on Tuesday unveiled plans to force regional banks to issue debt and bolster their so-called living wills, steps meant to protect the public in the event of more failures. Higher funding costsThe requirements will create "moderately higher funding costs" for regional banks, the agencies acknowledged. Still, the industry will have three years to conform to the new rule once enacted, and many banks already hold acceptable forms of debt, according to the regulators. They estimated that regional banks already have roughly 75% of the debt they will ultimately need to hold. Analysts have focused on the debt requirements because that is the most impactful change for bank shareholders.
Persons: Martin Gruenberg, Saul Loeb, Banks, Gruenberg, What's, Morgan Stanley, Manan Gosalia Organizations: Federal Deposit Insurance Corporation, Banking, Urban Affairs, Capitol, AFP, Getty, Treasury Department, Office, Currency, Federal Reserve, Federal Deposit Insurance Corp, FDIC, Brookings Institution, Silicon Valley Bank, Regulators, Analysts, T Bank, Citizens Financial, Northern Trust, Fifth Third Bancorp, Bank Locations: Washington , DC, Silicon
I put a stint of endless scrolling to good use by using the app to decide the itinerary for my latest vacation. So, like TikTok users said, early morning is probably the best time for a tourist to first experience the amusement park. Amarachi Orie/CNNWith a name meaning “Yellow Beach,” this place was an aesthetic wonder, which explains why it came up on TikTok. Amarachi Orie/CNNThis beach club on the Veronica Strip was recommended by TikTok users as the place to be to enjoy the island’s nightlife. I would recommend every place TikTok took me to, especially the aesthetic masterpieces: the yellow beach, Fiore and Masca.
Persons: Costa Adeje, Amarachi Orie, TikTokers, I’m, Orie, TikTok, I’d, Fiore, I’ll, don’t, CNN TikTok, Madonna, Harley Davidson, Bob Dylan, Bruce Springsteen, Billy Idol, Stevie Nicks, Veronica, Papagayo, Teide, Masca, it’s Organizations: CNN, TikTok, Costa Adeje TikTok, Costa Adeje, Port Colon, Workers, Papagayo Beach Club Spanish Locations: West Africa, Tenerife, Canary Islands, TikTok, tenerife, Costa, Siam, Spanish, Los Cristianos, Amarilla, Luuma, Playa de Las, Playa, Las, British, Santiago del Teide, Fiore
Spaniards celebrated their country’s first Women’s World Cup victory on Sunday afternoon by holding dance parties in the streets and sharing their giddy delight. But it was a kiss seen around the world that was the talk of social media. Amid the national jubilation, many were jolted by an impromptu kiss planted on the Spanish forward Jennifer Hermoso by the president of Spain’s soccer federation, Luis Rubiales, during the medals ceremony, an unpleasant reminder to many of the sexism scandals that have plagued Spanish women’s soccer. After the Spanish players defeated England 1-0 and lined up onstage in Sydney, Australia, to collect their medals before lifting the World Cup trophy, Mr. Rubiales enthusiastically grabbed Ms. Hermoso, kissed her on the cheeks and then kissed her fully on the lips, video of the encounter showed. Spain’s Queen Letizia was onstage at the time.
Persons: Jennifer Hermoso, Luis Rubiales, Rubiales, Hermoso, Letizia Organizations: soccer, England Locations: Spanish, Sydney, Australia
Europe - Latest News, Investigations and Analysis
  + stars: | 2023-08-17 | by ( ) www.wsj.com   time to read: 1 min
Ukraine Adopts Slow Approach to Counteroffensive: ‘Our Problem Everywhere Is the Sky’The swift loss of several tanks and infantry fighting vehicles, many of them immobilized by mines or missiles from attack helicopters, has jolted Ukraine and its Western backers.
Locations: Ukraine
Concern over the sector had waned after second-quarter results showed most banks stabilized deposit levels following steeper losses during the March regional banking crisis. "Bank profitability has peaked for the time being," Arsov said. Shrinking profit margins, along with relatively lower capital levels compared to peers at some regional banks and concern about commercial real estate defaults, were key reasons Moody's reassessed its ratings on banks after earlier actions. In March, Moody's placed six banks, including First Republic, under review for downgrades and cut its outlook for the industry to negative from stable. The analyst stressed that the U.S. banking system was still strong overall and that even the banks it cut were rated investment grade, indicating a low risk of default.
Persons: They've, Banks, Ana Arsov, Arsov, Moody's Organizations: Bloomberg, Getty, Silicon Valley Bank, Moody's Investors Service, First Republic, Bank Locations: U.S, Silicon
He worked a throng of screaming fans in Dagestan. He hoisted a young girl onto his hip in Kronstadt. He posed shoulder-to-shoulder with seven young siblings, shaking their father’s hand after a naval parade. The isolation persisted until well after politicians elsewhere had dispensed with such precautions amid receding fears about Covid-19. And once Russia invaded Ukraine, Mr. Putin’s distance stood in stark contrast to President Volodymyr Zelensky of Ukraine, who made regular visits to frontline positions, crowded ceremonies and cramped hospital rooms.
Persons: Vladimir V, Putin, Volodymyr Zelensky Locations: Dagestan, Kronstadt, Russia, Ukraine
Aug 5 (Reuters) - Twenty-one people were injured and 126 buildings collapsed after an earthquake of magnitude 5.5 struck the eastern Chinese province of Shandong on Sunday, state broadcaster CCTV reported. The earthquake, 10 km (6 miles) deep, jolted Pingyuan County of Dezhou City at 02:33 a.m. (1833 GMT on Saturday), according to the China Earthquake Networks Center. China Railway Group suspended some train operations on routes including the Beijing-Shanghai Railway and Beijing-Kowloon Railway in response to the earthquake, CCTV reported. Reporting by Shanghai Newsroom, Jyoti Narayan in Bengaluru; Editing by Toby Chopra and William MallardOur Standards: The Thomson Reuters Trust Principles.
Persons: Jyoti Narayan, Toby Chopra, William Mallard Organizations: CCTV, Dezhou City, China Earthquake Networks, China Railway Group, Shanghai Railway, Kowloon Railway, Shanghai Newsroom, Thomson Locations: Shandong, Pingyuan, Dezhou, Beijing, Bengaluru
Fitch Downgrades America
  + stars: | 2023-08-02 | by ( The Editorial Board | ) www.wsj.com   time to read: 1 min
Journal Editorial Report: But where's the recession everyone predicted? Images: Getty Images Composite: Mark KellyThe decision by Fitch Ratings on Tuesday to downgrade U.S. debt has jolted Wall Street and Washington, but why is anyone surprised? The downgrade to AA+ from AAA may even be an overly optimistic assessment of the U.S. fiscal outlook, and it ought to be a warning to the political class, which will ignore it.
Persons: Mark Kelly Organizations: Fitch, AAA Locations: Washington
A man walks at the headquarters of Bank of Japan in Tokyo, Japan, January 18, 2023. While some said they expected inflation to slow back below 2% as cost-push factors dissipate, one member said the risk of inflation staying elevated above the level "remained high." Several board members said service prices were rising in a sign domestic factors were playing an increasing role in pushing up Japan's inflation, the minutes showed. "We cannot rule out the chance we are underestimating the sustainability of inflation in Japan," one of the nine board members was quoted as saying in the minutes. The outlook for medium- and long-term inflation expectations was crucial to how the BOJ operates YCC, another member said.
Persons: Issei Kato, BOJ's, Shinichi Uchida, Leika Kihara, Tom Hogue Organizations: Bank of Japan, REUTERS, Thomson Locations: Tokyo, Japan, TOKYO
It has been a hundred years since D.H. Lawrence published “Studies in Classic American Literature,” and in the annals of literary criticism the book may still claim the widest discrepancy between title and content. Not with respect to subject matter: As advertised, this compact volume consists of essays on canonical American authors of the 18th and 19th centuries — a familiar gathering of dead white men. Some (Nathaniel Hawthorne, Herman Melville, Walt Whitman) are still household names more than a century later, while others (Hector St. John de Crèvecoeur, Richard Henry Dana Jr.) have faded into relative obscurity. My point is that nobody ever read them like Lawrence did — as madly, as wildly or as insightfully. “Studies in Classic American Literature” is as dull a phrase as any committee of professors could devise.
Persons: Lawrence, Nathaniel Hawthorne, Herman Melville, Walt Whitman, Hector St, John de Crèvecoeur, Richard Henry Dana Jr, Melville’s, Moby, Dick, , Farmer ”, Organizations:
McDonald's is creating a spinoff restaurant chain called CosMc's, executives said Thursday. "CosMc's is a small format concept with all the DNA of McDonald's, but with its own unique personality," McDonald's CEO Chris Kempczinski said. The name for the new brand comes from CosMc, a McDonaldland mascot who appeared in advertisements in the late 1980s and early 1990s. The brand will revive CosMc after the return of another McDonald's mascot, Grimace, jolted its U.S. business. "This quarter, if I'm being honest, the theme was Grimace," Kempczinski said.
Persons: Chris Kempczinski, McDonald's, CosMc, Grimace, Kempczinski, haven't Organizations: U.S, Boston Locations: CosMc, jolted
Soldiers from the presidential guard in the West African nation of Niger barricaded the president in his palace in an apparent mutiny on Wednesday, according to the president’s office and the regional bloc of neighboring states. The standoff raised fears of a coup in a region that has lately been jolted by many. Militant groups linked to both Al Qaeda and Islamic State operate there. Mr. Bazoum was elected in 2021 in Niger’s first peaceful, democratic transfer of power. He has been one of the West’s most reliable partners in a volatile region filled with aging presidents clinging to power and young military officers who have seized control by force.
Persons: Mohamed Bazoum, Al, Bazoum Organizations: Militant, Islamic Locations: West African, Niger, Niamey, Africa, France, Al Qaeda, Islamic State, Niger’s
Deutsche Bank's emerging market carry strategy index had its best year on record in the 12 months to May. Reuters GraphicsOVERCROWDING FEARSInvestors, however, are becoming concerned the carry trade might be becoming too popular for its own good. "You have to be worried about some of these more crowded positions," said Stephen Gallo, European head of FX strategy at BMO Capital Markets. "I think that is big enough to offset any carry trade income," said Yujiro Goto, head of FX strategy for Japan at Nomura. A hypothetical $50,000 invested in a short Norwegian crown, long dollar carry trade in the first three weeks of July would have lost $3,000, according to Refinitiv.
Persons: Refinitiv, Kamakshya Trivedi, Goldman Sachs, Stephen Gallo, Gallo, James Athey, Yujiro Goto, Oliver Brennan, Brennan, Robin Winkler, Goldman's Trivedi, Geoff Yu, BNY Mellon, Harry Robertson, Alun John, Ankur, Rae Wee, Bernadette Baum Organizations: LONDON, Bank of America, FX, Deutsche, Federal Reserve, European Central Bank and Bank of Japan, BMO Capital Markets, Nomura, BNP Paribas, Bank of England, Bank of Japan, Reuters Graphics, Federal, Deutsche Bank, Swiss, Reuters, Korean, BNY, Thomson Locations: SINGAPORE, Japan, European, U.S, America, Asia, London, Singapore
Investors' dash to cash may have peaked - BofA
  + stars: | 2023-07-21 | by ( ) www.reuters.com   time to read: +1 min
LONDON, July 21 (Reuters) - Investors' rush to the safety of cash, a dominant theme in capital flow data this year, may be peaking, Bank of America global research said on Friday. (.SPX)Tech stocks have seen strong inflows for the past eight weeks, BofA said, and high yield bonds saw their third weekly inflow in the week to Wednesday versus outflows from investment grade bonds. The weekly data, however, showed $7.5 billion of flows into cash, as well $1.4 billion to bonds, $600 million from gold and $2.1 billion from stocks. Bank loans saw inflows of $400 million, the most since May 2022, and Japanese equities saw their seventh week of inflows, its longest streak since January. Reporting by Alun John; Editing by Amanda Cooper and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.
Persons: BofA, BofA's, Alun John, Amanda Cooper, Kim Coghill Organizations: Bank of America, Silicon Valley Bank, Tech, Bank, Thomson Locations: U.S, United States
CNN —Bob Iger is seeking to reassure an anxious arm of Disney’s business. In an off-site meeting on Tuesday, the Disney chief executive spoke to senior leaders of the company’s television businesses, CNN has learned. And it comes as no surprise that Iger believes the content produced by the television production teams holds incredible value. The important question is — and always has been — whether the linear television businesses are crucial to Disney, particularly as Iger positions the company for the future. It’s great to say that the jewel is fun,” the Disney insider said.
Persons: Bob Iger, Iger, CNBC’s David Faber, shockwaves, Faber, , ” Iger, , , Iger’s Organizations: CNN, Disney, Entertainment, Magic, ABC, Disney Channel, Geographic, FX, Employees, ABC News
Signage of Adani Group at Adani Defence and Aerospace booth during the Aero India 2023 at Air Force Station Yelahanka in Bengaluru, India, on Monday, Feb. 13, 2023. India's Adani Group is confident of its governance and disclosure standards after a top court panel found no lapses at the conglomerate, its chairman said on Tuesday, while detailing the fallout of a U.S. short-seller's scathing report that jolted its stocks. The panel report "confirmed the quality of our group's disclosures and found no instance of any breach," Adani Chairman Gautam Adani said in his first comments on the findings, in a shareholder address at Adani Enterprises' annual general meeting. "While SEBI is still to submit its report, we remain confident of our governance and disclosure standards, Adani said, referring to the Securities and Exchange Board of India. Adani Enterprises shares climbed over 4% on Tuesday.
Persons: India's, Gautam Adani, Adani, SEBI, Hindenburg Organizations: Adani Defence, Aerospace, Aero, Air Force, Adani Enterprises, Securities and Exchange Board of India, Adani Group Locations: Bengaluru, India
Jane Birkin died in Paris on Sunday at age 76. Because, for me, the Birkin bag — which retails for anywhere from $10,000 to $250,000 for the more high-end designs — primarily represents a store of value. The value of gold rose by about 2% on average over the 35 years. And I, for one, can't stop from marveling that all this was spurred from a chance conversation between Jane Birkin and an Hermès executive back in 1980. The singer and actor who inspired Hermès' signature bag died on Sunday at age 76.
Persons: Jane Birkin, Birkin, scoffed, Jane Birkin's, Hermès, Baghunter Organizations: Service, Credit Suisse, Deloitte, Dow Locations: Paris, Wall, Silicon, Mumbai
Guatemala’s presidential election was thrown into turmoil Wednesday night after a top prosecutor moved to suspend the party of a surging anticorruption candidate, threatening his bid to take part in a runoff and potentially dealing a severe blow to the country’s already fraying democracy. The move could prevent Bernardo Arévalo, a lawmaker who jolted Guatemala’s political class in June with a surprise showing propelling him in the Aug. 20 runoff, from competing against Sandra Torres, a former first lady. Rafael Curruchiche, the prosecutor who mounted the case to suspend the party, has himself been listed among corrupt Central American officials by the United States for obstructing corruption inquiries. The development places even greater stress on Guatemala’s political system, after the barring of several top presidential candidates who were viewed as threatening to the political and economic establishment, assaults on press freedom and the forced exile of dozens of prosecutors and judges focused on curbing corruption.
Persons: Bernardo Arévalo, jolted, Sandra Torres, Rafael Curruchiche Organizations: Central Locations: United States
REUTERS/Ralph OrlowskiSummaryCompanies U.S. CPI data for June shows inflation slowdownWall Street stocks gainDollar, Treasury yields dropOil and gold gainJuly 12 (Reuters) - Wall Street stocks advanced on Wednesday and the dollar and Treasury yields fell after new U.S. inflation data showed a slowdown in the seemingly relentless rise of consumer prices. The Consumer Price Index (CPI) gained just 0.2% last month, the Labor Department said on Wednesday, lifted by rises in gasoline prices as well as rents, which offset a decrease in prices of used motor vehicles. Shares of big tech-related companies, which tend to be sensitive to higher interest rates, gave the S&P 500 its biggest boost. /FRXU.S. Treasury yields also dropped, with the 10-year Treasury yield now at 3.865%, down 11.9 basis points . Wall Street banks overall are expected to report higher profits as rising interest payments offset a downturn in deal making.
Persons: Ralph Orlowski, Alexandra Wilson, Elizondo, Bryce Doty, Australia's, Wells, Scott Wren, Wren, Brent, Lawrence Delevingne, Marc Jones, Ankur Banerjee, Jan Harvey, Chizu Nomiyama, Will Dunham, Mark Heinrich Our Organizations: REUTERS, Companies U.S, Treasury, Index, Labor Department, Dow Jones, Nasdaq, Goldman Sachs Asset Management, CPI, Bank of England, U.S, Sit Investment, Fed, Japan's Nikkei, JPMorgan, Citigroup, Wells, Investment Institute, Brent, Wednesday, Thomson Locations: Frankfurt, Germany, U.S, Minneapolis, Asia, Wednesday ., Boston, London, Singapore, Carolina, New York
[1/2] A trader works at the Frankfurt stock exchange, amid the coronavirus disease (COVID-19) outbreak, in Frankfurt, Germany, December 30, 2020. The Consumer Price Index (CPI) gained just 0.2% last month, the Labor Department said on Wednesday, lifted by rises in gasoline prices as well as rents, which offset a decrease in prices of used motor vehicles. CPI advanced 3.0% in the 12 months through June, down from 4.0% in May and the smallest year-on-year increase since March 2021. /FRXU.S. Treasury yields also dropped, with the 10-year Treasury yield now at 3.853%, down 12.9 basis points . EARNINGS AHEADOvernight in Asia, Australia's S&P/ASX 200 index (.AXJO) rose 0.4%, while the bouncing yen knocked Japan's Nikkei (.N225) down 0.8%.
Persons: Ralph Orlowski, Alexandra Wilson, Elizondo, Bryce Doty, Australia's, Wells, Scott Wren, Wren, Brent, Lawrence Delevingne, Marc Jones, Ankur Banerjee, Jan Harvey, Chizu Nomiyama, Mark Heinrich Our Organizations: REUTERS, Companies U.S, Treasury, Index, Labor Department, Dow Jones, Nasdaq, Goldman Sachs Asset Management, Bank of England, U.S, Sit Investment, Fed, Bank of Canada, Japan's Nikkei, JPMorgan, Citigroup, Wells, Investment Institute, Brent, Thomson Locations: Frankfurt, Germany, U.S, Minneapolis, Asia, dealmaking, Boston, London, Singapore, Carolina, New York
[1/2] A trader works at the Frankfurt stock exchange, amid the coronavirus disease (COVID-19) outbreak, in Frankfurt, Germany, December 30, 2020. The Consumer Price Index (CPI) gained just 0.2% last month, the Labor Department said on Wednesday, lifted by rises in gasoline prices as well as rents, which offset a decrease in the price of used motor vehicles. CPI advanced 3.0% in the 12 months through June, down from 4.0% in May and the smallest year-on-year increase since March 2021. /FRXU.S. Treasury yields also dropped, with the 10-year Treasury yield now at 3.885%, down 9.7 basis points . GLOBAL STOCKS, COMMODITIESOvernight in Asia, Australia's S&P/ASX 200 index (.AXJO) rose 0.4%, while the bouncing yen knocked Japan's Nikkei (.N225) down 0.8%.
Persons: Ralph Orlowski, Alexandra Wilson, Elizondo, Bryce Doty, Australia's, Wells, Brent, Lawrence Delevingne, Marc Jones, Ankur Banerjee, Shashwat Chauhan, Jan Harvey, Chizu Organizations: REUTERS, Companies U.S, Treasury, Index, Labor Department, Dow Jones, Nasdaq, Goldman Sachs Asset Management, Bank of England, U.S, Sit Investment, Fed, Bank of Canada, Japan's Nikkei, JPMorgan, Citigroup, Brent, Thomson Locations: Frankfurt, Germany, U.S, Minneapolis, Asia, Boston, London, Singapore, Bengaluru
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