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Dollar slips as Fed's rate-hike cycle seen ending
  + stars: | 2023-07-27 | by ( ) www.cnbc.com   time to read: +3 min
A foreign currency dealer counts US dollar notes at a currency market in Karachi on July 19, 2022. While Fed Chair Jerome Powell left the door open to another hike in September, traders were unconvinced, sending the U.S. dollar broadly lower. Sterling steadied at $1.2935, having eked out a slight gain against the dollar in the previous session. A dovish pivot from the Fed will likely exert a downward pressure on the U.S. dollar in the medium term." BOJ Governor Kazuo Ueda was quoted as saying at a key government meeting on Wednesday that the central bank will maintain accommodative monetary conditions for companies.
Persons: Jerome Powell, Sterling steadied, Emin Hajiyev, Nadia Gharbi, Kazuo Ueda, Jarrod Kerr Organizations: Federal Reserve, Fed, U.S, Insight Investment, ECB, Pictet Wealth Management, Bank, Australian, Reserve Bank of Australia, Communist Party Locations: Karachi, U.S
Thursday’s World Cup matches feature unlikely upstarts who faced top contenders in their opening games and fared better than most expectations. Portugal and Vietnam, both World Cup debutantes, will be vying on Thursday for their first-ever wins. Australia vs. Nigeria Australia will be without star striker Sam Kerr for a second straight game. Nigeria is emerging as a threat after its performance against Canada, but is also no stranger to the World Cup stage — the Nigerians advanced to the round of 16 in 2019 and have qualified for all nine World Cup tournaments. Playing in its fourth World Cup, Argentina is still hunting for its first-ever win.
Persons: Bradley Kanaris, Sam Kerr, Kerr, upstarts, Thi Kim Thanh Tran, Alex Morgan, Simply, Mary Fowler, Aivi Luik, Tony Gustavsson, Fowler, Luik Organizations: Australia, Canada, ., Nigeria, Ireland, South Locations: Portugal, Vietnam, Nigeria, Australia, Nigerian, Vietnam Portugal, Netherlands, United States, American, . Nigeria Australia, Argentina, Africa South Africa, Sweden, South Africa, Dunedin , New Zealand, Italy
Their 11 shots on target were the most in a World Cup game since 2011, and Alessia Russo's five shots on net were the most by an England player since then. Denmark eked out a 1-0 victory over China in the opener of their first World Cup appearance in 16 years on a late goal by Amalie Vangsgaard, joining the Lionesses atop Group D with three points apiece. "First time in a World Cup and having a performance like that, I think the other two countries (Denmark and China) are going to really struggle with them," Wiegman said. Considering the gang violence and political collapse plaguing that country, just qualifying for the World Cup - they were one of the last three teams to clinch a spot - was victory in itself. "We weren't sure how we were going to play, but we were able to pull it out of the bag.
Persons: Lionesses, Karen Bardsley, Alessia, Saturday's, Mary Earps, Roseline Eloissaint, Amalie Vangsgaard, Sarina Wiegman, Melchie Dumornay, Wiegman, that's, I'm, Nicolas Delepine, We've, Lori Ewing, Jacqueline Wong Organizations: BBC Radio, Georgia Stanway, Manchester United, Thomson Locations: BRISBANE, Australia, England, Austria, Denmark, China, Haiti, Lyon, Dominican Republic, Caribbean
S&P 500 futures were little changed Sunday evening as investors awaited a batch of key earnings reports and a major policy decision from the Federal Reserve. The S&P 500 finished the week up by 0.7% at 4,536.34, while the Nasdaq Composite fell 0.6% in the same period to 14,032.81. The week ahead is also set to be the busiest one of earnings season, with Thursday being the most intense day. About 40% of the Dow and 30% of the S&P 500 will give their financial updates during the week, including Alphabet, Microsoft and Meta. Several big pharma companies are getting ready to report and it's a big week for industrial companies and big oil as well.
Persons: Noah Hamman, Fundstrat's Tom Lee, Jerome Powell, They're, , Robert Hum, Sarah Min Organizations: Federal Reserve, Dow Jones Industrial, Nasdaq, Dow, Microsoft, Meta, pharma
Michael Nagle | Bloomberg | 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. Prior to the start of the second-quarter earnings season, investor relations departments and analysts massaged expectations downwards. More than three quarters of S&P companies that have reported results have exceeded expectations, according to FactSet data. "Right now, short-term optimism is higher than we've seen since December 2021, right before the start of the 2022 bear market."
Persons: Goldman Sachs, Michael Nagle, Goldman, Darla Mercado, Gina Francolla, Tom De Luca, De Luca, we've Organizations: Bloomberg, Getty, CNBC, Dow Jones, Nasdaq, Vanguard Locations: New York
[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
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
Tuesday Bank of America is set to report earnings before the bell, followed by a call at 8:30 a.m. Morgan Stanley is set to report earnings in the premarket, with a conference call slated for 9:30 a.m. Wednesday Goldman Sachs is set to report earnings before the market opens, followed by a call at 9:30 a.m. Tesla is set to report earnings after the close, with a call slated for 5:30 p.m. What history shows: Netflix earnings have exceeded earnings expectations in seven of the last 10 quarters, FactSet data shows.
Persons: Wells, Keith Horowitz, Morgan Stanley, Morgan Stanley's, BofA's Ebrahim Poonawala, Morgan, Goldman Sachs, Marcus, Goldman, UAL, Leslie Josephs, Scott Kirby's, Tesla, Toni Sacconaghi, NFLX, AAL Organizations: Tesla, Netflix, United Airlines, JPMorgan Chase, Citigroup, JPMorgan, Tuesday Bank of America, Refinitiv, CNBC, Bank of America, Citi, Goldman, IBM, Thursday, Airlines, Northeast U.S, JetBlue, Northeast Alliance Locations: America, Wells Fargo, Newark, Northeast
LONDON — European markets advanced on Tuesday, tracking the trend across the Atlantic after Wall Street snapped a three-day losing streak, with investors looking ahead to key U.S. inflation figures later this week. The pan-European Stoxx 600 was up 0.3% in early trade, having pared some of its opening gains. Mining stocks added 1.4% to lead gains while autos slipped 0.5%, as most sectors and major bourses traded in positive territory. U.S. stock futures were little changed in early premarket trade after the major U.S. averages eked out gains on Monday. Back in Europe, U.K. wage growth hit a joint-record high in the three months to the end of May, deepening concerns about entrenched high inflation.
Persons: Hong, Wells Organizations: Wall, Mining, Investors, BlackRock, JPMorgan Chase, Citi Locations: Asia, Pacific, U.S, Wells Fargo, Europe, London
The STOXX 600 (.STOXX) rose 0.1% by 1615 GMT, turning positive midway through the session after data showed the U.S. economy added the fewest jobs in 2-1/2 years in June. However, persistently strong U.S. wage growth pointed to still tight labour market conditions that cemented bets the Fed will resume raising interest rates, later this month. Traders stuck to bets the Fed will raise its benchmark interest rate this month to a 5.25%-5.5% range, but were sceptical of further hikes beyond that. The STOXX 600 fell 3.1% for the week, its worst performance since mid-March. Comments from European Central Bank President Christine Lagarde will be monitored later in the day.
Persons: Candice Tse, Christine Lagarde, Matteo Allievi, Shubham Batra, Shreyashi Sanyal, Ankika Biswas, Janane Venkatraman, Shinjini Ganguli, Barbara Lewis Organizations: Federal, Traders, Goldman Sachs Asset Management, Reuters, Coca Cola HBC AG, European Central Bank, Thomson Locations: U.S, China, Gdansk, Bangalore
LONDON, June 27 (Reuters) - A portrait of an unnamed woman by Austrian artist Gustav Klimt sold for 85.3 million pounds ($108.4 million) on Tuesday, setting a new record price for any work of art sold at an auction in Europe, London-based auction house Sotheby's said. The fall of the hammer at 74 million pounds broke the tension, triggering a collective exhalation in the room and a round of applause. The painting sold to a Hong Kong-based art advisory firm, bidding on behalf of a collector based there. It is now the most expensive Klimt artwork sold at auction anywhere in the world. It was last offered for sale nearly 30 years ago, when it was acquired by the family of the present owner for $11.6 million, according to the auction house.
Persons: Gustav Klimt, Sotheby's, Helena Newman, Newman, Claude Monet's, Alberto Giacometti's, Farouq Suleiman, Marie, Louise Gumuchian, Rosalba O'Brien Organizations: Thomson Locations: Austrian, Europe, London, Hong Kong
Investors looking for big gains while also resting easy at night can look at these stocks, Goldman Sachs says. While the market rally stalled somewhat last week, the Nasdaq Composite remains higher by 28% in 2023, while the S & P 500 has notched a 13% gain. Still, investors seeking to ready their portfolios for further volatility ahead could search for risk-adjusted returns using the Sharpe ratio. In other words, Goldman proposes these stocks will give the biggest returns while allowing you to sleep easier at night. Goldman Sachs revisited its High Sharpe Ratio basket, adding 39 new stocks, and retaining 11 holdings.
Persons: Goldman Sachs, Wall, Sharpe, Goldman, David Kostin, Michael Bloom Organizations: Nasdaq, Dow Jones, Newell Brands, Disney, Capital, Cisco, Bank of America
Asia stocks slide as growth outlook darkens
  + stars: | 2023-06-23 | by ( Tom Westbrook | ) www.reuters.com   time to read: +3 min
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.7% and is down 3.6% for the week, its worst since March. Japan's Nikkei (.N225) fell 1% as core inflation in Japan hit its fastest pace in more than four decades. Last week the U.S. Federal Reserve surprised markets with a hawkish outlook and central banks in Australia and Canada have delivered unexpected hikes. Two-year Treasury yields rose 9 bps to 4.8% overnight and were steady at 4.7888% in Asia on Friday. Brent crude futures were set for their worst week in nearly two months and fell 0.5% to $73.79 a barrel.
Persons: HSI, Wong Kok Hoong, Henry Russell, Maybank's Wong, Jerome Powell, Simon Cameron, Moore Organizations: Nikkei, Trade, China . Hong Kong, U.S . Federal Reserve, ANZ, U.S, Brent, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, China . Hong, Maybank, Singapore, Britain, Norway, Australia, Canada, Europe, United States
REUTERS/Murad Sezer/IllustrationLONDON, June 23 (Reuters) - Foreign investors hoping for a game-changing rate hike from Turkey's newly appointed central bank chief said Thursday's disappointing move to a key rate of just 15% could keep some money on the sidelines. "They lost one perfect chance to demonstrate that they mean business," said Viktor Szabo, emerging markets investment director with Abrdn. But analysts said that after Thursday's decision, Erkan and Simsek would need to work even harder to prove the country had indeed shifted course. Already in the week to June 16, foreign investor holdings of Turkish government bonds had fallen by $16.2 million. "I don't think investors will throw in the towel just yet because I think there is still expectation there is more to come in the coming months," said Kaan Nazli, portfolio manager at Neuberger Berman.
Persons: Murad Sezer, Thursday's, Hafize Gaye Erkan, Viktor Szabo, Abrdn, it's, It's, Tayyip Erdogan, Mehmet Simsek, Eric Fine, Marek Drimal, Simsek, Dan Wood, William Blair, Fitch, Erdogan, Erkan, Kaan, Neuberger Berman, Karin Strohecker, Marc Jones, Toby Chopra Organizations: REUTERS, Societe Generale, Thomson Locations: Istanbul, Turkey, VanEck
Trump lost Nevada in both 2016 and 2020, but Republicans think the state is winnable in 2024. In 2020, Biden flipped the key states of Arizona, Georgia, Michigan, Pennsylvania, and Wisconsin, pulling away support from many independents who had backed Trump in the 2016 election. Trump easily won the 2016 Republican presidential caucus in Nevada, when he was fresh on the political scene. And the Nevada Republican Party awarded all of its delegates to Trump in 2020. The Nevada Republican Party has sued the state to restore the caucus system next year.
Persons: Adam Laxalt, Trump's, Ron DeSantis, Trump, , Donald Trump, Joe Biden, Biden, Democratic Sen, Catherine Cortez Masto, Laxalt, Hillary Clinton, Illinois Sen, Barack Obama's, Chris LaCivita, LaCivita, DeSantis, Cortez Masto, Republican Joe Lombardo, Steve Sisolak Organizations: Trump, Service, Democratic, Florida Gov, NBC News, Trump hasn't, Nevada, Silver State, Senate, NBC, Republican, Nevada Republican Party, GOP, The Nevada Republican Party Locations: Nevada, Arizona , Georgia, Michigan, Pennsylvania, Wisconsin, Illinois, Silver, Basque
Morning Bid: Fearless VIX, China miss, Canada hike?
  + stars: | 2023-06-07 | by ( ) www.reuters.com   time to read: +4 min
Wall St's 'fear index', the VIX (.VIX) gauge of implied S&P500 equity volatility, closed below 14 on Tuesday for the first time since February 2020 - more than 5 points below its 33 year average. What's more, the OECD saw Fed rates peaking after just one more hike to the 5.25-5.5% range and "modest" cuts next year. Oil prices remain lower on the week despite new Saudi output cut plans and year-on-year prices are still falling at 36%. Events to watch for later on Wednesday:* Bank of Canada key policy interest rate announcement* U.S. April trade balance. Federal Reserve issues Consumer Credit report for April* Britain's Prime Minister Rishi Sunak travels to Washington to meet with U.S. President Joe Biden* U.S. corporate earnings: Campbell Soup, Brown-FormanReuters GraphicsReuters GraphicsReuters GraphicsReuters GraphicsBy Mike Dolan, Editing by Louise Heavens <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.
Persons: Mike Dolan, you'd, eked, Tayyip Erdogan, Mehmet Simsek, Rishi Sunak, Joe Biden, Campbell, Brown, Forman, Louise Heavens Organizations: U.S, Organisation for Economic Cooperation, Development, World Bank, OECD, Bank of Canada, Canadian, Bank of, Federal, Britain's, Forman Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, York, Saudi, Asia, Bank of Canada, Washington
Elon Musk's acquisition of Twitter led to an uptick in downloads and usage for several weeks. Elon Musk's boost to Twitter's popularity may have been short-lived. A separate analysis of engagement with Musk's Twitter account shows a similar downward trend. All Twitter users averaged, 19.1 minutes spent on the app per day in April, Apptopia found. Younger users hit 15.9 minutes a day on the app in October, up from 13 minutes about six months earlier.
Persons: Elon Musk's, Musk, Tom Grant, Apptopia, Grant, Data.ai, Kali Hays Organizations: Elon, Twitter, Facebook, Silicon Valley Bank Locations: Apptopia, Silicon, khays
One recipient of Parnas’ donations -- Florida Governor Ron DeSantis -- has said he was barely an acquaintance. Two sources close to DeSantis during his 2018 campaign confirmed the texter’s number belonged to DeSantis at that time. “We became very friendly.”In 2018, Parnas was a well-known figure in Trump’s orbit, often seen with Giuliani. On June 21, 2018, Parnas’ company, Global Energy Producers, donated $50,000 to DeSantis’ campaign for governor. Three weeks later, DeSantis added, “Make sure he gives a lot.”Pereira later co-hosted a fundraiser for DeSantis with Parnas and his company donated $115,000 to DeSantis’ 2018 campaign, campaign finance records show.
One recipient of Parnas' donations -- Florida Governor Ron DeSantis -- has said he was barely an acquaintance. Six days later, DeSantis told reporters that Parnas "was just like any other donor, nothing more than that." Two sources close to DeSantis during his 2018 campaign confirmed the texter's number belonged to DeSantis at that time. On June 21, 2018, Parnas' company, Global Energy Producers, donated $50,000 to DeSantis' campaign for governor. Pereira later co-hosted a fundraiser for DeSantis with Parnas and his company donated $115,000 to DeSantis' 2018 campaign, campaign finance records show.
Deere & Co (DE.N) rose 4.4% after the heavy machinery company raised its annual net income forecast buoyed by robust farm incomes. The benchmark S&P 500 index (.SPX) and the Nasdaq (.IXIC) were set for their best weekly performance since late March amid positive debt ceiling talks, less-than-feared earnings and economic data. The S&P 500 banks index (.SPXBK) is on course to end the week 5.4% higher, snapping a three-week losing streak. Over 90% of S&P 500 companies have reported, of which around 77% beat earnings expectations, according to Refinitiv data. The S&P index recorded 27 new 52-week highs and one new low, while the Nasdaq recorded 58 new highs and 28 new lows.
Morning bid: Biden, Republicans set for debt ceiling face-off
  + stars: | 2023-05-16 | by ( ) www.reuters.com   time to read: +2 min
May 16 (Reuters) - A look at the day ahead in U.S. and global markets from Samuel Indyk. President Joe Biden and senior Republicans, including House Speaker Kevin McCarthy, are to sit down on Tuesday in an attempt to thrash out a deal to raise the debt limit and avoid a catastrophic default. That relative calm has been reflected in the latest Bank of America fund manager survey for May. Equity allocations rose to a five-month high, while a vast majority (71%) expect the U.S. to agree on a deal to raise the debt ceiling before the so-called "X-date". Away from the debt ceiling and the Federal Reserve's data dependency will be tested with the latest retail sales and industrial production figures.
Take Five: A summit with a ceiling
  + stars: | 2023-05-15 | by ( ) www.reuters.com   time to read: +5 min
That would complicate a reported side summit with Japan and South Korea on strengthening security cooperation. Reuters Graphics4/ DATA DIVEA batch of key economic data will shed fresh light on whether the United States is staving off a downturn given Federal Reserve rate hikes. Tuesday's retail sales data will gauge the health of consumer spending, which accounts for more than two-thirds of economic activity. Retail sales fell more than expected in March, as consumers cut back on buying motor vehicles and other big-ticket items. A Reuters poll of economists showed a median projection of U.S. retail sales growing 0.7% in April from the previous month, after two straight months of decline.
May 16 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. If the April snapshots of retail sales, urban investment and industrial production come in weaker than expected - and consensus forecasts are for solid rebounds from the month before - the China bears and doomsters will be in the ascendancy. Broader market sentiment may be reasonably well supported after Wall Street eked out modest gains on Monday despite alarming slump in a key index of U.S. factory activity and another day of deadlock in the U.S. debt ceiling negotiations. Here are three key developments that could provide more direction to markets on Tuesday:- Australia consumer sentiment (May)- China investment, retail sales, industrial output (April)- Euro zone GDP (Q1, flash estimate)By Jamie McGeever; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
CNBC Daily Open: A deceptive calmness
  + stars: | 2023-05-09 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
This 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. Indeed, the SPDR S&P Regional Banking ETF (KRE) fell by 2%. April's consumer price index report, expected Wednesday, and the producer price index on Thursday will either reinforce or dispel some of those fears. Subscribe here to get this report sent directly to your inbox each morning before markets open.
CNBC Daily Open: In the eye of the storm
  + stars: | 2023-05-09 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
This 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. Indeed, the SPDR S&P Regional Banking ETF (KRE) fell by 2%. We might just be in the eye of a storm. Subscribe here to get this report sent directly to your inbox each morning before markets open.
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