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☆ Yen falls after BOJ stands pat; hawkish ECB and soft US data dent dollar
▼ + stars: | 2023-06-16 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

The decision by the BOJ to keep its short-term interest rate target at -0.1% and its 10-year bond yield around 0% was widely expected. Even so, it was enough to pressure the yen further with the Japanese currency falling about 0.3% against the dollar to 140.72 . That and a run of soft U.S. economic data saw the dollar fall broadly as traders scaled back their bets on how high U.S. interest rates would need to rise. The euro stood near a one-month high at $1.0937, having surged over 1% on Thursday following the rate hike and hawkish forward guidance from the ECB. Production at U.S. factories almost stalled in May as manufacturing struggled under the weight of higher interest rates, while U.S. import prices similarly fell last month.

Persons: Christine Lagarde, Sterling, Rae Wee, Edwina Gibbs Organizations: Bank of Japan, European Central Bank, ECB, Deutsche Bank, Bank of England, U.S . Federal Reserve, Fed, Labor Department, Thomson Locations: SINGAPORE, Asia, United States

☆ Millions of Americans’ personal data exposed in global hack
▼ + stars: | 2023-06-16 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +5 min

CNN —Millions of people in Louisiana and Oregon have had their data compromised in the sprawling cyberattack that has also hit the US federal government, state agencies said late Thursday. The breach has affected 3.5 million Oregonians with driver’s licenses or state ID cards, and anyone with that documentation in Louisiana, authorities said. The hackers exploited a flaw in a popular file-transfer software known as MOVEit made by Massachusetts-based Progress Software. Hundreds of organizations across the globe have likely had their data exposed after the hackers used the flaw to break into networks in recent weeks. US officials described the cyberattack as an opportunistic, financially motivated hack that has not caused disruptions to agency services.

Persons: Casey Tingle, Aon, John Bel Edwards, ” Munish Walther, Puri, It’s, ”, Jeff Greene, “, Greene Organizations: CNN, Department of Energy, BBC, British Airways, University of Georgia, Social, Louisiana Office of Motor Vehicles, Louisiana Gov, US, Progress Software, FBI, Infrastructure Security Agency, National Security Council, Aspen Locations: Louisiana, Oregon, Russian, Massachusetts, Clop, Ukraine

☆ Yen slips after BOJ stands pat, soft data dents dollar
▼ + stars: | 2023-06-16 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

As widely expected, the BOJ maintained its -0.1% short-term interest rate target and a 0% cap on the 10-year bond yield set under its yield curve control (YCC) policy. The U.S. dollar was last roughly 0.1% higher at 140.42 yen . That and a run of soft U.S. economic data saw the dollar fall broadly as traders scaled back their bets on how high U.S. interest rates would need to rise. FED HAWKISHNESS CHALLENGEDThe ECB's monetary policy decision came a day after the U.S. Federal Reserve left interest rates unchanged, snapping a string of 10 consecutive rate hikes. Production at U.S. factories almost stalled in May as manufacturing struggled under the weight of higher interest rates, while U.S. import prices similarly fell last month.

Persons: Kazuo Ueda's, Hirofumi Suzuki, Christine Lagarde, Sterling, Rae Wee, Edwina Gibbs, Kim Coghill Organizations: Bank of Japan, U.S, European Central Bank, ECB, Deutsche Bank, Bank of England, U.S . Federal Reserve, Fed, Labor Department, Thomson Locations: SINGAPORE, Asia, United States

Equities trading was choppy on Wednesday after the Fed signaled it could follow its June pause with two more rate increases this year. But by Thursday afternoon the S&P 500 .SPX and the Nasdaq had rallied to 14-month highs on upbeat economic data. Higher jobless claims helped fuel bets that the Fed would not follow through with more rate hikes. "It's almost like a sweet spot," Tunkel said, also pointing to Chinese data boosting energy stocks and oil prices. Gold prices rose from a three-month low as the dollar and bond yields fell after U.S. economic data, although worries over more Fed rate hikes capped gains.

Persons: Irene Tunkel, Tunkel, Brendan McDermid, Sterling, Brent, Sinéad Carew, Marc Jones, Tom Westbrook, Mark Potter, Alexander Smith, Richard Chang Organizations: LONDON, European Central Bank, Federal Reserve, Nasdaq, BCA Research, Dow Jones, New York Stock Exchange, REUTERS, Treasury, Reuters, Thomson Locations: U.S, New York City, China, New York, London, Singapore

☆ Motor vehicles, building materials lift US retail sales in May
▼ + stars: | 2023-06-15 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

WASHINGTON (Reuters) - U.S. retail sales unexpectedly rose in May as consumers stepped up purchases of motor vehicles and building materials, which could help to stave off a dreaded recession in the near term. Retail sales increased 0.3% last month after rising 0.4% in April, the Commerce Department said. SLOWER MOMENTUMExcluding automobiles, gasoline, building materials and food services, retail sales gained 0.2% last month. Data for April was revised slightly lower to show these so-called core retail sales rising 0.6% instead of the previously reported 0.7%. With price pressures easing in May, economists estimated that core retail sales increased 0.2% after adjusting for inflation.

Persons: ”, Robert Kavcic, Mike Graziano, Ben Ayers, Unadjusted, Conrad DeQuadros, Tim Quinlan Organizations: WASHINGTON, Federal Reserve, Fed, Wednesday, BMO Capital Markets, Commerce Department, Reuters, Saks Fifth, REUTERS, RSM, Consumers, Nationwide, Labor Department, Treasury, Atlanta Fed, Writers Guild of America, Brean, Manufacturing, Federal Locations: Minnesota, U.S, Toronto, New York City, Columbus , Ohio, Texas, California, Writers Guild of America . Georgia, Florida , Illinois , Indiana , Connecticut, New York, Philadelphia, Wells, Charlotte , North Carolina

☆ Mercedes-Benz beats Tesla for California's approval of automated driving tech
▼ + stars: | 2023-06-08 | by ( ) www.cnbc.com time to read: +1 min

The steering wheel in a moving Mercedes EQS 580 4Matic, when using the Drive Pilot, a technology of Mercedes Benz AG for autonomous driving. The California Department of Motor Vehicles on Thursday approved Mercedes-Benz 's automated driving system on designated highways under certain conditions without the active control of a driver. But the German carmaker beat Tesla to become the first carmaker to receive authorization to sell or lease cars with an automated driving system to the public in California. The 'DRIVE PILOT' system can only operate on highways during daylight at speeds not exceeding 40 miles per hour, the DMV said. Earlier this year, Mercedes-Benz also received an approval to deploy advanced automated driving systems on Nevada's roads.

Persons: Tesla Organizations: Mercedes, Mercedes Benz AG, The California Department of Motor Vehicles, Benz, DMV, Motors Locations: California, Bay Area, Central Valley, Los Angeles , Sacramento, San Diego, Southern California, Nevada

☆ German industrial orders fall unexpectedly in April
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

June 6 (Reuters) - German industrial orders fell unexpectedly in April, dragged down by large-scale orders, data from the federal statistics office showed on Tuesday. Industrial orders fell by 0.4% on the previous month on a seasonally and calendar adjusted basis. Excluding large-scale orders, there was an increase of 1.4% in April compared to the previous month. Year-on-year, industrial orders were down 9.9% in April. Domestic orders rose by 1.6%, while foreign orders sank by 1.8% on the previous month, the statistics office data showed.

Persons: Holger Schmieding, Schmieding, Franzisca Palmas, Maria Martinez, Anastasiia, Rachel More Organizations: Reuters, Companies, Capital Economics, Thomson Locations: Franzisca, Europe, Berlin, Gdansk

☆ German exports to Russia's neighbours fuel sanctions evasion fears
▼ + stars: | 2023-05-16 | by ( Rene Wagner | ) www.reuters.com time to read: +4 min

Although they remain relatively modest in value, German exports to Georgia rose by 92%, while those to Kazakhstan rose 136%, to Armenia 172% and to Tajikistan 154%. An 11th package of EU sanctions, currently being negotiated, will also focus on people and countries circumventing existing trade restrictions. "The circumvention of sanctions against Russia is unacceptable," German Finance Minister Christian Lindner said in Brussels on Tuesday. That came after a six-fold rise in German exports to Kyrgyzstan last year following Russia's February 2022 invasion of Ukraine. "But because Turkey does not participate in EU sanctions, EU goods are further exported from there to Russia."

BERLIN, May 8 (Reuters) - German industrial production fell more than expected in March, partly due to a weak performance by the automotive sector, spurring again recession fears in Europe's largest economy. Production decreased by 3.4% on the previous month following a slightly revised increase of 2.1% in February, the federal statistical office said on Monday. "After a buoyant performance by industrial production at the beginning of the year, there was an unexpectedly sharp decline in March," the economics ministry said. In the first quarter, production was 2.5% higher than in the last quarter of 2022, according to the statistics office. GDP was unchanged quarter on quarter in adjusted terms in the first quarter, following a 0.5% contraction in the fourth quarter of 2022.

☆ US trade deficit narrows sharply in March as exports rise
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, May 4 (Reuters) - The U.S. trade deficit narrowed sharply in March as exports increased, which could position trade to continue contributing to economic growth in the second quarter. The trade deficit contracted 9.1% to $64.2 billion, the Commerce Department said on Thursday. But consumer goods imports increased $2.4 billion, lifted by pharmaceutical preparations, other textile apparel and household goods. Adjusting for inflation, the goods trade deficit narrowed 4.4% to $99.4 billion. A smaller trade deficit was one of the contributors to the economy's 1.1% annualized growth rate in the first quarter.

☆ US consumer spending flattens; core inflation still hot
▼ + stars: | 2023-04-28 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The unchanged reading in consumer spending last month, reported by the Commerce Department, followed a downwardly revised 0.1% gain in February. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, was previously reported to have increased 0.2% in February. Last month's flat reading in consumer spending set consumption and the overall economy on a lower growth path in the second quarter. Consumer spending is plateauing likely as Americans become more averse to higher prices. The so-called core PCE price index gained 4.6% on a year-on-year basis in March after rising 4.7% in February.

☆ Elon Musk had a rough week across his empire — Tesla, Twitter and SpaceX
▼ + stars: | 2023-04-21 | by ( Lora Kolodny | ) www.cnbc.com time to read: +5 min

The investors are particularly concerned with Musk and Tesla's handling of human rights and workers' rights. Their letter recounts many lawsuits in which Tesla has been sued over: racial discrimination, union-busting, wage theft, sexual harassment and unsafe working conditions. "Instead of working to address problems with regulators, CEO Musk has made derogatory tweets and comments, fueling tensions," they wrote. The open letter to Tesla's board comes after Tesla shares have declined more than 15% over the past month. Musk-led Twitter also removed "government-funded" and "China state-affiliated" labels from Twitter accounts of a myriad of global media organizations.

☆ Wall St Week Ahead Consumer stocks' earnings may offer clues on U.S. economy’s resilience
▼ + stars: | 2023-04-14 | by ( David Randall | ) www.reuters.com time to read: +5 min

Companies in the consumer discretionary spending sector reporting next week include Tesla Inc (TSLA.O), Netflix Inc (NFLX.O) and AutoNation Inc (AN.N). Reuters GraphicsGrowing recession fears over the last year have already prompted many consumer discretionary companies to cut costs to boost margins, which may lead to positive earnings surprises this quarter, Melson said. Part of that expected growth comes from a job market that has remained robust, helping buoy consumer spending, said Jamie Cox, managing partner for Harris Financial Group. Meanwhile, U.S. consumer sentiment inched up in April, but households expected inflation to rise over the next 12 months. Sandy Villere, a portfolio manager at Villere & Co, has winnowed his holdings of consumer discretionary stocks in anticipation of a recession later this year.

☆ Dollar, yields gain as likelihood of Fed rate hike rises
▼ + stars: | 2023-04-14 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

Gold pulled back from near record highs as the dollar bounced and Fed Governor Christopher Waller added weight to the prospect of another rate hike, saying the central bank's lack of progress on slowing inflation meant rates needed to move higher. While the economic data suggests the U.S. economy is slowing and next month's expected rate hike may be its last, how long rates stay at the highest since the onset of the global financial crisis in 2007 is unclear. "The Fed is going to stay higher than it's forecast. The 10-year German bund's yield rose to 2.433%, helping the benchmark post its biggest weekly rise since late September. U.S. crude settled up 36 cents at $82.52 a barrel, while Brent rose 22 cents to settle at $86.31.

☆ Weak retail sales, manufacturing output data point to slowing US economy
▼ + stars: | 2023-04-14 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Data for February was revised up to show retail sales falling 0.2% instead of 0.4% as previously reported. Retail sales are mostly goods, which are typically bought on credit, and are not adjusted for inflation. Retail sales and inflationThe decline in retail sales was almost across the board. Sales at food services and drinking places, the only services category in the retail sales report, edged up 0.1%. Excluding automobiles, gasoline, building materials and food services, retail sales slipped 0.3% last month.

☆ US retail sales post second straight monthly drop; factory output falls
▼ + stars: | 2023-04-14 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Retail sales dropped 1.0% last month, the Commerce Department said. Data for February was revised up to show retail sales falling 0.2% instead of 0.4% as previously reported. Retail sales are mostly goods, which are typically bought on credit, and are not adjusted for inflation. Sales at food services and drinking places, the only services category in the retail sales report, edged up 0.1%. Excluding automobiles, gasoline, building materials and food services, retail sales slipped 0.3% last month.

The S&P 500 banks index (.SPXBK) has lagged the broader S&P 500 (.SPX) this year with a 13% decline, while the KBW Regional Banking index (.KRX) has already lost 20% in its worst performance since 2009. "The retail sales are kind of a disappointment," said Robert Pavlik, senior portfolio manager at Dakota Wealth. Traders stuck to bets the U.S. central bank will raise its benchmark rate in May by another 25 basis points after the retail sales data. Among other big-ticket earnings, healthcare conglomerate UnitedHealth Group Inc (UNH.N) beat estimates for quarterly profit and raised its annual forecast, pushing its shares up 0.4%. BlackRock Inc's (BLK.N) quarterly profit also beat analysts' estimates as investors continued to pour money in the world's largest asset manager's various funds.

The S&P 500 banks index (.SPXBK) surged 3.3% to a one-month high, while the KBW Regional Banking index (.KRX) rose 0.8%. Bank stocks lag S&P 500 this yearDampening the mood, however, data showed retail sales fell more than expected in March as consumers cut back on purchases of motor vehicles and other big-ticket items, raising fears of an economic slowdown. "The retail sales are kind of a disappointment," said Robert Pavlik, senior portfolio manager at Dakota Wealth. Following Friday's retail sales data, traders stuck to bets the U.S. central bank will raise rates by another 25 basis points in May. The S&P index recorded six new 52-week highs and no new low, while the Nasdaq recorded 14 new highs and 25 new lows.

☆ German industrial output rises more than expected in February
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 6 (Reuters) - German industrial production rose significantly more than expected in February due in part to vehicle manufacturing, increasing 2.0% on the previous month, the federal statistical office said on Thursday. "Despite the strong rebound, industrial production is still slightly below its pre-pandemic level." Industrial output is expected to increase further in the coming months. Pantheon Macroeconomics forecasts that industrial production will post a 3.0% quarter-on-quarter expansion in the first quarter, comfortably reversing the 0.5% decline in the fourth quarter. Year-on-year, industrial production rose 0.6% in February.

☆ U.S. trade deficit widens in February as goods exports fall
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, April 5 (Reuters) - The U.S. trade deficit widened more than expected in February as exports of goods declined, suggesting that trade could drag on economic growth in the first quarter. The trade deficit increased 2.7% to $70.5 billion, the Commerce Department said on Wednesday. Consumer goods imports fell $3.7 billion, mostly reflecting decreases in cell phones and other household goods, pharmaceutical preparations as well as cotton apparel and household goods. Adjusting for inflation, the goods trade deficit widened 2.7% to $104.6 billion. A smaller trade deficit was one of the contributors to the economy's 2.6% annualized growth rate in the fourth quarter.

☆ US consumer confidence rises; house price inflation slows
▼ + stars: | 2023-03-28 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

The Conference Board's consumer confidence index rose to 104.2 this month from a reading of 103.4 in February. Housing affordability, which deteriorated as mortgage rates surged in response to the Fed's fight against inflation, is starting to gradually improve as house price gains continue to moderate. Annual house price growth remained strong in the Southeast, with double-digit gains in Miami and Tampa. The region had experienced rapid house price increases in prior years. Goods trade balanceThe Commerce Department also reported that wholesale inventories rose 0.2% in February after falling 0.5% in January.

☆ Cruise robotaxis blocked a road in San Francisco after a storm downed trees and wires
▼ + stars: | 2023-03-22 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

General Motors ' self-driving vehicle unit Cruise acknowledged that some of its cars stalled out on city streets in San Francisco following rainstorms that downed trees there on Tuesday night. After that, another tree on Polk and Clay streets fell into the street. In response, he said, the San Francisco Fire Department had blocked off Clay between Polk and Jones streets with caution tape. He said the driverless Cruise vehicles did not appear to detect and avoid the caution tape and bus wires properly, and instead became "tangled in them." Cruise has permits to test and deploy autonomous vehicles in San Francisco all hours of day and night, excluding heavy rain."

☆ U.S. trade deficit widens moderately in January
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, March 8 (Reuters) - The U.S. trade deficit widened moderately in January as both imports and exports increased strongly. The trade deficit increased 1.6% to $68.3 billion, the Commerce Department said on Wednesday. Economists polled by Reuters had forecast the trade deficit rising to $68.9 billion. Adjusting for inflation, the goods trade deficit increased 3.6% to $101.8 billion in January. A smaller trade deficit was one of the contributors to the economy's 2.7% annualized growth rate in the fourth quarter.

☆ Odometer fraud is a $1 billion problem. Here's how it costs American drivers
▼ + stars: | 2023-02-28 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +1 min

A type of motor vehicle crime that costs consumers in the U.S. about $1 billion a year is on the rise, according to data firm Carfax. Average used vehicle prices rose from about $20,000 in December 2019 to about $27,000 in December 2022, according to Cox Automotive. Supply chain disruptions and shortages in new vehicle inventory have pushed more customers to the used market, which in turn has pushed up prices. Those circumstances also are making used vehicles scarcer. "I can't tell you for sure, but I suspect with the recent surge in used car prices, that it's becoming a more enticing tactic for scammers," said Patrick Olsen, executive editor at Carfax.

☆ Elon Musk announces that Tesla's engineering HQ is expanding in California, over a year after moving the company's headquarters to Texas
▼ + stars: | 2023-02-22 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Elon Musk announced on Wednesday that Tesla plans to expand its engineering headquarters in California. Tesla moved the company's headquarters to Texas in 2021, but still employs thousands of workers in California. Gavin Newsom that the electric-car maker plans to expand its engineering headquarters in California. The announcement comes less than two years after Musk moved Tesla's headquarters to Austin, Texas. Despite the move to Texas, the carmaker continued to produce many of its cars at the Factory in Fremont, California and it still maintains its previous company headquarters in Palo Alto.

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