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☆ CNBC Daily Open: Moody’s downgrade won’t dent the Treasury market
▼ + stars: | 2023-11-14 | 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. South Korea's Kosdaq index rose around 2.2%, snapping a five-day losing streak. Hence, Biden and Xi will likely focus on "prevent[ing] a crisis," according to a political commentator. Consumer spending fellU.S. October retail sales, excluding autos and gas, fell 0.08% month on month, while core retail, which excludes restaurants, declined 0.03%, according to the new CNBC/NRF Retail Monitor.

Persons: Australia's, Biden, Xi, Joe Biden, Xi Jinping, That'll, Exxon, Morgan Stanley Organizations: CNBC, Dow Jones, NRF, Exxon, Exxon Mobil Locations: Asia, Pacific, U.S, Arkansas

☆ Softer-than-expected inflation boosts case for no more rate hikes: Moody's Analytics' Mark Zandi
▼ + stars: | 2023-11-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSofter-than-expected inflation boosts case for no more rate hikes: Moody's Analytics' Mark ZandiMark Zandi, Moody’s Analytics chief economist, joins 'Fast Money' to talk today's inflation data, the impact of Federal Reserve rate hikes, the possibility of a recession and more.

Persons: Zandi Mark Zandi Organizations: Federal

☆ CNBC Daily Open: The Moody’s downgrade was a non-event
▼ + stars: | 2023-11-14 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

In this article AMZNDISGSNFLXENR-DEXOM Follow your favorite stocks CREATE FREE ACCOUNTThe US Treasury building in Washington, DC, US, on Tuesday, Aug. 15, 2023. Nathan Howard | 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. Investors, focused on the week ahead, are already shrugging off bad news from last week. On Friday, Moody's Investors Service cut its ratings outlook on the U.S. government from stable to negative.

Persons: Nathan Howard, Joe Biden, Xi Jinping, Fitch, Treasurys, There's, Michael Reynolds, Goldman Sachs, Peter Oppenheimer, Jeff Cox Organizations: Treasury, Bloomberg, Getty, CNBC, U.S, Investors, Moody's, Service, Poor's, Glenmede Investment Management, Dow Jones, Nasdaq, Reserve Locations: Washington , DC, Israel, U.S

☆ Dow soars over 500 points as new data shows inflation continues to cool
▼ + stars: | 2023-11-14 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —Stocks climbed on Tuesday as Wall Street cheered the inflation cooldown in the latest economic data for October. The Consumer Price Index rose 3.2% for the 12 months ended in October. That’s down from 3.7% the prior month, according to fresh data from the Bureau of Labor Statistics. That brings the annual increase to 4%, the lowest annual increase since September 2021. The October Producer Price index, retail sales and building permits and housing starts data are also slated for release this week.

Persons: Stocks, That’s, Price, “, ”, Brad Conger, Callaghan Organizations: New, New York CNN, Dow, Nasdaq, Bureau of Labor Statistics, CPI, Treasury, Federal Reserve, Traders, Co, “, Moody’s, Home Depot, Wall Locations: New York

The week starts off with a bevy of unpleasant surprises for the markets and the economy but with maybe a hope of good news on the inflation front. “The decline in oil prices will feature prominently in explaining October's CPI and PPI reports. Core CPI likely slowed in October as well, with lower prices of new and used cars, lower airfares, and lower shelter costs all leaning the same way. PPI inflation likely moderated in October, too, with diesel prices following crude oil prices lower, albeit not by as much as gasoline. Powell’s comments were not anything new, but the timing seemed to suggest he was dampening down enthusiasm in the markets.

Persons: Moody’s, Mike Johnson, ”, Bob Doll, Republican Sen, Tim Scott of, David Cameron, Rishi Sunak, Stocks, Bill Adams, Waran Bhahirethan, ” Adams, Jerome Powell spooked, ” Powell, Oliver Rust, Sam Bullard, ” Bullard Organizations: U.S, AAA, Louisiana Republican, GOP, Senate, Crossmark Global Investments, Republican, Tim Scott of South Carolina, Conservative, Analysts, Comerica Bank, PPI, CPI, Federal Reserve, International Monetary Fund, Central Bank, “, Wells Locations: U.S, Louisiana, Tim Scott of South, London, Iraq, Syria, Gaza City, September’s, Israel, Washington

WASHINGTON (AP) — The United States is hosting the annual APEC summit of world leaders this week for the first time since 2011. But the main summit event will actually be on the sidelines: A face-to-face meeting between President Joe Biden and Chinese President Xi Jinping. The annual leaders' conference brings together heads of nations and other top economic and diplomatic leaders. That decision was regarded as a snub by some APEC leaders. Since then, the APEC leaders have posed together in batik shirts (Malaysia, 1998), Chinese jackets (Shanghai, 2001), flowing ponchos (Chile, 2004) and "ao dai” tunics (Vietnam, 2006.)

Persons: Joe Biden, Xi Jinping, Vladimir Putin, Gina Raimondo, isn't, Biden, Donald Trump, Kamala Harris, that's, Morris Chang, Paul Chan, John Lee, It's, Bill Clinton, Barack Obama, Obama Organizations: WASHINGTON, APEC, Economic Cooperation, Biden, Pacific, Thai, Taiwan Semiconductor Manufacturing Co, Financial, Moody’s Investors Service Locations: United States, Asia, San Francisco, China, U.S, Israel, Ukraine, Russia, Japan, Australia, Taiwan, Hong Kong, Pacific, Bangkok, Chile, Thailand, China . Hong Kong, Seattle, American, Malaysia, Shanghai, ponchos, Vietnam, Philippines, Hawaii

☆ Stock Market News Today: Dow, S&P 500 Tick Up; Inflation, Credit Downgrade Worries Rattle Wall Street
▼ + stars: | 2023-11-13 | by ( ) www.wsj.com time to read: +1 min

Treasury yields rose in early trading but have also reversed. Stocks are coming off a two-week rally during which the S&P 500 gained 7.2%, rising in nine of 10 sessions. This week’s big markets event: Tuesday’s inflation reading, which is expected to show U.S. consumer-price growth slowed last month. Yields edged up late Friday after Moody’s Investors Service cut its outlook for the U.S. government’s credit rating to negative. Weakening demand has pulled down crude prices recently, helping damp inflation.

Persons: Biden, Stocks, Dow Organizations: Dow Jones, Nasdaq, Boeing, Nvidia, Treasury, Moody’s, Service, U.S, Overseas Locations: San Francisco, Europe

☆ Stock futures are little changed after Moody’s downgrades U.S. outlook: Live updates
▼ + stars: | 2023-11-12 | 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 November 10, 2023 in New York City. U.S. stock futures inched down Sunday night after Moody's Investors Service lowered its U.S. credit rating outlook to negative from stable. Moody's on Friday underscored the U.S.' "very large" fiscal deficits and partisan gridlock in Washington as contributing factors for the downgrade. The ratings agency reaffirmed America's credit rating at AAA, the highest level. The S&P 500 rose 1.3% the previous week, while the Dow and Nasdaq gained about 0.7% and 2.4%, respectively.

Persons: Moody's, Fitch, Jay Hatfield, That's, Lisa Cook Organizations: New York Stock, Moody's Investors Service, Dow Jones Industrial, Nasdaq, AAA, U.S, Infrastructure Capital Management, Federal Reserve Bank of New, Dow Locations: New York City . U.S, Washington, Hatfield

The approach is unusual for a stopgap spending bill. Johnson decided to go with the combination approach, addressing concerns from GOP lawmakers seeking to avoid being presented with a massive spending bill just before the holidays. “The bill will stop the absurd holiday-season omnibus tradition of massive, loaded up spending bills introduced right before the Christmas recess." A document explaining Johnson’s proposal to House Republicans, obtained by The Associated Press, said funding for four spending bills would be extended until Jan. 19. House Republicans pointed to the national debt, now exceeding $33 trillion, for Moody's decision.

Persons: Mike Johnson, Johnson, Joe Biden, Chip Roy, “, Pelosi, ’ ”, Karine Jean, Pierre, Kevin McCarthy Organizations: WASHINGTON, —, Republicans, “, Democratic, Treasury Department, Small Business Administration, House Republicans, The Associated Press, Veterans, State Department , Homeland Security, GOP, Moody’s Investors Service Locations: Israel, Ukraine, U.S, Mexico, Southern, Texas

Moody's is the last of the three major rating agencies to maintain a top rating for the U.S. government. Fitch changed its rating from triple-A to AA+ in August, joining S&P which has had an AA+ rating since 2011. “While the statement by Moody’s maintains the United States’ AAA rating, we disagree with the shift to a negative outlook. The sharp rise in Treasury yields "has increased pre-existing pressure on US debt affordability," Moody's said. “Moody’s just downgraded our credit rating outlook to negative because of our out-of-control government spending and deficits," hardline Republican Representative Andy Harris said on X, formerly known as Twitter.

Persons: Shannon Stapleton, Joe Biden's, Fitch, Moody's, Karine Jean, Pierre, Moody’s, Wally Adeyemo, Adeyemo, Biden, Quincy Krosby, Donald Trump, Mike Johnson, “ Moody’s, Andy Harris, ”, Richard Rohan Francis, Davide Barbuscia, Andrea Shalal, David Morgan, Caroline Valetkevitch, Ira Iosebashvili, Megan Davies, Shilpi Majumdar, Shounak Dasgupta, David Gregorio, Chris Reese Organizations: REUTERS, . House, U.S ., Aaa, White, Republican, States ’ AAA, Treasury, Reserve, LPL, New York Times, Republicans, Democratic, Thomson Locations: New York City, U.S, WASHINGTON, American, Siena, Nevada , Georgia, Arizona , Michigan, Pennsylvania, Trump, Wisconsin

☆ Moody's changes US ratings outlook to negative, affirms AAA
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +7 min

REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsNov 10 (Reuters) - Moody's on Friday changed the outlook on the government of United States of America's ratings to "negative" from "stable". Moody's affirmed the long-term issuer and senior unsecured ratings at "Aaa". COMMENTS:REPUBLICAN REPRESENTATIVE ANDY HARRIS, ON X SOCIAL MEDIA“Moody’s just downgraded our credit rating outlook to negative because of our out-of-control government spending and deficits. "I don't think that there is a significant consequence. WALLY ADEYEMO, DEPUTY SECRETARY OF THE TREASURY"While the statement by Moody’s maintains the United States’ Aaa rating, we disagree with the shift to a negative outlook.

Persons: Shannon Stapleton, Moody's, ANDY HARRIS, JOHN CORNYN, ” STEVEN RICCHIUTO, you've, ” THIERRY WIZMAN, MACQUARIE, “ Moody’s, ” MICHAEL GREEN, JACK ABLIN, CHICAGO “, it's, ”, ” QUINCY KROSBY, CAROL SCHLEIF, We've, CHRISTOPHER HODGE, KARINE JEAN, PIERRE, Moody’s, WALLY ADEYEMO, Biden Organizations: REUTERS, Aaa, Moody’s Investors Service, Capitol, FX, NEW, Republicans, Democrats, BMO, KARINE, Republican, Congressional Republicans, States ’ Aaa, Biden Administration, Global Finance, Markets, Thomson Locations: New York City, U.S, United States, MIZUHO, Japan, CHICAGO, CHARLOTTE, NORTH CAROLINA, MINNEAPOLIS , MN, American

☆ Moody’s sends a warning to America: Your last AAA credit rating is at risk
▼ + stars: | 2023-11-10 | by ( Jason Moon | Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —The United States is one step closer to losing its last perfect credit rating after Moody’s Investors Service changed the outlook of the nation’s debt to negative on Friday after markets closed. These effects would likely be even more painful if Moody’s does eventually downgrade the US debt. The nation’s diminished fiscal strength, undone by extreme partisanship in Washington, was a key driver of the action, according to a statement from Moody’s. Standard and Poor’s downgraded the United States for the first time in 2011, following the debt ceiling standoff then. In August, Fitch Ratings knocked America’s credit rating down after the most recent debt ceiling debate.

Persons: America’s, Wally Adeyemo, “, Moody’s, Poor’s, Kevin McCarthy, Mike Johnson, Johnson, Karine Jean, Pierre Organizations: New, New York CNN, Moody’s Investors Service, United, AAA, Fitch, House Press, Republican, Treasury Locations: New York, United States, Washington, Moody’s, ”, American

☆ Moody’s Changes U.S. Credit Outlook to ‘Negative’
▼ + stars: | 2023-11-10 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

The outlook on the credit rating of the United States was changed to “negative” from “stable” on Friday by the ratings firm Moody’s, which pointed to the nation’s worsening fiscal position and political polarization as long-term concerns for America’s economy. The change falls short of a downgrade to America’s credit rating, which Moody’s maintained at the highest AAA level. That downgrade, two months after the United States narrowly avoided defaulting on its debt, was the second in America’s history. Republicans have been pushing for severe spending cuts to reduce the gap between what America spends and what it earns in tax revenue. Mr. Biden has proposed reducing future deficits by expanding the economy and raising taxes on high earners and corporations.

Persons: Moody’s, Fitch, Biden Organizations: AAA, Republicans, America Locations: United States

☆ Biden officials reject Moody's shift to 'negative' outlook, point to Republican 'dysfunction'
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +1 min

U.S. President Joe Biden delivers remarks to United Auto Workers (UAW) union members in Belvidere, Illinois, U.S., November 9, 2023. REUTERS/Leah Millis/File Photo Acquire Licensing RightsWASHINGTON, Nov 10 (Reuters) - Top Biden administration officials on Friday rejected a decision by Moody's ratings agency to downgrade its U.S. economic outlook to negative from stable, calling the shift a reflection of what they called "extremism and dysfunction" among congressional Republicans. “While the statement by Moody’s maintains the United States’ AAA rating, we disagree with the shift to a negative outlook. The American economy remains strong, and Treasury securities are the world’s preeminent safe and liquid asset," Deputy Treasury Secretary Wally Adeyemo said in a statement. White House spokesperson Karine Jean-Pierre said the change was "yet another consequence of congressional Republican extremism and dysfunction."

Persons: Joe Biden, Leah Millis, “, Moody’s, Wally Adeyemo, Karine Jean, Pierre, Andrea Shalal Organizations: United Auto Workers, UAW, REUTERS, Rights, Biden, States ’ AAA, Republican, Thomson Locations: Belvidere , Illinois, U.S, American

☆ Inflation expectations and wage growth are at top of the Fed's list right now: Moody's Mark Zandi
▼ + stars: | 2023-11-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation expectations and wage growth are at top of the Fed's list right now: Moody's Mark ZandiMark Zandi, Moody’s Analytics chief economist, joins 'Squawk on the Street' to discuss Powell's latest comments impact on the markets, metrics the Fed could be watching to raise rates again, and more.

Persons: Mark Zandi Mark Zandi

WASHINGTON (AP) — The credit rating agency Moody’s Investors Service lowered its outlook on the U.S. government's debt on Friday to “negative” from “stable,” citing the cost of rising interest rates and political polarization in Congress. Moody's retained its top triple-A credit rating on U.S. government debt, though it is the last of the three major credit rating agencies to do so. A reduced outlook, however, raises the risk that Moody's could eventually strip its triple-A rating from the U.S. as well. A lower rating on U.S. debt could cost taxpayers if it leads borrowers to demand higher interest rates on Treasury bills and notes. Analysts have warned that with interest rates heading higher, interest costs on the national debt will eat up a rising share of tax revenue.

Persons: Moody's, Fitch, Biden, Moody’s, Wally Adeyemo, “, ” Moody's Organizations: WASHINGTON, Moody’s Investors Service, Fitch, AAA, Poor's, Treasury, States ’ Aaa Locations: American, Washington, U.S

☆ Biden’s economic scorecard touts fragile advantage
▼ + stars: | 2023-11-09 | by ( Ben Winck | ) www.reuters.com time to read: +11 min

And if the political strategist James Carville was right that “it’s the economy, stupid,” the next several months could make or break Joe Biden’s economic record. As things stand, the current ruler of the free world touts a fragile advantage. Households’ disposable income after adjusting for inflation hit a record $20 trillion in the month that Biden’s measure was approved, according to the Bureau of Economic Analysis. STUDENT LOANSForgiving swaths of student debt was another of Biden’s campaign promises, but his efforts have so far failed. And with higher interest rates making debt service more expensive, Biden’s spending could come back to bite him on election day.

Persons: Joe Biden, Ken Cedeno, James Carville, Joe Biden’s, “, aren’t, Breakingviews, it’s, Biden, Donald Trump, Mitch McConnell, ”, Realtor.com, Congressional Republicans haven’t, haven’t, WALL, Lauren Silva Laughlin, Sharon Lam, Aditya Sriwatsav Organizations: Edmond's Catholic, REUTERS, Rights, Reuters, House, Republican, AMERICAN, ACT, Brookings Institution, Analysis, Walmart, Nordstrom, Deere, Caterpillar, Republicans, Commerce Department, Micron, Bank of America, Gallup, Federal Reserve, United Auto Workers, RSM, Congressional Republicans, Biden, Reuters Graphics Reuters, Conservative, Thomson Locations: St, Rehoboth Beach , Delaware, U.S, New York, Arizona, West Virginia

☆ What orange juice futures tell us about the state of our world
▼ + stars: | 2023-11-08 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

Cocoa and orange juice futures have hit multi-decade highs as climate change and harsh weather takes their toll on crops in warmer climates. Here’s the latest in the commodities market:Orange juiceOrange juice futures have soared to their highest levels since the commodity began trading in 1966. The January contract for frozen concentrated orange juice is currently sitting around $3.95, up nearly 94% so far this year. The rally has led to a rise in speculative betting, leading some analysts to call orange juice futures the new GameStop. But “the eventual crash in the price of orange juice will be one for the record books,” he quipped.

Persons: Nicole, it’s, they’re, ”, Dave Reiter, It’s, Brent, David Morrison, stoking, That’s, WeWork, Nathaniel Meyersohn, Ermengarde Jabir, Alicia Wallace, “, Ted Rossman Organizations: CNN Business, Bell, New York CNN, OJ, Sunshine State, Futures, GameStop, Reiter Capital Investments, Cocoa, West Texas Intermediate, “ Traders, Trade Nation . Energy, Wheat, Organisation for Economic Co, Federal Reserve Bank of New, New York Fed Locations: New York, Ukraine, Orange, US, Brazil, Mexico, Florida, Ghana, Ivory Coast, Ivory, Chicago, Southeast Asia, Europe, China, Russia, America, United States

Gloom over worse-than-expected export data offset any positive momentum from an upgrade to China's growth forecast by the International Monetary Fund. It raised its GDP growth forecast for 2023 to 5.4% from 5% but forecast that growth will slow next year. Earlier in the summer, a swift rise in Treasury yields sent the stock market reeling. High rates and yields hurt stock prices, slow the economy and raise the pressure on the entire financial system. In currency trading, the U.S. dollar edged up to 150.69 Japanese yen from 150.37 yen.

Persons: Joe Biden, Xi Jinping, Janet Yellen, Korea’s Kospi, Australia's, TripAdvisor Organizations: TOKYO, Economic Cooperation, White, Treasury, APEC, International Monetary Fund, Nikkei, Moody’s, Service, Big Tech, Dow Jones, Nasdaq, Emerson, Federal, Federal Reserve, New York Mercantile Exchange, Brent, U.S Locations: China, U.S, Asia, San Francisco, Shanghai, Japan, Israel

☆ WeWork’s bankruptcy could have a painful effect on cities
▼ + stars: | 2023-11-07 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

WeWork’s bankruptcy will increase financial stress on commercial landlords that have rented large chunks of their office buildings to the co-working company. About $270 billion in commercial real estate loans held by banks will come due in 2023, according to Trepp, a commercial real estate data provider. “This is another huge problem for the office market to contend with.”No single tenant can make or break the office market, he said. Around 42% of WeWork’s occupancies are in those three cities, according to CoStar, a commercial real estate data firm. Commercial real estate was hit hard by the pandemic, with fewer people returning to offices and spending money in downtown corridors.

Persons: WeWork, ”, Ermengarde Jabir, Goldman Sachs, Stijn Van Nieuwerburgh, Peter Morgan, ” Alie Baumann, can’t, “, ” Baumann, Van Nieuwerburgh Organizations: New, New York CNN, Silicon Valley Bank, Signature Bank, Columbia Business School, Cities, New York City’s Locations: New York, America, Silicon, New York City, San Francisco, Boston, New York City . New York, NYC, New, United States, Columbia

☆ Canary Wharf may yet avoid once-a-decade upheaval
▼ + stars: | 2023-11-06 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

LONDON, Nov 6 (Reuters Breakingviews) - Canary Wharf tends to have a new owner every decade. A recent 300 million pound equity injection implies they will buck the trend. Brookfield and the QIA, which own the estate’s developer Canary Wharf Group through a 50-50 partnership, ostensibly look to be backing a losing horse. Factoring in all its assets on the Canary Wharf estate, Brookfield as of September valued it all at $6.1 billion, or 5 billion pounds – over 2 billion pounds more than what the duo put in eight years ago. Canary Wharf could be owned by highly leveraged, shallow-pocketed types.

Persons: –, Paul Reichmann’s Olympia, Morgan, Breakingviews, dory, George Hay, Oliver Taslic Organizations: Reuters, HSBC, HK, London Docklands, Qatar Investment Authority, Canary, York, Morgan Stanley, Jefferies, Reuters Graphics Reuters, Brookfield, Wharf Group, Thomson Locations: Brookfield, –, CWG, City, Wharf

A woman dressed up as a starving medical student. One woman dressed up as a medical student, holding a begging bowl in her hands. A woman dressed up as a liberal arts student hungry for egg fried rice. Greg Baker/Pool/ReutersTo address these challenges, President Xi Jinping hosted a key financial policy meeting this week to reiterate the need to resolve financial risks in the economy. “Hidden economic and financial risks are still widespread,” the readout said.

Persons: Hong Kong CNN —, ”, Zhou, Xiao Pan, Yan Ziqi, “, Xi Jinping, Greg Baker, Xi Organizations: Hong Kong CNN, CNN, Global, Stock, Huaan Securities, Service, National People's, of, People, Reuters, Communist Party, Ministry of State Security Locations: China, Hong Kong, China’s, Shanghai, Weibo, Douyin, “, Beijing

☆ The US economy added 150,000 jobs last month. Here’s what that means
▼ + stars: | 2023-11-03 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

Minneapolis CNN —For several months now, the US labor market has been on a cooling trajectory, and Friday’s jobs report made that even more apparent. The US economy added 150,000 jobs last month, falling below expectations but still notching a solid month of employment growth, according to Bureau of Labor Statistics data released Friday. October’s job growth came in below September’s stronger-than expected but downwardly revised total of 297,000 jobs. Including the estimated 150,000 jobs added last month and the downward revisions to August and September that totaled 101,000 jobs, the United States is averaging 239,000 jobs gained per month so far this year. Where the jobs were — and weren’tBecause of the timing of the striking actions and how the BLS tracks such activity, October is the first jobs report that reflects the massive strike.

Persons: ”, Sung Won Sohn, Nancy Vanden Houten, Jerome Powell, Gus Faucher, Dante DeAntonio, ” DeAntonio, “ It’s, ” Ger Doyle, ManpowerGroup, Amy Glaser, we’ve, “ We’re Organizations: Minneapolis CNN —, of Labor Statistics, SS Economics, Loyola Marymount University, United Auto Workers, Ford, General Motors, UAW, Big, Federal Reserve, Fed, Oxford Economics, BLS, PNC Financial Services, Government, Moody’s, ”, CNN, “ Locations: Minneapolis, United States, Southern California

☆ Retailers predict a slower holiday shopping season
▼ + stars: | 2023-11-02 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Retailers are projecting slower growth this holiday shopping season as inflation, higher borrowing costs, and the resumption of student loan repayments cause many consumers to pull back. The government reported that strong consumer spending drove the economy to a robust 4.9% annual growth rate in the July-September quarter. Consumer confidence dropped for the third consecutive month despite the booming economy. The resumption of student loan repayments last month after a three-year pause could also impact consumer spending. “Student loan repayments will diminish the already dwindling savings among younger households,” Moody’s said in a report this week.

Persons: Matthew Shay, ” Dana Peterson, “ Consumers, ”, ” Moody’s, ” Shay Organizations: New, New York CNN — Retailers, National Retail Federation, “, Consumer, Conference Board, Consumers Locations: New York, splurging

☆ Europe’s gas prices are a worry ahead of winter despite brimming stores
▼ + stars: | 2023-11-02 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

But while gas shortages are unlikely in Europe this winter, the price of the fuel remains a worry. According to S&P Global, about one-fifth of global LNG supply travels through the channel on Iran’s south coast. In a less jittery market, neither incident may have had the effect it did, helping boost European gas prices by more than 40% over the course of a single week. High gas prices have presented a persistent economic headwind for Europe's biggest economy due to its reliance on energy-intensive industries. Together, these milestones should push European gas prices down to €30 ($32) per megawatt hour by the end of next year, Weatherburn added.

Persons: Asia —, Soeren, ”, Jack Sharples, Heikki Saukkomaa, Simone Tagliapietra, Bill Weatherburn, Stefan Sauer, Weatherburn, “ Organizations: London CNN, European Union, International Energy Agency, EU, Getty, “, Oxford Institute of Energy Studies, CNN, Hamas, P, Chevron, Egyptian, Steam, ”, Capital Economics, Qatar, Energy Locations: Russia, Moscow, Ukraine, Europe, North America, Asia, Norway, Hungary, Austria, Azerbaijan, Algeria, Germany, Israel, Gaza, Hormuz, Jordan, Egypt, Cairo, Estonia, Australia, AFP, “, ” Europe, France, Italy, Lubmin, Pomerania, United States, Qatar

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