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☆ US weekly jobless claims fall as labor market remains tight
▼ + stars: | 2023-08-17 | by ( Reuters Staff | ) www.reuters.com time to read: +3 min

WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits fell last week, pointing to a still tight labor market. Although the labor market is slowing, with job gains in July the second smallest since December 2020, conditions generally remain tight. The unemployment rate is at levels last seen more than 50 years ago. Labor market resilience is underpinning the economy, by driving retail sales and homebuilding. The so-called continuing claims increased 32,000 to 1.716 million during the week ending Aug. 5, the claims report showed.

Persons: Amira Karaoud Organizations: WASHINGTON, REUTERS, Labor Department, Reuters, Labor Locations: Louisville, U.S, Ohio

☆ Investors should shrug off credit downgrades and buy regional bank shares, JPMorgan says
▼ + stars: | 2023-08-09 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Moody's warning this week about the credit worthiness of more than two dozen banks has created a buy-the-dip opportunity in shares of regional lenders, according to JPMorgan. The credit rating agency downgraded the ratings of 10 regional banks on Monday evening, and signaled concern for about 17 more. But JPMorgan analyst Steven Alexopoulos said in a note to clients on Wednesday that those concerns are already priced in to bank stocks, and regional bank stocks now have upside from current levels. That means that many bank stocks look cheaper today than before the downgrades, Alexoloulos said. JPMorgan's top picks among regional banks include New York Community Bancorp.

Persons: Steven Alexopoulos, Moody's, Alexoloulos, JPMorgan's, — CNBC's Michael Bloom Organizations: JPMorgan, Silicon Valley Bank, First, Pinnacle Financial, Pinnacle, Regional Banking, New York Community Bancorp, Western Alliance Locations: Silicon, New

☆ Wayne Brady says he is pansexual
▼ + stars: | 2023-08-08 | by ( Hafsa Khalil | ) edition.cnn.com time to read: +3 min

CNN —Wayne Brady, known for hosting the TV show “Let’s Make a Deal,” has announced that he is pansexual. “I advocate mental health for all and a part of that is self transparency. Brady began his self-discovery journey after actor Robin Williams’ death in 2014, when he became vocal about mental health, he told People. On social media, Brady called it “ironic” that he frequently brings joy to others on TV, but doesn’t experience it much himself. “If I’m healthy, then I can go onstage at ‘Let’s Make a Deal’ and be the best Wayne Brady that everybody wants and expects … and one day, the best partner to someone, because I’m doing this for me,” he told People.

Persons: CNN — Wayne Brady, ”, “, I’ve, ” Brady, I’ll, Brady, Maile, Mandie Taketa, Jason Fordham –, Taketa, ” Taketa, Robin Williams, Wayne Brady Organizations: CNN Locations: pansexual

European shares (.STOXX) slipped 1.1% after falling on Wednesday to two-week lows as rating agency Fitch cut the U.S. government's credit rating. UK shares (.FTSE) fell 1.3%, with the Bank of England (BoE) expected to raise interest rates later in the day. Pressuring stocks were a climb in long-term U.S. Treasury yields after stronger-than-expected private employment data and the announced refunding of the U.S. government's maturing debt. U.S. 10-year yields hit a new nine-month peak of 4.17%, while 30-year yields rose to a fresh nine-month top. The risk, investors said, was that a repeat of June's surprise half-point increase could fuel bets that major central banks are not done tightening yet.

Persons: Issei Kato, Fitch, BoE, Jonathan Petersen, Morgan Stanley, Sterling, Tom Wilson, Stella Qiu, Kim Coghill, Mark Potter Organizations: REUTERS, Apple, LONDON, Bank of England, Nasdaq, Treasury, U.S, Capital Economics, APPLE, Thomson Locations: Tokyo, Japan, Asia, SYDNEY, Pacific, China, London, Sydney

☆ One-two punch barely fazes Uncle Sam
▼ + stars: | 2023-08-02 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

Former U.S. President and Republican presidential candidate Donald Trump speaks at a campaign event in Council Bluffs, Iowa, U.S., July 7, 2023. Fitch Ratings knocked the U.S. government from its perfect AAA grade, becoming the second major ratings agency to demote the country’s debt. Just minutes later, Donald Trump was indicted for his attempts to overturn the 2020 election. Yet despite the latest one-two punch, a resilient economy and the dollar’s global standing make it hard to bet against Uncle Sam. Former U.S. president Donald Trump was indicted on Aug. 1 for his sweeping efforts to overturn the results of the 2020 presidential election.

Persons: Donald Trump, George Washington’s “, It’s, Treasury Department ., Uncle Sam, Trump, Peter Thal Larsen, Sharon Lam Organizations: U.S, Republican, Reuters, Fitch, AAA, Bank for International, Treasury Department, Treasury Department . Fitch reckons, Former U.S, Trump, Thomson Locations: Bluffs , Iowa, U.S, WASHINGTON, Washington, American

☆ PayPal forecasts quarterly revenue above estimates as consumers shrug inflation worries
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationAug 2 (Reuters) - Payments firm PayPal Holdings (PYPL.O) forecast third-quarter revenue above estimates on Wednesday, expecting consumers to remain resilient in the face of a tough economy. PayPal expects third-quarter revenue at about $7.4 billion, above analysts' average estimate of $7.32 billion, according to Refinitiv data. The optimistic revenue forecast echoed results of card giants Mastercard (MA.N) and Visa (V.N), which posted a boost in quarterly profits on the back of strong consumer spending. PayPal's revenue jumped to $7.3 billion in the second quarter ended June 30, compared with $6.8 billion a year earlier. In May, PayPal cut its forecast for annual adjusted operating margin, a move that eclipsed its profit forecast raise.

Persons: Dado Ruvic, Sri Hari, Manya, Maju Samuel Organizations: PayPal, REUTERS, PayPal Holdings, Mastercard, Visa, Apple, Sri, Manya Saini, Thomson Locations: Bengaluru

☆ 'A short-term glitch:' Wall Street pros shrug off the effect of Fitch's downgrade on markets
▼ + stars: | 2023-08-02 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

The Dow Jones Industrial Average fell more than 200 points Wednesday after the downgrade as traders weighed the move. US10Y 1Y mountain 10-year yield 1-year However, Wall Street strategists mostly took the downgrade in stride. The S & P 500's 17% rally this year and the Nasdaq Composite's 33% advance had some traders worrying that equities have surged "too far, too fast." Stovall's S & P 500 year-end target is at 4,575 . Goldman Sachs' Jan Hatzius said Tuesday the downgrade will have "little direct impact" on financial markets.

Persons: Fitch, Janet Yellen, Sam Stovall, Stovall's, Wells Fargo's Christopher Harvey, Goldman Sachs, Jan Hatzius, Steven Zeng, Management's Yung, Yu Ma, Ma, CFRA's Stovall, Deutsche Bank's Zeng, Michael Bloom Organizations: U.S ., Fitch, AAA, Dow Jones, Treasury, Street, Nasdaq, Deutsche, BMO Locations: Washington, U.S, Tuesday's

☆ Stunning new Trump charges up the stakes of an already existential 2024 election
▼ + stars: | 2023-07-28 | by ( Stephen Collinson | ) edition.cnn.com time to read: +9 min

CNN —Remarkable new charges against Donald Trump and two associates in the classified documents case Thursday significantly deepened the ex-president’s legal plight and dragged the 2024 election further into an unprecedented legal quagmire. “It’s a stunning development,” said former FBI Deputy Director Andrew McCabe, who is now a CNN legal and national security analyst. Trump responds with a new political assaultThe ex-president, whose legal strategy has become enmeshed with his campaign strategy, poured fuel on the political fire. The sudden new dimension in the classified documents case will have profound political and legal dimensions. The Florida governor was asked about the possibility of a third indictment of Trump, in reference to the 2020 election interference case.

Persons: Donald Trump, quagmire, Jack Smith, Trump, Honig, “, ”, Andrew McCabe, –, Karen Friedman Agnifilo, Kaitlan Collins, Richard Nixon, Biden, Hunter, they’ll, Walt Nauta, Carlos De Oliveira, Iowa Republican Party’s Lincoln, Ron DeSantis, We’ve, ” DeSantis, it’s Organizations: CNN, White, FBI, Trump, Justice Department, Fox News Digital, Republican, GOP, Iowa Republican, Biden White House, Congressional, Republicans Locations: Lago, Manhattan, Georgia, Des Moines, Iowa, Florida, Ukraine, China

☆ Neste's output snafu dents net-zero aviation goals
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

Neste’s production woes are a big headache for Chief Executive Matti Lehmus but also for the aviation sector. That includes up to 1 million tons of sustainable aviation fuel (SAF), which is key to make planes greener as it cuts carbon emissions by up to 80%. Neste is now predicting that it will produce 230,000 tons less of renewable diesel and sustainable aviation fuel in the second half of 2023. Neste's production problems will further complicate the aviation race to net zero. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Matti Lehmus, Pamela Barbaglia, Lisa Jucca, Streisand Neto Organizations: Reuters, Twitter, Thales, Thomson Locations: Singapore, Neste

☆ Rolls-Royce boss reaps benefits of setting bar low
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 26 (Reuters Breakingviews) - Six months after calling Rolls-Royce (RR.L) a “burning platform”, Chief Executive Tufan Erginbilgic is giving Britain’s flagship engineering group a high five. Shares spiked 20% as investors celebrated the possibility of free cash flow hitting 1 billion pounds in 2023, 37% above consensus. The company had nearly 3.3 billion pounds of net debt last year, and Barclays analysts are pencilling in an increase this year. Erginbilgic can safely argue that Rolls-Royce is no longer a burning platform, but until he closes that gap he can expect heat from investors. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Tufan Erginbilgic, Erginbilgic, France’s Safran, Pamela Barbaglia, Aimee Donnellan, Oliver Taslic Organizations: Reuters, Royce, Barclays, Electric, Twitter, Thales, Thomson

☆ LVMH’s smooth ride faces twin speed bumps
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

Shares in the 413 billion euro luxury behemoth fell 4% on Wednesday after it failed to wow investors with its earnings, depressing Europe’s stock market. Yet investors balked at the 1% second quarter sales contraction in the United States - which represents about a quarter of total revenue - as inflation worries cooled shoppers’ appetite for expensive items. LVMH’s conglomerate model, which spans over 70 brands, has so far proven resilient to crises. The all-important Mainland China market, which made up a fifth of global personal luxury sales in 2021, is a potential worry. Slow demand both in the U.S. and China would test LVMH’s diversified model.

Persons: Dior, Tiffany, Givenchy, Bernard Arnault’s, Lisa Jucca, Aimee Donnellan, Pranav Kiran Organizations: MILAN, Reuters, Twitter, Thales, Thomson Locations: United States, China, U.S

☆ Women’s World Cup U.S. and the Netherlands Meet in Rematch of 2019 Final
▼ + stars: | 2023-07-26 | by ( Andrew Das | ) www.nytimes.com time to read: +3 min

Every day, there have been endless questions about how the game is a replay of the 2019 World Cup final. “I think that was four years ago,” United States midfielder Rose Lavelle said on Wednesday. “I think both teams are completely different: different players, different coaches. Both the United States and the Netherlands also agree that Thursday’s game will be different. The Americans will run out a few new faces in their lineup, an injection of skill and talent that offers promise but precious little big-game experience at the World Cup.

Persons: —, Rose Lavelle, “, Jill Roord, ”, Jackie Groenen, Lavelle, Andries Jonker Organizations: ”, Portugal, U.S Locations: United States, Netherlands, Wellington , New Zealand, ” United, Lyon, France, Tokyo, ” Netherlands, Italy, Argentina, Sweden, Vietnam

☆ Thales cyber push meets investor shoulder shrug
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 25 (Reuters Breakingviews) - France's Thales (TCFP.PA) is doubling down on cybersecurity with its $3.6 billion purchase of U.S. firm Imperva. Thales's boss Patrice Caine briefly considered buying Atos's (ATOS.PA) cybersecurity arm last year, but didn’t go through with it. The purchase values the Thoma Bravo-backed group at 17 times forecast 2024 operating profit, according to Thales. Meanwhile Caine’s push into the racy cyber sector doesn’t seem to register in the group’s valuation. That means investors are sceptical that Thales’s efforts to crack the war against hacking will work out for shareholders.

Persons: Patrice Caine, Thoma, Caine’s, Refinitiv Datastream, Pamela Barbaglia, Liam Proud, Streisand Neto Organizations: Reuters, Thales, Thoma Bravo, BAE Systems, Twitter, Thomson Locations: U.S, Spain

☆ Biotech’s doldrums are a warning amid exuberance
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

The sector’s doldrums are a warning sign, despite the broader market shrugging off recession concerns. In 2000, the index peaked weeks before the S&P 500 Index (.SPX) and hit bottom three months earlier. In the 2009 financial crisis, the biotech index peaked later, but both emerged at about the same time. Yet biotech stocks have been lackluster since. Since January, the index is down 2%, while the S&P 500 Index is up 19% and the Nasdaq Composite Index is up 35%.

Persons: Robert Cyran, Jonathan Guilford, Sharon Lam Organizations: YORK, Reuters, Biotechnology, Nasdaq Biotechnology, Nasdaq, Twitter, Thales, Thomson Locations: Spain

☆ Spotify’s awkward three-way dance leads to slip-up
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 25 (Reuters Breakingviews) - Spotify (SPOT.N) is caught between the expectations of investors and major music labels. One bullish argument for Spotify’s stock is that higher prices will mean higher margins over time. First, some of Spotify’s customers pay annually, which means the price hike might take a while to come through. He’s locked in a long-term standoff with major labels like Universal Music Group (UMG.AS), which currently grab the overwhelming majority of Spotify’s revenue. In other words, Spotify’s future may be rosier than Ek is willing to let on.

Persons: Daniel Ek, Ek, coy, He’s, Karen Kwok, Liam Proud, Oliver Taslic Organizations: Reuters, Spotify, Universal Music, Twitter, Thales, Thomson Locations: Spain

☆ Morning Bid: Markets shrug off upbeat news from Japan and China
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

With a Reuters poll pointing to a sharp slowing in Tokyo's core CPI for July next week, Bank of Japan Governor Kazuo Ueda is likely to remain confident about sticking to Japan's ultra-easy policy settings next Friday, keeping the yen on the back foot. China's latest efforts to boost consumption provided a small lift to mainland stocks, but markets continue to look ahead to the Politburo meeting, expected next week, for bigger stimulus announcements. The piecemeal measures unveiled so far suggest there's plenty of scope for disappointment. Where Beijing seems to be having greater impact is in propping up the Chinese yuan , which was holding the bulk of Thursday's gains after another stronger-than-forecast midpoint setting on Friday. A sharp drop in the July GfK consumer confidence gauge, which came in below the lowest Reuters poll forecast, suggests sentiment remains downbeat after what's expected to be a weaker UK retail sales reading for June.

Persons: Sonali Desai, Kazuo Ueda, Edmund Klamann Organizations: Netflix, Bank of Japan, U.S . Federal Reserve, European Central Bank, Reuters, Thales SA, Bank, American Express, Schlumberger NV, Thomson Locations: Asia, Japan, U.S, Beijing, propping

Data from Mr. Clark’s firm shows that Republicans view an attack on Mr. Trump “as an attack on them,” he said. “Almost always means arrest and indictment,” Mr. Trump wrote of the target letter on Truth Social. Mr. Smith’s office already indicted Mr. Trump in federal court in June, saying he had possessed reams of national defense material and obstructed the investigation. In the coming weeks, he faces possible indictment in Georgia related to efforts to overturn the 2020 election in that state. opponents, who are polling double digits behind him, still will not seize this opportunity to denounce his unfit actions.”

Persons: Justin Clark, Trump’s, Trump, ”, “, Mr, Jack Smith, ” Mr, Alyssa Farah Griffin, G.O.P Organizations: National Public Affairs Locations: Georgia

☆ Trump-less debate could hurt GOP primary stragglers the most
▼ + stars: | 2023-07-18 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

Some Republican presidential hopefuls are pushing hard just for the chance to seize the stage in their party's primary debate next month. But the impact of the event may be limited if their top rival, former President Donald Trump, is a no-show. Reagan skipped a GOP debate in Iowa in 1980, but caught flak for the decision and participated in a later debate in the cycle. Trump himself skipped a primary debate in 2016, opting instead to hold a campaign event nearby. Sen. Ted Cruz of Texas experienced something of that kind during the 2016 debate that Trump skipped, according to a post-debate poll of GOP insiders who rated Cruz the loser that night.

Persons: Donald Trump, Trump, hasn't, Saul Anuzis, isn't, Ronald Reagan didn't, Reagan, it's, Ron DeSantis, Joe Biden, Anuzis, Sen, Ted Cruz, Cruz Organizations: U.S, Republican, Fox News, Michigan GOP, Trump, Florida Gov, Republican Party Locations: Washington , U.S, Milwaukee, Michigan, Iowa, Ted Cruz of Texas

In May, when 11,500 movie and television writers went on strike, Hollywood companies like Netflix, NBCUniversal and Disney reacted with what amounted to a shrug. The walkout wasn’t great, but executives had expected it for months. The angry response from Hollywood’s corporate ranks when actors went out on Friday was dramatically different. The film and TV scripts that studios had banked in case of a writers’ strike have been suddenly rendered inert, deprived of actors to bring them to life. Numerous big-budget movies that had been shooting had to shut down immediately, including “Twisters,” “Venom 3,” “Deadpool 3” and “Gladiator 2."

Persons: ’, “ Twisters, ” Organizations: Hollywood, Netflix, Disney, Labor

☆ How to save San Francisco
▼ + stars: | 2023-07-16 | by ( Adam Rogers | ) www.businessinsider.com time to read: +18 min

But treating San Francisco as some sort of outlier, a sui generis example of urban decay, is wrong, too. After I washed out back there I washed up on the Embarcadero, a typical San Francisco story. Because here's my one crazy trick to fix San Francisco: homes. Paul Chinn/The San Francisco Chronicle via Getty ImagesThis is just a matter of good old-fashioned supply and demand. To revive the city, San Francisco needs to get back to its freak-flag-flying roots.

Persons: Nobody's, I've, It's, it's, who'd, Paul Chinn, nix, aren't, rafter, Tayfun, Francis Wood, fixable, Berkeley, Adam Rogers Organizations: Liberal, Homelessness, Bay Area, Pride, Black Panthers, Washington Monthly, San Francisco, Getty, SF, Supervisors, Crafts, Planners, Foods, Anadolu Agency, Walgreens, Nordstrom, Unit Locations: San Francisco, Bay, Francisco, California, Black, Los Angeles, Boston , New York, Washington, United States, Barcelona, Paris, St, Barbary, Hong Kong, Mexico City, Angeles, Houston, Helsinki, East, Treasure, Emeryville

☆ San Francisco’s ‘doom loop’ is a warning for every American city. Here’s how we can fix it — before it’s too late.
▼ + stars: | 2023-07-16 | by ( Adam Rogers | ) www.businessinsider.com time to read: +18 min

If you want to rile up a San Francisco native, mention the doom loop. But treating San Francisco as some sort of outlier, a sui generis example of urban decay, is wrong, too. After I washed out back there I washed up on the Embarcadero, a typical San Francisco story. Because here's my one crazy trick to fix San Francisco: homes. To revive the city, San Francisco needs to get back to its freak-flag-flying roots.

☆ Opinion | Amanda Gorman: In Memory of Those Still in the Water
▼ + stars: | 2023-07-15 | by ( Amanda Gorman | ) www.nytimes.com time to read: +2 min

Panicking people stepped on each other in the dark, desperately using each other to come up for air, to stay alive. At the water’s surface, some clung to pieces of wood, surrounded by drowned friends, relatives and strangers. As the headline on another Times story, by Richard Pérez-Peña, put it: “5 Deaths at Sea Gripped the World. Hundreds of Others Got a Shrug.”Refugees and migrants dying while trying to cross the Mediterranean in search of safety is not new. The United Nations estimates that more than 27,000 migrants have died or gone missing in the Mediterranean since 2014.

Persons: Adriana, torturous, Richard Pérez Organizations: BBC, The New York Times, Coast Guard, ”, The United Nations Locations: Greece, African

It has been a heat wave that has given pause to many Phoenix residents, even to summer-tested veterans like Shields, who says he's been avoiding news reports about it. REUTERS/Liliana Salgado/File PhotoDespite the trend toward more very hot days, Phoenix residents have tended to shrug off the heat, he said. Phoenix is getting some of the worst of it, as the air mass is centered right over the Southwest. "This is not your typical summer heat." Asphalt temperatures can reach 160 degrees F (71 C) in the summer, the Arizona Humane Society wrote on its blog.

Persons: Michael Shields, Shields, he's, David Hondula, Adam Waltz, Waltz, Liliana Salgado, Zack Taylor, Taylor, Phoenix, It's, Emily Luberto, Cooper Burton, Sharon Bernstein, Rachel Nostrant, Rich McKay, Aurora Ellis, Jonathan Oatis Organizations: National Weather Service, Phoenix, Phoenix Parks, REUTERS, Center, Northern Arizona University, Arizona Humane Society, Thomson Locations: Phoenix, Arizona, Maricopa, Piestewa, Phoenix , Arizona, U.S, Oregon, West Coast, Texas, Alabama, College Park , Maryland, Vegas, Mesa, Flagstaff

It has been a heat wave that has given pause to many Phoenix residents, even to summer-tested veterans like Shields, who says he's been avoiding news reports about it. By 2050, they estimated, Phoenix residents are expected to see an average of 44 days per year over that temperature. REUTERS/Liliana SalgadoDespite the trend toward more very hot days, Phoenix residents have tended to shrug off the heat, he said. "This is not your typical summer heat." Asphalt temperatures can reach 160 degrees F (71 C) in the summer, the Arizona Humane Society wrote on its blog.

☆ It's not just tech. FOMO is in full swing across the stock market, and investors are about to be disappointed.
▼ + stars: | 2023-07-11 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The stock market has entered full FOMO territory this year, according to JPMorgan's Marko Kolanovic. And investor enthusiasm is not just concentrated in tech stocks, with broad market valuations appearing stretched. "There is complacency being built into stocks with VIX at the lows of its range," Kolanovic said. That's not cheap, as the historical forward P/E of the index is 15.3x, meaning that current valuations represent a 10% premium. "FOMO is in full swing, there is complacency being built into stocks with VIX at the lows of its range," Kolanovic said in a Monday note.

Persons: JPMorgan's Marko Kolanovic, Kolanovic, it's, Marko Kolanovic Organizations: VIX, Service, Federal Reserve, JPMorgan Locations: Wall, Silicon, 17.4x, Japan

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