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☆ Global business activity showed signs of slowdown in August -PMIs
▼ + stars: | 2023-09-05 | by ( Jonathan Cable | ) www.reuters.com time to read: +4 min

Germany's services sector contracted for the first time this year and France's shrank more than first estimated. Japan proved an outlier as service sector activity expanded there at its quickest pace in three months, underpinned by robust consumer spending as inbound tourism regained momentum. "August's services PMI pointed to a contraction in UK private sector activity. ASIAN PAINChina's Caixin/S&P Global services PMI dropped to 51.8 in August from 54.1 in July, the lowest reading since December when COVID-19 confined many consumers to their homes. The data broadly aligned with the official services PMI released last week, which showed the sector continued to trend downwards.

Persons: Henry Nicholls, Adrian Prettejohn, Martin Beck, Duncan Wrigley, Jonathan Cable, Tomasz Janowski Organizations: REUTERS, European Union, RBC, P Global, Capital Economics, PMI, Bank of Japan, Pantheon, Thomson Locations: London, Britain, India, Japan, Asia, July's, Germany, France, Italy, Spain, COVID

☆ GLOBAL ECONOMY Global business activity showed signs of slowdown in August -PMIs
▼ + stars: | 2023-09-05 | by ( Jonathan Cable | ) www.reuters.com time to read: +4 min

☆ Larry Summers says a soft landing of the economy is possible, but keep an eye on 'labor restiveness'
▼ + stars: | 2023-09-05 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

August's jobs report brings the US a step closer to a soft landing, Larry Summers said. But the former Treasury Secretary cautioned that union activity could be disruptive. Instead, Summers cited a pressure outside of the jobs report that could still hurt the chances of a soft landing. AdvertisementAdvertisementBesides aggravating price targets, union activity could also fuel strikes and economic disruption over the next month. As an example, the four-month Hollywood strike of writers and actors has so far cost California's economy $5 billion.

Persons: Larry Summers, Summers Organizations: UPS, Service, Bloomberg, Federal Reserve, Hollywood Locations: Wall, Silicon

☆ Voters aren't happy with 'Bidenomics' with the 2024 election just over a year away, poll shows
▼ + stars: | 2023-09-05 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

"Bidenomics" isn't winning over US voters, according to a Wall Street Journal survey. Nearly 60% of respondents told the outlet they disapproved of the President's economic policies. That's despite inflation cooling and unemployment holding steady in recent months. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The Wall Street Journal surveyed 1,500 voters on August 24 and found that 59% of Americans disapprove of the job Joe Biden is doing on the economy, with just 37% saying they approved the President's policies.

Persons: Joe Biden, Joe Biden's, Biden, Donald Trump, Trump Organizations: isn't, US, Wall Street, Service, Street Journal, Biden, Federal Reserve, Labor, America, Journal Locations: Wall, Silicon, China, August's, America, Pennsylvania

☆ Positioning is still too negative in equities, says Morgan Stanley's Andrew Slimmon
▼ + stars: | 2023-09-05 | 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 EmailPositioning is still too negative in equities, says Morgan Stanley's Andrew SlimmonAndrew Slimmon, senior portfolio manager at Morgan Stanley Investment Management, joins 'Squawk Box' to discuss how Slimmon would consider August's equity market performance, Slimmon's thoughts on the markets next year, and more.

Persons: Morgan Stanley's Andrew Slimmon Andrew Slimmon Organizations: Morgan Stanley Investment Management

☆ Shares, oil rise as sentiment towards China brightens
▼ + stars: | 2023-09-04 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

There was relief that embattled property developer Country Garden won approval from its creditors to extend payments for an onshore private bond. S&P 500 futures and Nasdaq futures rose between 0.2%-0.3%, while European stocks neared one-month highs. At least seven Fed officials are due to speak this week ahead of the next policy meeting on Sept. 19-20. In commodities, oil traded near seven-month highs on tightening supply as Saudi Arabia was widely expected to extend voluntary oil production cuts into October. Brent crude futures rose 0.2% to $88.75 a barrel, as did U.S. futures , reaching $85.73.

Persons: Ron Temple, I'm, Craig Erlam, we're, Christine Lagarde, Wayne Cole, Shri Navaratnam, Muralikumar Anantharaman, Simon Cameron, Moore, Sonia Cheema, Ed Osmond Organizations: Federal Reserve, Country Garden, Lazard, Investor, Holdings, Nasdaq, drugmaker Novo Nordisk, August's U.S, European Central Bank, Brent, Thomson Locations: United States, Beijing, China, Europe, U.S, Saudi Arabia, Sydney

☆ Shares, commodities rise as sentiment towards China brightens
▼ + stars: | 2023-09-04 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) added 1.1%, having climbed 2.3% last week, thanks in large part to a 1.3% rise in Chinese blue chips (.CSI300). S&P 500 futures and Nasdaq futures rose between 0.2%-0.3%, while European stocks neared one-month highs. At least seven Fed officials are due to speak this week ahead of the next policy meeting on Sept. 19-20. In commodities, gold benefited from the diminished risk of a U.S. rate rise to stand at $1,940 an ounce . Brent crude futures rose 0.2% to $88.75 a barrel, as did U.S. futures , reaching $85.73.

Persons: Ron Temple, Jim Reid, Christine Lagarde, Wayne Cole, Shri Navaratnam, Muralikumar Anantharaman, Simon Cameron, Moore, Sonia Cheema Organizations: Federal Reserve, Country Garden, Lazard, Holdings, Nasdaq, drugmaker Novo Nordisk, August's U.S, Deutsche Bank, European Central Bank, Brent, Thomson Locations: China, United States, Beijing, Asia, Pacific, Japan, drugmaker Novo, Canada, Australia, U.S, Saudi Arabia

"Whether this bounce will continue remains to be seen, but it has given China equities a shot in the arm." S&P 500 futures and Nasdaq futures both edged up 0.1%, while stocks in Europe opened on a strong footing. "The soft landing crowd will be pleased that the labour market is softening without much stress at the moment," Deutsche Bank strategist Jim Reid. Any path to a hard landing, outside of a shock, has to go via signs of a soft landing first," he said. Brent crude futures were steady on the day at $88.50 a barrel, while U.S. futures were also flat at $85.55.

Persons: Jim Reid, Christine Lagarde, Wayne Cole, Shri Navaratnam, Muralikumar Anantharaman, Simon Cameron, Moore Organizations: Federal Reserve, Country Garden, RBC Capital Markets, Holdings, Nasdaq, drugmaker Novo Nordisk, August's U.S, Deutsche Bank, European Central Bank, Brent, Thomson Locations: U.S, China, SYDNEY, United States, Beijing, Shanghai, Asia, Pacific, Japan, Europe, drugmaker Novo, Canada, Australia, Saudi Arabia

After falling last week, average 30-year mortgage rates are holding relatively steady below 7%. According to its latest forecast, the Mortgage Bankers Association believes that 30-year mortgage rates should reach 6.2% by the end of this year. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: Federal Reserve, Mortgage, Association, Zillow, Fed, Sky Locations: Chevron

☆ The 20 most attractive US cities for homebuyers and investors seeking affordability in growing economies, according to Realtor.com — 5 of which have median prices below $300,000
▼ + stars: | 2023-09-02 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

Danielle Hale says one of the biggest issues in the housing market right now is affordability. Housing supply remains low. As of Friday, the average 30-year fixed mortgage rate was at 6.79%. Between mortgage rates and property appreciation, buying a home takes up a more significant chunk of household budgets than it has over the last several years. And that context is important for the housing market because housing is such an interest rate-sensitive sector of the economy, she added.

Persons: Danielle Hale, Hale Organizations: Trading Economics, Federal Reserve Economic, Wall Street

☆ Hollywood strike, Yellow bankruptcy likely restrained US job growth in August
▼ + stars: | 2023-09-01 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

As such, economists are cautioning against reading too much into any sharp deceleration in job gains when the Labor Department's publishes its closely watched employment report on Friday. Nonfarm payrolls likely increased by 170,000 jobs last month after rising 187,000 in July, according to a Reuters survey of economists. Still, employment growth would be more than the roughly 100,000 jobs per month needed to keep up with the increase in the working age population. Yellow Corp trucking filed for Chapter 11 bankruptcy in early August, leaving about 30,000 workers unemployed. "This (job growth) would be one more piece of evidence that would be consistent with that, but that also depends a lot on the upcoming inflation data."

Persons: Elizabeth Frantz, it's, Brian Bethune, Nonfarm, payrolls, Conrad DeQuadros, Dean Maki, Ellen Zentner, Morgan Stanley, Lucia Mutikani, Nick Zieminski Organizations: REUTERS, Labor, Boston College, Labor Department's Bureau of Labor Statistics, American Federation of Television, Radio Artists, Yellow Corp, Brean, Point72, Management, Thomson Locations: Arlington , Virginia, U.S, WASHINGTON, New York, Stamford , Connecticut

☆ 10-year Treasury yields edge higher as investors await key jobs data
▼ + stars: | 2023-09-01 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Traders work on the floor of the New York Stock Exchange during opening bell in New York City on August 21, 2023. ET, the yield on the 10-year Treasury was up 1 basis point at 4.096%. The 2-year Treasury yield was last trading 2 basis points lower at 4.84%. The 10-year Treasury yield edged higher Friday as investors await a key jobs report that could provide clues about the state of the economy and inform the Federal Reserve's monetary policy decisions ahead. The latest unemployment rate, as well as average hourly earnings figures, will be released alongside non-farm payrolls.

Persons: Dow Jones, Jerome Powell Organizations: New York Stock Exchange, Treasury Locations: New York City

☆ 6 things to know about the job market right now: It's 'near-perfect,' economist says
▼ + stars: | 2023-09-01 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Job growth is slowingThe U.S. economy added 187,000 jobs in August, the Labor Department said Friday. Job growth is clearly losing momentum: The three-month average in August was 150,000 jobs added, versus 201,000 in June, for example, Bunker said. Further, monthly job growth still exceeds U.S. population growth, economists said. Unemployment is up — but not for bad reasonsThe unemployment rate jumped to 3.8% in August from 3.5% in July, the U.S. Labor Department said Friday. There were about 8.8 million openings in July, the fewest since March 2021, according to Labor Department data.

Persons: Mario Tama, Bunker, Julia Pollak, Lat, Aaron Terrazas, Andrew Hunter, Pollak, —, Zandi, Andrew Patterson, Hunter Organizations: Getty, Labor Department, Yellow Corp, U.S . Labor Department, Capital Economics, Workers, Vanguard, White House Council, Economic, CEA Locations: U.S, Hollywood

☆ Jobless rate for Black Americans drops as others rise
▼ + stars: | 2023-09-01 | by ( Amina Niasse | ) www.reuters.com time to read: +1 min

REUTERS/Bryan Woolston Acquire Licensing RightsNEW YORK, Sept 1 (Reuters) - Black Americans were the only U.S. racial or ethnic group to see a drop in their jobless rate in August, helping drive the gap between the rates for Black people and white people back to near a record low. The unemployment rate for Black Americans historically has risen before an approaching recession and typically has turned higher before that of other groups. August's half-percentage point drop to 5.3% came as the rates for whites, Hispanics and Asian Americans all rose. The overall U.S. jobless rate rose to 3.8% from 3.5%, but that was the result of growth in the workforce. The unemployment rate gap between Black and white Americans fell back to 1.9 percentage points, just 0.3 percentage points shy of the record 1.6-point gap in April.

Persons: Bryan Woolston, Amina Niasse, Peter Graff Organizations: Kentucky Labor, REUTERS, Bryan Woolston Acquire, Black, Bureau of Labor Statistics, Blacks, Thomson Locations: Frankfort , Kentucky, U.S

☆ US stocks rise to gain for the week as traders assess August jobs report
▼ + stars: | 2023-09-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Stocks were mostly higher on Friday with major indexes notching a weekly gain. Jobs data showed the labor market cooling and wage growth slowing. The report was a sign that the economy is cooling, giving the Fed room back off its aggressive monetary policy. While that was above economists' estimates of 170,000, the report also showed wage growth slowed during the month and the unemployment rate rose to 3.8% from July's 3.5%. The report was a clear indicator of a cooling labor market, something the Federal Reserve wants to see to know that interest rate hikes are working and inflation is coming back into line with its target.

Persons: Stocks, Nonfarm payrolls, Chris Zaccarelli Organizations: Service, Federal Reserve, Fed, August's, Nasdaq, Dow, Here's Locations: Wall, Silicon

☆ Bitcoin just had its 2nd-straight losing month as crypto sold off in August along with stocks and bonds
▼ + stars: | 2023-09-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Bitcoin finished August about 10% lower, its second consecutive losing month. Crypto was caught up in a tough sell-off that hit stocks and bonds throughout the month. Bitcoin extended losses into September, down more than 2.5% on Friday to trade at $25,660. Even as investors cheered Grayscale's court win over the Securities and Exchange Commission—which many see as helping to pave the way for a spot bitcoin ETF—bitcoin couldn't eke out a gain in August. The end-of-week dip comes after the SEC announced late Thursday that it would delay deciding on all of its spot bitcoin ETF applications until October.

Persons: Bitcoin, Crypto, Grayscale's, hasn't, Joe Kelly, bitcoin, Kelly Organizations: Service, Securities and Exchange Commission, SEC, Analysts, District of Columbia, Invesco Locations: Wall, Silicon, solana, BlackRock, WisdomTree

☆ Home prices may be on the verge of cooling off
▼ + stars: | 2023-09-01 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The latest read on home prices shows they hit another all-time high in July, rising 2.3% from the same month last year, according to Black Knight. But prices weakened month to month, according to Black Knight. Behind the cooling off: mortgage rates. The jump in home prices since the start of the Covid pandemic, combined with much higher mortgage rates has crushed affordability. It now takes roughly 38% of the median household income to make the monthly payment on the median-priced home purchase, according to Black Knight.

Persons: Knight, That's, Andy Walden, Danielle Hale Organizations: Black, Realtor.com

☆ The US jobs market stayed strong in August
▼ + stars: | 2023-09-01 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

Truck transportation also saw employment fall by 36,700.Leisure and hospitality saw a job gain of 40,000 from July to August. From wage growth to an increase in labor force participation, various data points suggest the US labor market is still strong. There were 8.8 million job openings in July after 9.2 million in June, according to new Job Openings and Labor Turnover Survey or JOLTS data released by BLS earlier this week. "We expect this labor market rebalancing to continue," Powell said. "Evidence that the tightness in the labor market is no longer easing could also call for a monetary policy response."

Persons: Jerome Powell, Lydia Boussour, EY, Boussour, Nick Bunker, Bunker, it's, Julia Pollak, Pollak, Jonathan Fisher, Fisher, Powell Organizations: payrolls, Service, SAG, Bureau of Labor Statistics, Labor, BLS, North America, Washington Center for Equitable Growth Locations: Wall, Silicon, Jackson Hole , Wyoming

☆ CNBC Daily Open: Fewer jobs, higher stocks
▼ + stars: | 2023-08-31 | 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. Big bond losses for BoEThe Bank of England is facing heavy losses on its bond purchases, according to Deutsche Bank. The losses are largely because of rapidly rising interest rates, which drive up bond yields and, conversely, push down bond prices. Investors are hoping the ruling will open the floodgates to bitcoin ETFs from companies like BlackRock, Fidelity and Invesco.

Persons: downwardly, BoE, Salesforce, it's Organizations: CNBC, ADP, BoE The Bank of England, Deutsche Bank, Treasury, Securities and Exchange Commission, Investors, Fidelity Locations: U.S, Europe, Germany, BlackRock

☆ US consumer spending accelerates; monthly inflation rates cooling
▼ + stars: | 2023-08-31 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Consumer spending is being supported by a tight labor market, with other data showing first-time applications for unemployment benefits unexpectedly falling last week. "How long inflation can continue to come down with consumer spending this strong is an open question." When adjusted for inflation, consumer spending increased 0.6%, also the largest gain since January. The so-called real consumer spending rose 0.4% in June. The annual PCE inflation rates were lifted by a lower base of comparison last year.

Persons: Andrew Kelly, Christopher Rupkey, nonfarm payrolls, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: REUTERS, Federal Reserve, Commerce Department, Services, Treasury, Reuters Graphics Reuters, Fed, Employers, Labor Department, Reuters, Thomson Locations: Manhattan , New York City, U.S, WASHINGTON, New York, outlays

☆ Treasury yields are flat after ADP report shows slowing job growth
▼ + stars: | 2023-08-30 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

At 8:19 am ET, the 10-year Treasury yield was up by 1.9 basis points at 4.135%, after having fallen by as many as 10 basis points on Tuesday. The 2-year Treasury yield was last trading at 4.915% after rising by more than 2 basis points. On Tuesday, it had dropped by as many as 16 basis points. U.S. Treasury yields traded near the flatline on Wednesday, recovering some of Tuesday's losses, as investors considered the state of the economy after the latest data releases. Treasury yields fell Tuesday as investors considered economic data, including the latest consumer confidence index which came in at 106.1, lower than the previous Dow Jones estimate of 116.

Persons: Dow Jones, July's Organizations: New York Stock Exchange, U.S, Treasury, August's, Federal

☆ Stock futures are little changed after a third straight winning day on Wall Street: Live updates
▼ + stars: | 2023-08-29 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

S&P 500 futures and Nasdaq 100 futures also both hovered around 0.1% higher. The moves followed a third consecutive winning session on Wall Street as investors made up some ground at the end of the month. The S&P 500 rose about 1.5%, notching its best performance since June. The Nasdaq Composite is poised to end August 2.8% lower, while the Dow and S&P 500 are both slated for drops of around 2%. Jobless claims numbers are due Thursday, followed by data on nonfarm payrolls, wages and the unemployment rate on Friday.

Persons: Dow, Tuesday's, Dow Jones, Sonu Varghese, Brown, Forman, Daniel's Organizations: New York Stock Exchange, Stock, Dow Jones Industrial, Nasdaq, Conference, U.S . Bureau of Labor Statistics, Treasury, Federal, Carson Group, Dow Locations: New York City

☆ Treasury yields drop after new data shows consumer confidence waning
▼ + stars: | 2023-08-29 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

At 1:05 pm ET, the yield on the 10-year Treasury fell 10 basis points to 4.112%. The 2-year Treasury yield was last trading at 4.88% after falling by 17 basis points. The Conference Board said its consumer confidence index came in at 106.1. The Conference Board also said average inflation expectations for the next 12 months increased, pressuring overall confidence, while the short-term outlook for income, business and labor market conditions declined. Speaking at the central bank's annual Jackson Hole symposium, Powell said that while inflation has fallen, it remains too high.

Persons: Dow Jones, Dana Peterson, Jerome Powell, Powell Organizations: New York Stock Exchange, Treasury, Board, Conference Board, Traders, Federal Locations: New York City, Jackson

Electric vehicle companies Lucid , Fisker and Nikola have had a tough year — and Wall Street expects these stocks have even more downside potential. Nikola, which manufactures electric trucks, has seen its short interest jump nearly 14% to 157.7 million shares, or 27.3% of its float. More than a third of Arcutis Biotherapeutics 's free-float shares have been shorted by Wall Street, or 15.5 million shares. Liver disease treatment company Intercept Pharmaceuticals also saw a 12% jump in short interest, with 9.5 million shares sold short. Below is the full list of the most shorted stocks between July 31 and August 15.

Persons: Nikola, Fisker, Arcutis, scPharmaceuticals, Jerry Durso Organizations: EV, IGM Biosciences, Intercept Pharmaceuticals, U.S . Food, Drug Administration, NASH, Intercept, New York Stock Exchange Locations: FactSet, U.S

☆ Despite choppy moves forward, discretionary has opportunities, says Truist's Keith Lerner
▼ + stars: | 2023-08-29 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDespite choppy moves forward, discretionary has opportunities, says Truist's Keith LernerKeith Lerner, Truist chief market strategist, joins 'Closing Bell' to discuss the risk reward in August's final stretch.

Persons: Truist's Keith Lerner Keith Lerner

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