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Russian President Vladimir Putin speaks during a plenary session of the Valdai Club on Nov. 7, 2024 in Moscow, Russia. Contributor | Getty Images News | Getty ImagesGlobal stocks fell and investors fled to safe-haven assets on Tuesday, as global markets reacted to escalating tensions between the world's two largest nuclear powers: Russia and the U.S. The pan-European Stoxx 600 stock index was down almost 1% at 12:23 p.m. London time, hitting 498.56 points — its lowest level since August. The declines come after Russian President Vladimir Putin amended Russia's nuclear doctrine that outlines the conditions that would prompt Moscow to deploy its nuclear arsenal, Russian state news agency Tass reported Tuesday. In currency markets, the Japanese yen rose 0.7% and 0.36% against the euro and U.S. dollar respectively at 12:26 a.m. London time.

Persons: Vladimir Putin, Dmitry Peskov, USDJPY, Wells, Erik Nelson, Putin, Tiffany McGhee, CNBC's, Ice Brent Organizations: Valdai, Getty, U.S, Dow Jones, Nasdaq, Russian Federation, NBC News, Swiss, CNBC, U.S ., NATO, White, Kremlin, Russian Defense Ministry, Kyiv, NBC, Ukrainian, Staff of, Armed Forces, Ice Locations: Moscow, Russia, London, U.S, Republic of Belarus, Russian, Ukraine, Kyiv, Soviet, Bryansk, America

☆ Steep rate cuts are coming as the job market looks poised to weaken, Wells Fargo strategist says
▼ + stars: | 2024-02-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewSteep rate cuts from the Federal Reserve could be coming later this year thanks to weakening in the job market, which likely isn't as robust as some of the latest data has made it out to be, according to Wells Fargo strategist Erik Nelson. Advertisement"We need a catalyst, we need some data that shows these recent, strong data were just a blip. But much of that strength may be seasonal and no longer reflected in upcoming job reports, Nelson said. Other market commentators have warned that hiring activity could weaken in 2024 as tighter financial conditions take a toll on businesses. Though the jobless rate is low, continuing unemployment claims are hovering around 1.9 million, according to Fed data.

Persons: —, Wells, Erik Nelson, Nelson, Paul Dietrich Organizations: Service, Federal, Bloomberg, Business, Fed, New York Fed, Yale School of Management

Official data showed China's economy grew 1.3% in the third quarter, accelerating from 0.5% in the previous quarter and topping market forecasts for an increase of 1%. China's yuan hit a one-week high of 7.2905 per dollar, though it then retreated to 7.312. The China-sensitive Australian dollar , was last up 0.24% at $0.6381, while the New Zealand dollar was 0.18% higher at $0.5907. Reuters GraphicsThe euro was steady at $1.0571, while sterling was up 0.1% at $1.2194 after data showed British inflation failed to fall as expected in September. Israel's shekel was pinned to the weaker side of 4 to the dollar, around its lowest since 2015.

Persons: Dado Ruvic, Joe Biden, I'm, Erik Nelson, Wells, Nelson, we're, It's, it's, Imre Speizer, Israel's shekel, Tom Westbrook, Harry Robertson, Shri Navaratnam, Sharon Singleton Organizations: REUTERS, Rights, U.S ., Israel, Wednesday, New Zealand, Westpac, Reuters, Treasury, Bank of Japan, Thomson Locations: Rights SINGAPORE, LONDON, Gaza, China, Wells Fargo, Israel, Iran, U.S, Japan, Tokyo, Singapore, London

☆ There may be earnings losses in energy, health care, and more, says CFRA's Sam Stovall
▼ + stars: | 2023-10-10 | 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 EmailThere may be earnings losses in energy, health care, and more, says CFRA's Sam StovallErik Nelson, Wells Fargo macro strategist, and Sam Stovall, CFRA chief investment strategist, join 'The Exchange' to discuss the Israel-Hamas conflict's market impact, the earnings outlook, and more.

Persons: CFRA's Sam Stovall Erik Nelson, Sam Stovall Organizations: Hamas Locations: Wells Fargo, Israel

☆ US dollar drops to three-week low as Fed rate hikes nearly done
▼ + stars: | 2023-07-10 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

In afternoon trading, the dollar index , which tracks the U.S. currency against a basket of major peers, slid 0.3% to 101.98, a three-week low. With U.S. nonfarm payrolls out of the way, attention turns to U.S. inflation data due on Wednesday. The Norwegian crown firmed against the dollar and euro following Norway's inflation data. The Chinese yuan slumped against the dollar after weak inflation numbers in the world's second-largest economy. The weak Chinese data dragged down the Australian and New Zealand dollars, which are often used as liquid proxies for the Chinese yuan.

Persons: gainers, Mary Daly, nonfarm, Erik Nelson, Wells, Nelson, Gertrude Chavez, Dreyfuss, Alun John, Rae Wee, Jamie Freed, Ed Osmond, Emelia, Will Dunham, Sharon Singleton Organizations: Federal Reserve, San Francisco Fed, U.S, CPI, New, New Zealand, Thomson Locations: U.S, Wells Fargo, London, Europe, China, Norwegian, New Zealand, Singapore

☆ Dollar falls after weak services data
▼ + stars: | 2023-06-05 | by ( Karen Brettell | ) www.reuters.com time to read: +3 min

NEW YORK, June 5 (Reuters) - The dollar fell on Monday on news that the U.S. services sector barely grew in May as new orders slowed, ending an initial rally sparked by strong jobs growth. A reading above 50 indicates growth in the services industry, which accounts for more than two-thirds of the economy. The dollar index fell to 104.00, down 0.13% on the day, after climbing as high as 104.40. The Aussie dollar edged higher before the Reserve Bank of Australia (RBA) is due to announce its interest rate decision on Tuesday. "We expect the RBA to hike tomorrow and guide for more, leading to a ~25-bp upgrade to terminal rate pricing and a sharp AUD rally."

Persons: Bill Adams, Brian Daingerfield, Philip Jefferson, Daingerfield, Wells, Erik Nelson, Jack Boswell, Iain Withers, Kirsten Donovan, Richard Chang Organizations: YORK, Institute for Supply Management, Reuters, Comerica Bank, Reserve, NatWest Markets, Reserve Bank of Australia, U.S ., Thomson Locations: Stamford , Connecticut, U.S, London

U.S. interest rates though are expected to remain higher for longer. Data showing U.S. pending home sales posting their largest gain in 2-1/2 years failed to lift the dollar, however. Traders now expect the Fed to raise interest rates to around 5.4% by the September meeting, according to pricing in rate futures markets . At the beginning of February, they envisaged rates rising to a peak of just 4.9%. "Whereas headline rates are falling, the trend of rising core inflation rates has been unbroken," he said.

☆ Dollar steady after strong U.S. data, yen set for weekly gain
▼ + stars: | 2022-12-22 | by ( ) www.cnbc.com time to read: +3 min

The euro was up slightly against the dollar, standing 0.16% higher at $1.061, after slipping less than 0.1% on Thursday. Yet the Japanese currency was on track for a weekly gain of around 3% after the Bank of Japan (BOJ) tweaked a key bond market policy earlier this week. The Japanese currency jumped almost 4% on Tuesday - its biggest daily rise since 1998 - after the BOJ changed a key policy, making Japanese assets look more attractive. "Getting to 130 (yen per dollar) is certainly possible," said Erik Nelson, macro strategist at Wells Fargo. Nelson said that low trading volumes going into the holidays were causing currencies to fluctuate more than usual.

The greenback has been falling in recent weeks as inflation data and Federal Reserve commentary implied that it could soon slow the pace of its interest rate hikes. "We had a short covering euro rally and dollar sell off that's probably run its course now. The euro was last down 0.56% against the dollar at $1.0337 after falling as much as 0.86% earlier in the session. It was last down 0.95% at $1.18 after earlier falling as much as 1.25% in a move that one analyst said was largely driven by sentiment about the dollar. The greenback was last up 0.68% against the Japanese yen on Thursday to 140.4950 after falling earlier in the day.

☆ Sterling drops as UK turmoil escalates; dollar hits new 32-year high vs yen
▼ + stars: | 2022-10-14 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

The dollar, on the other hand, continued its march higher against a beleaguered yen, hitting a fresh 32-year peak of 148.86. Japanese Finance Minister Shunichi Suzuki on Thursday reiterated the government's readiness to take steps against excessive currency volatility. Register now for FREE unlimited access to Reuters.com RegisterJapan last month intervened to buy yen for the first time since 1998. The pound, meanwhile, fell for a second straight day against the dollar, last traded at $1.1167, down 1.4% . U.S. retail sales were unexpectedly unchanged in September as stubbornly high inflation and rapidly rising interest rates crimp demand for goods.

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