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☆ US Treasury's Yellen sees Vietnam as key partner in 'friendshoring' supply chains
▼ + stars: | 2023-07-21 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

July 21 (Reuters) - The United States sees Vietnam as a key partner in expanding green energy sources and building more resilient supply chains, U.S. Treasury Secretary Janet Yellen said in a speech to be delivered in the country's capital of Hanoi on Friday. Yellen's visit is part of a push by the United States to upgrade its formal ties with Vietnam as it works to reduce dependence on Chinese supply chains by expanding manufacturing at home and boosting trade with trusted partners. But its efforts have met some resistance in Hanoi, over what experts see as concerns that China could view the move as hostile. The United States and Vietnam normalized relations in 1995, two decades after the end of the Vietnam War, and signed a bilateral trade agreement five years later. She underscored that Washington's "friendshoring" drive was not meant for "an exclusive club of countries.

Persons: Janet Yellen, Yellen, Washington, Andrea Shalal, Jamie Freed Organizations: Treasury, U.S ., ASEAN Business Council, Intel, Initiative, The, Vietnam's, Thomson Locations: United States, Vietnam, U.S, Hanoi, Asia, Washington, China, Arizona, Saigon, The United States

☆ Morning Bid: Dollar flexes into Fed week, calm returns
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +4 min

Another unexpectedly tight weekly reading from the U.S. labour market sowed some lingering doubts that we're on the cusp of 'peak Fed' just yet. The tech wobble saw the Nasdaq (.IXIC) recoil 2% in its biggest drop since March. A quieter earnings schedule is topped by American Express - but nearly all the other banks have been impressive over the past week. Pessimists think the Fed is not done tightening yet and any further rate hikes after next week will just hasten a downturn in 2024. That has sobered up the Treasury market a touch after a couple of weeks of disinflation relief.

Persons: Mike Dolan, jockeying, we're, Dow Jones industrials, Johnson, Pessimists, Huntington Bancshares, Janet Yellen, Angus MacSwan Organizations: Big Tech, Tesla, Netflix, Nasdaq, American Express, Treasury, Bank of Japan, Comerica, Regions, Roper Technologies, Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, Huntington, Schlumberger, Canada, Hanoi

☆ China's Washington envoy warns of retaliation against further US tech curbs
▼ + stars: | 2023-07-19 | by ( David Brunnstrom | ) www.reuters.com time to read: +2 min

WASHINGTON, July 19 (Reuters) - China does not want a trade or tech war but will definitely respond if the United States imposes more curbs on its chip sector, China's ambassador to Washington said on Wednesday. Xie referred to reports that Washington is considering an outbound investment review mechanism, and further prohibition on the export of AI chips to China. "China, definitely ... will make our response. We don't want ... a trade war, technological war, we want to say goodbye to the Iron Curtain as well as the Silicon Curtain." She said the order would enacted in a transparent way, through a rule-making process that would allow public input.

Persons: Xie Feng, Xie, There's, Biden, Janet Yellen, David Brunnstrom, Grant McCool Organizations: Aspen Security, China, Labor Day, Micron Technology, Cybersecurity Administration, Micron, Treasury, Thomson Locations: China, United States, Washington, U.S

☆ Gold prices tick up as traders await Fed cues
▼ + stars: | 2023-07-18 | by ( ) www.cnbc.com time to read: +2 min

Gold bars of different sizes lie in a safe on a table at the precious metals dealer Pro Aurum. Spot gold rose 0.3% to $1,959.54 per ounce by 0359 GMT. While the upcoming Fed meeting might temporarily dim the appeal of gold, "the Fed is closer to end of tightening cycle," said OCBC Executive Director and FX Strategist Christopher Wong. "We also favor long gold as a risk-off hedge (safe haven proxy) against slowing global growth or any risk-off market event," Wong added. Investors will also watch for U.S. retail sales data for June later in the day while weak Chinese economic data released the previous day continued to weigh on sentiment.

Persons: Christopher Wong, Wong, Janet Yellen Organizations: Aurum, U.S, U.S . Federal, Bloomberg TV, European Central Bank, Bank of England, Reserve Bank of Australia's Locations: United States, U.S ., U.S

[1/2] Rescuers work at the site of an apartment building damaged during Russian missile strikes, amid Russia’s attack on Ukraine, in Kyiv, Ukraine June 24, 2023. Most western countries including the U.S., United Kingdom, Germany and France had pushed for a firm condemnation of Russia and the war in Ukraine, whereas Russia and its friend China had opposed any such move, the official added. The gathering in the western state of Gujarat was the G20's third finance track meeting under India's presidency. India has not been able to forge a joint statement in any of the key tracks since it took over the presidency of G20 last December. Reporting by Shivangi Acharya and Sarita Chaganti Singh; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: China, Janet Yellen, Shivangi Acharya, Sarita Chaganti Singh, Simon Cameron, Moore Organizations: Russian, REUTERS, Indian, Reuters, United Nations, Treasury, Thomson Locations: Ukraine, Kyiv, Valentyn, GANDHINAGAR, India, Russia, Gandhinagar, U.S, United Kingdom, Germany, France, Gujarat, Bengaluru

Earlier this month, U.S. Treasury Secretary Janet Yellen said contributions from Beijing could boost U.N. climate funds. It has, however, signalled a willingness to offer climate finance to developing countries through different instruments, like a South-South Climate Cooperation fund it launched in 2015. And the United States hopes that China will unveil its domestic plans to tackle the issue before the next U.N. climate conference in December. Global emissions levels have only risen since. The United States tends to look at overall national emissions, ignoring both historical emissions and the per-capita breakdown.

Persons: Janet Yellen, Donald Trump's, Joe Biden, John Kerry, Xie Zhenhua, Kerry, Xie, David Stanway, Katy Daigle, Jacqueline Wong Organizations: European Union, Treasury, Climate Cooperation, Technological, Biden, Kerry, Microvast Holdings, Global, European, Thomson Locations: BEIJING, China, United, Beijing, U.S, U.N, Rio de Janeiro, United States, Xinjiang, Paris, Glasgow, 1.5C, European Union, COP28, Dubai, Singapore

☆ Morning Bid: Retail, housing and banks test jaunty July
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in U.S. and global markets from Mike DolanThe benign July investment environment gets tested on Tuesday by updates on U.S. retail sales and housing while the corporate earnings season kicks back into gear with another sweep of bank reports. Consensus forecasts are for a modest rise in retail sales and industrial output last month, while the NAHB homebuilder index is expected to have ticked higher in July to underline the recent housing market recovery more broadly. U.S. stock futures were flat going into the open and 10-year Treasury yields ticked down to their lowest level of the month so far. Crude oil prices tried to find their footing after Monday's sharp drop and continue to sustain year-on-year losses of more than 25%. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Dolan, Wall, HSI, Evergrande, Goldman Sachs, Janet Yellen, Morgan Stanley, Lockheed Martin, Charles Schwab, JB Hunt, Michael Barr, Christina Fincher Organizations: New York Federal, Bank of America, Bank of New, Mellon, Novartis, Sandoz, Bank of New York Mellon, Lockheed, PNC Financial, Synchrony, JB, Federal, Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, Hong Kong, Treasuries, Canada

☆ US working with India on platform to speed energy transition - Yellen
▼ + stars: | 2023-07-17 | by ( Aftab Ahmed | ) www.reuters.com time to read: +2 min

[1/3] U.S. Treasury Secretary Janet Yellen addresses the media, along with Indian Finance Minister Nirmala Sitharaman, on the sidelines of a G20 meeting at Gandhinagar, India, July 17, 2023. REUTERS/Amit DaveGANDHINAGAR, India, July 17 (Reuters) - The United States is working with India to develop an investment platform to lower the cost of capital and increase private investment to fast-track India's energy transition, U.S. Treasury Secretary Janet Yellen said on Monday. The visit is Yellen's third to India this year, indicating the growing closeness between the two countries. Australia and Japan are hoping to make progress during the G20 meeting on the global minimum tax. Yellen will visit Vietnam after the G20 finance meetings end on July 18.

Persons: Janet Yellen, Nirmala Sitharaman, Amit Dave GANDHINAGAR, Yellen, Sitharaman, Narendra Modi's, Swati Bhat, Shilpa Jamkhandikar, Christian Schmollinger, Lincoln, Simon Cameron, Moore Organizations: . Treasury, Indian Finance, REUTERS, Treasury, Thomson Locations: Gandhinagar, India, United States, U.S, Gujarat, Washington, Australia, Japan, Vietnam

☆ US working with India on platform to speed its energy transition - Yellen
▼ + stars: | 2023-07-17 | by ( Aftab Ahmed | ) www.reuters.com time to read: +1 min

GANDHINAGAR, India, July 17 (Reuters) - The United States is working with India to develop an investment platform to lower the cost of capital and increase private investment to fast-track India's energy transition, U.S. Treasury Secretary Janet Yellen said on Monday. The visit is Yellen's third to India this year, indicating the growing closeness between the two countries. Yellen said the two nations have been collaborating across a range of economic issues, including commercial and technological collaboration and strengthening supply chains. "In particular, we look forward to working with India on an investment platform to deliver a lower cost of capital and increased private investment to speed India's energy transition," she said. Yellen will visit Vietnam after the G20 finance meetings end on July 18.

Persons: Janet Yellen, Nirmala Sitharaman, Narendra Modi's, Yellen, Swati Bhat, Shilpa Jamkhandikar, Christian Schmollinger Organizations: Treasury, Thomson Locations: GANDHINAGAR, India, United States, U.S, Washington, Vietnam, Lincoln

☆ Yellen does not see recession in U.S. - Bloomberg interview
▼ + stars: | 2023-07-17 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, July 17 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Monday the United States was making good progress in bringing inflation down and she did not expect the U.S. economy to enter into a recession. "For the United States, growth has slowed, but our labor market continues to be quite strong. I don't expect a recession," Yellen said. Yellen downplayed the prospect for U.S. tariff cuts or reductions as part of the Biden administration's push to reestablish relations with Beijing. Reporting by Andrea Shalal and Katharine Jackson; Editing by Angus MacSwan and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Yellen, Biden, we've, Gina Raimondo, Andrea Shalal, Katharine Jackson, Angus MacSwan, Andrea Ricci Organizations: . Treasury, Bloomberg TV, Thomson Locations: United States, U.S, India, China, Beijing, Washington

☆ China's ailing economy poses risks – but there won't be a recession in the US, Janet Yellen says
▼ + stars: | 2023-07-17 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The US isn't going to suffer a recession, Janet Yellen said Monday. "Growth has slowed, but our labor market continues to be quite strong," she told Bloomberg. But China’s economic slowdown does pose risks, the Treasury Secretary warned. But the Treasury Secretary did warn of one potential threat to both global and US growth: China. "Many countries do depend on strong Chinese growth to promote growth in their own economies, particularly countries in Asia," Yellen said.

Persons: Janet Yellen, Yellen, Joe Biden Organizations: Bloomberg, Service, Federal Reserve, Unemployment, –, Apple, Nike Locations: Wall, Silicon, India, Maryland, China, Asia, United States

☆ Morning Bid: China falls short and oil ebbs but banks impress
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +4 min

Sub-forecast and sharply slowing retail sales growth for June likewise offset a more upbeat industrial output readout for the months. Even though falling import and export prices in June reinforced the disinflation picture, two-year Treasury yields recouped some of the week's steep declines. LUXURY FIRMSU.S. stock futures were little changed ahead of Monday's open, but two-year Treasury yields edged back lower to 4.72%. Elsewhere, shares of Richemont (CFR.S) dropped nearly 7% after the world's second-biggest luxury firm reported a miss in its sales and amid the China growth dampener. U.S. Treasury Secretary Janet Yellen said she was working with India on energy transition and "eager" to work with China on debt workouts.

Persons: Mike Dolan China's, Wells, Morgan Stanley, Janet Yellen, Mike Dolan, Alison Williams Organizations: Hong, Reserve, Nasdaq, Treasury, JPMorgan, Citi, Bank of America, Tesla, Netflix, York Federal, governor's, . Treasury, Reuters, Thomson Locations: U.S, China, Hong Kong, Tokyo, Asia, Shanghai, Wall, Richemont, India, Russia, China . U.S

GANDHINAGAR, India, July 16 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Sunday she was "eager" to work with China on areas of mutual interest, including debt restructurings for poorer countries, and that multilateral development banks needed reforms before capital increases could be considered. "I am eager to build on the groundwork that we laid in Beijing to mobilise further action." U.S. corporations want to see an environment where they could "invest and thrive in China", Yellen said. She said a debt restructuring "user guide" was needed for borrowing countries and other stakeholders to provide clarity about the process. "We should build better banks, not just bigger banks," Yellen said.

Persons: Janet Yellen, Yellen, David Lawder, Aftab, Sudipto Ganguly, William Mallard Organizations: . Treasury, U.S ., Sri, International Monetary Fund, U.S . Treasury, IMF, World Bank, Bank, U.S, Thomson Locations: GANDHINAGAR, India, China, Beijing, U.S, Washington, Moscow, Ukraine, Russia, Gandhinagar, Indian, Gujarat, Sri Lanka, Ghana, United States, Congress, Aftab Ahmed

☆ ‘We Must Go Faster.’ Yellen Says Rich Nations Must Speed Debt Relief
▼ + stars: | 2023-07-16 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen called on Sunday for international creditors to speed up their efforts to provide debt relief to developing countries facing default, arguing that shoring up their deteriorating finances would benefit the global economy. Speaking in Gandhinagar, India, ahead of a gathering of finance ministers from the Group of 20 nations, Ms. Yellen cited a recent agreement among international creditors, including China, to help Zambia pay its debts. “We should apply the common principles we agreed to in Zambia’s case in other cases rather than starting at zero every time,” Ms. Yellen said. “And we must go faster.”The Treasury secretary noted that more than half of low-income countries are in or near debt distress — double the total from 2015. These nations face a vicious cycle, because heavy public debt levels make it hard to attract public and private investment.

Persons: Janet L, Yellen, ” Ms Locations: Gandhinagar, India, China, Zambia, Ghana, Sri Lanka

☆ The weaponization of the dollar will reverse globalization and kill the WTO, it was warned. That's a real threat today as dedollarization gathers force.
▼ + stars: | 2023-07-14 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +6 min

US economic sanctions have spawned something of a global backlash, in the form of the dedollarization movement. This was anticipated as early as 2019, by an expert who warned the weaponization of the dollar could have serious consequences for the global economic system. Back in 2023, dedollarization is a thingFast forward to 2023, and some of the recent rumblings across the global currency and monetary landscape are strikingly in line with Sen's prognostications. All that could come at a huge cost to the global economy – and drive a "complete reversal of global economic integration," he wrote. The dollar's share of global reserves could slowly decline, but no alternatives exist that could completely displace the US currency, Treasury Secretary Janet Yellen said last month.

Persons: Julius Sen, Donald Trump, Sen, prognostications, Emmanuel Macron, Elon Musk, –, optimists, Paul Krugman, Janet Yellen, Putin Organizations: London School of Economics, Service, UN, SWIFT, Allianz, WTO, FX Locations: Wall, Silicon, China, Brazil, Iran, Tehran, Russia, Ukraine, India, Europe

July 14 (Reuters) - Two U.S. senators are pursuing a legislative plan to track U.S. investments in China, as the White House works to complete long-awaited action that would also restrict investment in certain, highly targeted sectors. The Biden administration, meanwhile, is finalizing an executive order that would also restrict certain investment in sectors including advanced semiconductors, quantum computing and artificial intelligence. A senior administration official, who spoke on condition of anonymity, said the aim was to wrap up legal and other reviews of the outbound investment order by Labor Day. Reuters reported in February that the proposed order was likely to track restrictions on artificial intelligence chips, chipmaking tools and supercomputers, among other technologies, imposed on exports to China in October. The senators' proposed legislation was filed as an amendment to the annual National Defense Authorization Act.

Persons: Bob Casey, Republican John Cornyn, Casey, Biden, Janet Yellen, Joe Biden, Karen Freifeld, Andrea Shalal, Susan Heavey Organizations: White, Democratic, Republican, Labor, Treasury, Reuters, National Defense, U.S . House, Republicans, Thomson Locations: China

☆ The Semiconductor Struggle
▼ + stars: | 2023-07-14 | by ( David Leonhardt | More About David Leonhardt | ) www.nytimes.com time to read: +3 min

Treasury Secretary Janet Yellen and Secretary of State Antony Blinken have both visited Beijing in recent weeks partly to improve communication between the two countries. Biden administration officials appear close to announcing rules restricting American firms from investing in many cutting-edge Chinese technology companies. The Biden administration put the restrictions in place Oct. 7. Muse, a semiconductor expert at Evercore ISI, an investment advisory firm. The article explains how the Biden administration is trying to prevent China from getting access to cutting-edge semiconductors, which are vital to many digital technologies.

Persons: Janet Yellen, Antony Blinken, Biden, ” Yellen, Yellen, Gina Raimondo, you’d, would’ve, ”, C.J, Alex Palmer, Alex Organizations: “, U.S, Biden, ISI, Times Locations: U.S, China, Beijing, Japan, Netherlands, Taiwan

CNN —US Secretary of State Antony Blinken is due to meet with top Chinese diplomat Wang Yi on Thursday – the latest in a series of increased high-level interactions between Washington and Beijing. Their meeting on the sidelines of the ASEAN Foreign Ministers’ Meeting in Jakarta comes less than a month after the two met in Beijing, holding what the top US diplomat called a “candid and constructive” conversation. The Biden administration feels that the US and China are “getting back to normal in the sense of pace of diplomacy,” a senior administration official told CNN this week. Both Blinken and Yellen claimed they had made some progress in efforts to re-establish bilateral communications aimed at responsibly managing the relationship. But right now that is “not being actively considered,” the senior administration official said.

Persons: Antony Blinken, Wang Yi, Qin Gang, Biden, ”, Janet Yellen, John Kerry, Yellen, ” Blinken, “ We’re, –, ” Yellen, they’ve, Blinken’s, Matthew Miller, Miller Organizations: CNN, Chinese Communist Party, China’s, Qin, Reuters, ASEAN, Microsoft, State Department Locations: Washington, Beijing, Jakarta, United States, China, Fiji, Mexico

☆ Biden Touts Easing Inflation as ‘Bidenomics in Action’
▼ + stars: | 2023-07-12 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

“Today’s report brings new and encouraging evidence that inflation is falling while our economy remains strong,” Mr. Biden said in the statement. “Our progress creating jobs while lowering costs for families is no accident, and I will continue to fight for lower costs for families every day.”While the latest data showed that Mr. Biden may be able to get that gentle slowdown, the economy still faces headwinds. The Fed, which has raised interest rates above 5 percent to try and cool the economy, is expected to lift them again later this month. “It’s my hope that, and belief, that there is a path to bring inflation down in the context of a healthy labor market and the data that I’ve seen suggests we’re on that path,” Ms. Yellen said. Republicans argued on Wednesday that inflation remained too high and that real wages were lower than when Mr. Biden took office.

Persons: “, Mr, Biden, Janet L, Yellen, Ms Organizations: CBS, Republicans Locations: United States

[1/3] US Treasury Secretary Janet Yellen speaks during her meeting with China's Vice Premier He Lifeng (out of frame) at the Diaoyutai State Guesthouse in Beijing on July 8, 2023. Yellen said nothing publicly to indicate that the U.S. was poised to ease tariffs, but commentators in China were hopeful, amid a U.S. Trade Representative review. "While U.S might continue its technological curbs on China, a reduction or exemption of non-core tariffs against China is possible." Yellen last year advocated eliminating some duties on "non-strategic" goods as a way to ease some specific costs amid high inflation. Haley has said she would push Congress to revoke China’s trade status until China curbs its alleged role in the fentanyl trade.

Persons: Janet Yellen, Lifeng, Pedro PARDO, Janet Yellen's, Biden, Harry Broadman, Donald Trump's, Premier Li Qiang, Yellen, Hong Hao, Chad Bown, " Bown, Josh Hawley, Ron DeSantis, Nikki Haley, Haley, Donald Trump, David Lawder, Andrea Shalal, Gram Slattery, Jeff Mason, Heather Timmons, Nick Zieminski Organizations: China's, WASHINGTON, . Treasury, Trump, White House, World Bank, Berkeley Research, Premier, U.S . Treasury, . Trade, China's Finance, U.S, Grow Investment, Times, Peterson Institute of International Economics, Reuters, Republican, Firebrand, Thomson Locations: Diaoyutai, Beijing, China, U.S, Washington, U.s, Donald Trump's China, CHINA, Xinjiang, Hong Kong, Florida, Mexico, Cuba

WASHINGTON, July 11 (Reuters) - U.S. climate envoy John Kerry on Monday will become the Biden administration's third senior official to visit China in recent weeks after trips by Treasury Secretary Janet Yellen and Secretary of State Antony Blinken. A U.S. official said on Tuesday that Kerry would visit from Monday to Thursday. The two countries have previously cooperated on climate change with breakthroughs that led to the 2015 Paris climate accord. Last month, Blinken met President Xi Jinping in China but soon after his trip ended, U.S. President Joe Biden referred to Xi as a 'dictator,' risking a further deterioration of relations. China last year briefly suspended talks with the United States on climate, security and other matters in response to a visit to Taiwan by U.S. House of Representatives by then-Speaker Nancy Pelosi.

Persons: John Kerry, Janet Yellen, Antony Blinken, Kerry, Washington, China, Xie Zhenhua, Yellen, Blinken, Xi Jinping, Joe Biden, Xi, Nancy Pelosi, Valerie Volcovici, Kanishka Singh, Howard Goller Organizations: Biden, U.S, Beijing, U.S . House, Thomson Locations: China, Taiwan, Paris, U.S, United States

☆ Wall St ends higher; consumer prices, earnings eyed this week
▼ + stars: | 2023-07-10 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

That could shed light on the interest rate outlook, with many traders expecting the Federal Reserve to raise interest rates by 25 basis points this month. S&P 500 company earnings are due to unofficially kick off this week with reports from some big U.S. banks. Analysts expect earnings to have fallen 6.4% in the second quarter from the year-ago period, IBES data from Refinitiv showed. Advancing issues outnumbered decliners on the NYSE by a 2.23-to-1 ratio; on Nasdaq, a 2.06-to-1 ratio favored advancers. The S&P 500 posted 28 new 52-week highs and four new lows; the Nasdaq Composite recorded 59 new highs and 47 new lows.

Persons: Carl Icahn, Quincy Krosby, Janet Yellen, decliners, Johann M Cherian, Saumyadeb Chakrabarty, Shinjini Ganguli, Richard Chang Organizations: Dow, Nasdaq, Reserve, Financial, Intel, Qualcomm, U.S, Treasury, Dow Jones, Icahn Enterprises, Citigroup, NYSE, Thomson Locations: U.S, Charlotte , North Carolina, Refinitiv, Bengaluru

☆ Wall St ends up; consumer prices, earnings eyed this week
▼ + stars: | 2023-07-10 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

That could shed light on the interest rate outlook, with many traders expecting the Federal Reserve to raise interest rates by 25 basis points this month. "The market is obviously poised for the opening of earnings season," but investors are also hyper-focused on consumer prices and the outlook for interest rates, said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina. S&P 500 company earnings are due to unofficially kick off this week with reports from some big U.S. banks. Analysts expect earnings to have fallen 6.4% in the second quarter from the year-ago period, IBES data from Refinitiv showed. According to preliminary data, the S&P 500 (.SPX) gained 10.97 points, or 0.25%, to end at 4,409.92 points, while the Nasdaq Composite (.IXIC) gained 25.36 points, or 0.19%, to 13,686.08.

Persons: Carl Icahn, Quincy Krosby, Janet Yellen, Johann M Cherian, Saumyadeb Chakrabarty, Shinjini Ganguli, Richard Chang Organizations: Dow, Nasdaq, Reserve, Financial, Intel, Qualcomm, U.S, Treasury, Dow Jones, Icahn Enterprises, Citigroup, Thomson Locations: U.S, Charlotte , North Carolina, Refinitiv, Bengaluru

All eyes will be on U.S. inflation data, expected on Wednesday, that will feed into the Fed's interest rate decision later in the month. The second-quarter earnings season kicks off this week and investors will assess the impact of tight monetary conditions and fears of an impending economic slowdown on businesses. Overall, earnings for the S&P 500 constituents are expected to fall 5.7% in the quarter, Refintiv data showed. Most megacap growth and technology stocks slid in mid-day trading, with the FANG index (.NYFANG) falling 1.3%. Big banks such as JPMorgan Chase (JPM.N) and Citigroup (C.N) edged up, ahead of reporting earnings on Friday.

Persons: Carl Icahn, Chris Larkin, Morgan Stanley, Michael Barr, Loretta Mester, Mary Daly, Jefferies, JPMorgan Chase, Janet Yellen, Johann M Cherian, Saumyadeb Chakrabarty Organizations: Citigroup, Dow, Nasdaq, Federal Reserve, PPI, Traders, Dow Jones, JPMorgan, Icahn Enterprises, Intel, Qualcomm, U.S, Treasury, NYSE, Thomson Locations: U.S, Bengaluru

☆ Yellen's latest trip helps set a new normal for the U.S.-China relationship
▼ + stars: | 2023-07-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Cabinet member to visit China in a month, setting the stage for more high-level communication between the two countries. In coming days, John Kerry, special presidential envoy for climate, also plans to visit China, he told the The New York Times. She said she told her Chinese counterparts that any curbs on U.S. outbound investments would be "very narrowly targeted." Yellen's visit this past Thursday to Sunday came about three weeks after Blinken met with Chinese President Xi Jinping in Beijing. He also leads China-U.S. economic and trade cooperation efforts, according to a state media report that described his meeting with Yellen as "constructive."

Persons: Li Qiang, Janet Yellen, Mark Schiefelbein, John Kerry, Antony Blinken, Yifan Hu, Yellen, Blinken, Xi Jinping, Scott Kennedy Organizations: U.S, Treasury, of, People, Afp, Getty, U.S . Cabinet, New York Times, CNBC, Asia Pacific, UBS Global Wealth Management, Ministry of Finance, Commerce Ministry, CBS, Scott Kennedy Center for Strategic, International Locations: Beijing, BEIJING, U.S, China, Asia

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