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☆ Europe markets fall ahead of House vote on U.S. debt ceiling; SBB down 9%
▼ + stars: | 2023-05-31 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

European stock markets were lower Wednesday morning as jitters remained over the U.S. debt ceiling bill ahead of the June 5 deadline. The Stoxx 600 index was down 0.5% at 8:45 a.m. London time, with food and beverage stocks down 1.1% and autos 1.05% lower. Utilities and telecoms benefited from a move toward defensives as the only sectors in the green, both up around 0.1%. European marketsAfter passing a key procedural vote in the House Rules Committee on Tuesday, the Fiscal Responsibility Act is provisionally scheduled to face a floor vote in the Republican-majority House around 8:30 p.m. It then needs to pass the Democratic-controlled Senate before Monday, when the U.S. Treasury predicts it will not have enough money to meet its debt obligations.

Persons: jitters Organizations: Republican, Democratic, U.S . Treasury Locations: London, defensives

☆ Treasury yields fall as investors await debt ceiling deal vote
▼ + stars: | 2023-05-31 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury was trading 4 basis points lower at 3.654%. The 2-year Treasury yield was last down by more than 3 basis points at 4.436%. U.S. Treasurys declined on Wednesday as investors fretted over the debt ceiling bill — which the House of Representatives is expected to vote on later in the day — and awaited key jobs data. On Tuesday it cleared a key vote in the House Rules Committee with a 7-6 majority and is now expected to go before the House floor on Wednesday, according to a tentative House voting schedule. It the bill passes the House vote, it would then also need to be approved by the Senate before it could come into effect.

Persons: Treasurys, Joe Biden, Kevin McCarthy Organizations: Treasury, Senate, Republicans, Federal

The S&P 500 (.SPX) index closed flat but remained near its highest level since August 2022, just above 4,200 points. The S&P 500 and the Nasdaq were still set for monthly gains in May. Over the weekend, U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy agreed to temporarily suspend the debt ceiling and cap some federal spending. But I firmly believe a debt ceiling agreement will be approved before the June 5 drop dead date." Only four of the S&P 500's 11 sectors were higher, while declining stocks outweighed advancing shares on both the S&P 500 and Nasdaq.

Persons: Joe Biden, Kevin McCarthy, McCarthy, Sam Stovall, Anthony Saglimbene, Thomas Hayes, FEDWATCH, Elon Musk, Shreyashi Sanyal, Shashwat Chauhan, Shounak Dasgupta, Maju Samuel, David Gregorio Our Organizations: Dow Jones, Nasdaq, Republican, Republicans, Nvidia Corp, Reuters Graphics Reuters, Digital, Federal, Semiconductor, Nvidia, Great, Capital, Labor, Thomson Locations: New York, Troy , Michigan, Philadelphia, China's, Beijing, Bengaluru

☆ Prepare for more stock-market jitters after the debt-ceiling deal, Morgan Stanley warns
▼ + stars: | 2023-05-30 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

The debt-ceiling deal could drive up stock-market uncertainty, according to Morgan Stanley. Investors should brace themselves for a rise in uncertainty in the aftermath of the 11th-hour debt-ceiling compromise, according to Morgan Stanley. Morgan Stanley's Tirupattur said the Treasury would also likely issue a flurry of bills in a bid to raise more cash once a debt-ceiling deal has been voted through Congress. Investors snapping up these short-term bonds could "drain liquidity in the system" for stocks and other assets, Tirupattur wrote. Read more: Wall Street is bracing for stock market chaos as the debt-ceiling face-off drags on

☆ Oil prices sink below $70 on debt ceiling jitters, Russia-Saudi tensions
▼ + stars: | 2023-05-30 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —US oil prices dropped below $70 a barrel Tuesday on concerns about whether the debt ceiling deal will make it through Congress and on reports of tensions between Saudi Arabia and Russia ahead of a key OPEC+ meeting. The selloff marks one of the worst days of the year for the oil market and could help keep a lid on pump prices. “It’s not a layup that the debt deal is going to get done. Treasury Secretary Janet Yellen has warned the government will not have enough funds to meet all of the nation’s obligations if Congress does not address the debt ceiling by June 5. Meanwhile, there are new questions about the relationship between OPEC leader Saudi Arabia and Russia ahead of this weekend’s meeting of oil producers in Vienna.

☆ Europe markets open higher after U.S. debt ceiling deal
▼ + stars: | 2023-05-29 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Sectors were all cautiously higher or flat, with autos and banks leading gains. European stock markets opened higher Monday after U.S. President Joe Biden and House Speaker Kevin McCarthy reached a deal to raise the nation's debt ceiling. U.S. political leaders must now gather enough bipartisan support to pass the debt ceiling bill in Congress before the June 5 deadline to avoid a federal default. Asia-Pacific markets were mixed even as Japan's Nikkei 225 climbed to trade at the highest levels since July 1990. Elsewhere, the Turkish lira slumped to a near-record low after incumbent President Recep Tayyip Erdogan secured reelection.

☆ Gold prices slip on U.S. debt limit deal, Fed rate-hike bets
▼ + stars: | 2023-05-29 | by ( ) www.cnbc.com time to read: +1 min

Gold prices edged lower on Monday as a tentative deal sealed over the weekend to suspend the U.S. debt ceiling coupled with jitters around higher-for-longer interest rates dampened demand for the non-yielding metal. Spot gold was down 0.1% at $1,944.09 per ounce by 0252 GMT, hovering near two-month lows hit on Friday. Gold, which offers no yield of its own, tends to fall out of favor among investors when interest rates rise. Asian shares and U.S. stock futures rose as the deal to suspend the U.S. government's debt ceiling ended a protracted stalemate. Spot silver fell 0.2% to $23.26 per ounce, platinum edged 0.1% higher to $1,023.83, and palladium rose 0.3% to $1,428.07.

☆ Dollar set for third week of gains as US debt talks loom large
▼ + stars: | 2023-05-26 | by ( ) www.cnbc.com time to read: +3 min

The U.S. dollar index — which tracks the greenback against six major counterparts — was last down 0.05% on the day at 104.20, just off Thursday's two-month high of 104.31. The dollar edged away from a six-month high against the yen and last stood at 139.67, having reached 140.23 yen in the previous session, its highest since November. The euro and British pound regained some ground, but were struggling to recoup recent losses against the dollar. The single currency was last up 0.07% against the dollar at $1.0727, but was not far from its two-month low of $1.0708 hit in the previous session. Sterling gained 0.23% to $1.2349, after data showed British consumers picked up spending in April, although the currency was still heading for a weekly loss.

Persons: Joe Biden, Kevin McCarthy, MUFG, —, Carol Kong, Boris Vujcic, Sterling Organizations: U.S, Wall, Federal Reserve, Fed, Commonwealth Bank of Australia, British, European Central Bank Locations: U.S, Washington, Croatian

☆ Oil gains after Saudi warns short-sellers: 'watch out'
▼ + stars: | 2023-05-23 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Tuesday on forecasts for a tighter gasoline market and a warning from the Saudi energy minister to speculators that raised the prospect of further OPEC+ output cuts. Brent crude futures rose 85 cents, or 1.1%, to settle at $76.84 a barrel, while the U.S. West Texas Intermediate (WTI) crude futures settled at $72.91 a barrel, up 86 cents, or 1.2%. On Monday, prices rose 1% on optimism fed by a surge in U.S. gasoline futures. Gasoline futures rose 1.2% on Tuesday, with analysts expecting a third straight weekly decline in inventories ahead of peak summer travel season which starts on the U.S. Memorial Day holiday on May 29. Erlam added Brent crude prices need to rise above $77.50 a barrel to signal a sentiment shift.

Persons: U.S ., Craig Erlam, Erlam, Brent, haven't, Rob Haworth Organizations: Brent, U.S . West Texas, U.S, U.S . Memorial, American Petroleum Institute, U.S . Energy, Administration, of Petroleum, Strategic Petroleum Reserve, Bank Wealth Management Locations: Saudi, U.S, Russia, OPEC

☆ Wall St retreats on debt ceiling jitters
▼ + stars: | 2023-05-19 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 14, 2023. Stocks had rallied over the past two sessions on growing confidence a deal to raise the $31.4 trillion debt limit could be reached in coming days, with the benchmark S&P 500 (.SPX) climbing more than 2%. The S&P 500 and Nasdaq were poised for their biggest weekly percentage gains since the final week of March. The warning weighed on Dow component Nike Inc (NKE.N), which lost 4.11%, while Under Armour Inc (UAA.N) fell 4.53%. The S&P 500 posted 28 new 52-week highs and three new lows; the Nasdaq Composite recorded 72 new highs and 69 new lows.

BEIJING, May 19 (Reuters) - Global drugmaker AstraZeneca will seek to be a patriotic company in China that "loves the Communist Party", its China president said at an event on Friday. While many local companies have in recent years publicly pledged allegiance to the ruling Chinese Communist Party as President Xi Jinping strengthened the party's role throughout Chinese society and its economy, such messaging is still unusual from foreign companies. "Build a local, transnational company that loves the Communist Party and loves the country," Wang said in his presentation to an audience of a few hundred participants, with the words flashed across the screen behind him. Last year, China accounted for 13% of AstraZeneca's total sales and the company is China's biggest drugmaker. Reporting by Joe Cash in Beijing and Brenda Goh in Shanghai; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Gold holds ground amid U.S. debt-ceiling jitters
▼ + stars: | 2023-05-17 | by ( ) www.cnbc.com time to read: +2 min

Gold prices steadied on Wednesday, as investors fretted over prolonged U.S. debt-limit negotiations, with a firmer dollar keeping prices in check. Spot gold ticked up 0.1% to $1,991.35 per ounce by 0455 GMT. Rival safe-haven dollar, meanwhile, held firm on the day, making gold less appealing for overseas buyers. "Any inflation-fighting rhetoric from Fed officials between now and the June meeting would hinder the gold price," Waterer further said, adding, the prevailing dollar strength was capping gold's upside for the time being. Spot silver rose 0.1% to $23.76 per ounce after hitting a six weeks low in the previous session.

☆ US government CDS spreads decline as debt ceiling negotiations progress
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, May 16 (Reuters) - A measure of the cost to insure exposure to U.S. government debt declined on Tuesday as Democratic President Joe Biden and top congressional Republican Kevin McCarthy edged closer to a deal to avoid a debt default. Spreads on U.S. one-year credit default swaps, market-based gauges of the risk of a default, declined to 155 basis points from 164 basis points on Monday, according to S&P Global Market Intelligence data. Spreads on five-year CDS decreased to 69 basis points from 72 bps on Monday. Investor jitters around a possible U.S. default have intensified in recent weeks as the deadline to raise the government's borrowing cap looms closer than what many in the market had anticipated. Reporting by Davide Barbuscia; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

SINGAPORE, May 15 (Reuters) - Oil prices fell on Monday as concerns about fuel demand in the top global oil consumers, the United States and China, offset bullish sentiment about tightening supplies from OPEC+ cuts and a resumption in U.S. buying for reserves. Brent crude futures fell 26 cents, or 0.35%, to $73.91 a barrel by 0638 GMT, while U.S. West Texas Intermediate crude was at $69.34 a barrel, down 20 cents, or 0.29%. Investors will scour China's slew of economic data on industrial output, fixed assets investment and retail sales in the week ahead for signs of oil demand improvement, she said. However, Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in June, said its oil minister, Hayan Abdel-Ghani. 1 crude importers, respectively, have been the key buyers of Russian crude since the European Union embargo started in December.

☆ Oil falls as economic concerns offset prospect of tighter supplies
▼ + stars: | 2023-05-15 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

SINGAPORE, May 15 (Reuters) - Oil prices slipped on Monday as concerns about fuel demand at top global oil consumers U.S. and China offset optimism about tightening supplies from any OPEC+ cuts and a resumption in U.S. buying for reserves. Brent crude futures fell 43 cents, or 0.6%, to $73.74 a barrel by 0130 GMT while U.S. West Texas Intermediate crude was at $69.67 a barrel, down 37 cents, or 0.5%. Investors will scour China's slew of economic data on industrial output, fixed assets investment, and retail sales in the week ahead for signs of oil demand improvement, she added. However, Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in June, its oil minister Hayan Abdel-Ghani said. 1 crude importers, respectively, have been the key buyers of Russian crude since the European Union embargo started in December.

☆ Morning Bid: Debt ceiling jitters, Turkey vote, Soros ditches Tesla
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +4 min

President Joe Biden is meeting Congressional leaders on Tuesday to try to hash out a compromise to raise the debt limit and avoid a catastrophic default. A regulatory filing on Friday from the family office of George Soros showed the 92-year old billionaire investor has sold his entire stake in Tesla. Soros bought shares in the electric vehicle maker, run by Elon Musk, in 2022, as well as convertible bonds in 2018. Soros wasn't alone in pulling out of some of the pandemic-era darlings in the first three months of the year. Friday's regulatory filing showed he loaded up on other big tech stocks, including Netflix, Uber, chipmaker Qualcomm and cloud-based data company Snowflake - which fellow 92-year old investor Warren Buffett bought into back in 2020.

☆ Will history repeat? Here are Club stocks that were great buys during 2011 debt-ceiling market swoon
▼ + stars: | 2023-05-15 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +9 min

Concern about a potential U.S. government default has only mounted in recent days, contributing to back-to-back weekly losses in the S & P 500. By Feb. 7, 2012, the S & P 500 closed above its late-July peak. A similar rationale seems to explain why TJX Companies (TJX) had the third-best relative performance, falling only 5.9% during the 2011 debt-ceiling jitters. TJX had a great rest of the year, too, gaining 22% from the S & P 500 index's 2011 August bottom to year-end. What's more, 12 Club stocks finished 2011 higher than their July 22 close, the S & P 500's late-July peak that year.

☆ Stocks week ahead: SVB and Signature Bank execs are set to testify next week
▼ + stars: | 2023-05-14 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

The US Senate Committee on Banking, Housing and Urban Affairs is holding three hearings this coming week centered around the collapses of Silicon Valley Bank and Signature Bank in March. ET : Greg Becker, former chief executive, Silicon Valley Bank; Scott Shay, former chairman and co-founder, Signature Bank and Eric Howell, former president, Signature Bank. ET : Mark Bialek, inspector general, Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau; Paul Kupiec, senior fellow, American Enterprise Institute and more. Since then, the Federal Reserve and Federal Deposit Insurance Corporation have released reports detailing management missteps at SVB and Signature Bank, as well as federal regulators’ own mistakes in properly addressing red flags preceding the banks’ demises. A separate report from the Federal Reserve Bank of New York on Friday shows that American households are becoming increasingly frugal.

☆ Newcastle drop points in top-four race, Southampton down
▼ + stars: | 2023-05-13 | by ( ) www.reuters.com time to read: +4 min

LEEDS, England, May 13 (Reuters) - Newcastle United suffered more jitters in their quest to finish in the Premier League's top four as they drew 2-2 at relegation-threatened Leeds United but Southampton's agony is over after being relegated on Saturday. Leeds defender Rasmus Kristensen's second-half equaliser denied Newcastle the victory that would have all but assured them a place in next season's Champions League. Southampton have 24 points from 36 games, 19th-placed Leicester City have 30 from 35 with Leeds on 31 points from 36 games and Everton on 32 from 35. Newcastle striker Alexander Isak was then hacked down by Maximillian Wober and Callum Wilson converted from the penalty spot. Newcastle were awarded a second penalty midway through the second half when Firpo handled and Wilson proved deadly once again.

☆ Investors may be crowding too much into defensive stocks amid market jitters
▼ + stars: | 2023-05-13 | by ( Fred Imbert | ) www.cnbc.com time to read: +3 min

The S & P 500 posted its second straight weekly decline, falling 0.3% this week. Given this backdrop, investors have turned to several consumer staples — traditionally seen as defensive stocks — to shore up their portfolios. Mondelez , PepsiCo and Molson Coors — all staples — are the most overbought S & P 500 names through Friday's session. Shares of Mondelez have rallied more than 16% year to date, easily outperforming the S & P 500's 7.4% advance. Estee Lauder is the most oversold S & P 500 stock.

☆ Oil prices climb on positive US fuel demand data
▼ + stars: | 2023-05-11 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +2 min

May 11 (Reuters) - Oil prices bounced back on Thursday after dropping by more than a dollar a barrel the previous day, supported by stronger fuel demand data from the United States, the world's top oil consumer. Brent crude futures rose by 56 cents, or 0.7%, to $76.97 a barrel by 0330 GMT, while U.S. crude futures rose 53 cents, also up 0.7%, to $73.09. A sharper-than-expected drop in U.S. gasoline inventories boosted prices, reflecting stronger demand for transport fuels in the U.S. The latest U.S. data showed consumer prices rose in April, increasing the likelihood that the Federal Reserve will maintain higher interest rates, which can have the knock-on effect of reducing oil demand. Distillate stocks also declined, while U.S. jet fuel demand rose to its highest level since December 2019.

☆ Oil prices slide 2%, US jobless data and debt-ceiling talks weigh
▼ + stars: | 2023-05-11 | by ( ) www.cnbc.com time to read: +2 min

Oil prices slid about 2% on Thursday as a political standoff over the U.S. debt ceiling stoked recession jitters in the world's biggest oil consumer, while rising U.S. jobless claims weighed on sentiment and a stronger dollar pressured oil too. A stronger U.S. dollar makes oil more expensive in other countries. Higher interest rates can weigh on oil demand by boosting borrowing costs, pressuring economic growth. U.S. Treasury Secretary Janet Yellen urged Congress to raise the $31.4 trillion federal debt limit and avert an unprecedented default that would trigger a global economic downturn. U.S. producer prices rose moderately last month, the smallest annual producer inflation increase in more than two years.

Walmart de Mexico (Walmex) (WALMEX.MX) in April said it had bought Trafalgar, a payment app, to compete in a market dominated by Grupo Salinas' Baz, Oxxo's (FEMSAUBD.MX) Spin and MercadoPago of MercadoLibre (MELI.O). Executives at the Walmart unit expect the deal to "unlock Cashi's potential," starting with transfers, withdrawals and remittances while keeping open the option of loans and other financial services in the future. "We want to be the best financial services application in Mexico, and that requires constant investment," Marcelino Herrera, Walmex senior vice president of financial services, told Reuters. Walmart plans over $15 billion in capital expenditures for automation and alternate revenue streams in 2023, including its ad business, third-party marketplace, and deliveries. SYNERGIESWalmart has not defined fintech as a top investment priority but has poured money into it over the past year.

☆ US stocks fall as debt ceiling jitters rattle investors and markets brace for April inflation report
▼ + stars: | 2023-05-09 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

President Joe Biden was due to meet top lawmakers to discuss the debt ceiling. Markets are also bracing for the April inflation report to be released on Wednesday. President Joe Biden was scheduled to discuss a solution to the debt ceiling crisis with House Speaker Kevin McCarthy and other lawmakers after the closing bell. McCarthy has said he would reject a short-term debt ceiling increase, even as the US may have less than a month before running out of money. Failing to raise the debt ceiling in time could result in a "catastrophe" for the US economy, Treasury Secretary Janet Yellen warned on Monday.

Analysts say what may appear as mixed messaging is the result of President Xi Jinping's renewed focus on national security, steeled by rock-bottom relations with rival superpower, the United States. A later speech in March at the National People's Congress was more pointed: China's security is being challenged by U.S. attempts to contain its rise, he said. In his October speech, he added "external security" and "international security", in what analysts say signals a new focus to counter foreign threats, namely Washington. Asked for its response to a list of questions for this story, China's foreign ministry said it was "not aware of the situation". BUSINESS JITTERSChina's security focus also risks isolating the country economically.

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