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"While it appears to be a hot number on the actual number of people employed, the wage rate is not increasing as fast," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. The data brought relief to investors who mostly expect the Fed to pause hiking rates at its policy meeting on June 13-14. But some pointed to the much hotter-than-expected jobs data as a sign the Fed still has not yet tamed inflation. All 11 S&P 500 sectors advanced, with the materials index (.SPLRCM) leading, up 3.4%, and the consumer discretionary sector (.SPLRCD), housing Amazon, close behind, rising 2.2%. The S&P 500 posted 15 new 52-week highs and two new lows; the Nasdaq Composite recorded 74 new highs and 40 new lows.

Persons: Kim Forrest, Phil Orlando, Nobody’s, Michael Landsberg, Herbert Lash, Shreyashi Sanyal, Shristi, Shashwat Chauhan, Nivedita Bhattacharjee, Maju Samuel Organizations: Amazon, Nvidia, Reserve, Labor Department, Bokeh Capital Partners, Fed, Federal Reserve, Federated Hermes, Reuters Graphics Reuters, Dow Jones, Nasdaq, Dow, Verizon Communications Inc, T Inc, Mobile US Inc, Inc, U.S, Verizon, Mobile, Nvidia Corp, Landsberg Bennett, Wealth Management, NYSE, Thomson Locations: Washington, Pittsburgh, New York, Punta Gorda , Florida, Bengaluru

Focus now shifts to the Labor Department's closely watched unemployment report for May, due on Friday. The data will help determine whether the Fed sticks with its aggressive rate hikes. "The market became confident that, 'wow the Fed rate hike for June is pretty much not happening' and confidence is falling for raising rates for July," he said. C3.ai Inc (AI.N) slumped after the artificial intelligence company forecast an annual revenue outlook below analysts' estimates. Dollar General Corp (DG.N) plunged as retail companies cut their full-year sales forecasts as high inflation dimmed the U.S. consumer outlook.

Persons: Goldman Sachs, Edward Moya, I'm, Jimmy Chang, Chang, Jason Pride, We've, Herbert Lash, Shreyashi Sanyal, Shristi, Shounak Dasgupta, Maju Samuel, Deepa Babington Organizations: Labor, Dow Jones, Nasdaq, ADP, Labor Department, Unit, Futures, Reuters Graphics Reuters, Senate, Rockefeller Global, Nvidia Corp, Glenmede, Dow, Salesforce Inc, Goldman Sachs Group Inc, Meta, Inc, General Corp, Thomson Locations: New York, Philadelphia, Bengaluru

The Labor Department reported that U.S. job openings unexpectedly rose in April, pointing to persistent strength in a labor market that suggests pressure on both wages and inflation. Futures traders raised to 70% the probability of a 25 basis points hike at the Fed's June 13-14 policy meeting. FEDWATCHFed Governor and vice chair nominee Philip Jefferson said skipping a rate hike in two weeks would provide policymakers time to see more data before making a decision. The Labor Department's closely watched May unemployment report, due on Friday, could decide whether a rate hike occurs. Intel was the biggest gainer on the S&P 500 as the chipmaker said it was on track to hit the upper end of its second-quarter revenue forecast.

Persons: Brendan McDermid, Joe Biden, it's, Brad Conger, Callaghan, Conger, FEDWATCH, Philip Jefferson, Patrick Harker, Tim Ghriskey, we've, Nvidia Corp's, Herbert Lash, Shreyashi Sanyal, Shashwat Chauhan, Shounak Dasgupta, Maju Samuel, Richard Chang Organizations: New York Stock Exchange, REUTERS, Senate, Co, Labor Department, Philadelphia Fed, Inverness, Labor, Dow Jones, Nasdaq, Technology, Federal Deposit Insurance Corporation, Parts Inc, Genuine, O'Reily, Hewlett Packard Enterprise Co, Nvidia, Intel, Thomson Locations: New York City, U.S, Conshohocken , Pennsylvania, New York, Bengaluru

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

☆ Modi inaugurates new parliament building as part of New Delhi's makeover
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +3 min

[1/9] A view of India's new parliament building in New Delhi, India, May 27, 2023. Later, the prime minister entered parliament to loud cheers from guests, government officials and lawmakers, with many welcoming him with chant of "Modi, Modi". "To open a new parliament building without the opposition, it does not mean there is a democracy in the country. The triangular-shaped parliament complex is just across from the old, circular heritage building built by British architects Edwin Lutyens and Herbert Baker in 1927, two decades before India's independence. The old parliament will be converted into a museum.

☆ Modi inaugurates controversial new parliament building in India
▼ + stars: | 2023-05-26 | by ( Rhea Mogul | ) edition.cnn.com time to read: +9 min

A cyclist rides past the construction site for the new Parliament building in January 2021. Controversial projectThe new triangular parliament building is part of a major overhaul of New Delhi’s colonial-era administrative center dubbed the Central Vista Redevelopment Project. The rush was widely thought to have resulted from hopes of opening the parliament building by the 75th anniversary of Indian independence in August 2022. Capacity is also limited — a concern magnified by growing calls to increase the number of MPs sitting in India’s parliament. A photo of the parliament's interior taken during a visit to the building by Modi earlier this year.

☆ Olympic Medalist Herbert P. Douglas Jr., Denied Coaching Job, Marketed Cognac Instead
▼ + stars: | 2023-05-17 | by ( James R. Hagerty | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/olympic-medalist-herbert-p-douglas-jr-denied-coaching-job-marketed-cognac-instead-ab7f4d7f

☆ Anti-inflation fight may spur recession, investment opportunities -BlackRock
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, May 15 (Reuters) - Central bank efforts to tame inflation could spark a recession and market selloff that later this year or in 2024 leads to investment opportunities, the BlackRock Investment Institute (BII) said on Monday. Increased market volatility is likely ahead over talks in Washington to raise the U.S. government's $31.4 trillion borrowing cap. But the old playbook of buying the dip does not apply now, the institute said. Any selloff may cause risk assets to better price in the economic damage the institute expect from interest rate hikes. "We're ready to shift our views on a six- to 12-month horizon to take advantage of opportunities that may appear," it said.

Trump was back on CNN primetime during a town hall appearance on Wednesday night. And CNN certainly seemed to be eager for conservative buy-in during the Wednesday town hall, filling the room with a mixture of New Hampshire Republicans and effectively independent voters. The former president's advisor told other outlets that the town hall was an effort to underline Trump's 2016 strategy of reaching beyond the traditional GOP coalition. During the Wednesday town hall, Trump called Carroll a "whack job," echoing the very falsehoods that landed him with a defamation charge this week. "The predictably disastrous @cnn town hall was indeed disastrous," former broadcast exec and current dean of the Lawrence Herbert School of Communication at Hofstra University, Mark Lukasiewicz tweeted.

☆ Stocks rise as U.S. inflation trends lower, bond yields slide
▼ + stars: | 2023-05-10 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

The odds of the Fed cutting rates later this year also increased. Consumer prices decelerated to 4.9% year-on-year, the 10th straight month of slowdown as prices react to the Fed's rate-tightening cycle. The two-year Treasury yield, which typically moves in step with rate expectations, slid from 4.05% before the CPI news and dropped to 3.908%. The dollar index eased 0.20% and equity markets rose as the CPI data suggested the Fed's most aggressive rate hikes in four decades were yielding results. U.S. crude futures fell 1.6% to settle at $72.56 a barrel, and Brent settled down 1.3% at $76.41 a barrel.

The likelihood the Fed cuts rates later this year also increased. "The Fed does not aim get rate policy right just in time, they aim to get it right over time." Consumer prices decelerated to 4.9% year-on-year, the 10th straight month of slowdown as prices react to the Fed's rate-tightening cycle. The two-year Treasury yield, which typically moves in step with rate expectations, slid from 4.05% before the CPI news and dropped to 3.904%. Gold prices slipped as the CPI data was viewed as mixed and triggered profit-taking by some investors.

Equity markets initially rose as the CPI data suggested the Fed's most aggressive rate hikes in four decades were yielding results. MSCI's gauge of stocks across the world (.MIWD00000PUS) edged down 0.06%, while stocks on Wall Street wavered after an early rally. CHINA CRACKDOWNForeign exchange markets had been treading water while markets weighed policymakers' rhetoric against traders' conviction that U.S. interest rates should fall. Emerging markets currencies rallied on Wednesday following the U.S. data, with MSCI's index (.MIEM00000CUS) up 0.15%. U.S. crude recently fell 2.06% to $72.19 per barrel and Brent was at $76.00, down 1.86% on the day.

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2023. Investors fear a government default as early as June 1 if Congress fails to resolve the deadlock. Our calculation shows she's not incorrect," said Steven Ricchiuto, U.S. chief economist at Mizuho Securities USA LLC in New York. "Treasury yields I would argue came down too much too soon." The dollar edged higher against major currencies, with the dollar index up 0.168%.

REUTERS/Brendan McDermidTOKYO, May 9 (Reuters) - A gauge of global equities fell on Tuesday after weak Chinese trade data sparked concerns about China's domestic demand recovery, while the impasse over the U.S. debt ceiling sparked a sharp sell-off in short-dated Treasury bills. Investors fear a government default if Congress fails to resolve the debt ceiling deadlock as early as June 1. Longer-dated Treasury yields were little changed as investors waited for key U.S. consumer price inflation data on Wednesday. The dollar edged higher against major currencies, with the dollar index up 0.256%. Gold prices edged higher as some investors sought cover from economic uncertainty, including the debt ceiling deadlock.

☆ Opinion | Let the Post-Pandemic City Grow Wild
▼ + stars: | 2023-05-09 | by ( Ben Wilson | ) www.nytimes.com time to read: +3 min

Every city has acres of in-between land that, if managed well, could become oases of greenery harboring insect, bird and other animal life. The rubble-strewn cities of the Second World War, to the astonishment of their inhabitants, very quickly brimmed with plant and animal life. In central Münster, Germany, piles of rubble were veiled with spontaneously growing pussy willow, mountain maple, birches, yellow mulleins and wild strawberry. Neglected sites were profuse in biodiversity, often containing many more species of plants and insects than nearby parks or even the countryside. Like the Great Trinity Forest, first it was abandoned and then hundreds of species took over, many of them endangered.

The dollar remained relatively weaker against most of its major peers, even as the dollar index rose 0.059% and the euro fell 0.15% to $1.1002. Friday's robust U.S. payrolls report prompted investors to dial back their expectations for the timing and size of the Fed's first interest rate cut. The two-year Treasury yield, which typically moves in step with interest rate expectations, rose a touch above 4.0%. The dollar rose 0.18% against the yen. Bullion regained ground after a sharp retreat in the previous session, ahead of the inflation data that could shed light on the outlook for U.S. interest rates.

In Europe, the broad pan-regional STOXX 600 index (.STOXX) rose 0.34% on expectations non-U.S. stocks will outperform in the months ahead. Sterling , which has gained 4.4% against the dollar this year, earlier hit a 12-month high of 1.2668 ahead of an expected Bank of England rate increase on Thursday. The dollar rose 0.01% against the yen. "The survey should point to further broad-based tightening in bank lending standards," said Bruce Kasman, head of economic research at JPMorgan. Bullion regained ground after a sharp retreat in the previous session, ahead of the inflation data that could shed light on the outlook for U.S. interest rates.

☆ Bentley production chief to lead Volkswagen's software overhaul - sources
▼ + stars: | 2023-05-08 | by ( Jan Schwartz | ) www.reuters.com time to read: +2 min

May 8 (Reuters) - Volkswagen (VOWG_p.DE) will announce later on Monday the removal of leadership at its troubled software arm Cariad and the appointment of Bentley production chief Peter Bosch to take the unit's helm, two sources close to the company said. Volkswagen is set to dismiss all but one of the unit's current executive board members, with only human resources head Rainer Zugehoer to remain. Bosch will also take over financial management at Cariad, the sources said, confirming an earlier report by Handelsblatt. Sources said at the time that Diess' failure to put Cariad, a business he set up, on a solid footing contributed to his ousting. Reporting by Jan Schwartz, Writing by Victoria Waldersee, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Elon Musk's Tesla tunnels are a 'fake alternative' to solve traffic but if he made them for subways we'd all be better off, expert says
▼ + stars: | 2023-05-08 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +7 min

A journalist argues that Musk could use The Boring Company to make public transportation cheaper. This includes solving traffic by moving transportation underground through car tunnels or building a successful hyperloop. And Musk has often been explicit that traditional public transportation options, like subways, would not be a part of his vision. The Boring Company has also put its controversial hyperloop plans to the side. The Boring Company did not immediately respond to Insider's request for comment.

☆ VW to fire top executives at software unit Cariad, source says
▼ + stars: | 2023-05-06 | by ( Jan Schwartz | ) www.reuters.com time to read: +1 min

The unit - set up under former VW group CEO Herbert Diess -has exceeded its budget and failed to meet goals, contributing to Diess' departure and replacement by Oliver Blume last September. A VW spokesperson said the German company was analysing Cariad and its projects. A number of decisions have been made, but no decisions on personnel, the spokesperson said, adding that Cariad and vehicle software development remained integral to Volkswagen's group strategy. The problems at Cariad have delayed work on important new vehicle models Porsche e-Macan and Audi Q6 e-tron. The planned launch of company-wide structural car software, initially designed to enable the fourth of five levels of autonomous driving from 2026, has been postponed by two years.

Charles III has commissioned new works for his coronation, adding to the rich tapestry of pieces composed for the occasion. The first coronation music was likely sung chants, which, starting in 1603 with the coronation of James I, were refashioned into coronation anthems now with English text. Both have since become staples in the coronation service. And at the most recent coronation, comparisons between Elizabeth II and Charles III are unsurprisingly being made. Charles III’s coronation is set to usher in the new Carolean era, in the hopes that it will reflect its namesake Charles II and his contributions to art and music.

The deal talks went down to the wire, according to two sources familiar with the situation. Four bidders, including JPMorgan, made it to the final rounds of the auction on Sunday night, one of the sources said. The final deal, announced around 3:30 a.m., cements Dimon's reputation as one of Wall Street's most powerful bankers. JPMorgan started a process internally, which looked at various options for First Republic, including an acquisition, according to a source familiar with the matter. The auction dragged out through the night as the FDIC's advisors examined each bid on its merits, a source familiar with the matter said.

In February, First Republic Bank ’s well-heeled customers were yanking money from their accounts. The bank tried to stem the tide by offering higher rates on certificates of deposit. Even that was a tough sell. Jim Herbert , the bank’s 78-year-old founder, usually a reassuring presence, slammed his hand on the table during an all-hands meeting. We’ve got to get more deposits, he said, according to people familiar with the matter.

☆ Explainer: Why First Republic Bank failed and what JPMorgan's deal means
▼ + stars: | 2023-05-01 | by ( Lawrence Delevingne | Thomson Reuters | Delevingne Works Primarily On Enterprise Stories Related To Finance. He Joined Reuters In | ) www.reuters.com time to read: +4 min

May 1 (Reuters) - The focus of the U.S. regional banking crisis turned on First Republic Bank in late March after the wealthy clients it courted to fuel its breakneck growth began pulling their deposits. The failure of First Republic, which said last week it had first-quarter outflows of more than $100 billion, marks the demise of a third major U.S. bank in just two months, after Silicon Valley Bank and Signature Bank . Merrill Lynch acquired the bank in 2007 but First Republic was listed on the stock market again in 2010 after being sold by Merrill's new owner, Bank of America. WHAT THE JPMORGAN DEAL MEANSJPMorgan said that under its deal First Republic's 84 offices in eight U.S. states would reopen as branches of JPMorgan Chase Bank from Monday, so customers of the failed bank will be dealing with the giant financial group instead. The biggest U.S. bank will get even bigger as a result of the deal for most of First Republic's assets.

NEW YORK, April 30 (Reuters) - PNC Financial Services Group (PNC.N) and JPMorgan Chase & Co (JPM.N) were among banks set to submit final bids for First Republic Bank (FRC.N) by midday Sunday in an auction being run by U.S. regulators, sources familiar with the matter said. Citizens Financial Group Inc (CFG.N) was another bidder in the final phase of the process, according to one of the sources familiar with the matter. Guggenheim Securities is advising the FDIC, two sources familiar with the matter said on Saturday. Citizens Financial Group Inc (CFG.N) was another bidder vying for the bank, according to sources familiar with the matter on Saturday. But fearing further bank runs, regulators took the exceptional step of insuring all deposits at both Silicon Valley Bank and Signature.

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