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The preliminary reading of the UK S&P Global Purchasing Managers' Index (PMI) for the services sector sank to its lowest since the pandemic lockdown of January 2021 and below all forecasts in a Reuters poll of economists. PMIs for the euro zone picked up a little but still suggested a recession was approaching. Official data showed retail sales rose in August, partially recovering from a rain-induced plunge in July, and a measure of consumer confidence climbed to its highest since January 2022. However, data company S&P Global said its survey was consistent with a drop in quarterly economic output of 0.4%. "The disappointing PMI survey results for September mean a recession is looking increasingly likely in the UK," said Chris Williamson, chief business economist at S&P Global.

Persons: Molly Darlington, BoE, Sterling, Martin Beck, Beck, Chris Williamson, Samuel Tombs, Andy Bruce, Toby Chopra Organizations: REUTERS, P, CBI, Bank of England, P Global, U.S, Confederation of British Industry, PMI, Pantheon, Thomson Locations: Altrincham, Britain

☆ Stock market weakness could continue in week ahead as looming government shutdown adds to fears
▼ + stars: | 2023-09-22 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Headwinds are piling up for the market heading into the final week of the month, as September lives up to its reputation as a horrible month for Wall Street. Wolfe Research's Rob Ginsberg pointed out in a note this week that the CBOE Volatility Index (VIX) doesn't suggest much fear in markets. "We have a potential shutdown in Washington, as well as the UAW strike, which could potentially create some volatility in jobs data in particular." But investors heading into the final trading week of September will likely see a continuation of those losses, if history is any indication. "We could see the market experience additional weakness over the next several weeks," said Sam Stovall, chief investment strategist at CFRA.

Persons: Wolfe, Rob Ginsberg, VIX, Amy Wu Silverman, Aditya Bhave, Shannon Saccocia, Saccocia, there's, RBC's Wu Silverman, what's, Goldman Sachs, Scott Rubner, Sam Stovall, Michael Bloom, Jeff Cox Organizations: Wall, Dow Jones, Reserve, Bank of America U.S, UAW, CFRA, Costco Wholesale, Nike, Chicago, Dallas Fed, New, Richmond Fed, Costco, Micron, . Kansas City Fed Manufacturing, BEA, Auto, PCE Deflator, Chicago PMI Locations: Washington, Detroit, . Kansas, Chicago, Michigan

☆ U.S. business activity nears stand-still in September, survey says
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +3 min

The survey's composite new orders index slid to the lowest since December at 47.7 from 49.2 last month, marking the second straight month of declining new business. The survey's services PMI edged down to an eight-month low of 50.2, fractionally lower than the reading of 50.6 expected by economists in a Reuters poll. S&P's manufacturing PMI ticked higher to 48.9 from 47.9 in August but was still the fifth straight month of contraction. Economists had forecast a manufacturing PMI of 48.0. Despite the softening environment, both manufacturing and services survey respondents indicated companies kept adding to staff levels this month.

Persons: Carlo Allegri, Siân Jones, Jones, Dan Burns, Chizu Organizations: REUTERS, P Global, Federal, PMI, P Global Market Intelligence, Thomson Locations: Manhattan, New York City , New York, U.S

☆ Stock Market Today: Dow, S&P 500 Poised for Weekly Losses
▼ + stars: | 2023-09-22 | by ( ) www.wsj.com time to read: +1 min

U.S. indexes look set for a weekly loss, after the largest three-day decline in the S&P 500 since March. Stock futures didn’t give much hope of a significant rebound Friday, though they pointed to a slight gain in the tech-heavy Nasdaq Composite, which is itself on pace for its worst weekly performance in months. The Bank of Japan kept its interest-rate targets unchanged and maintained its hard cap on the 10-year Japanese bond yield. European indexes and the euro slipped after eurozone PMI data suggested the bloc’s economy contracted for a fourth consecutive month in September. Coming up: Preliminary U.S. PMI data for September are due at 9:45 a.m.

Organizations: Stock, Nasdaq, Treasury, The Bank of Japan, PMI

☆ France's services sector contracts sharply in September - flash PMI
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Eric Gaillard Acquire Licensing RightsPARIS, Sept 22 (Reuters) - France's dominant services sector contracted at an even sharper pace in September, a monthly survey showed on Friday, as falls in demand and new orders weighed on the euro zone's second-biggest economy. The flash September manufacturing PMI number came in at 43.6 points - also much lower than the 46.0 points in August and way off a Reuters poll forecast of an unchanged level. The August composite flash PMI number comprising both the services and manufacturing sectors stood at 43.5 points, down from the final 46.0 August composite number and well below a Reuters poll forecast of 46.0. Business activity has fallen sharply in both the service and manufacturing sectors in September, mainly due to a slump in demand for French products and services. It is important to note however that this will be almost entirely driven by the public service sector," Liebke added.

Persons: Eric Gaillard, Norman Liebke, Liebke, Benoit Van Overstraeten, Toby Chopra Organizations: REUTERS, Rights, P Global, Commercial Bank, French National Bank, Thomson Locations: Nice, France

☆ Reactions: Bank of England bashes pound after halting rate rises
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +8 min

A pedestrian carrying an umbrella walks near the Bank of England in the City of London, Britain, July 30, 2023. Investors had already rushed on Wednesday to reel in their bets on further UK rate rises after data showed UK inflation cooled surprisingly quickly in August. Against the euro , the pound was down 0.5% at 86.74 pence, having traded around 86.70 pence before the decision. "The MPC still refers to its flexibility to react should things change, but the chances are this could be the peak in this UK interest rate cycle." "However, there is a risk that the ‘lag effect’ on interest rate hikes means that today’s decision may not be felt for another 9 to 12 months."

Persons: Hollie Adams, Sterling, THOMAS, Huw Pill's, HUGH GIMBER, PHILIP SHAW, DOUGLAS GRANT, JEREMY BATSTONE, CARR, RAYMOND JAMES, FRANCES HAQUE, JOE TUCKEY, RICHARD GARLAND, GILES COGHLAN, BoE, stagflation, Amanda Cooper, Dhara Organizations: Bank of England, City of, REUTERS, London, Investors, Bank of, Bank, MPC, SANTANDER, LONDON, Core CPI, PMI, CPI, EMEA, Thomson Locations: City, City of London, Britain, London, MANX, EUROPEAN, FRANCE, GROUP, OXFORDSHIRE

☆ Philip Morris considers selling stake in pharmaceuticals unit to boost healthcare division
▼ + stars: | 2023-09-20 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Philip Morris International is considering selling off a stake in its largest pharmaceuticals unit. But more recently the division has struggled, and Philip Morris has had talks with Deutsche Bank on a range of options to try to grow its wellness and healthcare division, the WSJ first reported. In recent years, Philip Morris has also acquired Fertin Pharma, a nicotine gum maker, and OtiTopic, a respiratory drug maker. And, in the second quarter of this year, the company took a $680 million impairment charge related to its wellness and healthcare division. The news comes as the tobacco company continues to face resistance from public health groups.

Persons: Philip Morris, it's, Concordia, Philip Morris's Organizations: Philip Morris International, Marlboro, Deutsche Bank, WSJ, Fertin Pharma, PMI, Concordia, UN, Assembly Locations: New York

☆ Companies Might Be Forced to Report Their Impact on Nature. A New Framework Aims to Help.
▼ + stars: | 2023-09-19 | by ( Joshua Kirby | ) www.wsj.com time to read: +6 min

New nature-reporting recommendations aim to help companies assess their impact on and risks from the world’s natural systems. This is despite growing awareness of the catastrophic effects of biodiversity loss, Capgemini said in a report, based on a survey of executives of large organizations from major economies. The TNFD recommendations are currently voluntary, but come as regulation tightens around degradation of the natural world. Separately, in the EU, many companies are already facing obligations to report their impact on nature under the bloc’s Corporate Sustainability Reporting Directive. “We recognize that nature loss poses both risks and opportunities for business, now and in the future,” said Jennifer Motles, PMI’s chief sustainability officer.

Persons: ”, Elizabeth Mrema, David Craig, TNFD’s, “, Capgemini, Aurélie, Philip Morris, Jennifer Motles, laurent gillieron, Gillon, Gucci, Zoe Balmforth, ” Balmforth, Joshua Kirby, joshua.kirby@wsj.com Organizations: Sustainable Business, United Nations, Force, Economic, World Bank, EU, Philip Morris International, European Union, Unilever Locations: “, France, Montreal, Canada, Switzerland, ”

☆ The Fed is expected to hold rates steady next week, but its guidance will be key for investors
▼ + stars: | 2023-09-15 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

The Federal Reserve is widely anticipated to hold rates steady in the week ahead, but key for investors will be the central bank's guidance on where it's headed from here. Investors are assessing a mixed batch of economic reports ahead of the Fed's September policy meeting. Meanwhile, August retail sales came in better than expected, jumping 0.6% against a 0.1% increase expected by economists. Housing data released in the week ahead could show whether housing demand remains solid. Week ahead calendar All times ET.

Persons: Bank's Rob Haworth, Jerome Powell, Powell, Hogan, Instacart, Arm's, Mills, Lisa Cook, —, Jeff Cox, Michael Bloom Organizations: Federal Reserve, Dow Jones, Dow, Nasdaq, Investors, PPI, Federal, Riley, FedEx, Housing, Philadelphia Fed, Darden, FactSet, Systems, National Bureau of Economic Research, Artificial Intelligence, PMI, SA, PMI Manufacturing SA, PMI Services SA Locations: NAHB, Toronto, Canada

☆ Morning Bid: Is the ECB done?
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 24, 2023. REUTERS/Staff Acquire Licensing RightsA look at the day ahead in European and global markets from Tom WestbrookThe European Central Bank sets interest rates later today and traders figure we are at or near the peak. An increase of 25 basis points would take the rate on bank deposits to 4%, the highest since the euro launched in 1999. Shares in Chinese electric vehicle makers fell after the European Commission launched an investigation of Chinese subsidies. Key developments that could influence markets on Thursday:ECB policy decisionArm Holdings begins tradingU.S. retail salesOur Standards: The Thomson Reuters Trust Principles.

Persons: Tom Westbrook Organizations: REUTERS, Staff, European Central Bank, PMI, Chevron, Reuters Graphics Reuters, Arm Holdings, European Commission, Holdings, Thomson Locations: Frankfurt, Germany, Australia, New York, Asia

Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsSept 15 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Asian markets are set to end the week strongly following risk-friendly moves in the U.S. and Europe on Thursday, although a deluge of top-tier economic data from China on Friday could sour the mood at a stroke. The latest indicators from the region's largest economy to be released include house prices, fixed asset investment, retail sales, industrial production and unemployment, all for August. However, all that could be parked for another day if investors decide to run with Thursday's bullish momentum.

Persons: Tingshu Wang, Jamie McGeever, Josie Kao Organizations: People's Bank of China, REUTERS, European Commission, PMI, Thomson, Reuters Locations: Beijing, China, U.S, Europe, Asia, Japan, Indonesia, New Zealand

☆ One sector outperforms the stock market 100% of the time when an economic recovery begins, Bank of America says. Where to invest now, and 5 reasons why the downturn phase is over.
▼ + stars: | 2023-09-12 | by ( Mark Reeth | ) www.businessinsider.com time to read: +7 min

What happens to the US economy nextBank of America's economic indicator has made a sudden pivot upwards, from the lows of a "downturn" phase into the gradual strengthening of a "recovery" phase. Rising inflation indicates improving economic conditions. Rising inflation indicates improving economic conditions. A rising Z-Score indicates improving economic conditions. A rising Z-Score indicates improving economic conditions.

Persons: it's, Savita Subramanian, Subramanian, Jan, Staples underperformed, Bank of America Subramanian, Dev Organizations: Bank of America, Bank of, Thomson, PMI, Supply Management Manufacturing, Federal Reserve Bank of Philadelphia Survey, Conference Board, Bond, ICE, Utilities, Health Care, Fed, of America

☆ Asian stocks steady, Japan, China central banks interrupt dollar's ascent
▼ + stars: | 2023-09-12 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Japanese government bonds remained under pressure on Tuesday, with 10-year JGB yields up 1 basis point to a fresh high of 0.71%. Japan's Nikkei (.N225) rose 0.61%, with markets looking to U.S. inflation data and this week's European Central Bank meeting to set interest rate expectations and the mood. Overnight, the weaker dollar and upgrade on Tesla from analysts at Morgan Stanley helped U.S. stock markets gain. "There is a sense that ECB is already done for the cycle," said Maybank analysts in a note to clients. "Recent PMI prints suggest that growth outlook could be deteriorating and puts the euro at risk of further downside.

Persons: Kazuo Ueda, Chris Weston, Matt Simpson, Christopher Wong, Morgan Stanley, bitcoin, Lincoln, Simon Cameron, MOore Organizations: Federal Reserve, Bank of Japan, Reuters, Investors, HK, Mainland Properties, Japan's Nikkei, Central Bank, Arm Holdings, New Zealand, ECB, PMI, Fed, Brent, Thomson Locations: SINGAPORE, China, Japan, Melbourne, Hang, Asia, Pacific, British, New York

☆ America is in a factory boom again. Even a recession may not bring it down this time
▼ + stars: | 2023-09-09 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

A few days before Biden’s speech in Maine, the Fed approved raising interest rates to their highest level in more than 22 years, continuing an aggressive inflation-busting campaign. Customers are also being pinched with higher interest rates,” a food, beverage and tobacco products manufacturer told the ISM in its August survey. “When we built our first building, interest rates were around 14% or so, and that was in the early ’80s,” she said. “We’ve seen some plans go on hold or on a slower burn until those companies see what happens with interest rates and the economy,” he said. Recession or not, the bull case for US manufacturing has the industry — and Biden — in a good mood.

Persons: Kathie Leonard, Leonard, —, ”, ” Leonard, Joe Biden, “, ’ ” Leonard, Biden, Charles Krupa, Paul Krugman, Goldman Sachs, It’s, Scott Paul, Paul, it’s, Auburn Manufacturing’s Leonard, “ we’ve, Julianna Keeling, Lou Pektor, “ We’ve, Jennifer Harris, bode Organizations: DC CNN, Maine Department of Economic, Community Development, Auburn Manufacturing, CNN, Auburn Manufacturing Inc, AP, Commerce Department, Fed, P Global, Institute for Supply Management, Alliance for American Manufacturing, PMI, ISM, Labor Department, Auburn, Manufacturers, Fed Companies, National Economic Council, National Security Council Locations: Washington, Maine, Portland, Auburn , Maine, United States, Pointe, Lehigh

FILE PHOTO: An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Riyadh says it aims to stabilise the oil market by extending a voluntary oil output cut of 1 million barrels per day until the end of 2023. Declining oil production and revenue this year could see Saudi Arabia's economy shrink for the first time since 2020 at the height of the COVID-19 pandemic, although a hefty dividend from state oil producer Saudi Aramco (2222.SE) should provide a cushion for public finances. Last year the Saudi economy grew 8.7% and generated a fiscal surplus of 2.5% of GDP, its first surplus in nine years as oil soared to highs near $124. "Certainly, we see no signs that the Public Investment Fund's acquisition streak is cooling," RBC Capital Markets said in a note.

Persons: Ahmed Jadallah, Justin Alexander, Monica Malik, Alexander, James Swanston, PIF, Neil Quilliam, Quilliam, Rachna Uppal, Yousef Saba, Ahmad Ghaddar, Susan Fenton Organizations: REUTERS, Saudi Aramco, OPEC's, Khalij Economics, Abu, Abu Dhabi Commercial Bank, PMI, GlobalSource Partners, Capital Economics, International Monetary Fund, IMF, Public Investment Fund, Saudi, Public Investment, RBC Capital Markets, Reuters, Chatham House, Aramco, Riyadh bourse, Thomson Locations: Aramco, Saudi, Saudi Arabia, DUBAI, Riyadh, Ukraine, Abu Dhabi, Saudi Aramco, London, PIF

☆ German industrial output falls more than expected in July
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

A Continental employee works at a tyre retreating station before the visit of German Chancellor Olaf Scholz, in Hanover, Germany April 17, 2023. REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsBERLIN, Sept 7 (Reuters) - German industrial production fell by slightly more than expected in July, the federal statistics office said on Thursday, underlining the challenges faced by the sector after a winter downturn in Europe's largest economy. Production fell by 0.8% in July compared to the previous month. In the less volatile three-month comparison, production between May and July was 1.9% lower than the previous three months, the data showed. Jens-Oliver Niklasch of LBBW said Thursday's data underscored "the continued crumbling of the economy" and predicted the third quarter would bring a decline in economic output.

Persons: Olaf Scholz, Fabian Bimmer, Alexander Krueger, Hauck Aushaeuser Lampe, Jens, Oliver Niklasch, LBBW, Friederike Heine, Maria Sheahan, Christina Fincher Organizations: REUTERS, Rights, Reuters, Thomson Locations: Hanover, Germany

☆ Morning Bid: Transatlantic surprise gap opens up again
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +5 min

The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. And the gap between those two gauges, which had halved from July peaks, is starting to yawn wider yet again. Although the steep annual drop in Chinese exports and imports last month was marginally better than forecast, the ongoing funk in activity remains stark and threatens Beijing's overall economic growth target of about 5%. At least six senior Fed officials are in speaking engagements later on Thursday - including Fed board member Michelle Bowman and New York Fed chief John Williams. Events to watch for on Thursday:* U.S. weekly jobless claims, Q2 labor cost and productivity revisions* Federal Reserve Board Governor Michelle Bowman, New York Fed President John Williams, Chicago Fed chief Austan Goolsbee, Philadelphia Fed chief Patrick Harker, Atlanta Fed chief Raphael Bostic and Dallas Fed chief Lorie Logan all speak.

Persons: Sarah Silbiger, Mike Dolan, Andrew Bailey, Michelle Bowman, John Williams, bourses steadied, Austan Goolsbee, Patrick Harker, Raphael Bostic, Lorie Logan, Joe Biden, Susan Fenton Organizations: Eccles Federal Reserve, Washington , D.C, REUTERS, U.S, Federal, Treasury, Bank of England, Bank of Canada, Fed, New York Fed, Apple, Beijing, Federal Reserve, Michelle Bowman , New York Fed, Chicago Fed, Philadelphia Fed, Atlanta Fed, Dallas Fed, PMI Reuters Graphics Reuters, Thomson Locations: Washington ,, U.S, United States, Europe, China, Brent, Saudi Arabia, Russia, Japan, Asia, Michelle Bowman , New, Atlanta, India, New Delhi

Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. "Every Fed governor comes out and says they look for the data and that data point today is definitely something that's a little bit more inflationary." Declining issues outnumbered advancers by a 2.14-to-1 ratio on the NYSE and by a 2.06-to-1 ratio on the Nasdaq. The S&P index recorded three new 52-week highs and 24 new lows, while the Nasdaq recorded 32 new highs and 119 new lows. Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Segar, Martin, Joe Saluzzi, Susan Collins, megacaps, Johnson, Lockheed Martin, Shristi Achar, Vinay Dwivedi Organizations: Wall, New York Stock Exchange, REUTERS, Dow, Nasdaq, Apple, Institute for Supply Management, Traders, Themis, Boston, Nvidia, Treasury, Healthcare, Johnson, HSBC, thefly.com, Federal Reserve, Dow Jones, Lockheed, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S, China, Chatham , New Jersey, Bengaluru

Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. ET, for a snapshot of the U.S. economy, ahead of the keenly awaited inflation data scheduled for next week and the Fed's policy decision on Sept. 20. Investors will also parse comments from Boston Fed President Susan Collins and Dallas Fed President Lorie Logan later in the day. ET, Dow e-minis were down 76 points, or 0.22%, S&P 500 e-minis were down 11.5 points, or 0.26%, and Nasdaq 100 e-minis were down 50 points, or 0.32%. Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Segar, Russ Mould, AJ Bell, Susan Collins, Lorie Logan, General Mills, Shristi Achar, Vinay Dwivedi Organizations: Wall, New York Stock Exchange, REUTERS, Companies, Dow, Nasdaq, Federal, Federal Reserve, Investors, Global, ISM, Traders, Boston Fed, Dallas Fed, Dow e, Apple, Alaska Air Group, Southwest Airlines, United Airlines, Thomson Locations: Manhattan, New York City , New York, U.S, Russia, Saudi Arabia, China, Bengaluru

☆ Asia stocks slip, dollar firms on growth concerns, Fed outlook
▼ + stars: | 2023-09-06 | by ( Kane Wu | ) www.reuters.com time to read: +3 min

REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsHONG KONG, Sept 6 (Reuters) - Asia stocks fell on Wednesday after faltering growth in China and Europe heightened concerns about global economic momentum, while the dollar firmed as investors weighed the outlook for Federal Reserve interest rates. MSCI's gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) dipped 0.45%. "The China decline was bigger than expected," said Redmond Wong, Greater China market strategist at Saxo Markets. Manufacturing data from Germany, Britain and the euro zone also showed declines, while their service sectors fell into contraction. "The Europe data were rather weak.

Persons: Androniki, HSI, Redmond Wong, Wong, Australia's, Christopher Waller, John Milroy, Ord Minnett, Brent, Kane Wu, Edmund Klamann, Sam Holmes Organizations: REUTERS, Federal Reserve, Saxo Markets, Nikkei, U.S, BlackRock Investment Institute, Institute for Supply Management, PMI, Thomson Locations: Tokyo, Japan, HONG KONG, Asia, China, Europe, London, U.S, 0520GMT, Asia Pacific, Greater China, Germany, Britain, BlackRock, ., Saudi Arabia, Russia

☆ US services sector picked up in August, along with prices
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Jeenah Moon Acquire Licensing RightsSept 6 (Reuters) - The U.S. services sector unexpectedly gained steam in August, with new orders firming and businesses paying higher prices for inputs -- potential signs of still-elevated inflation pressures. A reading above 50 indicates growth in the services industry, which accounts for more than two-thirds of the economy. Still, Fed policymakers view the services sector as key to bringing inflation down to their 2% target, and Wednesday's ISM report does little to bolster the view that any slowdown is underway. A measure of new orders received by services businesses rose to 57.5 last month from 55.0 in July. A gauge of prices paid by services businesses for inputs increased to 58.9 in August from 56.8 in July.

Persons: Christopher Waller, Ann Saphir, Chizu Organizations: REUTERS, Institute for Supply Management, Reuters, Federal Reserve, Labor Department, PMI, Thomson Locations: New York City, U.S

☆ Dollar rises to six-month high after US data; weak yen prompts warning
▼ + stars: | 2023-09-06 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

The greenback recovered against most currencies after the data, with the euro and sterling hitting three-month lows and the yen touching session troughs. The euro and sterling fell to three-month lows after the data and were last flat at $1.0726 and down 0.5% at $1.2505 , respectively. Data showed the Institute for Supply Management (ISM)'s non-manufacturing PMI rose to 54.5 last month, the highest since February and up from 52.7 in July. Against the yen, the dollar trimmed losses, last down little changed at 147.69 yen. The dollar showed little reaction to the report.

Persons: Dado Ruvic, Helen, Susan Collins, Christopher Waller, Waller, Masato Kanda, Gertrude Chavez, Dreyfuss, Samuel Indyk, Ankur Banerjee, Savio D'Souza, Alexandra Hudson, Josie Kao Organizations: REUTERS, Institute for Supply Management, Reuters, Monex USA, Federal, Fed, Boston, CNBC, Ministry of Finance, Thomson Locations: Washington, U.S, Kanda, London, Singapore

☆ Stocks fall, dollar and yields up after US services data
▼ + stars: | 2023-09-06 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Weighing heavily on Wall Street stock indexes, shares of Apple (AAPL.O) fell 3.6% after the Wall Street Journal reported, citing people familiar with the matter, that China had banned officials at central government agencies from using iPhones and other foreign-branded devices for work. Some investors said the data may add to signs that interest rates could remain elevated for longer. The Nasdaq ended more than 1% lower, leading declines on Wall Street. In other data, manufacturing activity in Germany, Britain and the euro zone declined, while their service sectors fell into contraction territory.

Persons: Brendan McDermid, Susan Collins, Jeffrey Roach, Caroline Valetkevitch, Gertrude Chavez, Dreyfuss, Nell Mackenzie, Kane Wu, Edmund Klamann, Sam Holmes, Will Dunham, Sharon Singleton Organizations: New York Stock Exchange, REUTERS, U.S, Apple, Treasury, Wall, Wall Street Journal, Institute for Supply Management, U.S . Federal, Fed Bank of Boston, Nasdaq, . Technology, Dow Jones, LPL, Brent, Thomson Locations: New York City, U.S, China, Germany, Britain, New York, London

☆ UK builders suffer sharp fall in orders as rates rise -PMI
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

Workers stand on scaffolding at a residential building in London, Britain, March 7, 2016. Builders cited weaker economic conditions, cutbacks to new building projects and local planning delays as factors holding back house-building activity. S&P said total new orders for the construction sector fell at the fastest pace since May 2020. "Resilient demand for commercial work and infrastructure projects are helping to keep the construction sector in expansion mode for now," Moore said. However, forward-looking measures of the construction PMI fell, with business activity expectations for the year ahead the weakest since January.

Persons: Toby Melville, Tim Moore, Moore, Suban Abdulla, William Schomberg, Catherine Evans Organizations: REUTERS, P, P Global Market Intelligence, Builders, Bank of England's, PMI, Thomson Locations: London, Britain

NEW YORK, Sept 6 (Reuters) - Oil prices settled higher on Wednesday, reversing early declines as traders anticipated further draws on U.S. crude oil inventory following extended production cuts in Saudi Arabia and Russia. Brent crude futures settled up 56 cents to $90.60 a barrel while U.S. West Texas Intermediate crude (WTI) futures settled up 85 cents to $87.54. "We have pretty low crude supplies in the U.S., with several weeks of big crude oil draws pushing prices up," said Bob Yawger, director of energy futures also at Mizuho. On Tuesday, Saudi Arabia and Russia extended voluntary oil supply cuts to year end. Oil prices were down early on rate-hike concerns and investor worries about the economy after data showed the ISM non-manufacturing Purchasing Managers' Index (PMI) came in at 54.5, compared with expectations of 52.5.

Persons: Brent, Bob Yawger, Paul Carsten, Mohi Narayan, Arathy, David Evans, Jason Neely, Nick Zieminski, Nick Macfie, David Gregorio Our Organizations: West Texas, Mizuho, American Petroleum Institute, U.S . Energy, Administration, Labor, Saudi, REUTERS, Brent, PMI, IIR Energy, Thomson Locations: Saudi Arabia, Russia, U.S, Volgograd, Iran, Venezuela, Libya, London, New Delhi, Houston

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