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☆ Morning Bid: G4 central bankers speak, chips wars rumble
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +4 min

The picture was complicated further overnight as Tuesday's macro-driven rally in Wall St stocks was sideswiped by renewed Sino-U.S. trade tensions. AI darling Nvidia recoiled 4% (NVDA.O) in out-of-hours trade after reports Washington is considering new curbs on chip exports to China. But Wednesday's trading may well be dominated by news from a power panel at the European Central Bank's annual forum in Portugal. In currency markets, the dollar (.DXY) was firmer - especially against China's yuan , which hit a new low for the year. 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 Eyeing, Jerome Powell, Christine Lagarde, Kazuo Ueda, Andrew Bailey, disinflation, Joe Biden, Wall, General Mills, Mike Dolan, John Stonestreet Organizations: Nvidia, Central, Federal, Bank of Japan, Bank of England, Wall St, Japan's Nikkei, People's Bank of China, European Central Bank, Bank of, ECB, Treasury, Micron Technology, General, General Mills New, Thomson, Reuters Locations: U.S, Wall St, Washington, China, Portugal, Australia, Canada, Chicago, Shanghai

☆ Zaslav brings in Spielberg, Scorsese, Anderson to help curate TCM film lineup after shakeup
▼ + stars: | 2023-06-28 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

Warner Bros. "This unique arrangement, initiated by David Zaslav, reflects his commitment to honoring the TCM legacy while also involving us on curation and programming." The inclusion of the filmmakers came after Warner Bros. Part of that was a major shakeup at TCM, recognized as a place for preservation of classic films and a carefully curated lineup augmented by guest star introductions. The changes had caused concern among movie buffs and those dedicated to film preservation, who voiced their distress on social media.

Persons: Steven Spielberg, helmer Martin Scorsese, Paul Thomas Anderson, Mike De Luca, Pam Abdy, Mike, Pam, David Zaslav, Charles Tabesh Organizations: Warner Bros, Turner, TCM, Discovery

LONDON, June 28 (Reuters) - Western central banks have been warned this week not to quit in the final lap of their monetary tightening campaign - the hard yards households and financial markets may now find exhausting. And yet, desperate for their members not to declare premature victory in getting inflation back to 2% targets or sow an assumption above-target inflation will eventually be tolerated, central bank watchdogs are cheerleading a last push. But that's not in forecasts this time around - with U.S. and UK headline inflation rates not back to target by the end of next year and the euro zone not even by then. 'Last Mile' of disinflationBIS chart on speed of disinflation'UNCOMFORTABLE TRUTHS'And the BIS message was echoed by the International Monetary Fund (IMF) on Monday. "Monetary policy should continue to tighten and then remain in restrictive territory until core inflation is on a clear downward path," she said.

Persons: that's, Gita Gopinath, Christine Lagarde, Lagarde, Jerome Powell's, John Williams, Williams, Joseph Little, Mike Dolan, Mark Potter Organizations: Bank for International Settlements, BIS, for Economic Cooperation, International Monetary Fund, Bank's, IMF, ECB, U.S . Federal Reserve, New York Fed, U.S, Bank of England, Global, HSBC Asset Management, Reuters, Twitter, Thomson Locations: Ukraine, Portugal

Chicago CNN —President Joe Biden’s top economic advisers believe the worst effects of inflation are in the rear-view mirror. “I didn’t come up with a name,” he said, crediting the news media for inventing the term Bidenomics. The debt ceiling impasse also needed to be resolved and Biden’s key economic legislation needed to begin to be implemented. Now, officials see Bidenomics as an opportunity to tie together the president’s economic accomplishments, the vision behind those policies and a growing economy under one term. But it’s working.”But when faced with the question of whether “Bidenomics” can be the answer to changing public perception of the president’s record, White House press secretary Karine Jean-Pierre offered a frank reply: “We’re going to try.

Persons: Joe Biden’s, There’s, “, Bidenomics ”, ” Biden, ”, Biden, he’d, he’s, Anita Dunn, Mike Donilon, Dunn, Donilon, Lael Brainard, ” Brainard, It’s, “ It’s, ” Dunn, we’re, Richard Nixon, it’s, Ronald Reagan, Bidenomics, ’ ”, Karine Jean, Pierre Organizations: Chicago CNN, Old, Old Chicago Main Post, CNN, SSRS, “, MSNBC, British, Wall Street, White Locations: Chicago, Old Chicago, America, Ukraine, Philadelphia

☆ Morning Bid: China supports, peak rate haze
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +4 min

It made its displeasure at further yuan weakness clear on Tuesday, lifting official daily targets while state banks sold dollars. Even though investors seemed to bat away the bizarre weekend events in Russia, the murky Western interest rate picture continues to hamper European and U.S. stocks. Central bankers meeting at an annual European Central Bank forum in Portugal dissuaded markets from betting on a peak in the interest rate cycle just yet. While those comments are likely more directed at European policymakers, where disinflation is lagging, markets also still expect the Fed to push ahead with at least one more interest rate rise next month. The hawkish rate picture didn't deter demand for two-year Treasury notes at Monday's auction, however, and 2-year yields slipped below 4.70% on Tuesday.

Persons: Mike Dolan, Li Qiang, Hong Kong's, Christine Lagarde, Lagarde, Gita Gopinath, Morgan Stanley, Emelia Sithole Organizations: Federal, Economic, Bank of Japan, European Central Bank, ECB, Conference, University of Michigan's, Dallas Federal, Richmond Fed, Central Bank, Treasury, Walgreens, Reuters, Thomson Locations: U.S, China, Beijing, Tianjin, Shanghai, Russia, Portugal, Sintra

Bidenomics gets a rebootPresident Biden plans to double down on his economic record in a big campaign-style speech on Wednesday. Yet despite the good news, Mr. Biden hasn’t seen a big jump in his popularity, and he trails his Republican rivals, according to some polls. “Bidenomics” will be at the heart of the president’s message. “But it’s working.” The Donilon-Dunn memo tries to give the messaging around Bidenomics a reboot. They point to how, for example, the CHIPS Act, the Inflation Reduction Act and the infrastructure law are creating jobs in the high-tech, manufacturing and green sectors.

Persons: Bidenomics, Biden, Biden hasn’t, “ Bidenomics, Anita Dunn, Mike Donilon, Michael D, ”, Dunn Organizations: Republican, Biden

☆ Biden administration details plans for $42 bln investment in US internet access
▼ + stars: | 2023-06-26 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +3 min

The $42 billion in federal funding under the Broadband Equity Access and Deployment Program is based on a newly released Federal Communications Commission coverage map that details gaps in access. Texas and California - the two most populous U.S. states - top the funding list at $3.1 billion and $1.9 billion, respectively. But other less populous states like Virginia, Alabama and Louisiana cracked the top 10 list for funding due to lack of broadband access. The administration estimates there are some 8.5 million locations in the U.S. that lack access to broadband connections. The lack of broadband access drew attention during COVID shutdowns that forced students into online schooling.

Persons: Joe Biden, Read, Joe Biden's, Jeff Zients, Zients, Franklin Roosevelt's, COVID, Biden, Anita Dunn, Mike Donilon, Jarrett Renshaw, Scott Malone, Chris Reese, Lisa Shumaker Organizations: Infrastructure Law, White, Broadband, Federal Communications, Congress, Verizon, Comcast, Charter Communications, Thomson Locations: Texas, California, U.S, Virginia , Alabama, Louisiana, America, Chicago

☆ Biden to detail plans for $42 billion investment in US internet access
▼ + stars: | 2023-06-26 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +3 min

Zients compared the broadband effort to President Franklin Roosevelt's efforts in 1936 to bring electricity to rural America. The administration estimates there are some 8.5 million locations in the U.S. that lack access to broadband connections. The lack of broadband access drew attention during COVID shutdowns that forced students into online schooling. The Biden administration will say how much of the $42 billion in funding each state will receive under the Broadband Equity Access and Deployment Program, based on a newly-released Federal Communications Commission coverage map that details access gaps. The advisers noted the economy has added more than 13 million jobs since Biden took office, including nearly 800,000 manufacturing jobs.

Persons: Joe Biden, Read, Jeff Zients, Zients, Franklin Roosevelt's, COVID, Biden, Anita Dunn, Mike Donilon, Jarrett Renshaw, Scott Malone, Chris Reese Organizations: Infrastructure Law, White, Congress, Verizon, Comcast, Charter Communications, Broadband, Federal Communications, Congressional, Thomson Locations: America, U.S, Chicago

☆ Morning Bid: World markets calm after Russia drama
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +5 min

More perplexed by events than anything else, world markets stayed relatively calm on Monday after a dramatic Russian military mutiny at the weekend was uneasily quelled. For Russian markets themselves, the rouble slipped to 15-month lows - but it too had been falling last week as oil prices ebbed. Largely now isolated from western investment, Russian stocks fell about 1%. U.S. Treasury yields slipped lower, perhaps with a smidgen of a safety bid from the weekend events helping too. Turkey's lira slid again to record lows after the central bank took steps to simplify rules governing lenders' holdings and foreign deposits after a sharp but underwhelming interest rate rise last week.

Persons: Mike Dolan, uneasily, Vladimir Putin, Leonardo, Raphael Bostic, James Bullard, Loretta Mester, Ed Osmond Organizations: Wall, Saab, Rheinmetall, Brent, . U.S, Treasury, Bank for International Settlements, HSBC, Dallas Federal, Central Bank, Central Banking, Atlanta Federal Reserve, St Louis Fed, Cleveland Fed, PMI, Thomson, Reuters Locations: U.S, Ukraine, Moscow, Shanghai, Europe, United States, ., Canary Wharf, London, Sintra, Portugal

☆ Fact Check-Elon Musk did not tweet that phrases like ‘Grimes left you’ are a slur
▼ + stars: | 2023-06-23 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

A screenshot of a purported Twitter post by Elon Musk saying phrases such as “Grimes left you” are slurs and are banned from Twitter is in fact fabricated, although it has fooled some users. The words ‘Grimes left you’ or ‘Grimes is happier without you’ are considered slurs on this platform” (here). The screenshot includes a picture of Musk in the top left corner, as well as his real Twitter handle, @elonmusk (www.twitter.com/elonmusk). A search through Musk’s Twitter account, however, shows he has not published such a post (tinyurl.com/yacvf5w3). Musk told Page Six in September 2021 that he was “semi-separated” from his girlfriend, Canadian singer Grimes, after three years together (here).

Persons: Elon Musk, “ Grimes, ‘ Grimes, Mike Drucker, Drucker, Musk, Grimes, Read Organizations: Twitter, Reuters Locations: Canadian

☆ Morning Bid: Business brakes in June swoon, dollar jumps
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanJust as world stock prices raced ahead this month, broader business activity appeared to be stalling again. Equivalent Japanese and British surveys also showed sub-forecast growth and markets nervously await the U.S. version later on Friday. The dollar was the big market mover - surging into the weekend against Asia and European currencies. Inflation is falling faster, real wage growth is back positive, the jobs market is loosening slightly and housing is rebounding somewhat. So even as stock prices have come off the year's highs, the VIX (.VIX) implied volatility gauge continues to fall away - closing below 13 on Thursday for the first time since January 2020.

Persons: Mike Dolan, Jerome Powell, Wall, Powell's, Raphael Bostic, James Bullard, Loretta Mester, Jane Merriman Organizations: Asia, Federal Reserve, Bank of England, Swiss National Bank, Brent, Japan's, Swiss, Atlanta Federal Reserve, St Louis Fed, Cleveland Fed, Reuters Graphics Reuters Graphics, Thomson, Reuters Locations: U.S, Europe, Shanghai, Asia, United States

With some 1.6 million of those due to re-fix mostly 2-5 year fixed rate deals over the next 18 months - half of those by the end of this year - this super-hike will burn. Two-year fixed mortgage rates have doubled to 6% in just 10 months and were less than 1% two years ago. Fixed-rate deals were only introduced at all in 1989 and the vast majority were floating rates until just eight years ago. As Leaviss points out, five-year inflation expectations in the bond market are still stubbornly one percentage point above the 2% goal. In the end, the BoE has few good choices - but the days of fine tuning the economy with nudges and tweaks may be over.

Persons: BoE, that's, Moyeen, Jim Leaviss, Vivek Paul, Paul, Leaviss, Mike Dolan, Naomi Rovnick, Conor Humphries Organizations: Bank of England, National Institute of Economic, Social Research, Reuters Graphics Reuters, Reuters, Barclays, Bank, Investment, BlackRock Investment Institute, OECD, Twitter, Thomson Locations: United States, Germany

☆ Morning Bid: Dogged central banks rein in risk
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +4 min

Markets have been here before over the past year - continually underestimating the economy's resilience and Fed's trajectory. There was far less ambiguity in moves from Europe's central banks on Thursday. The Swiss National Bank raised rates by 25bp earlier, as expected, but also left the door open for more tightening. And Norway's central bank surprised with an aggressive 50bp rise to a 15-year high of 3.75% and signaled another move in August. In the emerging market world, Turkey was expected to more than double its 8.5% interest rate in a post-election macroeconomic policy reset.

Persons: Mike Dolan, Jerome Powell, Powell, Raphael Bostic, BoE, Britain's, Christopher Waller, Michelle Bowman, Loretta Mester, Thomas Barkin, Elaine Hardcastle Organizations: Federal, Financial, Fed, Atlanta Fed, Yahoo Finance, Bank of England, Swiss National Bank, Treasury, The Times, Bank of, U.S, Kansas City Federal, Chicago Fed, Cleveland Fed, Richmond Fed, Accenture, Darden, Graphics Reuters, Reuters, Thomson Locations: U.S, Britain, Europe's, Turkey, Mexico

Can that real wage growth persist if the jobs market now loosens with a lag from the swingeing five percentage points of rate hikes in just 15 months? What's more, other surveys have yet to show inflation expectations falling so sharply or lifting confidence. The possibility of a disinflation spur to demand at this juncture may complicate that picture considerably. Importantly, the slower fall in inflation in both Britain and the euro zone means real wage growth remains negative - unlike the latest twist stateside. Bank of America chart on investor survey growth outlookReuters GraphicsThe opinions expressed here are those of the author, a columnist for Reutersby Mike Dolan, Twitter: @reutersMikeD.

Persons: it's, Goldman Sachs, Dom Wilson, Mike Dolan, Alexander Smith Organizations: University of, U.S . Federal Reserve, Bank of America, Bank of, UBS Global Wealth Management, Fed, Reuters, Twitter, Thomson Locations: Michigan, Europe, Britain

☆ Morning Bid: Powell patter, UK shock, FedEx warning
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanThe Fed chair has a tricky message to communicate. Powell's colleagues on Tuesday stressed again they would stay the course until inflation is back to its 2% target. UK inflation defied expectations of a slowdown and held at 8.7% in May, while 'core' inflation jumped above 7% for the first time since 1992. In corporate news, FedEx FDX.N shares dropped almost 3% overnight after a profit warning. Events to watch for later on Wednesday:* Federal Reserve Chair Jerome Powell testifies to House Financial Affairs Committee.

Persons: Mike Dolan, Jerome Powell's, rationalises, Powell's, Treasuries, BoE, Sterling recoiled, Rivian, Jerome Powell, Adrian Kugler, Philip Jefferson's, Lisa Cook, Austan Goolsbee, Loretta Mester, Christina Fincher Organizations: Federal Reserve, National Association of Home Builders, Bank of, FedEx FDX.N, Rivals Rivian, European, Financial, Fed Board, Chicago Fed, Cleveland Fed, Treasury, Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, Wells Fargo, Britain, Bank of England, China

☆ Morning Bid: US housing rebound, China prime cuts
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +4 min

The main macroeconomic news overnight was a rather underwhelming Chinese rate cut that seemed to disappoint the local stock and currency markets, both of which fell. The People's Bank of China cut two benchmark lending rates - its one-year and five-year loan prime rates - by 10 basis points each. With Goldman Sachs on Monday the latest to cut China growth forecasts for this year and next, nerves about the economy's trajectory are rising again. The big U.S. data input this week is from the housing sector, where signs of some recovery are reinforcing 'soft landing' hopes for the wider economy. On Monday, the NAHB's house market sentiment index rose in June to its highest in almost a year and far above forecasts.

Persons: Mike Dolan, Goldman Sachs, Xi Jinping, Antony Blinken, Joe Biden, what's, BOE, Jerome Powell, Michael Barr, John Williams, St Louis, James Bullard, Narendra Modi, Susan Fenton Organizations: Nasdaq, People's Bank of China, Washington, China's, of, Global, Bank of, Federal Reserve, FedEx, Philadelphia Fed, Federal, New York Fed, St, St Louis Fed, Indian, United States Reuters Graphics Reuters, Thomson Locations: U.S, China, Xi, Europe, Britain, Switzerland, Norway, Turkey, Bank, Bank of England, United

☆ Factbox: Credit Suisse arrivals and departures after UBS seals takeover
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +3 min

Here are the highlights:OUTLeaving the company:* Credit Suisse General Counsel Markus Diethelm. The Swiss-Italian national returned to Credit Suisse in January 2022 as head of its wealth management division after a stint leading Australian wealth management company AMP. NEWCOMERSA logo is pictured on the Credit Suisse bank in Geneva, Switzerland, March 15, 2023. REUTERS/Denis Balibouse/File PhotoAppointments to the executive board of Credit Suisse AG:* Michael Ebert - becomes Head of Credit Suisse for the investment bank, and head of Americas for the investment bank at UBS. * Andre Helfenstein - continues as CEO Swiss bank, the jewel in the Credit Suisse business whose future UBS is currently considering.

Persons: Markus Diethelm, Romeo Cerutti, Dixit Joshi, Edwin Low, David Miller, Ken Pang, Pang, Francesco De Ferrari, Iqbal Khan, Joanne Hannaford, Mike Dargan, David Wildermuth, Christian Bluhm, Denis Balibouse, Michael Ebert, Simon Grimwood, Isabelle Hennebelle, Claude Honegger, Mike Rongetti, Jake Scrivens, Yves, Alain Sommerhalder, Damian Vogel, Christine Graeff, Andre Helfenstein, Francesca McDonagh, Nita Patel, Goldman Sachs, John Revill, Tomasz Janowski Organizations: UBS, Credit Suisse, Credit, Deutsche Bank, Asia, Global, UBS Global Wealth Management, Italian, AMP, Wealth Management, . Technology, UBS Group, Operations, Technology, Americas, REUTERS, Credit Suisse AG, Credit Suisse Operations, Credit Suisse Chief Technology, Suisse Asset Management, EMEA, European Central Bank, Human, Swiss, Thomson Locations: ZURICH, China, Americas, Asia, Hong Kong, Swiss, Geneva, Switzerland

☆ Morning Bid: Wall St 'bull', China deflation
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +4 min

Its annual consumer price inflation rate was just 0.2% - also below forecast. But along with easing supply chain pressures and annual crude oil price deflation still near 40%, there was enough to restore hopes that central bank tightening is gaining traction and further extreme moves unnecessary. The Bank of Japan is expected to retain its super-easy money policy and the European Central Bank is due to nudge up rates another quarter point. On the hawkish side, the International Monetary Fund on Thursday urged global central banks to "stay the course" on monetary policy and remain vigilant. Events to watch for later on Friday:* Canada May employment reportReuters GraphicsReuters GraphicsReuters GraphicsReuters GraphicsBy Mike Dolan, editing by Susan Fenton <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.

Persons: Mike Dolan, abating, El Nino, Binance.US, Donald Trump, Susan Fenton Organizations: Bank of, European Central Bank, International Monetary Fund, U.S, Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, China, Bank of Japan, Ukraine, Miami

☆ Morning Bid: Canadian cloud, rates markets checked
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanWildfire smoke wasn't the only cloud from Canada that drifted over the United States this week. It was enough to nudge borrowing rates back up slightly across the maturity spectrum and served a shot across the bow to otherwise buoyant stock markets and subdued risk gauges. Futures markets still see the Fed skipping a rate rise next week, delivering one final quarter-point hike in July and reversing that move by year end. Two-year Treasury yields firmed about 10 basis points to 3.80% - and sovereign debt yields around the world edged higher in sympathy. With Fed policymakers in a blackout period before next week's meeting, and new data points thin this week, market edginess was dominated by shifting sentiment more than anything.

Persons: Mike Dolan, Russell, Jane Merriman Organizations: Federal Reserve, Weekly U.S, Fed, Stock, Treasury, Reuters Graphics Reuters, Thomson, Reuters Locations: U.S, Canada, United States, Brussels

☆ Morning Bid: Fearless VIX, China miss, Canada hike?
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +4 min

Wall St's 'fear index', the VIX (.VIX) gauge of implied S&P500 equity volatility, closed below 14 on Tuesday for the first time since February 2020 - more than 5 points below its 33 year average. What's more, the OECD saw Fed rates peaking after just one more hike to the 5.25-5.5% range and "modest" cuts next year. Oil prices remain lower on the week despite new Saudi output cut plans and year-on-year prices are still falling at 36%. Events to watch for later on Wednesday:* Bank of Canada key policy interest rate announcement* U.S. April trade balance. Federal Reserve issues Consumer Credit report for April* Britain's Prime Minister Rishi Sunak travels to Washington to meet with U.S. President Joe Biden* U.S. corporate earnings: Campbell Soup, Brown-FormanReuters GraphicsReuters GraphicsReuters GraphicsReuters GraphicsBy Mike Dolan, Editing by Louise Heavens <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.

Persons: Mike Dolan, you'd, eked, Tayyip Erdogan, Mehmet Simsek, Rishi Sunak, Joe Biden, Campbell, Brown, Forman, Louise Heavens Organizations: U.S, Organisation for Economic Cooperation, Development, World Bank, OECD, Bank of Canada, Canadian, Bank of, Federal, Britain's, Forman Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, York, Saudi, Asia, Bank of Canada, Washington

☆ Morning Bid: Markets level, Aussie hikes, crypto judders
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +3 min

It raised interest rates by a quarter-point on Tuesday to an 11-year high and warned further tightening may be required to ensure that inflation returns to target, boosting the Aussie dollar as markets had been leaning towards a pause. Eyes will now be trained on the Bank of Canada's latest policy decision on Wednesday, with many forecasting it will resume tightening interest rates after a four-month pause. The crypto world was far from calm, with Bitcoin trying to find its feet after a 5% recoil to three-month lows on Monday. The Securities and Exchange Commission complaint listed 13 charges against Binance, Zhao and the operator of its purportedly independent U.S. exchange. 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, Binance, Changpeng Zhao, Zhao, Nansen, Antony Blinken, Smucker Organizations: Apple, Federal Reserve, Reserve Bank of Australia, Bank of Canada's, . U.S, Securities, Exchange, Binance, U.S, Saudi, Smucker Reuters Graphics, PMI Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, Australia, ., Saudi Arabia

☆ Morning Bid: Jobs glow, crude pops, dollar lifts
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanWorld markets retained a warm afterglow from Friday's shining U.S. employment reading, with only minor gains in crude oil prices on Saudi Arabia's output cut clouding the picture. While Brent crude oil prices popped up about $1 per barrel on the Saudi output cut plans, the move was limited and year-on-year crude losses continue to clock some 35%. May U.S. service sector readings dominate the Monday diary, as does the likely start of Treasury rebuilding its depleted coffers with 3- and 6-month bill auctions. Soundings from China's service sector earlier helped partly to offset fears that dour factory readings questioned its post-COVID recovery. 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, Russell, Morgan, Mehmet Simsek, Christine Lagarde, Loretta Mester, Sharon Singleton Organizations: Federal, Nasdaq, Big Tech, Apple, Brent, Treasury, Wall Street, Global, Central Bank, Cleveland Federal, Reuters, Thomson Locations: U.S, Saudi, Asia

☆ Getting rich is only a swipe away
▼ + stars: | 2023-06-02 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Actor Leonardo DiCaprio, in his role as Jordan Belfort in the 2013 film, "The Wolf of Wall Street." Now a fraudster is only one swipe away from pitching you on how he or she can change your life with this simple strategy. But for a population that has grown accustomed to on-demand entertainment and instant results, getting rich apparently out of nowhere seems completely plausible. And if you'd like a rundown of how the big banks are thinking through their AI strategy, and the execs leading the charge, we've got you covered. We've got a rundown of the 10 most prestigious private middle and high schools in NYC, along with tips for getting in.

Persons: Dan DeFrancesco, Mike didn't, we've, I've, Leonardo DiCaprio, Jordan Belfort, There's, Dan Geiger, Matt Onofrio, Onofrio, you'd, Samantha Lee, I'm, Goldman Sachs, SMBs, Nvidia cofounders, We've, you've, Here's, Jeffrey Cane, Nathan Rennolds Organizations: Paramount, Onofrio, Garden State, JPMorgan, Apple, Street, SVB Securities, SVB Financial, Bloomberg, American Express, Nvidia, Senate, LinkedIn Locations: New Jersey, Silicon, NYC, New York, London

☆ Morning Bid: Jubilant markets eye jobs in June jump
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Elizabeth FrantzA look at the day ahead in U.S. and global markets from Mike DolanWith the U.S. debt ceiling removed, world markets see the sky again - encouraged that robust U.S. labor markets continue to defy recession fears as interest rates near peaks. And judged by all the other labor market soundings this week, there are few signs yet of any significant disturbance to the still-robust employment picture. Wall St's "fear index" - the VIX (.VIX) gauge of implied equity volatility - hit its lowest level since November 2021 early on Friday. To the extent the dollar was bid by debt-ceiling stress and thoughts of another June Fed hike, then it's fallen back again too. Elsewhere, oil markets are closely watching the weekend OPEC ministers meeting - although further production cuts are not expected.

Persons: Elizabeth Frantz, Mike Dolan, Hong Kong's, Hang, Lululemon, Sharon Singleton Organizations: REUTERS, Senate, Federal Reserve, Nasdaq, Fed, The United, Broadcom, Thomson, Reuters Locations: Arlington , Virginia, U.S, China, Hong Kong, The United Nations, South Africa

It's not even midyear yet, but the full gamut of scenarios has been juggled in just five months. World markets have swung from "hard landing" fears of late 2022 to the "soft landing" hopes of the new year and then even unnerving thoughts of "no landing" at all - just before the banking stress hit of March forced them to return to square one. "The economy is more resilient than the market realizes," BlackRock's Chief Executive Larry Fink said on Wednesday, adding more interest rates rises will be necessary but that he saw no "evidence that we're going to have a hard landing." A "soft landing" typically relates to the ability of the Federal Reserve and other central banks to get inflation back close to 2% targets without crashing the economy into a deep contraction with surging unemployment via extreme rate rises. If correct - and not all agree - the prospect of a sustained return to 2% inflation targets would surely turn off the seatbelt sign.

Persons: Larry Fink, Willem Sels, Simona Mocuta, Mocuta, Mike Dolan, Lisa Shumaker Organizations: Federal Reserve, Reuters Graphics Reuters Graphics, HSBC Global Private Banking, Nasdaq, Street Global Advisors, Reuters Graphics Reuters, Reuters, Twitter, Thomson Locations: U.S, Wall, United States, Europe

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