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☆ CNBC Daily Open: S&P retreats, yen surges, Tesla sinks
▼ + stars: | 2024-07-12 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The declines follow the lowest consumer price index in over three years. The yield on the 10-year Treasury fell, while U.S. oil prices rose on hopes of a rate cut. The Fed is "one step closer to a September rate cut," said Chris Larkin, managing director of trading and investing at E-Trade.

Persons: Jesse Pound, Chris Larkin, Kit Juckes, Elon Musk, Jamie Dimon's Organizations: CNBC, Nasdaq, Big Tech, Nvidia, Meta, Dow Jones, Treasury, U.S, Societe Generale, Delta Air Lines, Paris, Bloomberg, JPMorgan Locations: U.S

☆ Volatile yen keeps markets on edge as intervention risks swirl
▼ + stars: | 2024-07-12 | by ( ) www.cnbc.com time to read: +4 min

A sheet of newly-designed Japanese 10,000 yen banknotes at the National Printing Bureau Tokyo plant in Tokyo, Japan, on Wednesday, June 28, 2023. The Japanese currency swung between gains and losses in early trading before trading slightly weaker. It spiked nearly 3% to as high as 157.40 immediately after the consumer inflation report on Thursday. "Currency interventions should certainty be rare in a floating rate market, but we'll need to respond appropriately to excessive volatility or disorderly moves," Kanda said. Tokyo intervened at the end of April and in early May, spending roughly 9.8 trillion yen ($61.55 billion) to support the currency.

Persons: Masato Kanda, Kanda, It's, Siong Sim, Charu Chanana, Matt Simpson, Menon, Donald Trump, Sterling Organizations: National Printing Bureau, Asahi, Nikkei, Bank of Singapore, U.S, CPI, Saxo, Federal Reserve, City, Traders, Presidential, Trump Locations: National Printing Bureau Tokyo, Tokyo, Japan, U.S

☆ IMF says emerging market capital inflows recover to 2018 levels
▼ + stars: | 2024-07-12 | by ( David Lawder | ) www.reuters.com time to read: +3 min

The IMF said in the report that emerging markets have seen a decline in the more volatile net portfolio inflows, but net inflows of foreign direct investment (FDI) has been more stable. At the same time, the report said that China saw net capital outflows over the 2022-2023 period, including net negative FDI inflows. Overall, global gross capital inflows declined to 4.4% of global GDP, or $4.2 trillion, in the 2022-2023 period, from 5.8 percent of global GDP, or $4.5 trillion, in 2017-2019. But the U.S. benefited strongly from the shifts, accounting for 41% of global gross inflows during the 2022-2023 period, nearly double its 23% share in 2017-2019. The U.S. share of global gross outflows also increased, to 21% from 14% during the same periods.

Persons: Christine Lagarde, Nicolas Dujovne, Yuri Gripas, David Lawder, Franklin Paul, Alistair Bell Organizations: Monetary Fund, Argentine, REUTERS, China, IMF, Thomson Locations: Washington , U.S, WASHINGTON, China, U.S

☆ Japan's yen surges after U.S. inflation data as traders monitor possible intervention
▼ + stars: | 2024-07-11 | by ( Matt Clinch | ) www.cnbc.com time to read: +1 min

People stand outside a money changer looking at the rates of the Japanese yen against foreign currencies, along a street in central Tokyo on April 29, 2024. The dollar lost around 2% against the Japanese yen on Thursday as the market was suddenly jolted by fresh inflation U.S. data. The dollar rose as the U.S. reacted to its lowest CPI (consumer price index) reading in more than three years. But it comes at a time when traders are on high alert for more yen intervention from Japanese authorities as they try to prop up its ailing currency. Masato Kanda, the vice-minister of finance for international affairs of the Ministry of Finance, told Jiji Press that he was not in a position to comment on any possible intervention.

Persons: Kit Juckes, Marc Ostwald, Masato Kanda, wasn't Organizations: U.S, Reuters, Societe Generale, CNBC, ADM Investor Services, CPI, Ministry of Finance, Jiji Press Locations: Tokyo, London, JPY

☆ Dollar adrift ahead of U.S. inflation test; sterling firms
▼ + stars: | 2024-07-11 | by ( ) www.cnbc.com time to read: +3 min

The dollar fell a touch on Thursday although moves were largely subdued ahead of a U.S. inflation report due later in the day, while sterling firmed on receding expectations for an August rate cut from the Bank of England (BoE). The dollar fell a touch on Thursday although moves were largely subdued ahead of a U.S. inflation report due later in the day, while sterling firmed on receding expectations for an August rate cut from the Bank of England. BoE Chief Economist Huw Pill on Wednesday said price pressures in Britain's economy were persistent and that the timing of a first rate cut was an "open question". His colleague Catherine Mann signalled she is unlikely to vote for an interest rate cut in August. Against the greenback, the euro gained 0.04% to $1.0834, and the Aussie dollar rose 0.01% to $0.6754.

Persons: BoE, Huw Pill, Catherine Mann, Carol Kong, Jerome Powell Organizations: Bank of England, Monetary, ANZ, MPC, Commonwealth Bank of Australia, Federal Reserve, U.S, New Zealand, Reserve Bank of New, Bank of Japan Locations: U.S, Asia, Japan

☆ Welcome back to Wall Street earnings season
▼ + stars: | 2024-07-11 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +6 min

But for now, we're turning to Wall Street in our big story, as big banks gear up to report their earnings. The big storyEarnings to watchMomo Takahashi/BIJust like that, it's Wall Street earnings season once again. Wall Street banks have been waiting for M&A, IPOs, and other fee-generating corporate dealmaking to come roaring back for two years. In May, the CEO shocked Wall Street by saying he plans to step down in the next five years . Will banks start charging for everyday consumer products like checking accounts?

Persons: —, Joe Biden's, Sen, Peter Welch, Biden, Momo Takahashi, Wells, Goldman Sachs, Morgan Stanley, Kaja Whitehouse, Jamie Dimon's, Kaja, Jefferies, Jamie Dimon, Wall, Marianne Lake, We're, Larry Fink, Jenny Chang, Rodriguez, Neil Dutta, Tesla's, Elon Musk, Jeff Bezos, Rich Guy, Alyssa Powell, Andrei Cojocaru, David Zaslav, isn't, Joe, Zaslav, Jordan Parker Erb, Lisa Ryan, Joe Ciolli, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Democrat, Democratic, Hollywood, NATO, Business, showtime, JPMorgan, Citigroup, BlackRock, Bank of America, Getty, Warner Bros, Discovery, Air Lines, PepsiCo, Bureau of Labor Statistics Locations: New York, Chicago, London

☆ The Fed may soon cut interest rates. That could make your next trip abroad more expensive
▼ + stars: | 2024-07-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

SeongJoon Cho/Bloomberg via Getty ImagesThe U.S. Federal Reserve may start cutting interest rates before year's end. How interest rates impact the U.S. dollarIn reality, the dynamics driving dollar fluctuations are more complex than whether the Fed raises or lowers interest rates. The European Central Bank cut interest rates in June, for example. This is happening against the backdrop of a relatively strong U.S. economy, which also generally supports a strong dollar, Petersen said. For example, investors generally get a better return on cash when interest rates are high.

Persons: SeongJoon Cho, Jonathan Petersen, Petersen, " Petersen, that's, Richard Madigan, Benjamin Atwater, Atwater, Morgan's Madigan, Jerome Powell, Bonnie Cash Organizations: Bloomberg, Getty, . Federal, U.S ., Capital Economics, U.S, Morgan Private Bank, European Central Bank, Fed, Bank of Japan, U.S . Federal, Banking, Housing, Urban Affairs, ECB Locations: Japan, Asia, Denver, Europe, U.S

☆ Japan's stock market rally will continue in the second half, but with a key shift, BlackRock says
▼ + stars: | 2024-07-10 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

The rally for Japanese stocks is set to continue in the second half of the year, but the best way for American investors to participate in it could change, according to the BlackRock Investment Institute. The firm said in its midyear outlook that being overweight on Japanese stocks is one of its highest conviction calls. Many Americans have already been rushing into funds that track Japanese stocks, part of a broader increase in foreign investor money . HEWJ YTD mountain Currency-hedged Japanese funds like the HEWJ are outperforming their unhedged counterparts in 2024. Goldman Sachs Asset Management said in its midyear outlook that "in Japan, we expect strong equity market performance to continue being driven by structural changes."

Persons: Wei Li, Li Organizations: BlackRock Investment Institute, U.S ., BlackRock, Goldman, Management Locations: U.S, BlackRock, Japan, bullish

☆ Pricing is really weird lately
▼ + stars: | 2024-07-10 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at why pricing is so weird these days . More recently, Walmart introduced digital price tags, which some people said could be used for variable pricing. The constantly changing costs have consumers feeling a sense of price fatigue, Emily writes. Emily writes that most economists agree that government-mandated price-fixing isn't the way to go about it. So, as Emily writes, you can't fault anyone for feeling a certain sense of doom and gloom about the economy.

Persons: —, Alyssa Powell, Emily Stewart, Emily, Michael Raines, Rebecca Zisser, Michael Arone, Steve Granitz, Elon Musk, Tyler Le, Larry Page, Biden, Keir Starmer, Rishi Sunak's, Jerome Powell, Jordan Parker Erb, Lisa Ryan, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Soviet Union, Business, Walmart, JPMorgan, Wall, Group, State, Navy, Spotify, Labour Party, Samsung Locations: Montana, Soviet, America, USA, Diego, Idaho, New York, London

☆ Dollar firm on Powell caution, kiwi bides time before rates decision
▼ + stars: | 2024-07-10 | by ( ) www.cnbc.com time to read: +3 min

The New Zealand dollar edged higher ahead of the central bank's rate decision, with traders on alert for any signals on the timing for policy easing. In the first day of his testimony to Congress overnight, Powell said a rate cut is not appropriate until the Fed gains "greater confidence" inflation is headed toward the 2% inflation target. Traders lay about 73% odds for a rate cut by September, slipping from 76% a day earlier. New Zealand's kiwi added 0.1% to $0.6131, but staying mostly flat this week after pulling back sharply from Monday's three-week high of $0.6171. "If they do, financial markets could fully price the first RBNZ rate cut in October, from November at present," spurring a retreat in the kiwi to NZ$1.1031 per Aussie dollar, she added.

Persons: Jerome Powell, Powell, Taylor Nugent, Kristina Clifton Organizations: Federal, New Zealand, Fed, Traders, National Australia Bank, Reserve Bank of New, Commonwealth Bank of Australia, Aussie, NZ Locations: Reserve Bank of New Zealand

☆ New AI tools are helping workers bluff their way through interviews
▼ + stars: | 2024-07-09 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +9 min

In today's big story, we're looking at how new AI tools are helping workers bluff their way through interviews . Some people have built homemade AI tools to help interviewees, releasing them online for free. A startup developing AI-powered tools for job seekers, Final Round AI offers an AI résumé builder, a cover letter writing service, and a mock interview tool. He's not the only one looking to AI to change the interview process. Others say banning AI chatbots in interviews is like prohibiting calculators during math tests — if workers can use the tech in their jobs, why not in the interview process, too?

Persons: —, I'm Jordan Parker Erb, Dan DeFrancesco, Alo, They're, Jenny Chang, Rodriguez, Rob Price, Michael Guan, He's, Rebecca Zisser, Rob, BI's Melia Russell, Melia, Guan, Jerome Powell, William McChesney Martin, Powell, Chip Somodevilla, Joe Biden's, Howard, Alan Howard's, Brevan Howard, Tyler Le, Francisco's, Leonid Shteyn, execs, Joe Arden, Joe Biden, Harvey Weinstein, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen, Lisa Ryan Organizations: Service, Business, Reserve Bank, Markets, Getty, Taiwan Semiconductor Manufacturing Company, Apple, of America, Paramount, NATO, Prosecutors Locations: Silicon Valley, Washington , DC, U.S, New York, London

☆ 3 big mistakes people traveling to Japan make, according to someone who's visited 11 times
▼ + stars: | 2024-07-08 | by ( Maria Noyen | ) www.businessinsider.com time to read: +5 min

Read previewOut of the 34 countries travel blogger Grace Cheng has visited, none has left such a lasting impression than Japan. AdvertisementCheng first visited Japan in 2017, and she's gone 11 times since then. "Tokyo is not Japan," Cheng said. "The best way to experience the streets and just get to know the country itself is just to get lost," Cheng said. "The best restaurants that I've found have come from stumbling upon them just walking the streets," she said.

Persons: —, Grace Cheng, Cheng, she's, Sean Pavone, MIXA, it's, Rasmus Jurkatam, I've Organizations: Service, Business, International Trade Administration, Google Locations: Japan, NYC, Kyoto, Tokyo, Sapporo, Hokkaido, Osaka

☆ The Yen Is Plunging. So Is Japan’s Defense Budget.
▼ + stars: | 2024-07-08 | by ( River Akira Davis | Hisako Ueno | ) www.nytimes.com time to read: +1 min

The yen’s collapse this year to a nearly four-decade low is undermining Japan’s plans for its largest military buildup in postwar history. The government has slashed orders for aircraft, and officials warn that further cuts may be imminent. The government’s purchasing power has been drastically eroded by the yen’s diminishing value. “What we are achieving in terms of actual defense capabilities and our original target — the two are not lined up,” Satoshi Morimoto, a former Japanese defense minister, said in an interview. The value of the defense budget over five years “has effectively been reduced by 30 percent,” Mr. Morimoto said.

Persons: ” Satoshi Morimoto, “, Mr, Morimoto Organizations: Japan Locations: Tokyo, North Korea, China, Taiwan

☆ Euro eases on French poll gridlock, dollar sluggish after US payrolls
▼ + stars: | 2024-07-08 | by ( ) www.cnbc.com time to read: +3 min

The euro slipped on Monday after projections from France's election pointed to a hung parliament amid an unexpectedly strong showing for a left-wing alliance, spawning fresh uncertainty over the country's fiscal outlook. The euro slipped on Monday after projections from France's election pointed to a hung parliament amid an unexpectedly strong showing for a left-wing alliance, spawning fresh uncertainty over the country's fiscal outlook. The yen headed for a third day of gains after rebounding from last week's nearly 38-year trough to the dollar. The euro was 0.06% lower at $1.0827, and earlier slid as much as 0.4% as investors weighed the consequences of a hung French parliament. The dollar slipped 0.07% to 160.70 yen, down from as high as 161.96 on Wednesday.

Persons: Sterling, Emmanuel Macron's, Chris Weston, Macron, Weston, bitcoin Organizations: Federal Reserve, Labour, Conservative, New Popular Front, Le, Traders Locations: Gox

☆ School's out, and parents' financial stress is in
▼ + stars: | 2024-07-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Speaking of money and vacations: In today's big story, summer vacation means financial stress for parents looking to keep their kids busy while school is out without breaking the bank . The big storyThe cost of summeriStock; Rebecca Zisser/BISchool's out for summer, but the relief for kids is causing financial pain for their parents. Further complicating things is most camps don't cover the two-plus months parents need to fill for their kids. The result is sometimes a patchwork system of camps and part-time nannies that parents need to cobble together. AdvertisementThis year, skincare products proved to be a lightning rod for kids and parents at elite summer camps , writes BI's Anna Silman.

Persons: —, Rebecca Zisser, Juliana Kaplan, Madison Hoff, Kate Dehler, BI's Anna Silman, Anna, You've, Goldman Sachs, it's, Alyssa Powell, Gen, Vladimir Putin, Narendra Modi, Dan DeFrancesco, Jordan Parker Erb, Jack Sommers, Annie Smith, Grace Lett, Amanda Yen Organizations: Service, Business, Karma, Hindenburg Research, Adani, Bank of, Samsung, Indian, The Locations: What's, Al, Florida, Russian, New York, London, Chicago

☆ Insider Today: Scammers on the loose
▼ + stars: | 2024-07-06 | by ( Joi-Marie Mckenzie | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. But first: Scammers are on the loose. AdvertisementThe FBI said last year thousands of people lost $350 million to real-estate scams in 2021, an increase of 64% from 2020. In fact, BI has been reporting on scams and how they can wreck one's financial life and sanity for years. AdvertisementMore of this week's top reads:The Insider Today team: Joi-Marie McKenzie, editor in chief of life, in New York.

Persons: —, Tyler Le, Daniel Pietschnig, Alcynna Lloyd, they'd, Monica Humphries, it's, Max Nieuwdorp, Chelsea Jia Feng, Mark Von Holden, Rebecca Zisser, Kevin Costner's, Kevin Costner, Costner, Stefano Secchi, Axel F, Eddie Murphy, Axel Foley, Sam Taylor, Amy Winehouse, Dyson, Joi, Marie McKenzie, Jordan Parker Erb, Dan DeFrancesco, Lisa Ryan, Amanda Yen Organizations: Service, Rome, Business, FBI, Research, Warner Bros, Variety, Images, Netflix Locations: Italian, New York, New York City

☆ Japan is bracing for rage against the vending machine
▼ + stars: | 2024-07-05 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Hole-in-the-wall izakayas (traditional bars), ryokan (traditional inns), and Shinto shrines often accept cash only. STR/Getty ImagesTake Japan's millions of vending machines. The Japan Vending Machine Manufacturers Association recently said that almost 80% of the country's machines would need upgrades to accept the new notes, per comments reported by Reuters. Vending machines are a common sight in Japan. If they're stopping by a vending machine there anytime soon, they may want to check first if their bills will work.

Persons: —, Omotesando, Bank of Japan — Organizations: Service, Business, Kansai region's, Japan Vending Machine Manufacturers Association, Reuters, Bank of Japan Locations: Japan, Ginza, Tokyo, Kansai, Kansai region's Osaka

☆ Investors look to upcoming earnings to keep stock rally going
▼ + stars: | 2024-07-05 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —With interest rate cuts on the backburner, Wall Street is looking to corporate earnings to continue powering the 2024 stock market rally. Analysts polled by FactSet expect second-quarter earnings of S&P 500 companies to grow about 8.7% on average from the prior year. Strong corporate earnings have helped the S&P 500 gain a whopping 16% and notch repeated record high closes this year. Since the Fed isn’t likely to cut rates anytime soon, the onus is on strong corporate earnings to continue driving the market rally. Earnings season kicks off July 12 when big banks including JPMorgan Chase, Wells Fargo and Citigroup report results.

Persons: FactSet, Jerome Powell, ”, Jeffrey Buchbinder, Wells, Dow, Lisa Shalett, Jessie Yeung, Hanako Montgomery, Junko Ogura, “, Tadashi Matsubara, ” Read, Laura He, Pan Gongsheng, Read Organizations: CNN Business, Bell, New York CNN, Federal, LPL, JPMorgan Chase, Citigroup, Nvidia, Microsoft, Meta, Dow Jones, Morgan Stanley Wealth Management, Kanpou, “, Beijing Money, Silicon Valley Bank, People’s Bank of China, prudential Locations: New York, Sintra , Portugal, Wells Fargo, Banks, Japan, Nepal, China, Beijing, Silicon, United States, Shanghai

☆ Biden's first post-debate interview could ultimately decide his fate
▼ + stars: | 2024-07-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In today's big story, we're looking at the mounting pressure President Joe Biden is facing to forgo his reelection campaign . The Clash's 1982 hit could be President Joe Biden's anthem these days as rumors swirl about his reelection bid. Under campaign finance law, the VP is the only candidate who can easily inherit the hundreds of millions of dollars raised by Biden's campaign . Patrick Semansky/AP Photo; BIBiden's first post-debate interview could ultimately decide his fate. In other newsAdvertisementWhat's happening todayA first look at Biden's interview with George Stephanopoulos airs on ABC.

Persons: —, he's, Barack Obama, Joe Biden, Win McNamee, Chelsea Jia Feng, Joe Biden's, Biden, Insider's Bryan Metzger, Biden's, Donald Trump, Lloyd Doggett, Raúl Grijalva, Kamala Harris — hasn't, Harris, Patrick Semansky, George Stephanopoulos, Karine Jean, Pierre, CFRA, Berkshire Hathaway, Neil Shearing, Jensen Huang, Justin Sullivan, Rebecca Zisser, Caitlin Clark, Alex Morgan, Hailey Welch, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Amanda Yen Organizations: Service, Labour Party, Business, Democratic, ABC News, New York Times, Trump, Berkshire, Economics, Saks, Saks Global, ABC Locations: New Mexico, Virginia, Biden's, New York, London

☆ Japan stocks extend rally to hit fresh all-time highs amid mixed Asia-Pacific markets
▼ + stars: | 2024-07-05 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

People commuting to work in the morning cross a pedestrian crossing in Tokyo on February 15, 2024. Asia-Pacific markets were mostly up, with Japan's key benchmark hitting new highs on Friday, after scaling record peaks in the previous session. The broad-based Topix also extended its gains and advanced 0.06% to a fresh record high. Japan's household spending for May unexpectedly dipped 1.8% in real terms compared to the same period last year. Household spending data is a key metric for the Bank of Japan's to assess its goal of realizing a "virtuous cycle" of rising wages and prices.

Persons: Topix Organizations: Nikkei, Reuters, Bank of Japan's Locations: Tokyo, Asia, Pacific, Singapore

☆ UBS says it has a neutral view on Japan
▼ + stars: | 2024-07-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS says it has a neutral view on JapanHartmut Issel, head of Asia-Pacific equities at UBS Global Wealth Management, discusses the weak yen and why it likes Indonesian banks.

Persons: Japan Hartmut Issel Organizations: UBS, UBS Global Wealth Management Locations: Japan, Asia, Pacific

☆ Shohei Ohtani: How one man has brought a new wave of Japanese tourists to LA
▼ + stars: | 2024-07-04 | by ( Natasha Chen | ) edition.cnn.com time to read: +9 min

And with 12 new Japanese sponsors, Japanese-language stadium tours and new Japanese menu items, the Dodgers are making the most of the Ohtani effect. A mural showing Los Angeles Dodgers player Shohei Ohtani is painted on the side of the Miyako Hotel in Little Tokyo in downtown Los Angeles. “He’s just a phenomenal individual, right?” said Judy Clow, who brought her brother from Japan to a Japanese-language tour at Dodger Stadium. My gosh!”Shohei Ohtani warms up before a preseason game against the Los Angeles Angels at Dodger Stadium on March 24, 2024. Some of the six new Japanese-language tour guides at Dodger Stadium actually worked at Angels Stadium previously, serving the same fans.

Persons: There’s, Takayo Hizume, CNN it’s, Shohei, Robyn Beck, ’, Hizume, Ohtani, Los Angeles –, Akira Yuhara, ” Yuhara, swindling, “ He’s, ”, Judy Clow, Harry, Christine Gerriets, ” Gerriets, Kay Ponak, Norma Galeana, CNN Mihana Hayashi, takoyaki, Hayashi, Nanoha, “, giveaways, Stan Kasten, ” Kasten, Kasten, Robert Vargas, Vin Scully, ” Vargas, “ Ohtani, Adam Burke, Hiroko Hinata, Natasha Chen, CNN Yuhara, Miyako, Don Tahara, Shania Baweja, Jason Kravarik Organizations: Los Angeles CNN, Dodgers, Ohtani’s, CNN, Angeles Dodgers, Getty, Dodger, Los Angeles Angels, Angels, Daiso, Toyo, Far, Los, Los Angeles Tourism, LA Tourism, Ohtani's Dodgers, Far Bar Locations: Japan, Los Angeles, California, Pacific, Miyako, Little Tokyo, AFP, –, South Korea, Southern California, LA, Anaheim, guacamole, Nagoya, Asian, Japanese

☆ Yen drops to 38-year low, U.S. dollar slumps after weak data
▼ + stars: | 2024-07-04 | by ( ) www.cnbc.com time to read: +5 min

A report indicating that the U.S. services sector contracted last month and factory orders fell also weighed on the dollar. The dollar was last up 0.1% at 161.64, after earlier falling to a session low below 161 following weak U.S. data. The yen also hit an all-time low of 174.48 against the euro . The euro rose to a three-week high against the dollar, and was last up 0.3% at $1.0781. Further pressuring the dollar was a weak U.S. services report from the Institute for Supply Management.

Persons: Sterling, Helen, —, Shunichi Suzuki, Jonas Goltermann, nonfarm Organizations: U.S ., Federal Reserve, European Central Bank, Bank of Japan, Monex USA, U.S, Finance, ADP, Reuters, Capital Economics, Institute for Supply Management, PMI, Fed Locations: United States, Washington ., U.S

☆ SoftBank stock hits its first record high in 24 years — Arm and AI helped it get there
▼ + stars: | 2024-07-04 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +7 min

The rise of the internet and of Yahoo pushed SoftBank's stock to a peak closing price of 10,111.1 yen on Feb. 18, 2000. After lingering near then-record highs in March 2021, SoftBank's stock fell sharply, alongside other global tech stocks. "Softbank Vision Fund had to write down various investments due to a combination of equity values declining and a tougher private financing environment. Dan Baker, senior equity analyst at Morningstar, said a lot of SoftBank's price appreciation comes down to Arm. Baker said the SOTP valuation remains just under 50% this year, meaning SoftBank's stock does not truly reflect the value of its various businesses and investments.

Persons: Kosuke Okahara, Masayoshi Son, Softbank, SoftBank, Son, Oliver Matthew, Paul Golding, Golding, Dan Baker, I'm, Baker, " Baker, . Organizations: ARM, SoftBank, Bloomberg, Getty, Yahoo, Vision, Vision Fund, Beijing, CNBC, Macquarie U.S, Morningstar, Nikkei Locations: Tokyo, British, Japan, U.S, Alibaba

☆ Japan court orders government to pay damages for forced sterilizations under now-defunct eugenics law
▼ + stars: | 2024-07-04 | by ( Jessie Yeung | Junko Ogura | ) edition.cnn.com time to read: +3 min

Tokyo CNN —In a landmark decision, Japan’s Supreme Court has ordered the government to pay damages to people who were forcibly sterilized under a now-defunct eugenics law, ruling the practice was unconstitutional and had violated their rights. About 25,000 people were sterilized without consent during that period, according to the court ruling, citing ministry data. In the fifth case, the lower court had ruled against the plaintiffs and dismissed their case, citing the 20-year statute of limitations. The Supreme Court overturned this decision on Wednesday, calling the statute “unacceptable” and “extremely contrary to the principles of justice and fairness.”The case is now sent back to the lower court to determine how much the government should pay. In a press conference after the court ruling, Chief Cabinet Secretary Yoshimasa Hayashi expressed the government’s remorse and apology to victims, NHK reported.

Persons: Wednesday’s, Yuichi Yamazaki, ”, Saburo Tokura, Yoshimasa Hayashi, Fumio Kishida Organizations: Tokyo CNN, Supreme, Getty, NHK, – Locations: Japan, Tokyo, AFP

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