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A weaker-than-expected July jobs report on Friday officially triggered the Sahm rule. "We are not in a recession now — contrary the historical signal from the Sahm rule — but the momentum is in that direction," Sahm told CNBC by email on Friday. That frankly is not good enough, we can do better than avoiding a recession," Sahm told CNBC's "The Exchange." Federal Reserve Chairman Jerome Powell speaks at a news conference following a Federal Open Market Committee meeting at the William McChesney Martin Jr. Federal Reserve Board Building on July 31, 2024 in Washington, DC. In mid-June, Sahm told CNBC that the U.S. central bank risked tipping the economy into contraction by not cutting interest rates sooner.
Persons: Claudia Sahm, Sahm, , we're, CNBC's, Dario Perkins, Perkins, Jerome Powell, William McChesney Martin Jr, Andrew Harnik Organizations: Federal, CNBC, U.S . Federal, New Century Advisors, New, Lombard, National Bureau of Economic Research, Federal Reserve, Getty, U.S Locations: U.S, Washington , DC
A trader works on the floor of the New York Stock Exchange (NYSE) on August 1, 2024 in New York City. U.S. stocks kicked off August sharply lower as fresh data prompted fears of a worsening economic outlook. The ISM manufacturing index, a barometer of factory activity in the U.S., came in at 46.8%, worse than expected and a signal of economic contraction. European stocks fell around 1.6% on Friday morning, tracking a slide on Wall Street. We also had bad manufacturing data out of the U.S. and some employment sub-indicators which scared markets," he continued.
Persons: Cedric Chehab, Chehab, CNBC's Organizations: New York Stock Exchange, Nikkei, Reuters, BMI, hawkish Bank of Japan Locations: New York City ., U.S, Asia
Stocks are experiencing a broad slump, with many market participants caught off guard by the speed of the yen's rally. The Japanese national flag is seen at the Bank of Japan (BoJ) headquarters in Tokyo on July 31, 2024. 'An implosion of the carry trade'U.S. stocks kicked off the month sharply lower, as fresh data prompted fears of a worsening economic outlook. "First of all, the hawkish Bank of Japan caused an implosion of the carry trade over a short-term basis. And all of that helps push equity markets, which had been quite expensive, even lower," he continued.
Persons: Nogi, Russell Napier, Napier, Cedric Chehab, Chehab, CNBC's Organizations: Afp, Getty, U.S ., U.S, Bank of Japan, The Bank of Japan, Federal, Dow Jones, Nasdaq, BMI, hawkish Bank of Japan Locations: Tokyo, China, Japan, U.S
U.S. gymnastics superstar Simone Biles isn't the only Olympian feeling the Paris heat. A rain-soaked 2024 Olympics opening ceremony has since given way to sun and heat warnings, with temperatures in the French capital climbing to as high as 36 degrees Celsius (97 degrees Fahrenheit) in recent days. "Don't come for me about my hair," Biles said via Instagram before Tuesday's gymnastics team final. "IT WAS DONE but bus has NO AC and it's like 9,000 degrees. They give bottles to the players but the bottles don't stay cool, so, you know, you're drinking hot water out there," he added.
Persons: Jack Draper, Taylor Fritz, Suzanne, Lenglen, Simone Biles isn't, Biles, haven't, it's, Draper Organizations: US, Roland, Reuters Locations: Paris, Instagram, British
Who's in for a block family dinner?" AdvertisementMost people say it takes a village to raise a family, but every village can look different. Each couple would take turns hosting all the kids for a few hours on Saturday morning. But it's especially fun to watch kids on the block cycle through old favorites. AdvertisementOur neighborhood isn't perfect, and sometimes the workload may be uneven, but our neighborhood village supports us and is there for us.
Persons: , Sam, there's, chitchat, Carolyn, Jess Organizations: Service, Business
The Shell logo is displayed outside a petrol station in Radstock in Somerset, England, on Feb. 17, 2024. British oil giant Shell on Thursday posted stronger-than-expected second-quarter profit despite lower refining margins and weaker liquified natural gas trading. The company reported adjusted earnings of $7.7 billion in the first quarter of 2024. Shell said it would launch a $3.5 billion share buyback program over the next three months, a similar scheme as in the previous quarter. British rival BP on Tuesday increased its dividend and extended its share repurchasing program on the back of stronger-than-expected earnings.
Persons: LSEG, Shell's, Shell, Wael Sawan, CNBC's, Sawan, Chandra Asri Organizations: Shell, Chandra, BP, Exxon Mobil, Chevron Locations: Radstock, Somerset, England, Singapore, Rotterdam, Netherlands, Swiss, London
New Japanese 1000 Yen banknote on display inside the Currency Museum of the Bank of Japan's Institute for Monetary and Economic Studies. Japanese authorities spent 5.53 trillion yen ($36.8 billion) to shore up the yen in July, official data published Wednesday showed. The move was expected to mark the Bank of Japan's highest interest rates since 2008. It marks a stark contrast from the start of the month, when the Japanese currency fell to 161.96 per dollar for the first time since December 1986. The yen has been combating sustained pressure since the BOJ ended its monetary policy of negative interest rates in March.
Organizations: Currency Museum, Bank of Japan's Institute for Monetary, Economic Studies, Japan's Ministry of Finance, U.S ., of Japan's
British oil giant BP on Tuesday reported stronger-than-expected net profit for the second quarter and raised its dividend despite previously warning of significantly lower refining margins. The oil and gas major posted underlying replacement cost profit, used as a proxy for net profit, of $2.8 billion for the second quarter. BP reported net profit of $2.7 billion for the first three months of the year and $2.6 billion for the second quarter of 2023. BP said earlier in the month that weak refining margins and lower oil trading results would likely dent the firm's second-quarter results by as much as $700 million. BP's net debt stood at $22.6 billion at the end of the second quarter, down from $23.7 billion compared to the same period last year.
Persons: Kate Thomson, Murray Auchincloss Organizations: United Kingdom ., BP Locations: Southend, United Kingdom, Gelsenkirchen, Germany, Gulf of Mexico
An armoured police car drives through tear gas during a protest against Venezuelan President Nicolas Maduro in Caracas on July 29, 2024, a day after the Venezuelan presidential election. Federico Parra | Afp | Getty ImagesSecurity forces and protesters clashed in parts of the Venezuelan capital of Caracas, shortly after President Nicolas Maduro claimed victory in a disputed election result. Opponents of Maduro's government could also be seen carrying a large banner that read: "Venezuela, I want you to be free." A riot police officer uses tear gas against demonstrators during a protest by opponents of Venezuelan President Nicolas Maduro's government in the Catia neighborhood of Caracas on July 29, 2024, a day after the Venezuelan presidential election. Venezuelan opposition leader Maria Corina Machado talks to the media, accompanied by opposition presidential candidate Edmundo Gonzalez Urrutia, following the presidential election results in Caracas on July 29, 2024.
Persons: Nicolas Maduro, Federico Parra, Maduro's, Nicolas Maduro's, Yuri Cortez, Edmundo González Urrutia, González, Marina Corina Machado, Machado, Jesus Vargas, Maduro, John Kirby, Maria Corina Machado, Edmundo Gonzalez Urrutia Organizations: Venezuelan, Afp, Getty Images Security, Getty, CNBC, Electoral Council, Independent, Guardian, Headquarters, Associated Press, White House Locations: Caracas, Venezuelan, Venezuela, Catia
An Air New Zealand plane is seen during game two of the Women's ODI series between New Zealand and Pakistan at Hagley Oval on December 15, 2023 in Christchurch, New Zealand. Air New Zealand on Tuesday dropped its 2030 climate goal, citing delivery delays of fuel-efficient aircraft and the affordability of alternative jet fuels. "As such and given so many levers needed to meet the target are outside our control, the decision has been made to retract the 2030 target." Air New Zealand had previously said its 2030 target was to reduce carbon intensity by 28.9%, compared to 2019 levels. The airline said Tuesday that work has begun on a new near-term target.
Persons: Greg Foran, " Foran Organizations: Air, Hagley Oval, Air New Zealand, Zealand Locations: Zealand, New Zealand, Pakistan, Christchurch , New Zealand
Britain's Finance Minister Rachel Reeves has pledged to make the "necessary", "urgent" and "incredibly tough" choices to restore the country's economic stability. Britain's Finance Minister Rachel Reeves on Monday announced a raft of project cuts after detailing how the newly elected Labour government has inherited a projected overspend of £22 billion ($28.2 billion) from the center-right Conservatives. The finance minister also said she had canceled plans to sell NatWest shares to the public, saying the proposal put forward by her predecessor Jeremy Hunt did not "represent value for money." Britain's finance chief has previously ruled out increases to income tax, national insurance, VAT or corporation tax — the main sources of government revenues. However, Reeves must orchestrate a delicate balance act given the pledges from her party to also boost national investment and public sector pay.
Persons: Rachel Reeves, Reeves, Boris Johnson, Jeremy Hunt Organizations: Britain's, Monday, Labour, Railways Fund, Conservative, NatWest
President of Venezuela Nicolas Maduro rises his hand during a mass gathering convene by supporters on July 18, 2024 in Caracas, Venezuela. The 74-year-old is widely regarded as the only contender capable of denying Maduro a third six-year term. Maduro's United Socialist Party of Venezuela (PSUV) has governed Venezuela since 2013, with the former union leader taking power after the death of his mentor Hugo Chavez. His 2018 election victory was widely regarded as an unfair contest, given that many prominent opposition parties were banned from taking part. "The destiny of Venezuela depends on our victory," Maduro said at a rally earlier this month, according to the Associated Press.
Persons: Venezuela Nicolas Maduro, Nicolas Maduro, Edmundo González Urrutia, Maduro, González, María Corina Machado, Corina, Maduro's, Hugo Chavez Organizations: Democratic, Maduro's United Socialist Party of Venezuela, Associated Press Locations: Venezuela, Caracas, Venezuelan
Auto giant Stellantis on Thursday reported a steep drop in first-half net profit, citing reduced volumes, temporary production gaps and lower market share in North America. The company, which owns household names including Jeep, Dodge, Fiat, Chrysler and Peugeot, reported first-half net profit of 5.6 billion euros ($6.07 billion), down 48% from the same period of 2023. Stellantis' adjusted operating income for the first six months of 2024 came in at 8.5 billion euros, down 5.7 billion euros on the year, primarily due to decreases in North America. For its part, Stellantis posted first-half net revenues of 85 billion euros, down 14% compared to the same period a year earlier. Of the 20 new product launches planned for 2024, Stellantis said 10 had already started production in the first six months of the year.
Persons: Ram, Stellantis, Carlos Tavares, Wall Organizations: Dodge Chrysler, Auto, Dodge, Fiat, Chrysler, Peugeot, U.S, General Motors, Ford Motor, GM, Ford Locations: Miami , Florida, North America
Bats are believed to be one of the carriers of Nipah virus, a zoonotic disease that spreads from animals to humans. Health authorities in the southern Indian state of Kerala are on high alert following the latest flare-up of the deadly Nipah virus. Kerala Health Minister Veena George said Tuesday that the close relatives of the teenager had tested negative for the virus, according to local media reports. The Nipah virus, which partly inspired the fictional "MEV-1" virus in the 2011 Hollywood film "Contagion," is considered one of the most dangerous pathogens circulating in the wild. The Nipah virus is transmitted to humans from animals such as fruit bats or pigs.
Persons: Veena George Organizations: World Health Organization Locations: Kerala, Malaysia, Nipah
A worker, called 'torchers', works in a charcoal production during scorching heat exceeding 40 degrees Celsius in Diyarbakir, Turkiye on July 18, 2024. The world registered its hottest day on record for the second time in just two days, according to the latest data compiled by the European Union's climate monitor. C3S, which has been tracking the daily global mean temperature since 1940, said Sunday's record had already shown "we are now in truly uncharted territory." The EU's climate monitor has warned that new temperature records are inevitable as the planet keeps warming. The fresh all-time high comes as excessive heat has gripped large parts of the U.S., Russia and southern Europe in recent days.
Locations: Diyarbakir, Turkiye, U.S, Russia, Europe
Treasury yields slipped on Wednesday as investors looked ahead to a fresh batch of economic data and considered the outlook for the U.S. economy. The yield on the benchmark 10-year Treasury note traded marginally lower at 4.237% at 4:50 a.m. ET, while the yield on the 2-year Treasury note fell less than 1 basis point to trade at 4.439%. Yields and prices move in opposite directions, and one basis point is equivalent to 0.01%.
Locations: U.S
The world's average temperature climbed to its highest level ever recorded on Sunday, according to the European Union's climate monitor. "On July 21st, C3S recorded a new record for the daily global mean temperature," C3S Director Carlo Buontempo said Tuesday. "What is truly staggering is how large the difference is between the temperature of the last 13 months and the previous temperature records. C3S confirmed on Tuesday that Sunday's average temperature reflects a fresh high, in their records which stretch back to 1940. CS3 said there have now been 57 days since July 3 last year that have exceeded that previous record.
Persons: C3S, Carlo Buontempo, Buontempo
Spencer Conley is one of the 25 contestants on season 21 of "The Bachelorette" starring Jenn Tran. From night one, Jenn is attracted to Spencer's "golden retriever energy" and attentiveness. Spencer is a "pet portrait entrepreneur" from Dallas who founded Print Our Pet in 2019. AdvertisementAs contestants are eliminated each week on season 21 of "The Bachelorette," Spencer Conley's "golden retriever energy" continues to charm Jenn Tran. "Since night one, Spencer's always been one to be really attentive toward me and he has golden retriever energy, which I am digging," Jenn says.
Persons: Spencer Conley, Jenn Tran, Jenn, Spencer, , Sam M, Devin, Spencer's Organizations: Service Locations: Dallas
A team of international scientists has found that oxygen is being produced in complete darkness approximately 4,000 meters below the ocean's surface. An international team of scientists has discovered that oxygen is being produced by potato-shaped metallic nodules thousands of feet below the surface of the Pacific Ocean. A team of scientists led by Professor Andrew Sweetman at the U.K.'s Scottish Association for Marine Science found that oxygen is being produced in complete darkness approximately 4,000 meters (13,100 feet) below the ocean's surface. "For aerobic life to begin on the planet, there had to be oxygen and our understanding has been that Earth's oxygen supply began with photosynthetic organisms," Sweetman said. "But we now know that there is oxygen produced in the deep sea, where there is no light.
Persons: Andrew Sweetman, Sweetman Organizations: Nature Geoscience, Scottish Association for Marine Science
So begins the 1981 Oscar-winning film “Chariots of Fire,” introducing a group of British athletes as they train for the Olympic Games. Based on the lives and gold-medal-winning performances of sprinters Eric Liddell and Harold Abrahams ahead of the 1924 Paris Olympics, “Chariots of Fire” won four Oscars – including Best Picture. Athletes and officials process during the Opening Ceremony of the 1924 Paris Olympics. “The film has got a way of really, really speaking to people … something much more than we envisaged or probably had been put into it. He went on to become an influential journalist, broadcaster and athletics administrator, and he remains one of only three British men to win the Olympic 100m title.
Persons: St Andrews, ” David Puttnam, , Eric Liddell, Harold Abrahams, Ronald Reagan, Joe Biden, , It’s, Liddell, Abrahams –, , Ian Charleson, Allan Wells, ” Eric Liddell, Firmin, Wells, Abrahams, Liddell’s, , , I’ve, they’ll, ” Sue Caton, He’d, ” John MacMillan, MacMillan, “ He’s, Robin Hood, ” Abrahams, ” Harold Abrahams, Ben Cross, Sam Mussabini, “ Harold Abrahams, Mark Ryan, ” Liddell’s, Ryan, Puttnam, Oscar, Tom McNab, Nigel Havers –, Andrew Lindsey –, we’d, … I’ve, ” Courage Organizations: CNN, Olympic Games, CNN Sport, Keystone, Hulton, Scottish, international, University of Edinburgh, Olympics, Topical Press Agency, Getty, Eric Liddell Community, Cambridge, AAA, Central Press, BBC, , Paris, ABC, Disney, Entertainment Locations: Scottish, St, Paris, Scotland, China, Asia, Moscow, Edinburgh, , St Andrews, England
CNN —Former Donald Trump White House adviser Peter Navarro was released from a Miami federal prison Wednesday after completing his four-month sentence for defying a subpoena from the January 6 congressional committee. Trump adviser Steve Bannon started serving his four-month sentence earlier this month at a federal prison in Connecticut. Navarro, who is in his 70s, worked as a law library clerk during his time in the prison camp, his prison consultant Sam Mangel told CNN. “It gave him a chance to write.”Mangel said Navarro was liked and respected by his fellow inmates while in the prison. While Navarro was unsuccessful in an emergency appeal to delay his prison sentence, he is now appealing his conviction on the merits.
Persons: Donald Trump White, Peter Navarro, Navarro, Trump, Steve Bannon, Sam Mangel, ” Mangel Organizations: CNN, Donald Trump White House, Miami federal, Republican National Convention, White House Locations: Miami, Milwaukee, Connecticut, Puerto Rican
Read previewWarning: Spoilers ahead for the season 21 premiere of "The Bachelorette." At the end of the night, Jenn gave him the first impression rose. Related storiesPrior to "The Bachelorette," Sam was single for almost a year. Jenn gave Sam her first impression rose after feeling an 'undeniable connection'"The Bachelorette" star Jenn Tran and contestant Sam M. on the season 21 premiere. New episodes of season 21 of "The Bachelorette" premiere on Mondays on ABC and stream the next day on Hulu.
Persons: , Jenn Tran's, Sam McKinney, Jenn, Sam M, Sam, Jenn Tran, John Fleenor, Disney Sam doesn't Organizations: Service, Business, Myrtle Beach , South Carolina Sam, Socastee High School, Wofford College, Disney, ABC Locations: Myrtle Beach , South Carolina, Hulu
Cenci’s two passions coincided when a plethora of centuries-old items were found June 20 in the yard of Christ Episcopal Church in Elizabeth City, North Carolina, where Cenci has served as rector since 2019. Excavation work is seen at Christ Episcopal Church in Elizabeth City, North Carolina. Daniel Cenci speaks at Christ Episcopal Church in Elizabeth City, North Carolina. His daughter Charlotte was married in the Episcopal church in 1833, according to church records and as posted by Lowry on Facebook. Part of a wine bottle from France was excavated from the site at Christ Episcopal Church in Elizabeth City, North Carolina.
Persons: Daniel Cenci, Cenci, WTKR, ” Cenci, ” Cinci, Michele Walker, Ian Lowry, Robyn Nix, Sam Moncla, George Davis, Charlotte, Lowry, Davis, ” Lowry, , Nix, “ We’re, Organizations: CNN, Episcopal, North, North Carolina Office, Raleigh, WTKR, North Carolina Department of Natural, Cultural Resources, Episcopal Church, Facebook Locations: Elizabeth City , North Carolina, North Carolina, Greenville, wasn’t, Pasquotank, France, China
On the upside, you get the best view in the house for the most famous tennis tournament in the world. The Royal Box at Wimbledon is an unending source of fascination for people ostensibly tuning in to watch some top-class sport. Guardiola and Williamson acknowledged the crowd, as is traditional in the Royal Box on middle Saturday. You get drinks on arrival, served on the balcony behind Centre Court, which overlooks some of the smaller courts. The invitation reads: ‘The Chairman and Committee of Management of The Championships request the pleasure of the company of [insert name] & Guest in the Royal Box on [insert date].
Persons: Jeff Bezos, David Attenborough, Princess, Wales, Kylie Minogue, Prince Albert of Monaco, Pep Guardiola, Bear Grylls, David Beckham, Samuel L Jackson, David Cameron, Sachin Tendulkar, Richard Branson, Alex Ferguson, James Bond, Christopher Eubanks, Debbie Jevans, Jevans, Pat Cummins, Niamh Cusack, Sir John Timpson, Keir Starmer’s, Theresa May, Sir David Attenborough, Katherine Jenkins, Dave Grohl, Olga Morozova, Ian Hewitt, Dame Sarah Gilbert, Gilbert, Irene Tracey, Dame Ruth Beverley, Nazanin Zaghari, Ratcliffe, Andy Murray’s, Murray, Zaghari, Roger Federer, Ryan Peniston, Karwai Tang, Pierce Brosnan, Anna Wintour, Russell Wilson, Sam Mendes, Eddie Redmayne, Sienna Miller, Jude Law, Ian McKellen, Maggie Smith, Michael McIntyre, Duke, Duchess of Kent, Prince Michael of Kent, Queen Elizabeth II, Geordie Greig —, , George Osborne, John Witherow, they’re, Guardiola, Williamson, Andrej Isakovic, Mark Philippoussis, Roger Federer’s, Conchita Martinez, Leah Williamson, Denise Lewis, Ben Stokes, Beckham, Gareth Southgate, Jordan Henderson, Geoff Hurst, Bobby Charlton, Luke Donald, Rory McIlroy, Ernie Els, Sergio Garcia, David Haye, Chris Hoy, Kelly Holmes, Nicola Adams, Jessica Ennis, Hill, you’ve, Aaron Chown, Tom Cruise ”, Lewis Hamilton, Novak Djokovic, ” sniffed, , ” Alan Chalmers, didn’t, , Pippa Middleton, Ilie Nastase, Serena Williams’s, hasn’t, Boris Becker, Eamonn Dalton Organizations: National Health Service, Wimbledon, Court, Lawn Tennis, Green Sport, Conservatives, Foo Fighters, BBC Radio, Royals, Evening, The, England women’s, European, Getty, Manchester City, Augusta, British, The New York Times, Olympic, Management, Inter Miami CF ’, “ Wimbledon Locations: British, Iran, Ratcliffe, Wales, That’s, London, AFP, England, Marbella, it’s, Romanian
The Esports World Cup (EWC) – which began on July 3 – has brought together professional gamers, publishers and fans from across the world for an eight-week competitive gaming bonanza. To bring this on the similar scale as the largest traditional sports events and something that brings together the whole industry,” Reichert said. Discovery – CNN’s parent company – and the Esports World Cup Foundation agreed to a new partnership which includes Eurosport, CNN and other WBD platforms. “From my experience, there are a lot of people in [Saudi Arabia] that love their games, right to the top. “It’s probably unprecedented how quickly Saudi Arabia is moving ahead in its progression.
Persons: , Ralf Reichert, ” Reichert, , Gen.G, Mohammed Saad, Reichert, , Sam Mathews, It’s, it’s, Prince Mohammed bin Salman, sportswashing, SGG, Rod Breslau, “ It’s, ” Dana Ahmed, Manahel, Otaibi, Nick McGeehan, FairSquare, Mohamed bin Salman, Liquid’s, Steve Arhancet, Mathews Organizations: CNN, CNN Sport, Riot, New York Times, Adidas, Warner Bros, Eurosport, Anadolu, Getty, EWC, EWC Foundation, Saudi, MBS, Fox News, Investment Fund, Gaming, Amnesty, Fnatic, Locations: Saudi, Saudi Arabia, esports, “ Saudi Arabia, Breslau
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