DIRS.INFO The most relevant business & tech news

Kathy Hochul of New York on Thursday forcefully urged President Biden to respond to the influx of migrants arriving in the state, underscoring the urgency of a situation that has vexed Democratic leaders for months. More than 100,000 migrants have traveled to New York City from the southern border over the past year, and more than half of them have taken refuge in the city’s shelters, straining the system. Unlike Mayor Eric Adams, the governor has taken pains to avoid overtly criticizing the president’s response, choosing to communicate with Mr. Biden and his staff behind the scenes instead. But the governor’s 10-minute address, live streamed from Albany, marked her most direct appeal to the federal government since she first called the migrant crisis a state emergency in May. She noted how the White House has failed to respond to her call to expedite work permits for newcomers and turn more federal properties into emergency shelters, saying, “We’ve managed thus far without substantive support from Washington.”

Persons: Kathy Hochul, Biden, Eric Adams, “ We’ve, ” Organizations: Democratic, White Locations: New York, New York City, Albany, Washington

☆ Nvidia earnings scare away AMD, Intel investors as legacy chipmakers lose ground in AI
▼ + stars: | 2023-08-24 | by ( Kif Leswing | ) www.cnbc.com time to read: +4 min

Developers in the world of artificial intelligence can't get enough of Nvidia's processors. "NVDA Data Center revenues are now expected to be more than double INTC+AMD Data Center revenues combined, underscoring the growing importance of accelerators for today's Data Center customers," Deutsche Bank analyst Ross Seymore wrote in a note on Thursday. Nvidia is now expected to post $12 billion in data center sales in the current quarter, according to FactSet data. AMD and Intel are trying to stay relevant in the AI market, but it's a struggle. Like Intel, AMD faces a timing challenge.

Persons: Nvidia's, Ross Seymore, Pat Gelsinger, it's, Raj Joshi, Morgan Stanley, Joseph Moore, Moore Organizations: Nvidia, AMD, Intel, Meta, Microsoft, today's Data Center, Deutsche Bank, Moody's Investors Services, Marvel Locations: French

Here are three major reasons why Nvidia stock — which has amore than tripled so far in 2023 — has not finished its climb, justifying our $600-per-share price target. That's because Wall Street's earnings estimates have been revised much higher than Nvidia stock's more-than-3% post-earnings gain. A forward price-to-earnings (P/E) ratio is calculated by dividing a company's stock price by its annual earnings-per-share (EPS). Using Thursday's midday price of roughly $486 per share, Nvidia stock trades at a 46.6 P/E, based on fiscal year 2024 estimates. That makes Nvidia's stock rally largely an earnings-driven story, not an ascent rooted in multiple expansion.

Persons: Nvidia's, —, Wall, Jensen Huang, Huang, Colette Kress, Grace Hopper Superchip, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Nvidia, Micro Devices, Intel, Microsoft, Oracle, Consumer, IDC, Broadcom, AMD, Jim Cramer's Charitable, CNBC Locations: Wednesday's, Santa Clara , California

☆ S&P 500 investors are betting on a handful of stocks like Tesla and Nvidia, Apollo's Marc Rowan warns
▼ + stars: | 2023-08-24 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The S&P 500 is dominated by a handful of Big Tech companies like Apple and Amazon. Investors in the index are speculating on just a few companies, Apollo's Marc Rowan says. The S&P 500 weights its constituents by market capitalization, meaning companies with trillion-dollar market caps like Apple, Amazon, Alphabet, and Microsoft have outsized influence among the roughly 500 stocks in the benchmark index. Moreover, Apollo outbid Berkshire for Tech Data in 2019, underscoring that Rowan and Buffett have similar tastes in businesses. Buffett hasn't voiced the same concerns as Rowan about the intense concentration of Big Tech in the S&P 500.

Persons: Apollo's Marc Rowan, Rowan, it's, Warren Buffett, Marc Rowan, Buffett, Buffett hasn't Organizations: Big Tech, Apple, Investors, Service, Nvidia, Australian Financial, Apollo Global, Microsoft, Apollo, Athene, Tech Data, Berkshire Locations: Wall, Silicon, Berkshire

☆ Column: US power system gets gasier, but not much cleaner, in 2023
▼ + stars: | 2023-08-23 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +6 min

Total power generation across the lower 48 states through Aug. 20, 2023 declined by 2.1% from the same period in 2022, data compiled by Refinitiv shows. All major U.S. power markets increased electricity generation from natural gas in Jan-Aug 2023 from the same period in 2022, and cut generation from coal. Output from clean power sources, including renewables and hydro, increased by 12%, despite drops in output from biomass and wind power sources, and a decline in imports from neighbouring states. Clean power sources accounted for a 57.4% share of the CAISO generation mix, up from 50.7% in January through Aug. 20 in 2022. THE NORTHWEST & THE RESTThe Pacific Northwest of the United States had the steepest decline in clean power generation of all the major power markets in the country.

Persons: Carlos Barria, Gavin Maguire, Sonali Paul Organizations: REUTERS, Electric, of Texas, Reuters, Thomson Locations: Mountain View , California, U.S, LITTLETON , Colorado, Jan, National, TEXAS, Texas, CALIFORNIA, California, United States

☆ Analysis: A remarkable day at Fulton County jail as Trump's surrender looms
▼ + stars: | 2023-08-23 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

And yet, the flurry of activity on Tuesday in Fulton County, Georgia, showed that more than two years after Trump’s effort to defy the will of voters, the wheels of justice are grinding forward and that consequences may be nearing. Eastman later defiantly claimed the country had crossed a “Rubicon” in the Georgia case and declared he still believed the election was stolen – despite a mountain of evidence to the contrary. And Rudy Giuliani, the hero of 9/11, is set to meet with the Fulton County District Attorney’s Office on Wednesday to discuss a bond agreement, sources told CNN. What the Fulton County theatrics say about the caseThe events unfolding at the Fulton County jail this week are important because they shed light on the contours and complexity of the Georgia case. He also visited the site of a post-election audit in Cobb County, Georgia.

Persons: Donald Trump’s, Trump, he’s, Jenna Ellis, she’s, John Eastman, Mike Pence, Joe Biden’s, Eastman, Scott Hall, Mark Meadows, Rudy Giuliani, He’s, Bernie Kerik –, Giuliani, who’d, Jack, Lago, Taveras, Fani Willis, Meadows, Brad Raffensperger, Jeffrey Clark, Willis, Vladimir Putin Organizations: CNN, Republican, Electoral College, White House, New York Police, Trump, Mar, Georgia, Former Locations: Atlanta, Fulton County , Georgia, Georgia, Fulton County, Fulton, Manhattan, Meadows, Cobb County , Georgia

☆ Pork belly prices are up 100% this year — your breakfast bacon is about to get pricier
▼ + stars: | 2023-08-23 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +4 min

Wholesale pork belly prices are currently trading at 270.89 cents per pound. And consumers are about to see even higher prices of bacon, which is primarily cut from pork bellies. Analysts who spoke to CNBC attributed the surge in pork prices partly to a recently imposed animal welfare regulation in California, which came into effect July 1. Proposition 12 played a "major role" in the surge in prices, said Urner Barry pork market analyst, Ryan Hojnowski. Consequently, sellers of bacon will want to keep their profit margins up — thus, the spike in pork belly wholesale prices is going to translate to higher retail and food services prices, he said.

Persons: Bacon, Zachary Zirlin, —, That's, Brian Earnest, Cobank's Earnest, Earnest, Barry, Ryan Hojnowski, Hojnowski, Urner Barry, Glenn Asakawa Organizations: Eyeem, Getty, CNBC, National Pork Producers Council, Medianews, Denver Locations: California, FactSet, Colorado

☆ Investors look to AI-darling Nvidia's earnings as US stocks rally wobbles
▼ + stars: | 2023-08-23 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

REUTERS/Robert Galbraith/File Photo Acquire Licensing RightsNEW YORK, Aug 23 (Reuters) - Bullish investors are hoping Wednesday's earnings report from chip heavyweight Nvidia (NVDA.O) can rejuvenate a U.S. stocks rally that has stumbled in recent weeks. The market's turbulence is intensifying focus on Nvidia's fiscal second quarter report, due after market close on Wednesday. Following that report, the S&P 500 technology sector (.SPLRCT) rallied 8% over the next five days. Signs that the central bank intends to hold rates around current levels for longer than investors had anticipated could further weigh on stocks. In a Monday note, Goldman analysts said an equal-weighted basket of those 11 stocks had returned 69% so far in 2023, outpacing a 7% gain for the overall equal-weight S&P 500.

Persons: Robert Galbraith, Anthony Saglimbene, Chuck Carlson, Jerome Powell, Goldman Sachs, Goldman, Lewis Krauskopf, Saqib Iqbal Ahmed, Ira Iosebashvili, Matthew Lewis Organizations: Nvidia, REUTERS, Apple, Microsoft, Big Tech, Ameriprise, Reuters, Societe Generale, Horizon Investment Services, Nasdaq, Federal, NVDA, Goldman, Thomson Locations: Santa Clara , California, U.S, Jackson Hole , Wyoming, outpacing, New York

"The price of global rice prices is particularly worrying," Qingfeng Zhang, a senior director from the Asian Development Bank, told CNBC. Other than India, food inflation has been relatively tame in Asia so far this year. Underscoring how higher food prices erode purchasing power, ADB suggested at that time that a 10% rise in domestic food prices in developing Asia would push 64.4 million into poverty, based on the $1.25-a-day poverty line. Moreover, this spike in rice prices is happening amidst widespread lower food prices. watch nowThis means any spikes in food prices will only translate to food inflation toward the end of this year or early 2024.

Persons: Qingfeng Zhang, El Niño, Niño, Erica Tay, Tay, Tay . Rice, Xi Jinping, Morgan Stanley, Maybank Nomura, Sonal Varma, Si Ying Toh, Nomura, Paul Hughes, Hughes, Global's Hughes Organizations: Istock, Asian Development Bank, CNBC, ADB, United Nations, FAO, Tay . Locations: Ho Chi Minh, Vietnam, Asia, India, Thailand, China, Myanmar, Cambodia, Tay, U.S, El, Australia, Pacific, Singapore, Hong Kong, Indonesia, South Korea, Philippines, Malaysia

☆ Meta's Threads begins rolling out on the web, as Zuckerberg takes more direct aim at Elon Musk's X
▼ + stars: | 2023-08-22 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +2 min

In this photo illustration, the Threads logo by META is displayed on a smartphone with Twitter logo in the background. Threads is the new social network from Meta Platforms which was launched on the 5th of July 2023. A Meta spokesperson said the company will be "rolling out" the web version of Threads for the general public "over the next few days." Influencers and power users on X often use the desktop version of the app to post comments and share content throughout the day. Although Zuckerberg recently told analysts on an earnings call that he's "quite optimistic" about Threads, Meta is not planning to monetize the app until it's more established.

Persons: Meta, Mark Zuckerberg, influencers, Elon Musk, Zuckerberg Organizations: Meta, CNBC

☆ Grieving Governor’s Moderate Gun Proposal Is Spurned by G.O.P. Allies
▼ + stars: | 2023-08-21 | by ( Emily Cochrane | More About Emily Cochrane | ) www.nytimes.com time to read: +1 min

Bill Lee of Tennessee began a push in April to address public safety, his family was grieving the loss of two close friends, both educators killed in a mass shooting at a Nashville Christian school. His call for millions of dollars to harden school security was embraced by Republicans in the legislature, who flanked him during a formal announcement. But days later, when Mr. Lee, a Republican, decided to go further and ask for an order of protection law that could temporarily restrict an individual’s access to firearms, he stood alone for the announcement. The legislature would wrap up its work by the end of the month without taking a vote to pass it. Now, Mr. Lee has summoned lawmakers back to Nashville on Monday for a special session on public safety that could include consideration of a limited version of the law.

Persons: Bill Lee of, Lee Organizations: Gov, Nashville Christian, Republicans, Republican Locations: Bill Lee of Tennessee, Nashville

☆ Morning Bid: Bonds burn on as China rate cut underwhelms
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +4 min

A sign is seen outside the 11 Wall St. entrance of the New York Stock Exchange (NYSE) in New York, U.S., March 1, 2021. Although prompted by a deepening property sector bust and worrying economic activity undershoot, China's latest widely expected interest rate cut on Monday was surprisingly small - underscoring concerns that official efforts to shore up the economic malaise are still just piecemeal. The People's Bank of China lowered its one-year lending rate by only 10 basis points to 3.45% - less than the 15bp cut forecast - and it left five-year rates unchanged. UBS became the latest global bank to slash China's annual economic growth forecast for this year - down to 4.8% from 5.2%. Ten-year Treasury yields hovered below last week's highs on Monday, however, and Wall St stock futures were firmer ahead of the open.

Persons: Brendan McDermid, Mike Dolan There's, China's, Xi Jinping, Vladimir Putin, disinflation, Germany's, Crest Nicholson, Mike Dolan, Bernadette Organizations: New York Stock Exchange, REUTERS, People's Bank of, Stock Connect, HK, UBS, Treasury, Federal, Jackson, Wall St, BRICS Summit, Reuters Graphics Reuters, Reuters, Thomson Locations: New York, U.S, China, People's Bank of China, South Africa, Brazil, Russia, India, Ukraine, Wall, Johannesburg

☆ Race for moon resources has begun, says Russia's space chief after failed lunar mission
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

MOSCOW, Aug 21 (Reuters) - The race to explore and develop the moon's resources has begun and Russia must remain a player despite the failure of its first lunar mission in 47 years, the head of Russia's space agency Roskosmos said on Monday. Russia's Luna-25 space craft spun out of control and crashed into the moon on Saturday after a problem preparing for pre-landing orbit, underscoring the post-Soviet decline of a once mighty space programme. "Today it is also of a practical value because, of course, the race for the development of the natural resources of the moon has begun. And in the future, the moon will become a platform for deep space exploration, an ideal platform." Russia has said it will launch further lunar missions and then explore the possibility of a joint Russian-China crewed mission and even a lunar base.

Persons: Roskosmos, Russia's Luna, Yury Borisov, Vladimir Soldatkin, Gareth Jones Organizations: NASA, Artemis Accords, Thomson Locations: MOSCOW, Russia, Handout, Russian, China, United States

☆ What's gone wrong with China's economy
▼ + stars: | 2023-08-21 | by ( Laura He | ) edition.cnn.com time to read: +8 min

It’s a far cry from global financial meltdown of 2008, when China launched the largest stimulus package in the world and was the first major economy to emerge from the crisis. It’s also a reversal from the early days of the pandemic, when China was the only major developed economy to dodge a recession. Property woesChina’s economy has been in doldrums since April, when momentum from a strong start to the year faded. While Evergrade is still undergoing a debt restructuring, troubles at Country Garden raised fresh concerns about the Chinese economy. Beijing has so far unveiled a steady incremental drip of measures to boost the economy, including interest rate cuts and other moves to help the property market and consumer businesses.

Persons: rekindling, Ying Tang, Morgan Stanley, Xi Jinping, It’s, what’s, Evergrande, Evergrade, ”, Julian Evans, Pritchard, Evans Organizations: Hong Kong CNN, UBS, Nomura, Barclays, Garden, Zhongrong Trust, CNN, Capital Economics, “, People’s Bank of China, National Health Commission, Moody’s Investors Service Locations: Hong Kong, China, Shanghai, It’s, doldrums, Beijing, United States, Europe

SummaryCompanies Russia moon mission failsLuna-25 crashes into the moonFailure is a blow to Russian space prestigeSoviet space veteran: Luna-25 was my last hopeMOSCOW, Aug 20 (Reuters) - Russia's first moon mission in 47 years failed when its Luna-25 space craft spun out of control and crashed into the moon after a problem preparing for pre-landing orbit, underscoring the post-Soviet decline of a once mighty space programme. Russia's state space corporation, Roskosmos, said it had lost contact with the craft at 11:57 GMT on Saturday after a problem as the craft was shunted into pre-landing orbit. Though moon missions are fiendishly difficult, and many U.S. and Soviet attempts have failed, Russia had not attempted a moon mission since Luna-24 in 1976, when Communist leader Leonid Brezhnev ruled the Kremlin. Russian officials had hoped that the Luna-25 mission would show Russia can compete with the superpowers in space despite its post-Soviet decline and the vast cost of the Ukraine war. "This was perhaps the last hope for me to see a revival of our lunar program," he said.

Persons: Luna, Roskosmos, Yuri Gagarin, Leonid Brezhnev, Anatoly Zak, Zak, Mikhail Marov, Marov, Guy Faulconbridge, Christina Fincher, Frances Kerry Organizations: Kremlin, India, Indian Space Research Organisation, ISRO, YP Rajesh, Thomson Locations: Russia, MOSCOW, Moscow, Soviet, Europe, Tenerife, China, United States, Handout, Ukraine, Soviet Union, India, Delhi

REUTERS/Francis Kokoroko Acquire Licensing RightsABUJA/NIAMEY, Aug 19 (Reuters) - A delegation from West Africa's main regional bloc ECOWAS met Niger's ousted president Mohamed Bazoum and held talks with junta leader General Abdourahmane Tiani in the capital Niamey on Saturday, a Nigerian presidential spokesperson said. The group that flew in was led by Nigeria's former military leader Abdulsalami Abubakar and included ECOWAS commission president Omar Touray, the source said. "After meeting .... (junta leader) General Abdoulrahmane Tchiani, the ECOWAS delegation in Niger have also visited President Mohamed Bazoum this evening," he wrote on messaging platform X, formerly known as Twitter. There was no immediate comment from the junta, which has held president Mohamed Bazoum since seizing power despite international calls for his release. ECOWAS has taken a harder stance on the Niger coup, the wider region's seventh in three years, than it did on previous ones.

Persons: Francis Kokoroko, Niger's, Mohamed Bazoum, General Abdourahmane Tiani, Abdulsalami Abubakar, Omar Touray, Abdulaziz Abdulaziz, General Abdoulrahmane Tchiani, Tiani, Alessandra Prentice, Toby Chopra, Jane Merriman Organizations: Chiefs, Defense, REUTERS, Rights, ECOWAS, West, Twitter, Islamic, U.S . State Department, Thomson Locations: Republic of Niger, Accra, Ghana, Rights ABUJA, NIAMEY, West Africa's, Niamey, Niger, al Qaeda, Islamic State

☆ Gulf Coast officials are scrambling to prepare for a hurricane and extreme heat
▼ + stars: | 2023-08-19 | by ( Rachel Ramirez | ) edition.cnn.com time to read: +8 min

And along the Gulf Coast, officials are now grappling with how to handle two potentially deadly disasters set to compound: a hurricane and extreme heat. Last week, the city issued an emergency declaration for extreme heat, underscoring rising concerns about widespread power outages ahead of peak hurricane season. Experts have also said that extreme heat is a silent killer and can be a major contributing factor in the overall hurricane death toll. “If Miami experienced extreme heat at the same time, portions of our community would have no relief for what could be days or weeks,” Williams told CNN. Officials there are still navigating how to properly prepare for the rapidly changing extreme weather to avoid mass casualties.

Persons: CNN — It’s, ” Anna Nguyen, —, they’ve, ” Christopher Dalbom, who’s, Christiana Botic, Nikisha Williams, ” Williams, Irma pummeled, ” Thomas Muñoz, “, We’ve, Pete Gomez, Hurricane Ida, Eva Marie Uzcategui, Daniella Levine Cava, Gomez, ” Gomez, Williams, ”, Muñoz, I’ve, ” Muñoz, Nguyen, they’re, Katrina, ” Nguyen, “ There’s Organizations: CNN, New Orleans Homeland Security, Preparedness, Tulane Center, Environmental Law, New York Times, The Miami Foundation, Miami, Houston’s Office, Emergency Management, Dade, Bloomberg, Getty, Homeless Locations: Gulf Coast, New Orleans, Miami, Dade County , New Orleans, Houston, Coast, Irma pummeled Florida, Texas, Florida, Dade County, Miami , Florida, “, Orleans

☆ Opinion | What Trump’s Debate Stunt Says to Republican Voters
▼ + stars: | 2023-08-18 | by ( Michelle Cottle | ) www.nytimes.com time to read: +2 min

Mr. Trump may well be correct to assume he has more to lose than gain from these matchups. They are meant to provide voters with a meaty opportunity to judge their options side-by-side, to listen to them field tough questions, to compare their policies and priorities and visions of leadership. It is all the truer for Mr. Trump, who is dominating the Republican herd. Even with Mr. Trump missing, there will be much awkward talk of him. I’m sorry, but we already watched Mr. Carlson give Mr. Trump a thorough bootlicking back in April, not long before Fox News gave Mr. Carlson the boot, in fact, and it was sad.

Persons: Trump, MAGA, Fox, Chris Christie, Christie, coy, Tucker Carlson, Carlson, Don Jr Organizations: Mr, Republican, The Times, Fox News

Cisco Systems (CSCO.O) gained 2.2% in premarket trading after the networking equipment maker's fourth-quarter results beat estimates, and its CEO talked up artificial intelligence opportunities. Traders' bets of a rate hike pause from the Fed in September slipped to 86.5% from about 89% a week earlier, according to CME Group's Fedwatch tool. Walmart results follow stronger-than-expected earnings from Target (TGT.N) and Home Depot (HD.N) earlier this week, marking an upbeat second quarter for major U.S. retailers. ET, Dow e-minis were up 37 points, or 0.11%, S&P 500 e-minis were up 16 points, or 0.36%, and Nasdaq 100 e-minis were up 72.5 points, or 0.49%. Reporting by Amruta Khandekar and Shristi Achar A in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, Thomas Martin, Oppenheimer, Amruta Khandekar, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Cisco, Dow, Nasdaq, U.S, U.S . Federal, Cisco Systems, Globalt Investments, Traders, Fed, Nvidia, Rosenblatt Securities, Walmart, Target, CVS Health Corp, Dow e, Ball Corp, BAE Systems, Thomson Locations: New York, U.S ., U.S, Bengaluru

Cisco Systems (CSCO.O) gained 4.6% after the networking equipment maker's fourth-quarter results beat estimates, and its CEO talked up artificial intelligence opportunities. The S&P 500 health sector (.SPXHC), down 0.2%, was among the few major sectors in the red. Advancing issues outnumbered decliners by a 1.91-to-1 ratio on the NYSE and by a 1.16-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and 12 new lows, while the Nasdaq recorded 11 new highs and 95 new lows. Reporting by Amruta Khandekar and Shristi Achar A in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, Dow, Thomas Martin, Amruta Khandekar, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Cisco, Dow, Nasdaq, U.S, U.S . Federal, Cisco Systems, Globalt Investments, Traders, Fed, Walmart, Target, CVS Health Corp, . Energy, Dow Jones, Ball Corp, BAE Systems, NYSE, Thomson Locations: New York, U.S ., U.S, Bengaluru

☆ Japan trade data dims growth prospects as China leads decline in Asia exports
▼ + stars: | 2023-08-17 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Japan posted its first monthly decline in exports in more than 2 years, as weaker demand in its biggest trading partners in China and the rest of Asia dimmed prospects for growth in the world's third-largest economy. Exports fell 0.3% in July from a year earlier for the first time since February 2021, according to provisional data released Thursday by Japan's Ministry of Finance. Exports to Asia plunged almost 37%, while those to China contracted 13.4% in an eighth consecutive monthly decline, underscoring the magnitude of the slowdown in the mainland. Japan's domestic demand showed no meaningful improvement, underscored by imports that slumped 13.5% in July. A surge in imports had propelled a provisional 6% growth in Japan in the second quarter, though economists are expecting global demand to weaken in the second half of the year.

Persons: Sayuri Shirai Organizations: Japan's Ministry of Finance, Exports, Keio University, CNBC Locations: Japan, China, Asia, U.S, Europe

☆ Yen treads on intervention zone; kiwi, Aussie dollars hit by China woes
▼ + stars: | 2023-08-16 | by ( ) www.cnbc.com time to read: +3 min

The China gloom saw the Australian and New Zealand dollars, often used as liquid proxies for the yuan, tumbling to their lowest levels since November in early Asia trade. The Aussie bottomed at $0.6440, while the kiwi slid to a low of $0.5939, ahead of a rate decision by the Reserve Bank of New Zealand later on Wednesday. "But where we are at the moment, I think the jawboning will continue but I'm not convinced that we'll see intervention." The greenback predictably rode Treasury yields higher, with the dollar index eking out a slight gain to 103.22. The euro was little changed at $1.0902, while sterling dipped 0.05% to $1.2696, ahead of U.K. inflation data due later on Wednesday.

Persons: Aninda Mitra, Shunichi Suzuki, Ray Attrill, I'm Organizations: New, Reserve Bank of New, People's Bank of, BNY Mellon Investment Management, Finance, National Australia Bank, Federal Reserve, Treasury Locations: Asia, Beijing, China, New Zealand, Reserve Bank of New Zealand, People's Bank of China, Japan

☆ The Return of Tony Blair
▼ + stars: | 2023-08-16 | by ( Stephen Castle | More About Stephen Castle | ) www.nytimes.com time to read: +1 min

A decade and a half after Tony Blair left Downing Street, one issue still defines the former British prime minister in the eyes of many Britons: his disastrous decision to join the U.S.-led invasion of Iraq. When Mr. Blair was given a knighthood by Queen Elizabeth II last year, more than a million people signed a petition demanding the honor be rescinded. Today, with the Labour opposition sensing rising power under the stewardship of its leader, Keir Starmer, Mr. Blair is suddenly, and rather remarkably, back in favor. For Mr. Starmer, embracing Mr. Blair sends a political message, underscoring Labour’s shift to the center. But the former prime minister also has charisma and communication skills that Mr. Starmer lacks, assets that could be useful as a general election approaches.

Persons: Tony Blair, Blair, Queen Elizabeth II, Keir Starmer, Starmer Organizations: British, Labour Party, Labour, Tony, Tony Blair Institute for Global Locations: U.S, Iraq

☆ Yen treads on intervention zone; kiwi, Aussie dlrs hit by China woes
▼ + stars: | 2023-08-16 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Banknotes of Japanese yen are seen in this illustration picture taken September 22, 2022. The Aussie bottomed at $0.6440, while the kiwi slid to a low of $0.5939, ahead of a rate decision by the Reserve Bank of New Zealand later on Wednesday. "But where we are at the moment, I think the jawboning will continue but I'm not convinced that we'll see intervention." The greenback predictably rode Treasury yields higher, with the dollar index ekeing out a slight gain to 103.22. The euro was little changed at $1.0902, while sterling dipped 0.05% to $1.2696, ahead of UK inflation data due later on Wednesday.

Persons: Florence Lo, Aninda Mitra, Shunichi Suzuki, Ray Attrill, I'm, Rae Wee, Shri Navaratnam Organizations: REUTERS, Rights, New, Reserve Bank of New, People's Bank of, BNY Mellon Investment Management, Finance, National Australia Bank, Federal Reserve, Treasury, Thomson Locations: Asia, Beijing, China, New Zealand, Reserve Bank of New Zealand, People's Bank of China, Japan

☆ Gold wavers near recent lows as traders bet on more U.S. rate hikes
▼ + stars: | 2023-08-16 | by ( ) www.cnbc.com time to read: +2 min

A worker handles an Argor-Heraeus SA one kilogram gold bar at Solar Capital Gold Zrt. Spot gold held its ground at $1,903.70 per ounce by 0317 GMT, while U.S. gold futures were flat at $1,935.40. We have the U.S. retail sales data yesterday pushing back against recession concerns and potentially keeping safe-haven flows at bay," Jun Rong added. U.S. retail sales increased more than expected in July, underscoring economy's resilience despite Fed's aggressive interest rate hikes to tame inflation. Later in the day, investors will scan minutes from Fed's July policy meeting to gauge its upcoming rate strategy.

Persons: Jun Rong, Neel Kashkari Organizations: Heraeus SA, Solar, Treasury, Federal Reserve, U.S ., IG, Minneapolis Locations: Budapest, Hungary, U.S

Search resuls for: "underscoring"

25 mentions found