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☆ Europe economy: The recession may already be over
▼ + stars: | 2023-07-28 | by ( Mark Thompson | ) edition.cnn.com time to read: +3 min

Spain reported GDP growth of 0.4%, just a shade weaker than in the first quarter. Second-quarter GDP figures for the euro area as a whole will be published on Monday. “We expect a modest expansion in eurozone GDP after two weak quarters,” Oxford Economics said in a research note on Friday. Only 7% of forecasters expect the euro area to suffer another recession, or two consecutive quarters of contraction, between now and the first quarter of 2024. Separately, survey data released Monday showed that business activity in the euro area contracted at the fastest pace in eight months in July.

Persons: “, Christine Lagarde, ” Lagarde Organizations: CNN, “, French, Oxford, European Central Bank, headwinds, ”, ECB Locations: France, Spain, Germany, China

Official estimates in January showed the event would cost 161 million euros, to be paid by the government, the Catholic Church, the city council of Lisbon and nearby Loures. A number of public figures and politicians have criticised the Portuguese state for its share of the expenditure, which the government put at 30 million euros in January, as millions of Portuguese face galloping inflation. Earlier this year, heavy criticism forced the Lisbon city council to cut planned spending on an altar for Francis to celebrate a mass to 2.9 million euros from over 5 million euros. Asked about Bordalo II's carpet, Lisbon Mayor Carlos Moedas told reporters the artist used his voice to express his concerns and that such protests were normal for these events. ($1 = 0.9071 euro)Reporting by Catarina Demony; Editing by Andrei Khalip and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: Bordalo, Pope Francis, Francis, Artur Bordalo, Carlos Moedas, Catarina Demony, Andrei Khalip, Richard Chang Organizations: Catholic Church, Thomson Locations: LISBON, Lisbon, Loures, Portuguese

☆ Strong gas business helps to cushion Eni profit fall
▼ + stars: | 2023-07-28 | by ( ) www.cnbc.com time to read: +1 min

Italian energy group Eni reported a 49% fall in its adjusted net profit in the second quarter because of weaker commodity prices but a strong performance from its gas business helped it to beat forecasts. Adjusted net profit in the period came in at 1.94 billion euros ($2.13 billion) down from a bumper result of 3.81 billion euros a year ago, but above an analyst consensus of 1.64 billion euros. Eni now expects the gas business to reach an adjusted earnings before interest and taxes (EBIT) figure of between 2.7 billion and 3.0 billion euros for the year versus previous guidance of 2.0-2.2 billion euros. It also improved its full-year outlook for its low-carbon unit Plenitude and trimmed plans for capital expenditure this year to below 9 billion euros from a previous estimate of 9.2 billion euros. Group's expectation for adjusted EBIT for this year is confirmed at 12 billion euros even after taking into account a weaker oil and gas prices.

Organizations: Eni Locations: Cyprus, Nicosia, Ukraine

☆ Exxon profits slump 56%, joins global peers in energy price hit
▼ + stars: | 2023-07-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +4 min

Profits for global oil majors have dropped by about half from a bumper 2022, when Russia's invasion of Ukraine sent oil and gas prices soaring. Excluding last year's record second quarter, however, Exxon posted its strongest result for the April-to-June quarter in more than a decade, the largest U.S. oil company said, helped by cost cuts and the sale of less profitable assets. "You would have to go back to the second quarter of 2011 to find the last time we produced this level of earnings in the second quarter" excluding last year, she said. "Exxon results came in slightly weaker than expected across earnings and cash flow," RBC analyst Biraj Borkhataria wrote in a note. It distributed about $8 billion in cash to shareholders in the second quarter, including about $3.7 billion in dividends.

Persons: Kathryn Mikells, Biraj Borkhataria, Darren Woods, Woods, Mikells, Sabrina Valle, Sonali Paul, Jason Neely, Marguerita Choy Organizations: Exxon, Reuters, RBC, Chevron, Brent, Reuters Graphics Reuters, Thomson Locations: Ukraine, U.S, Guyana

☆ Argentina reach staff deal on loan reviews to unlock $7.5 billion
▼ + stars: | 2023-07-28 | by ( ) edition.cnn.com time to read: +3 min

The International Monetary Fund said on Friday that it has reached a staff-level agreement with Argentina to unlock about $7.5 billion and complete the fifth and sixth reviews of the struggling country’s $44 billion loan program. Reuters first reported that the agreement would combine the fifth and sixth reviews of Argentina’s IMF program — a move that provides additional loan funds sooner. The IMF said its board would meet to consider the agreement in the second half of August. The agreement calls for Argentina to tamp down import demand with new foreign exchange taxes for imported goods and to strengthen expenditure controls. Argentina is set to have another three reviews on its 2022 IMF program by September 2024, though the IMF statement didn’t specify what would happen with those.

Persons: Sergio Massa Organizations: Monetary Fund, Reuters, IMF, Argentine Locations: Argentina, Buenos Aires, Beijing

☆ Wall Street analysts become even more bullish on Meta after its latest earnings report
▼ + stars: | 2023-07-27 | by ( Hakyung Kim | ) www.cnbc.com time to read: +5 min

Meta has had a breakout year in 2023 — and Wall Street analysts think the stock has even further room to grow after company's latest quarterly report. The new target price implies more than 25% upside from Wednesday's close. Bank of America analyst Justin Post also increased his price target on Meta shares to $375 from $350. META YTD mountain Meta shares in 2023 Meanwhile, UBS hiked its price target to $400 from $335, implying 34% further upside. He reiterated his overweight rating while lifting his price target to $425 from $300, one of the highest on the Street.

Persons: Meta, Morgan Stanley, Brian Novak, Novak, Justin Post, Goldman Sachs, Eric Sheridan, Sheridan, Wells, Ken Gawrelski, Gawrelski, Stephen Ju, Ju, UBS's Lloyd Walmsley, Walmsley, Doug Anmuth, — CNBC's Michael Bloom Organizations: Wall Street, Meta, Bank of America, Citi, Reality Labs, UBS, Credit Suisse Locations: opex

☆ Samsung reports 95% drop in profit, but expects global demand to recover in second half of the year
▼ + stars: | 2023-07-27 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

A Samsung Galaxy Z Fold 5 smartphone, left, a Galaxy Z Flip 5 smartphone during the Galaxy Unpacked event in Seoul, South Korea, on Wednesday, July 26, 2023. Both DRAM and NAND flash memory chips also saw "more limited price drops" which improved second-quarter performance, compared with the first quarter, Samsung said. Weak electronics demandSamsung said that overall mobile phone market demand declined from the first quarter due to continued macroeconomic challenges such as inflation. Inflation has led to consumers cutting back on purchases of these goods, driving down prices for memory chips. Focus on premium foldable phonesSamsung said it will focus on the newly launched high-end Galaxy Z Flip 5 and Galaxy Z Fold 5 series to cement its leading position in the global foldable smartphone market.

Persons: SeongJoon Cho, Nabila Popal, Bryan Ma Organizations: Samsung, Galaxy, Apple Inc, Bloomberg, Getty, International Data Corporation, Micron, SK Hynix, IDC Locations: Seoul, South Korea, China

In particular, memory chip demand from corporate buyers stocking AI data centres as well as gaming personal computers is expected to increase in the second half of the year, the world's second-biggest memory chip maker said. SK Hynix reported a 2.9 trillion won ($2.28 billion) operating loss in the June quarter, down from 4.2 trillion won profit a year earlier on weak memory chip pricing and demand. AI CHIPSSK Hynix said demand for AI server memory had more than doubled in the second quarter compared to the first quarter. SK Hynix leads the market in high bandwidth memory (HBM) DRAM used in the fast-growing field of generative AI. Samsung, the world's biggest memory chip maker, will report its detailed second-quarter financial results on Thursday.

Persons: SK Hynix, Greg Roh, Nam Dae, 1,274.1300, Joyce Lee, Heekyong Yang, Christopher Cushing, Jamie Freed Organizations: Korea's SK Hynix, Microsoft, SK Hynix's, SK, SK Hynix, Revenue, Samsung Electronics, Hyundai Motor Securities, eBEST Investment, Securities, Samsung, Thomson Locations: SEOUL, KS, HBM

☆ Alphabet CFO Ruth Porat to become President and CIO
▼ + stars: | 2023-07-26 | 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 EmailAlphabet CFO Ruth Porat to become President and CIOCNBC's Deirdre Bosa joins 'TechCheck' to discuss mega-cap tech earnings, tech companies expecting elevated capital expenditure due to AI investment, and Alphabet's c-suite shake-up.

Persons: Ruth Porat, CNBC's Deirdre Bosa

☆ Nvidia wins again — plus two more takeaways from this week's mega-cap earnings
▼ + stars: | 2023-07-26 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

It was also one of several conclusions we made combing through the results and listening to the conference calls with investors. We are basically looking for results or management commentary that speaks to peer companies or the industry as a whole. On the call, management said it was "to support cloud demand, including investments in AI infrastructure." What is increased AI spending going to do for Meta's engagement and Reels monetization efforts? Nvidia chief Jensen Huang (centre L) poses for photographs before attending a press conference at Computex 2023 in Taipei on May 30, 2023.

Persons: it's, Sundar Pichai, We're, Jim Cramer's, Jim Cramer, Jim, Jensen Huang, Sam Yeh Organizations: Microsoft, Nvidia, Google, AMD, Intel, Jim Cramer's Charitable, CNBC, Afp, Getty Locations: Taipei

☆ China's politburo meeting leaves many economic headaches unaddressed
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +5 min

Encouraging higher wages requires unleashing the private sector from tight Communist Party controls, as well as boosting workers' bargaining power. Another headache for the Communist Party is youth unemployment surpassing 20%. The onus is on the private sector to provide those jobs, but many businesses lack confidence after years of crackdowns on the tech, financial and other industries. Chinese courts answer to the Communist Party. More profound structural reforms will have to wait until a key Party conference in December.

Persons: weren't, Marius Zaharia, Lincoln Organizations: Communist Party, Thomson Locations: HONG KONG, CHINA, China, United States, Japan, Beijing, crackdowns

☆ Microsoft beats quarterly estimates as AI boosts cloud business
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

July 25 (Reuters) - Microsoft (MSFT.O) on Tuesday surpassed Wall Street estimates for fourth-quarter revenue and profit as its cloud business benefited from product upgrades featuring new artificial intelligence (AI) technology. Revenue rose to $56.2 billion in the quarter ended June, compared with analysts' consensus estimate of $55.5 billion, according to Refinitiv. Microsoft's Intelligent Cloud unit, which houses the Azure cloud computing platform, grew revenue to $24 billion, compared with expectations of $23.8 billion. It is also aiming to sell cloud computing services that other firms will use to build AI services. The Microsoft segment containing the LinkedIn social network and its Office productivity software grew to $18.3 billion, compared with analysts' consensus estimate of $18.1 billion according to Refinitiv data.

Persons: Yuvraj Malik, Devika Organizations: Microsoft, Alpha, Thomson Locations: Bengaluru

☆ South Korea's Q2 GDP speeds up but weakness clouds outlook
▼ + stars: | 2023-07-25 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

It beat the median 0.5% rise forecast in a Reuters survey of economists and marked the biggest quarterly growth since the second quarter of 2022. "Qualitatively, it is not so positive as the headline figure indicates," said Park Sang-hyun, chief economist at HI Investment Securities. Asia's fourth-largest economy is expected to grow 1.4% in 2023, down from 2.6% in 2022, according to the latest forecasts by the central bank and the government. "The upshot is that the central bank, enabled by falling inflation, is likely to step in to support the economy by loosening monetary policy in the coming months," said Shivaan Tandon, emerging Asia economist at Capital Economics. Reporting by Jihoon Lee; Editing by Ed Davies, Kim Coghill and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Asia's, Shivaan Tandon, Jihoon Lee, Ed Davies, Kim Coghill, Sam Holmes Organizations: Gross, Bank of, HI Investment Securities, Capital Economics, Thomson Locations: SEOUL, Bank of Korea, Asia

☆ South Korea's economic growth ticks up in second quarter
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

SEOUL, July 25 (Reuters) - South Korea's economic growth ticked up in the second quarter, led by a more favourable net export contribution, official advance estimates showed on Tuesday, slightly exceeding market expectations. It beat the median 0.5% rise forecast in a Reuters survey of economists and marked the biggest quarterly growth since the second quarter of 2022. By expenditure, exports fell 1.8%, but imports dropped at a much faster rate of 4.2%, bringing a net growth contribution of positive 1.3 percentage points to the heavily trade-reliant economy. GDP for the quarter was 0.9% higher than the same quarter the year before, compared with an expansion of 0.9% in the January-March quarter and a 0.8% increase expected by economists. Reporting by Jihoon Lee; Editing by Ed Davies, Jonathan Oatis and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Asia's, Jihoon Lee, Ed Davies, Jonathan Oatis, Kim Coghill Organizations: Gross, Bank of, Thomson Locations: SEOUL, Bank of Korea

☆ South32 takes $1.3 billion hit against Hermosa; Q4 output steady
▼ + stars: | 2023-07-24 | by ( Navya Mittal | Rishav Chatterjee | ) www.reuters.com time to read: +2 min

(Reuters) -Australian diversified miner South32 on Monday said it will take an about $1.3 billion one-off charge in fiscal 2023 against its Hermosa project in Arizona, even as the company restored output at most of its operations in the fourth quarter. FILE PHOTO: The logo of Australian miner South32 can be seen at the venue of a media conference in Perth, Western Australia, November 18, 2015. Shares fell as much as 2.6% to A$3.72 as of 0344 GMT to hit their lowest in about two weeks. For the full year, manganese ore output jumped 4% to 5,653 kwmt. Output of metallurgical coal, the miner’s biggest revenue-generating commodity, jumped 9% to 1,504 thousand tonnes (kt) for the June quarter, while annual output slipped 4% to 5,497 kt.

Persons: South32, David Gray, Taylor, ”, Graham Kerr, ” Kerr, Josh Gilbert, Josh Organizations: Reuters, REUTERS, BHP Group, eToro AUS, “ Locations: Australian, Hermosa, Arizona, Perth, Western Australia

☆ Bitcoin falls sharply ahead of Fed meeting and as investors weigh Binance concerns
▼ + stars: | 2023-07-24 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Standard Chartered predicts that bitcoin could fall to $5,000 in 2023 as part of their research on potential market surprises next year. The price of bitcoin fell sharply and suddenly to start the week as investors awaited a major Federal Reserve policy decision and digested concerns around Binance. The reason behind the sharpness in the drop is unclear, although the move coincided with a Wall Street Journal report augmenting recent anxiety from investors around Binance. Elsewhere, investors are also watching what the Federal Reserve does at the conclusion of its two-day meeting on Wednesday. Despite the recent resilience in bitcoin and rally in equities, recession concerns remain as traders weigh the lagged effect of rate hikes and recent signals of slowing in the economy.

Persons: bitcoin, Bitcoin, Changpeng, Zhao, that's, Yuya Hasegawa, Hasegawa, —, Rohan Goswami Organizations: Chartered, Reserve, Metrics, Wall, Securities and Exchange Commission, Department of Justice, CNBC, Federal Locations: Binance

☆ Wall St sees bargains and lure of Europe buoying cruise, hotel earnings
▼ + stars: | 2023-07-24 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +4 min

Passenger ticket and onboard spending revenue is expected to increase 66% and 36%, respectively. Cabin bookings in the second quarter were up 58% compared to this time last year. For Carnival, booking volumes in the second quarter were 17% higher than in 2019, Carnival CEO Josh Weinstein told investors in June. Meanwhile, investors will be watching if record nightly rates for on-shore accommodations can offset revenue in the second quarter. Hotel and short-term rental rates were about 18% and 35% more expensive in the second quarter than in 2019, according to analytics firms CoStar and AirDNA.

Persons: Brandt Montour, McKinsey, Sylvia Jablonski, Patrick Scholes, Josh Weinstein, AirDNA, Hilton, Doyinsola Oladipo, Granth, Susan Heavey Organizations: YORK, Investors, Hilton Worldwide Holdings, Royal Caribbean Cruises, Barclays, Royal, Carnival Corp, Cruise Line Holdings, Airlines, Cruises, Cruise, Truist Securities, Thomson Locations: Europe, United States, AirDNA . U.S, Asia, New York, Bangalore

☆ Bank of America says Europe's oil majors ‘are close to bottoming out' — and names its top pick ahead of earnings
▼ + stars: | 2023-07-24 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Bank of America believes Europe's oil majors are about to hit an inflection point. This trend reflects investor anticipation for a long-awaited turn in earnings momentum, according to analysts at Bank of America. It named Shell as its "Big Oil top pick." The below table shows European Big Oil companies, the earnings release dates, and Bank of America's 12-month price target and upside potential. Shell As its top pick, Bank of America expects Shell to report strong second-quarter earnings and cash flows.

Persons: Christopher Kuplent, Shell, BofA, TotalEnergies Organizations: of America, Big, Bank of America, Shell, Oil, Big Oil, Bank of America's, BP, outflows, TotalEnergies Bank of America Locations: London , New York, Amsterdam, London, New York, Paris, Norwegian, Oslo

☆ Wall Street rides high into next week as traders brace for a major Fed decision and key earnings
▼ + stars: | 2023-07-21 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

The recent streak of gains in markets could be in jeopardy next week as traders come up against a big Federal Reserve meeting and earnings shift into high gear. However, markets are ramping up just ahead of several catalysts next week that could roil markets. According to the CME FedWatch Tool, 83% of traders expect monetary policymakers will be done at that point. 'Floodgate' of earnings season including tech The biggest week for earnings season is also up ahead, with results having been mixed thus far. Personal Consumption Expenditure index (June) 10 a.m.: Consumer sentiment (July final) Earnings: Exxon Mobil , Chevron , Procter & Gamble , T. Rowe Price

Persons: Jerome Powell, Hogan, Powell, Shannon Saccocia, Jackson, Yung, Yu Ma, that's, Saccocia, Northrop Grumman, Rowe Price Organizations: Reserve, Dow Jones, Riley Wealth Management, BMO Wealth Management, Big Tech, Microsoft, Chicago, P Global, PMI, GE, GE HealthCare, GM, Boeing, Hess, ADP, CME Group, eBay, Honeywell, Hershey, McDonald's, Mastercard, Northrop, Royal, Enphase Energy, Mobile, Ford Motor, Intel, Mondelez, Exxon Mobil, Chevron, Procter, Gamble Locations: Royal Caribbean

The plots to steal the weaponry and equipment were disrupted by Ukraine’s intelligence services and it was ultimately recovered, according to the report, titled “DoD’s Accountability of Equipment Provided to Ukraine.” CNN obtained the report via a Freedom of Information Act request. In late October, the US resumed on-site inspections of Ukrainian weapons depots as a way to better track where the equipment was going. The personnel did not provide the IG with corroborating paperwork by the time the investigation concluded, however, the report notes. Ukraine’s intelligence service disrupted the plot, according to the report. The Pentagon inspector general wrote that some larger items like missiles and helicopters were easier to track through intelligence mechanisms.

Persons: CNN —, ”, Military.com, Kyiv “, Colin Kahl, Biden, Kevin McCarthy, Ron DeSantis, Defense Department “ Organizations: CNN, Defense, ” CNN, Arms, Control, of Defense Cooperation, Kyiv, DoD, US, Republicans, Republican, Florida Gov, Command, Pentagon, Defense Department Locations: Ukraine, United States

☆ Post-it maker 3M is in danger of coming unstuck
▼ + stars: | 2023-07-19 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +10 min

There will be up to $1.5 billion of costs related to separating the health care business, 3M has said. Its interest cover, after backing out estimated operating income from health care, would fall to about 4 times from 11 times. And its net debt, using all these assumptions and excluding the health care division, would swell to nearly 5 times EBITDA from less than 2 times. Back out $2.5 billion from health care, as estimated by the Morgan Stanley team, and $1.5 billion of capital expenditure costs noted by Wolfe Research. For example, the water settlement, as drafted, only envisions $4.6 billion of outlays through 2025, and the rest over the ensuing 11 years.

Persons: Mike Roman, Roman, Sackler, Johnson, Aearo, ”, Morgan Stanley, Smith, Nephew, Lauren Silva Laughlin, Streisand Neto Organizations: YORK, Reuters, U.S . Environmental, Purdue Pharma’s, Association of Metropolitan Water Agencies, Bayer, Monsanto, Aearo Technologies, Partners, Honeywell International, Siemens, 3M, Refinitiv, Reuters Graphics, Wolfe Research, Thomson Locations: . Oregon, Republic, Corning

☆ Tech giants are supposed to be spending less. Nvidia is selling boatloads of GPUs. Both things can't be happening at once.
▼ + stars: | 2023-07-19 | by ( Alistair Barr | ) www.businessinsider.com time to read: +3 min

Big tech companies have been trying to keep a lid on spending plans. 2023 was supposed to be the year of austerity for Big Tech. So how can these tech giants be keeping a lid on spending, while Nvidia sales are surging? And the expectation is that Big Tech is going back to splurging again. That will be driven by a 31% jump in technical infrastructure spending this year, and a 15% increase next year.

Persons: Mark Shmulik, Morgan Stanley, ROIC Organizations: Big, Nvidia, Morning, Big Tech, Google, Meta, Microsoft, Bernstein Research Locations: splurging

☆ Ukraine's farmers fear the worst after grain deal collapses
▼ + stars: | 2023-07-19 | by ( Max Hunder | ) www.reuters.com time to read: +4 min

Of the 60,000 tons of produce grown on Huizinga's land last year, 50,000 tons was sent abroad through the grain deal. In total, Ukraine has been able to export 33 million tons of agricultural products through the deal. Some of Ukraine's western neighbours have restricted imports of Ukrainian grain under pressure from their farmers, who said they were suffering from the added competition. Ukraine expects to harvest 44 million tons of grain this year, down from a record 86 million-ton harvest in 2021. Both Marchuk and Huizinga believe grain shipments should continue through the Black Sea even without Russia's participation in the deal.

Persons: Artem Nechai, Kees Huizinga, Huizinga, Denys Marchuk, Max Hunder, Timothy Heritage, Philippa Fletcher Organizations: REUTERS, Agricultural, Reuters, United, Ukrainian Agrarian Council, Thomson Locations: Ukraine, Cherkasy region, Russia, Netherlands, Cherkasy, Eastern, United Nations, Turkey, Russian, Groningen, Romania, Izmail

☆ Higher debt burden 'inevitable' as Russia spends on military bloc -finance ministry
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

Russia's current level of debt is 22.8 trillion roubles, or 14.9% of gross domestic product (GDP), Deputy Finance Minister Irina Okladnikova said on Tuesday, naming 20% of GDP as the upper boundary of the safe debt limit. "We understand that in the current situation, we will increase debt, it is a hopeless situation," said Okladnikova at a meeting in Russia's upper house of parliament. "Therefore, we will increase debt, but we will try to remain within safe limits," Okladnikova said. Finance Minister Anton Siluanov said 2024 budget spending would be cut by around 450 billion roubles - 10% of so-called 'unprotected' spending - to free up money for other priorities. "We have budget expenditure of a little more than 29 trillion roubles," he said, with just 4.5 trillion in line for cuts, implying around 450 billion roubles (4.97 billion) slated for redistribution next year.

Persons: Irina Okladnikova, Okladnikova, Anton Siluanov, Siluanov, Darya, Alexander Marrow, Alexandra Hudson Organizations: Alexandra Hudson Our, Thomson Locations: Moscow, Ukraine's Donetsk, Luhansk, Kherson, Zaporizhzhia, Kyiv

☆ Americans aren’t rebuilding their savings fast enough
▼ + stars: | 2023-07-18 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

Fairly well, but at the expense of their nest eggs, according to a new analysis from the JPMorgan Chase Institute. A separate analysis that Wheat co-authored found that Americans have 10% to 15% more in their bank accounts today, compared to 2019. In June 2021, the top-income quartile of Chase customers had a median cash buffer of 43 days, while the lowest-income quartile had a median cash buffer of 22 days. At the same time, Americans weren’t spending as much money on goods and services when many businesses were forced to close. Cash buffers are drying up because families aren’t replenishing their savings when they dip into them, Wheat said.

Persons: ”, Chris Wheat, Wheat, That’s, quartile Organizations: New, New York CNN, JPMorgan Chase Institute, “, CNN Locations: New York

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