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☆ Apple faces 'strong action' if App Store changes fall short, EU's Breton says
▼ + stars: | 2024-01-26 | by ( ) www.cnbc.com time to read: +2 min

Apple faces strong action if changes to its App Store do not meet incoming European Union regulations, the bloc's industry chief said on Friday. However, critics have said the changes do not go far enough, arguing Apple's fee structure remains unfair, and that the changes may be in violation of the DMA. Under Apple's new EU regime, developers will still have to submit apps to Apple for review for cybersecurity risks and obvious fraud. Apple said on Friday the core technology fee only applies to developers who choose to opt into the new business terms. Under the new business terms for EU apps, Apple estimates that 99 percent of developers would reduce or maintain the fees they owe to Apple, the company said.

Persons: Thierry Breton, Apple Organizations: Apple, Union, Digital Markets, Reuters, EU, Meta, Spotify

☆ These charts show how much traffic has plunged in the Suez and Panama canals — and the potential impact on inflation
▼ + stars: | 2024-01-22 | by ( Aruni Soni | ) www.businessinsider.com time to read: +3 min

Read previewThe number of vessels passing through the Suez Canal and Panama Canal have dropped 50% from normal levels, according to Apollo Management's top economist. AdvertisementSuez Canal slowdownAbout 12% of global trade passes through the Suez Canal, according to an estimate from the US Naval Institute. Related stories"Normally, 200 ships travel through the Suez Canal from south to north over a week, but that number has recently declined to 100," Sløk wrote. Suez Canal traffic is down 50% APThe trouble in the Suez Canal has been ratcheting up as Yemen-based Houthi rebels have been launching attacks against ships in the Red Sea, forcing some ships to take longer — and costlier — detours. And although goods inflation has been tumbling, higher shipping costs could send that back up again if they continue to follow recent trends.

Persons: —, Torsten Sløk, Sløk, Thierry Wizman Organizations: Service, Business, US Naval Institute, Apollo, Container, Shipping, Apollo Management, Macquarie Locations: Suez, Panama, Yemen, Red, Shanghai, Rotterdam, Drewry

☆ Ukraine is getting a new cache of Storm Shadow missiles from its allies
▼ + stars: | 2024-01-17 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +3 min

France announced it is giving Ukraine around 40 more SCALP/Storm Shadow missiles. The long-range missiles have enabled Ukraine to hit targets deep behind Russia's lines. AdvertisementFrance announced on Tuesday that it was sending Ukraine roughly 40 more long-range Storm Shadow missiles, which have become a key weapon in Ukraine's arsenal. President Emmanuel Macron said that around 40 SCALP missiles — also known as Storm Shadow missiles — as well as hundreds of other bombs would be delivered to Ukraine in the next few weeks, as part of a new deal to give the beleaguered country more sophisticated weapons. AdvertisementStorm Shadow/SCALP missiles have allowed Ukraine to strike far behind Russia's lines, and have enabled it to hit key military targets.

Persons: —, Emmanuel Macron, Macron, Thierry Wurtz, Joe Biden, Donald Trump Organizations: Ukraine, Service, Russia, Associated Press, Rafale, Republicans Locations: France, Ukraine, Russian, Hungary, Russia, Europe

☆ FIFA Best Awards: Lionel Messi, Aitana Bonmatí, a green carpet and a mini tuxedo. Step inside the surreal world
▼ + stars: | 2024-01-16 | by ( Matias Grez | Ben Church | ) edition.cnn.com time to read: +8 min

The Spaniard went on to be crowned the Best Men’s Coach after guiding City to the treble last season. That is not normal – for anything in history.”Manchester City Pep Guardiola poses with the trophy after being named the best men's coach in 2023. Later, shortlists were determined by two separate panels of experts in men’s and women’s football. Players past and present were in attendance, including the likes of Brazilian great Ronaldo and the newly crowned Women’s Best Player, Aitana Bonmatí. I’m very happy about how women’s football has evolved in Brazil and in the world.

Persons: CNN —, Pep Guardiola, Romina Polenta, Polenta, Lionel Messi, Kylian Mbappé, Erling Haaland, “, Messi, ” Polenta, Manchester City Pep Guardiola, Michael Regan, Johanne Perraud, “ Kiki, ”, Perraud didn’t, murmurs, shortlists, Ronaldo, Aitana Bonmatí, Oussama Nacer, I’ve, Nacer, Thierry Henry, ” Johanne Perraud, Romina, Matias Grez, Spain’s Jennifer Hermoso, Luis Rubiales, Rubiales, Hermoso, Sarina Wiegman, Marta, “ There’ll, I’m, It’s, Hugo Íñiguez, Íñiguez’s, Íñiguez Organizations: CNN, FIFA, Manchester City, Spaniard, CNN Sport, Qatar, Inter Miami, MLS, Nacer, Royal Spanish Football Federation, Argentine, Colón, Salta Rodríguez Locations: London, Argentina, Qatar, Buenos Aires, France, men’s, Spain, Brazil, Salta

☆ War and climate change are the main obstacles to aggressive Fed rate cuts in 2024, strategists say
▼ + stars: | 2024-01-14 | by ( Aruni Soni | ) www.businessinsider.com time to read: +3 min

War and climate change are the main risks that could threaten aggressive Fed rate cuts, Macquarie said. That's because conflicts in the Middle East and a parched Panama Canal risk creating supply shocks that stoke inflation. Sign up for our newsletter to get the latest on the culture & business of sustainability — delivered weekly to your inbox. "War and climate change are becoming the main risk to the view that the Fed cuts aggressively," analysts led by Thierry Wizman wrote in a note on Friday. Such turmoil can end up pinching consumers because the Red Sea is a major shipping artery — the Suez Canal, which connects the Red Sea to the Mediterranean Sea, carries about 12% of global trade.

Persons: Macquarie, Thierry Wizman, Wizman Organizations: Service, Federal Reserve, Fed, Drewry, . Shipping, Maersk, CMA CGA, UK, International Monetary Fund Locations: Panama, Red, Africa, Yemen, Suez

☆ Europe wants to Trump-proof in case of a second term. But that is not an easy task
▼ + stars: | 2024-01-14 | by ( Luke Mcgee | ) edition.cnn.com time to read: +8 min

CNN —Former US President Donald Trump briefly returned as a central character in European politics earlier this week. Multiple EU officials and diplomats noted to CNN that his sudden recollection came at a particularly sensitive time, as the EU attempts to build its own defense capabilities outside of the US-led NATO alliance. Whether Trump actually made these comments or not is largely immaterial to European officials. And his hostility toward the Ukraine war effort has an impact even now, playing into the Republican Party’s reluctance to pass more US funding for Ukraine. Christine Lagarde, head of the European Central Bank, said only this week that Trump’s return would be a “threat” for Europe.

Persons: Donald Trump, Thierry Breton, Trump, Ursula von der Leyen, ” Breton’s, Russia’s Vladimir Putin, Letitia James, Spencer Platt, ”, Joe Biden, Europe’s, Ian Bond, ” Donald Trump, Jim Watson, Angela Merkel, Jesco Denzel, there’s, Christine Lagarde Organizations: CNN, Former, European, Republican, NATO, New York, Getty, Ukraine, “, Trump, EU, Centre, Economic, European Central Bank Locations: Europe, Iowa, Ukraine, New York City, Brussels, EU, United States, America, China, Davos, AFP, Russia, Beijing, Moscow, Charlevoix , Canada, European

☆ President Trump warned that the US would 'never' help Europe if attacked, a top EU official said
▼ + stars: | 2024-01-13 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +3 min

A top EU official revealed that Trump said the US would not help Europe if attacked. The official said it was a "big wake-up call" and expressed fears about a second Trump presidency. As president, Trump was openly critical of the EU and questioned the US commitment to NATO. AdvertisementFormer President Donald Trump privately warned that the US would "never" help the EU if it were attacked, a top European Union official has revealed. According to Breton, Trump then said: "By the way, NATO is dead, and we will leave, we will quit NATO.""

Persons: Trump, —, Donald Trump, Thierry Breton, Ursula von der Leyen, Breton, Vladimir Putin, Joe Biden Organizations: EU, Trump, NATO, Service, European Union, French, Economic, Politico, Kremlin, Republican Locations: Europe, Davos, Breton, United States, Brussels, Ukraine, EU

A padlock is seen in front of the word 'spyware' and binary code in this illustration taken May 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBRUSSELS, Dec 5 (Reuters) - Lobby group Japan Association of New Economy has joined U.S. Big Tech to warn against proposed EU cybersecurity labelling rules that they said could hamper their access to the bloc's markets, according to a letter sent to the EU industry chief. A requirement that Amazon (AMZN.O), Alphabet's (GOOGL.O) Google, Microsoft (MSFT.O) and other non-EU cloud providers set up a joint venture with an EU-based company to qualify for the EU cybersecurity label has triggered criticism from some EU countries and foreign vendors. The Japan Association of New Economy also slammed these requirements. The Japan Association of New Economy is a business lobby group focused on e-business and developing new industries.

Persons: Dado Ruvic, Hiroshi Mikitani, Thierry Breton, Mikitani, Foo Yun Chee, Dave Dolan, Miral Organizations: REUTERS, Rights, Japan Association of New, U.S, Big Tech, European Union, Google, Microsoft, EU, Reuters, Japan Digital Partnership, Thomson Locations: EU, Japan, Japanese, Brussels, Tokyo

☆ Could 'carbon passports' that limit how much we travel be in our future?
▼ + stars: | 2023-12-05 | by ( Joey Hadden | ) www.businessinsider.com time to read: +7 min

A recent report on the future of travel includes the concept of a "carbon passport." One tour company is proposing a solution: a "carbon passport" that would limit how much carbon travelers could emit each year. "Carbon passports have taken that idea one step further" because they would involve tracking and limiting travel carbon emissions, specifically, Hawkins added. In reality, a carbon passport would be challenging to implementHawkins and Matt Berna, the president of Intrepid in the Americas, said they didn't see a carbon passport as a quick fix, though. To track your flight's carbon emissions, Berna suggests booking through Google Flights, which has included emissions levels since 2021.

Persons: Paloma Zapata —, Zapata, Alex Hawkins, Hawkins, Matt Berna, Berna, it's, Anna Abelson, Jonathan M, Thierry Monasse, there's Organizations: Future Laboratory, Intrepid, Environmental Protection Agency, Sustainable Travel International, Business, The, Laboratory, Tisch Center of Hospitality, New York University, Airlines, International Air Transport Association, Wizz, Google, European Environment Locations: Americas, Greece, Italy, Albania

☆ Dollar stems decline after heavy November selloff
▼ + stars: | 2023-12-05 | by ( ) www.cnbc.com time to read: +3 min

U.S. dollar banknotes are seen in Chicago on October 18, 2022. The dollar regained some ground on Tuesday and hovered near a one-week high against major peers, while bitcoin extended its momentum on optimism that U.S. regulators could soon approve exchange-traded spot bitcoin funds. The euro , meanwhile, languished near a three-week low hit on Monday and last traded $1.0840, while the dollar index stood near a more than one-week high and was last at 103.59. Analysts say the greenback's move higher was in part due to a reversal of its heavy selloff in recent weeks, which saw the dollar index falling some 3% in November, its steepest monthly decline in a year. In cryptocurrencies, bitcoin last stood at $41,873, not far from the previous session's peak of $42,404, its highest level since April 2022.

Persons: bitcoin, Sean Callow, Thierry Wizman, Bitcoin, Nexo, Antoni Trenchev Organizations: U.S, Westpac, Traders, Federal Reserve, New Zealand, Reserve Bank of Locations: Chicago, Asia, Tokyo, Reserve Bank of Australia

The proposal to classify AI systems by four levels of risk — from minimal to unacceptable — was essentially intended as product safety legislation. That changed with the boom in generative AI, which sparked wonder by composing music, creating images and writing essays resembling human work. Foundation models give generative AI systems such as ChatGPT the ability to create something new, unlike traditional AI, which processes data and completes tasks using predetermined rules. Resistance to government rules for these AI systems came from an unlikely place: France, Germany and Italy. “The race should be for the best AI regulations, not the first AI regulations."

Persons: —, Bard chatbot, “ Rather, won’t, ”, Nick Reiners, “ there’s, Reiners, Sam Altman, Thierry Breton, ” Reiners, Kent Walker, Iverna McGowan, McGowan, Altman, OpenAI, Alpha, it's, ” Dragos, “, “ We’re Organizations: European Union, Eurasia Group, European Commission, Microsoft, Mistral, Elon, Center for Democracy and Technology, EU Locations: European, U.S, China, Brussels, France, Germany, Italy, Europe, German, Romanian

Foundation models like the one built by Microsoft (MSFT.O)-backed OpenAI are AI systems trained on large sets of data, with the ability to learn from new data to perform various tasks. In a meeting of the countries' economy ministers on Oct. 30 in Rome, France persuaded Italy and Germany to support a proposal, sources told Reuters. Until then, negotiations had gone smoothly, with lawmakers making compromises across several other conflict areas such as regulating high-risk AI, sources said. France-based AI company Mistral and Germany's Aleph Alpha have criticised the tiered approach to regulating foundation models, winning support from their respective countries. Other pending issues in the talks include definition of AI, fundamental rights impact assessment, law enforcement exceptions and national security exceptions, sources told Reuters.

Persons: Carlos Barria, Thierry Breton, Geoffrey Hinton, Alpha, Mistral, Mark Brakel, Supantha Mukherjee, Josephine Mason, Alexander Smith Organizations: Technology, Intelligence, REUTERS, Rights, Reuters, Foundation, Microsoft, European Commission, Mistral, Lawmakers, Life Institute, Thomson Locations: San Francisco, California, U.S, Rights STOCKHOLM, BRUSSELS, LONDON, France, Germany, Italy, Rome, Spain, Belgium, Stockholm

☆ The economy is flashing a worrying signal that hasn't been seen since right before the 2008 crisis
▼ + stars: | 2023-11-30 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The US economy is flashing a worrying signal about the health of the consumer. The gap between growth of GDP and gross domestic income hasn't been this large since 2007, Macquarie said. That's evidenced by a worrying indicator, which hasn't flashed a warning this loud since right before the 2008 recession, according to Macquarie strategists. Yearly growth in gross domestic product is currently outpacing gross domestic income by the most since 2007, Macquarie said in a note. The gap between the two could also explain why Americans feel poorly about the economy despite robust GDP growth, Macquarie added.

Persons: Macquarie, —, hasn't, That's, Thierry Wizman Organizations: Service, Macquarie, Macquarie Group

☆ Economic models buckle under strain of climate reality
▼ + stars: | 2023-11-22 | by ( Mark John | ) www.reuters.com time to read: +6 min

But detractors say those numbers are the product of economic models that are not fit to capture the full extent of climate damage. A year earlier, the Trump administration cited similar models to justify replacing the Obama-era Clean Power Plan with one allowing higher emissions from coal-burning plants. At issue are the "integrated assessment models" (IAMs) economists use to draw conclusions on anything from output losses to financial risk or the pricing of carbon markets. Line chart with data from Climate Tracker shows varying predictions of global warming damage as percentage of GDP. "Our main message is: 'Economists, speak to climate scientists and come up with results that make sense'," he said.

Persons: William Nordhaus, Trump, Obama, Isabel Schnabel, Leon Walras, doesn't, Thierry Philipponnat, Steve Keen, Nordhaus, Rupert Thorne, Livio Stracca, Jean Boissinot, Nicholas Stern, Stern, Watch's Philipponnat, Mark John, Barbara Lewis Organizations: Central Bank, Finance Watch, Reuters, Network, Greening, " University College of London, ECB, NGFS, LSE, Grantham Research Institute, European Union, Thomson Locations: Dubai, Paris, Brussels

☆ Dutch far-right candidate Baudet assaulted two days before election
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

Dutch politician Thierry Baudet of the Forum for Democracy speaks after announcement of exit polls results of European elections in Amsterdam, Netherlands, May 23, 2019. REUTERS/Eva Plevier/File Photo Acquire Licensing RightsAMSTERDAM, Nov 20 (Reuters) - Thierry Baudet, the leader of a far-right political party in the Netherlands, was assaulted during a campaign event two days before a national election, his party said. In a statement, Baudet's Forum for Democracy (FvD) said he had been struck in the back of the head with a beer bottle and struck on his temple. The assault drew condemnation as "totally unacceptable" from outgoing Prime Minister Mark Rutte, who is not a candidate in the Nov. 22 election. Baudet's FvD Party is known as Euro-sceptic, Dutch nationalist and anti-immigration.

Persons: Thierry Baudet, Eva Plevier, Baudet, Mark Rutte, Baudet's, Toby Sterling, Chizu Organizations: Forum, Democracy, REUTERS, Rights, for Democracy, Baudet's FvD, Dutch, Thomson Locations: Amsterdam, Netherlands, Groningen

☆ Can Argentina really move from the peso to the dollar?
▼ + stars: | 2023-11-20 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

2 economy and ditch its peso currency in favor of the US dollar. Milei must tackle inflation above 140%, a shortfall in foreign currency reserves and the prospect of another painful recession. Argentina’s financial markets are closed Monday for a local holiday, but the peso weakened slightly in partial trade to stand at around 353.58 to the US dollar. Bruno Gennari, Argentina expert at fixed income broker dealer KNG Securities, said the peso was trading at $1,009 versus the dollar on crypto exchanges Monday, considerably weaker than the $869 and $975 rates seen on Friday. Dollarization means Argentina would give up the peso and use the US dollar as its currency, effectively wresting control of monetary policy from the country’s central bank and handing it to the US Federal Reserve.

Persons: London CNN — Javier Milei, Sergio Massa, Milei, ” —, —, ” Milei, ”, “, Bruno Gennari, Javier Milei, Natacha, dollarization, ” William Jackson, “ It’s, Thierry Larose, ” Larose, Kristalina Georgieva, Jackson, — Valentina Gonzalez, Stefano Pozzebon, Olesya Dmitracova Organizations: London CNN, Libertad Avanza, Peronist, “, ” Financial, Argentine, State, Banco, Grupo Financiero Galicia, KNG Securities, US Federal Reserve, AP, Capital Economics, Vontobel, Management, CNN, Monetary Fund, Bank, IMF, Reuters Locations: Argentina, New York, Brazil, Mexico, Dollarization, Argentina’s, Zurich, dollarization, Washington, DC, Argentine

[1/2] A woman counts U.S. dollar bills at her home in Buenos Aires, Argentina August 28, 2018. Cooler-than-expected U.S. inflation data on Tuesday and Wednesday hastened market expectations for how soon the Federal Reserve will cut rates. Such a move would weaken a major dollar support and could come as early as next year's first quarter. The yen - punished broadly this year by dollar strength - broke the 150 mark for the first time in nearly two weeks, gaining 0.69% to 149.68 to the dollar. Japanese authorities do not have specific exchange-rate levels in mind when deciding when to intervene in the currency market, Deputy Finance Minister Ryosei Akazawa told parliament on Friday.

Persons: Marcos Brindicci, Bipan Rai, Thierry Wizman, Wizman, Ryosei Akazawa, Lee Hardman, Robert Holzmann, Joachim Nagel, Christine Lagarde, Herbert Lash, Iain Withers, Rae Wee, Tom Westbrook, Alexander Smith, Matthew Lewis Organizations: REUTERS, Federal Reserve, CIBC Capital Markets, FX, Eurostat, European Central Bank, Thomson Locations: Buenos Aires, Argentina, North America, Toronto, United States, Macquarie, New York, Britain, London, Singapore

[1/2] A woman counts U.S. dollar bills at her home in Buenos Aires, Argentina August 28, 2018. Cooler-than-expected U.S. inflation data on Tuesday and Wednesday reset market expectations for how soon the Federal Reserve will cut rates and weighed on the dollar. The greenback is poised for its biggest weekly drop since July, down 1.6% over the past five days, and second-biggest decline this year. Data that showed U.S. single-family homebuilding increased marginally in October briefly supported the dollar, but with inflation the main market driver it remained lower on the day. The euro was up 0.17% at $1.0868 after Eurostat data confirmed year-on-year inflation in the euro zone slowed sharply in October.

Persons: Marcos Brindicci, Bipan Rai, Thierry Wizman, Wizman, Lee Hardman, Robert Holzmann, Joachim Nagel, Christine Lagarde, Herbert Lash, Iain Withers, Rae Wee, Tom Westbrook, Mark Potter, Kirsten Donovan Organizations: REUTERS, Federal Reserve, CIBC Capital Markets, FX, Eurostat, European Central Bank, Thomson Locations: Buenos Aires, Argentina, North America, Toronto, United States, Macquarie, New York, Britain, London, Singapore

The logo of Renault is seen at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 15, 2023. The group set out financial targets for the unit, including revenue of 25 billion euros in 2031, break-even in 2025 and an operating margin of at least 10% from 2030, ahead of an investor day in Paris. Sources close to the matter told Reuters last month the company was unlikely to go ahead with the IPO if the overall valuation for Ampere fell below 7 billion euros. We will reduce our costs to lower our prices, while improving our margins at the same time," finance chief Thierry Pieton said. ($1 = 0.9195 euros)Reporting by Gilles Guillaume, writing by Silvia Aloisi; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Gonzalo Fuentes, Ampere, Luca de Meo's, De Meo, Thierry Pieton, Gilles Guillaume, Silvia Aloisi, Kirsten Donovan Organizations: Renault, Viva Technology, Porte de, REUTERS, Ampere, Reuters, Twingo, Thomson Locations: Porte, Paris, France, PARIS, Europe

☆ Renault sets out targets for EV unit, says won't sell it cheap
▼ + stars: | 2023-11-15 | by ( Gilles Guillaume | ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsPARIS, Nov 15 (Reuters) - French car maker Renault said on Wednesday its electric vehicles unit Ampere, which it plans to list on the market next year, forecast 10 billion euros ($10.8 billion) in revenues in 2025, more than doubling to 25 billion euros in 2031. Finance chief Thierry Pieton told reporters ahead of the presentation Renault would not sell off Ampere cheap and had ample cash flow to keep financing it should it not get the valuation it wanted for an IPO. Asked if Renault could decide to distribute Ampere shares to existing Renault shareholders instead of proceeding with an IPO, he said: "Renault is always open to other options for Ampere, but the IPO is the preferred option." Sources close to the matter told Reuters last month the company was unlikely to go ahead with the IPO if the overall valuation for Ampere fell below 7 billion euros. We will reduce our costs to lower our prices, while improving our margins at the same time."

Persons: Gonzalo Fuentes, Luca de Meo's, Thierry Pieton, Ampere, Pieton, Renault, Gilles Guillaume, Silvia Aloisi Organizations: Renault, Viva Technology, Porte de, REUTERS, Rights, Reuters, Finance, Thomson Locations: Porte, Paris, France, Europe

☆ Not clear Big Tech need pay for 5G, broadband rollout, Belgian regulator says
▼ + stars: | 2023-11-13 | by ( Marine Strauss | ) www.reuters.com time to read: +2 min

An advertising board shows a 5G logo at the International Airport in Zaventem, Belgium May 4, 2020. REUTERS/Yves Herman/File Photo Acquire Licensing RightsBrussels, Nov 13 - There is no clear need to make technological giants help to pay for 5G and broadband rollout, Belgium's telecoms regulator IBPT-BIPT said on Monday. Telecom operators, including Deutsche Telekom (DTEGn.DE), have called for what they describe as "fair share funding," which the Big Tech companies have said would amount to an internet tax. "IBPT-BIPT considers that the need to oblige internet platforms to pay network operators is not sufficiently demonstrated," Belgian industry regulator IBPT-BIPT said in a report on Monday. "IBPT-BIPT considers that the need to introduce a fee based on the volume of Internet traffic for the Belgian market has not been demonstrated," it added.

Persons: Yves Herman, BIPT, Thierry Breton, Marine Strauss, Barbara Lewis Organizations: International, REUTERS, Rights, 5G, Microsoft, European Commission, Telecom, Deutsche Telekom, Big Tech, Belgian, EU, Thomson Locations: Zaventem, Belgium, Rights Brussels, Belgian

☆ American consumers may be starting to buckle. Here are 5 warning signs a spending slowdown is on the horizon.
▼ + stars: | 2023-11-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Americans are saving lessThe personal savings rate slumped to 3.4% in September. That's well-below the pre-pandemic savings rate, when Americans were stashing away around 7% of their disposable personal income. Consumers aren't planning to splurge this holiday seasonAmericans are less likely to splurge this holiday season than last year. McKinsey & CompanyAmericans are looking less likely to splurge, even as they head into the holiday season. "Hiring for the holiday season is generally done in October, and adding up new jobs created in the BLS-defined holiday season retail sectors in the latest employment report shows that retailers expect a weaker holiday season," Apollo chief economist Torsten Slok said in a note on Tuesday.

Persons: Macquarie, Thierry Wizman, —, Wizman, Morgan Stanley, Torsten Slok Organizations: Service, Macquarie Global, New York Fed, Federal Reserve, San Francisco Fed, Conference, Conference Board, McKinsey & Company, McKinsey, Apollo, of Labor Statistics Holiday, Bureau of Labor Statistics, BLS Locations: York

☆ Moody's changes US ratings outlook to negative, affirms AAA
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +7 min

REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsNov 10 (Reuters) - Moody's on Friday changed the outlook on the government of United States of America's ratings to "negative" from "stable". Moody's affirmed the long-term issuer and senior unsecured ratings at "Aaa". COMMENTS:REPUBLICAN REPRESENTATIVE ANDY HARRIS, ON X SOCIAL MEDIA“Moody’s just downgraded our credit rating outlook to negative because of our out-of-control government spending and deficits. "I don't think that there is a significant consequence. WALLY ADEYEMO, DEPUTY SECRETARY OF THE TREASURY"While the statement by Moody’s maintains the United States’ Aaa rating, we disagree with the shift to a negative outlook.

Persons: Shannon Stapleton, Moody's, ANDY HARRIS, JOHN CORNYN, ” STEVEN RICCHIUTO, you've, ” THIERRY WIZMAN, MACQUARIE, “ Moody’s, ” MICHAEL GREEN, JACK ABLIN, CHICAGO “, it's, ”, ” QUINCY KROSBY, CAROL SCHLEIF, We've, CHRISTOPHER HODGE, KARINE JEAN, PIERRE, Moody’s, WALLY ADEYEMO, Biden Organizations: REUTERS, Aaa, Moody’s Investors Service, Capitol, FX, NEW, Republicans, Democrats, BMO, KARINE, Republican, Congressional Republicans, States ’ Aaa, Biden Administration, Global Finance, Markets, Thomson Locations: New York City, U.S, United States, MIZUHO, Japan, CHICAGO, CHARLOTTE, NORTH CAROLINA, MINNEAPOLIS , MN, American

Powell's remarks on Thursday that the fight to restore price stability "had a long way to go" at first roiled markets. "If we were to get a low CPI next week, yields can come down around that number and we may get some weakening in the dollar." MSCI's gauge of global equity performance (.MIWD00000PUS) gained 0.54%, while stocks on Wall Street surged 1% or more. U.S. Treasury yields rose sharply on Thursday after a very weak 30-year bond auction. U.S. crude rose $1.43 to settle at $77.17 a barrel, while Brent settled up $1.42 at $81.43 a barrel.

Persons: Kim Kyung, Jerome Powell, Michael James, Thierry Wizman, Wizman, Mullarkey, Tapas Strickland, Brent, Nell Mackenzie, Dhara Ranasignhe, Tomasz Janowski, Richard Chang Organizations: Tokyo Stock Exchange, REUTERS, Wall, Federal, Wedbush Securities, Fed, FX, Dow Jones, Nasdaq, U.S, Treasury, SLC Management, Reuters, NAB, New, Thomson Locations: Tokyo, Japan, Los Angeles, Macquarie, New York, Europe, Boston, China, Beijing, New Zealand, London

"If we were to get a low CPI next week, yields can come down around that number and we may get some weakening in the dollar," Wizman said. The two-year Treasury yield, which reflects interest rate expectations, fell 0.2 basis points to 5.020%, while the benchmark 10-year yield was down 3.2 basis points at 4.598%. Traders would be keeping a close watch on interest rate volatility, said Schneller, noting major market fluctuations recently. "A primary cause for this volatility is the debate over whether the current Fed funds rate is overly high or insufficient." In currency markets, the dollar index rose 0.019% to 105.91, with the euro up 0.04% to $1.067.

Persons: Kim Kyung, Powell, Jerome Powell, Thierry Wizman, Wizman, Powell's, Bruno Schneller, Schneller, Tapas Strickland, Brent, Nell Mackenzie, Dhara Ranasignhe, Tomasz Janowski, Richard Chang Organizations: Tokyo Stock Exchange, REUTERS, Global, International Monetary Fund, Fed, FX, Dow Jones, Nasdaq, Treasury, INVICO Asset Management, Reuters Graphics U.S, NAB, New, Thomson Locations: Tokyo, Japan, Macquarie, New York, China, Beijing, New Zealand, London

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