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☆ A 39-year market veteran shares why this market rally is only beginning and stocks are destined to hit new record highs in the coming months — and the 5 best ways to take advantage of it
▼ + stars: | 2023-09-15 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

Market volatility (bottom half) spiked during the downturn but has steadily receded during the rebound despite a late-summer hiccup. Tim Hayes, Ned Davis ResearchHayes believes that a healthy reset shook out much of that euphoria without leaving lasting damage. History says this market rally has plenty of room to runThe final three months of the year have historically been the friendliest to stocks, Hayes said. Tim Hayes, Ned Davis Research"It doesn't follow the script precisely," Hayes said. The forthcoming market rally should broaden out, the strategist said, which should boost parts of the market that haven't participated as well, including economically sensitive small companies and sectors.

Persons: Ned Davis, Tim Hayes, who's, Ned Davis Research Hayes, " Hayes, Hayes, Morgan Stanley, Mike Wilson's, David Lundgren, they've, There's, He's, haven't, they're Organizations: Ned, Ned Davis Research, Technology Locations: China, United Kingdom, Canada, Japan

☆ Tiafoe beats 'annoying' Mannarino, Paul inspired by young fan at U.S. Open
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +3 min

Tiafoe managed to convert just five of 15 break points and said the 35-year-old Frenchman's unpredictable style gave him fits in the nearly three-hour affair. "He's so annoying to play," Tiafoe said to laughs during an on-court interview. "I think we got him tickets to our box but he ended up getting better tickets right on the side of the court," Paul told reporters. Next up for Paul is 20-year-old American Ben Shelton after the 20-year-old ran away with a 6-4 3-6 6-2 6-0 win over Aslan Karatsev earlier on Friday. American men are looking to snap a 20-year major drought at this year's U.S. Open.

Persons: Frances Tiafoe, France's Adrian Mannarino REUTERS, Brendan Mcdermid, Adrian Mannarino, Tiafoe, what's, I'm, shrugged, I've, Arthur Ashe, Tommy Paul, Alejandro Davidovich Fokina, SUPERFAN Paul, Eddy, Paul, Ben Shelton, Aslan Karatsev, Taylor Fritz, Jakub Mensik, Rory Carroll, Ken Ferris Organizations: Tennis, Louis Armstrong, U.S, Flushing, Thomson Locations: Flushing Meadows , New York, United States, Flushing Meadows, Brooklyn, Czech, U.S, Los Angeles

☆ 30 dividend-paying stocks in solid sectors with upside outside the AI hype, according to a 30-year fund manager
▼ + stars: | 2023-08-27 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

Similar companies within the healthcare sector in his portfolio include Abbott Laboratories (ABT), which pays out a 1.95% dividend yield. Additionally, it offers a 2.35% dividend yield. Within the defense sector, he also likes Lockheed Martin (LMT), which pays a dividend yield of 2.64%. It pays out a 2.19% dividend yield plus a profit and losses payout at the end of the year. It has a 2.85% dividend yield and has increased its payout by about 8 to 10% a year, he said.

Persons: Max Wasserman, He's, Wasserman, overvalued, That's, Johnson, There's, Lockheed Martin Organizations: Miramar Capital LLC, Nasdaq, Broadcom, Microsoft, Company, NAPA Auto, Parts, Abbott Laboratories, Merck & Co, Dynamics, Group, PepsiCo Locations: Northbrook , Illinois, NAPA

☆ Forget overpriced mega-cap tech: Goldman Sachs identities 50 stocks across 15 industries set to be the true long-term beneficiaries of AI adoption from increased labor productivity
▼ + stars: | 2023-08-24 | by ( Laila Maidan | ) www.businessinsider.com time to read: +4 min

Concentrated gains from immediate AI beneficiaries may be overpriced. These 50 stocks have been identified by Goldman Sachs are the longterm winners of AI adoption. So far this year, AI beneficiaries, mainly the mega-cap tech stocks, have contributed to much of the S&P 500's gains. But the sharp price rallies from a handful of technology stocks is making some fund managers uneasy. Goldman Sachs' note refers to this strategy as "The AI trade after the trade".

Persons: Goldman Sachs, Max Wasserman, Ryan Hammond, Goldman Sachs Jonathan Curtis, Hammond, Russell Organizations: Nasdaq, Miramar Capital, Companies, Nvidia, Microsoft, Franklin Equity Group, Curtis, Goldman, Russell

☆ Recent updates for Amazon return to office policies
▼ + stars: | 2023-08-23 | by ( Eugene Kim | ) www.businessinsider.com time to read: +11 min

Previous pronouncements about the revolutionary benefits of remote work have been replaced by vague, data-light arguments on productivity gains from being in the office. Apple, Meta, Bloomberg and Google all have gleaming HQs that would look very silly if those companies continued to embrace remote work. Insider has asked Amazon for comment on its RTO policy several times in recent months and the company has responded. AdvertisementAdvertisementAn internal guideline, obtained by Insider, listed Amazon office locations and the dates they are expected to be fully "ready" to support the RTO mandate. That's what some Amazon employees have done by mocking the company's RTO policy and its famous leadership principles.

Persons: Brad Glasser, there's, we've, Amazon's, LINDSEY WASSON, Andy Jassy, Slack, Beth Galetti, Al Drago, Paul Vixie, Andy Jassy's, Mike Hopkins, Hopkins, Elaine Thompson, snafu, they'd Organizations: Amazon, Tech, Meta, Bloomberg, Google, Seattle, Reuters, Amazon SVP, Human, Services, Company, Amazon Video Locations: Seattle, Seattle , Washington , U.S, Beth Galetti REUTERS, Seattle , New York, Houston, Austin , Texas

☆ Dick's Sporting Goods plunges 25% after it says retail-theft crime wave lowered profits
▼ + stars: | 2023-08-22 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Dick's Sporting Goods plunged 25% on Tuesday after the company revealed weak second-quarter earnings. The retailer said it saw a decline in profits due to increased shrinkage, which is code for retail theft. The mention of theft hurting its business was a first for Dick's Sporting Goods, and it took analysts by surprise. AdvertisementAdvertisementDick's Sporting Goods was a darling retail stock that has seen strong performance since the COVID-19 pandemic began in March 2020. Part of the strength in Dick's Sporting Goods stock in recent years was driven by an increase in business as consumers got out of their house and more active as the pandemic subsided.

Persons: Lauren Hobart, Lauren Hobard, Target, Ed Stack, Goldman Sachs, Kate McShane, Wells, Will Gaertner Organizations: Sporting Goods, Service, Walgreens, Target, Dick's Sporting Goods, Sporting, Goods Locations: Wall, Silicon

Romulo Lollato, a wheat agronomist for Kansas State University, examines wheat in a field on an annual crop tour, near Washington, Kansas, U.S., May 16, 2023. The U.S. Department of Agriculture predicts 2023 corn yield in Illinois will be similar to that of 2021. USDA pegs Iowa’s corn yield just below 2021’s record, which also came amid dry conditions with well-timed showers. The tour uses a rough corn yield calculation, though it does not estimate soybean yield. Final soybean yield across the whole of Nebraska last year was the lowest since 2012 and 18% below the 2019-2021 average.

Persons: Romulo Lollato, Tom Polansek, Pro Farmer, Karen Braun, Matthew Lewis Organizations: Kansas State University, REUTERS, Rights, Farmer, U.S . Department, Agriculture, Pro, Farm Journal Media, Reuters, Thomson Locations: Washington , Kansas, U.S, Rights NAPERVILLE , Illinois, Illinois, Iowa, Minnesota, Illinois , Iowa , Nebraska , Minnesota , Indiana , Ohio, South Dakota, Nebraska

☆ No sign of panic in stocks makes this a garden variety correction, not a bear market
▼ + stars: | 2023-08-16 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

Hiccup in soft landing story Why are we hitting this string of down days? There's a hiccup in the soft landing story. That's causing a speed bump for stocks, particularly tech stocks, which are underperforming this month and this quarter. And despite poor economic news out of China, the macroeconomic environment in the U.S. remains strong and still supportive of a soft landing. At 19.2 times forward earnings, the S & P 500 is still richly valued.

Persons: Phil Camporeale Organizations: Silicon Valley Bank, Reserve, Nasdaq, Treasury, Federal Reserve Bank of, Morgan Asset Management, CNBC Locations: Silicon, China, U.S, Federal Reserve Bank of Kansas, Jackson Hole , Wyoming

☆ Make these 9 top investments in a 'stock-picker's market' as economic growth continues, according to a bear-turned-bull whose hedge fund is up 155% in the last 5 years
▼ + stars: | 2023-08-12 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

Standout hedge fund manager Charles Lemonides came into the year careful but is now more optimistic. Heading into 2023, hedge fund manager Charles Lemonides was preparing for the worst. His hedge fund is down 8% in 2023 through May, though it's still up 155% in the past five years. The hedge fund manager said the economy can take another rate hike or two, even though investors may groan about it. The hedge fund manager is currently bullish on energy stocks broadly — particularly those in the oil and gas industry.

Persons: Charles Lemonides, Lemonides, hasn't, it's, We've, he's, Goldman Sachs Organizations: Investors, Federal Reserve, Netflix, Energy, P Oil & Gas Exploration, Production, Unit Corp, United Natural Foods, Yale Materials, Foods Locations: financials

☆ Stock market setting up for a textbook seasonal correction, chart analysts say
▼ + stars: | 2023-08-07 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

Last week's hiccup in the stock market rally could expand into a seasonal slump, according to Wall Street technical analysts. The S & P 500 fell 2.27% last week for its worst week since March, closing at 4,478.03. Oppenheimer technical analyst Ari Wald said in a note to clients dated Saturday that the market is "developing as a textbook seasonal correction." The S & P 500 is still up more than 16% year to date even after last week's decline. In fact, a 5% pullback from Tuesday's close in the S & P would take you just shy of the August '22 highs," Ginsberg said.

Persons: Oppenheimer, Ari Wald, Wald, Wolfe, Rob Ginsberg, Ginsberg, Jonathan Krinsky, SPX, BTIG's Krinsky, — CNBC's Michael Bloom Organizations: Street, Nasdaq, Investment, Twitter, Wolfe Research

☆ US Navy stealth destroyer Zumwalt's deck guns are basically useless, but it's on its way to get new hypersonic missile launchers
▼ + stars: | 2023-08-04 | by ( Ryan Pickrell | ) www.businessinsider.com time to read: +4 min

Destroyer USS Zumwalt has long had problems with its main deck guns, which don't have any ammunition. The Zumwalt is changing homeports to receive upgrades including a new hypersonic missile system. US Navy guided-missile destroyer USS Zumwalt arrives in Yokosuka for a port visit, September 26, 2022. Unlike China and Russia, the US does not currently have any hypersonic weapons systems deployed. True hypersonic weapons pose a new and potentially unstoppable threat due to their ability to maneuver unpredictably at these speeds.

Persons: Zumwalt, Seaman Darren Cordoviz, Michael Monsoor, Lyndon, Johnson Organizations: Service, US Navy, Ingalls Shipbuilding, Huntington Ingalls Industries, Navy, Systems, US, Army, CPS Locations: Wall, Silicon, San Diego , California, Pascagoula , Mississippi, Ingalls, Yokosuka, Hawaii, China, Russia, Virginia

☆ Kraken says investigating issue affecting funding gateways
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: 1 min

July 27 (Reuters) - Cryptocurrency exchange Kraken said on Thursday it was aware of and investigating a "temporary hiccup" affecting funding gateways. "Deposits and withdrawals may be delayed at this time," Kraken said on its status page, without giving any other details. Reporting by Jyoti Narayan in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Kraken, Jyoti Narayan, Nivedita Organizations: Thomson Locations: Bengaluru

☆ Hermes defies luxury slowdown with strong sales
▼ + stars: | 2023-07-28 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

Hermes' results come as luxury stocks have come under pressure due to uncertainty over the pace of China's post-pandemic recovery, while a months-long spending frenzy in the U.S. market cools amid rising inflation. "We've seen no interruption in (growth) trends," Hermes Executive Chairman Axel Dumas told journalists. "Strong print across the board," said Exane BNP Paribas, citing fast sales growth and consensus-beating margins. Analysts said the results showed the strength of Hermes' business model, which entails careful management of production and stocks. Hermes shares traded up 3.3% in early morning trading, while rival Kering was up 1% and LVMH was down 0.5%.

Persons: Veronique Nichanian, Gonzalo Fuentes, Birkin, Hermes, Richemont, We've, Axel Dumas, Dumas, Bernstein, Kering, LVMH, Mimosa Spencer, Silvia Aloisi, Sharon Singleton Organizations: REUTERS, BNP, Thomson Locations: Paris, France, U.S, China

☆ Here's what the bears are missing, and why there's still money to be made in this bull market
▼ + stars: | 2023-07-23 | by ( Jim Cramer | ) www.cnbc.com time to read: +12 min

We know there are so many reasons why this bull market has eluded so many. It's sudden broadening into health care, transports and financials just when we were told the bull was slain by its lack of breadth. I hope readers here know that I felt that only by tuning out the Fed could you make maximum money in the market. You simply had to ignore the verbiage, block out the gasbags who simply failed to see the two-staged bull market right in front of them. Needless to say, if you needed any evidence that we are in a bull market, the rally in that dog may be enough to make the prosecution rest.

Persons: Jerome Powell's, Powell, It's, Joe Biden's, Powell's, that's, Larry Fink, DR Horton, Powell didn't, IPOs, David Solomon's, Goldman Sachs, Barbie, Oppenheimer, Steve Squeri, Squeri, Jeff Marks, Jeff, Johnson, Elliott Management's, Lauder, Jackson, Jim Cramer's, Jim Cramer, Jim, Victor J Organizations: Federal, Dow, Taiwan Semiconductor Manufacturing Company, AS, Blackrock, DR, Western Alliance, FTC, Federal Trade Commission, Justice Department, Club, Microsoft, Activision, American Express, DuPont, Constellation Brands, Disney, Fed, Jim Cramer's Charitable, CNBC, Visitors, New York Stock Exchange, Blue, Bloomberg, Getty Locations: Washington, IPOs, Cava, Wyoming

☆ The new low-cost US airline that promised to connect the East Coast with Japan and Korea is having a rough start
▼ + stars: | 2023-07-19 | by ( Taylor Rains | ) www.businessinsider.com time to read: +4 min

Northern Pacific Airways launched its first revenue flight between California and Las Vegas on Friday. Startup airline Northern Pacific Airways is struggling to take off — both figuratively and literally. However, regulators required Northern Pacific to start flying before it could apply for ETOPS — igniting a mad dash for its operating certificate and a new first route. On July 9, Northern Pacific got the official green light to launch flights, with CEO Rob McKinney sharing the news on Twitter. Despite the turbulent first two years of business and a shaky inaugural, Northern Pacific is still planning to eventually fly to Asia.

Persons: Brady MacDonald, hasn't, Ted Stevens, Rob McKinney Organizations: Northern Pacific Airways, Startup, Sunday, Northern Pacific, Boeing, International, Northern, Twitter Locations: California, Las Vegas, Asia, Ontario , California, Orlando, New York City, Ted, Alaska, Europe, Reykjavik, Northern Pacific, Ukraine, Russia, Tokyo, Seoul, Russian, Southern California, Mexico, Australia, Philippines

☆ Life at Sea's three-year cruise will get a bigger ship
▼ + stars: | 2023-07-05 | by ( Julia Buckley | ) edition.cnn.com time to read: +12 min

Life at Sea Cruises is now owned and operated entirely by Miray Cruises, a company with a 30-year history of operating in the Aegean. Bigger ship, fewer guestsStaterooms on the new ship will have 20 square feet more per cabin, say Miray Cruises. Life at Sea CruisesMeanwhile, Miray says it is launching its first Life at Sea cruise in its new ship as planned in November. MV Lara will be larger than the Gemini, Kendra Holmes, CEO of Miray Cruises, told CNN. And this Miray team is accommodating to everyone – If there are concerns, they fix it, if there are ideas they put them into place.

Persons: Miray, “, Mikael Petterson, Irina Strembitsky, Petterson, Staterooms, Lara, Kendra Holmes, Holmes, ” Holmes, Cruises, Heidi Klum, AIDA Cruises, Sharon Lane, ”, ’ ”, Meredith Shay, Shay, Ingrid Warwick, “ It’ll, “ That’s, Finnbarr Webster Organizations: CNN, Sea Cruises, Cruises, Miray Cruises, Gemini, Carnival, Sea, Petterson, Vie Locations: Europe, German, “, Florida, Germany, Istanbul

☆ Trading legend Art Cashin is skeptical of the sentiment-driven rally and warns a 'bump in the road could turn out to be a landmine'
▼ + stars: | 2023-06-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

The current market upswing is largely sentiment driven, Wall Street trading legend Art Cashin said. "Short of going absolutely parabolic, this has been some dramatic, pyrotechnic run on this rally." "I think, short of going absolutely parabolic, this has been some dramatic, pyrotechnic run on this rally." Asked if there's an "unknown unknown" that could undo the rally in the second half of the year, he said that's possible. "Sentiment is so great that a bump in the road could turn out to be a landmine," Cashin said, later adding, "so far the trend is going.

Persons: Art Cashin, —, Cashin, Jerome Powell Organizations: Wall Street, Service, Nasdaq, UBS, CNBC, Nvidia, Apple, Federal Reserve

☆ Putin: Bizarre and chaotic 36 hours in Russia feels like the beginning of the end for Kremlin leader
▼ + stars: | 2023-06-25 | by ( Nick Paton Walsh | ) edition.cnn.com time to read: +6 min

These were 36 hours that provided a glimpse of the end of Russian President Vladimir Putin’s rule. Two hours earlier, Wagner were at the gates of the capital (almost), and then suddenly everything is forgiven. Did he accept entering the capital would leave his men vulnerable, even to a weak Russian military response? While on the surface, Prigozhin’s climbdown makes him appear weak, even finished, he has been the decision-maker over the past 36 hours. The most optimistic assessment you could make is that Russian military morale must have felt a hiccup while watching its commander-in-chief and most prominent military figure engage in a 24-hour game of chicken.

Persons: Vladimir Putin’s, Prigozhin, Alexander Lukashenko, Putin, Yevgeny Prigozhin, Dmitry Peskov, Wagner, climbdown, he’s, didn’t, Putin’s, – Organizations: CNN, Kremlin, Justice, NATO, NATO – Locations: Moscow, Belarus, Minsk, Ukraine, Kazakhstan, Iran, Russia, Russian

☆ AI drive-thrus may be good for business. But not for the rest of us
▼ + stars: | 2023-06-17 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +7 min

New AI technology at the drive-thru at a Carl's Jr. location. In real-world situations, reactions to AI drive-thrus are still mixed. “We expect AI to augment the competitive advantages of restaurants with digital culture.”Short-staffed restaurants may see AI as a way to fill in the gaps. “There aren’t enough at-scale examples of voice AI in action, especially in this use case,” to say that people would prefer AI to an employee, said McAllister. By the time those examples exist, AI in drive-thrus may already be the norm.

Persons: CKE, Carl’s Jr, Wendy’s, Joel Angel Juarez, it’s, ” Thomas Kurian, ”, Christina McAllister, Forrester, upsells, Krishna Gupta, Presto, “, Todd Penegor, Penegor, Yong Suk Lee, “ it’s, Brandon Bell, McAllister Organizations: New, New York CNN, Google, USA, Wall Street, Indiana White, Wall Street Journal, Presto Automation, CKE, Presto, Presto Voice, University of Notre Dame, Intouch Locations: New York, White, Wendy’s, Columbus , Ohio, The Republic

☆ World's first vaccine against deadly swine fever nears approval in Vietnam
▼ + stars: | 2023-06-07 | by ( Francesco Guarascio | Thomson Reuters | Francesco Leads A Team Of Reporters In Vietnam That Covers Top Financial | ) www.reuters.com time to read: +4 min

African swine fever has for years disrupted the $250 billion global pork market. The next step will be nationwide authorisation, the first ever for an African swine fever vaccine, and possible sales overseas. "There will be a specific interest obviously," Vilsack said in an interview with Reuters in April, speaking about possible purchases of the Vietnamese vaccines. Use of unlicensed live-virus vaccines in China in past years raised concerns they caused the emergence of new strains of swine fever. Only limited data are available from China's trials on a live-virus vaccine against swine fever.

Persons: Gregorio Torres, Torres, Thomas Vilsack, Vilsack, WOAH, Francesco Guarascio, Phuong Nguyen, Khanh, Dominique Patton, Sonali Paul Organizations: Organisation for Animal Health, Reuters, Rabobank, United States Department of Agriculture, Thomson Locations: Vietnam, Hanoi, world's, HANOI, China, U.S, United States, Khanh Vu, Beijing

☆ Swine fever: World's first vaccine against deadly animal disease nears approval in Vietnam
▼ + stars: | 2023-06-07 | by ( ) edition.cnn.com time to read: +4 min

African swine fever has for years disrupted the $250 billion global pork market. The next step will be nationwide authorization, the first ever for an African swine fever vaccine, and possible sales overseas. Use of unlicensed live-virus vaccines in China in past years raised concerns they caused the emergence of new strains of swine fever. Only limited data are available from China’s trials on a live-virus vaccine against swine fever. NAVETCO, AVAC and Vietnam’s agriculture ministry, which is responsible for approval of veterinary vaccines, did not respond to requests for comment.

Persons: Gregorio Torres, “, ” Torres, ”, Thomas Vilsack, ” Vilsack, WOAH Organizations: World Organization for Animal Health, Reuters, Rabobank, United States Department of Agriculture Locations: Vietnam, China, United States

The problem involves a fitting for the 787's horizontal stabilizer installed by a Boeing production facility in Salt Lake City, Utah, the company said. Boeing, which announced last week that it had increased 787 production from three to four jets a month, said the issue has not caused a halt in 787 production. The U.S. Federal Aviation Administration said in a statement it had validated Boeing's assessment that there was no immediate safety issue for 787s already in service. Boeing stopped 787 deliveries at multiple points during that period, resuming them last August after agreeing to an FAA-approved modification plan for Dreamliners in the company's inventory. In March, the FAA said it would allow Boeing to restart 787 deliveries, as the U.S. planemaker had addressed concerns.

Persons: Gavin McIntyre, planemaker, Dreamliners, Jefferies, Sheila Kahyaoglu, Dave Calhoun, Valerie Insinna, David Shepardson, Will Dunham, Deepa Babington, Jamie Freed Organizations: Boeing, REUTERS, U.S . Federal Aviation Administration, FAA, Thomson Locations: North Charleston , South Carolina, U.S, REUTERS WASHINGTON, Salt Lake City , Utah, Washington

☆ Colombian Amazon plane crash: children's plight is the latest in a long list of air travel mishaps
▼ + stars: | 2023-05-30 | by ( Stefano Pozzebon | ) edition.cnn.com time to read: +10 min

The three adults onboard, including the pilot and the children’s mother, Magdalena Mucutuy, died in the crash. Calderon dismisses the idea that his job is particularly high risk, but he concedes flying in the Colombian Amazon is not for the faint hearted. Soldiers stand next to the wreckage of a plane during the search for child survivors on May 19, 2023. Moreover, this type of older airplanes are often the most apt to operate in the limited infrastructure of the airfields in the Colombian Amazon. This year the Colombian government budgeted the equivalent of over $200 million to boost airports across the Amazon region over the next 30 years, and to open eight new commercial flight routes Amazon region.

[1/3] The 76th Cannes Film Festival - Photocall for the film "How to Have Sex" in competition for the category Un Certain Regard - Cannes, France, May 19, 2023. However, there was a slight hiccup: Molly Manning Walker was not in the room when the award for her debut feature was announced. The first Sudanese film to be included in the Cannes official selection, "Goodbye Julia," took the freedom award. Director Mohamed Kordofani thanked the Sudanese people for their support as well as for not giving up. "Un Certain Regard" is a competition focused on arthouse films that runs parallel to the main competition, the Palme d'Or, which will be announced on Saturday.

☆ Dollar on defensive after dovish Powell, debt ceiling setback
▼ + stars: | 2023-05-22 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

TOKYO, May 22 (Reuters) - The dollar nursed losses against the yen and euro on Monday following a surprise breakdown in U.S. debt ceiling negotiations and after Federal Reserve chair Jerome Powell indicated a preference to slow rate hikes. Investors now await a key meeting between U.S. President Joe Biden and House Republican Speaker Kevin McCarthy to discuss the debt ceiling on Monday. The dollar index, which measures the U.S. currency against six major peers, edged 0.04% lower to 103.00, after reaching 103.63 last week for the first time since March 20. European Central Bank president Christine Lagarde said Friday officials need to "buckle up" for "sustainably high interest rates" in order to achieve its inflation target. The Australian dollar ticked up 0.06% to $0.6655, while the New Zealand dollar advanced 0.13% to $0.62835.

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