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In spite of all the predictions that they'll fall soon, mortgage rates have remained stubbornly high so far this year. "The combination of job gains, limited inventory, and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand." See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 30-Year Fixed Mortgage RatesThe current average 30-year fixed mortgage rate is 6.39%, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate remained flat at 5.75% this week, according to Freddie Mac data.

☆ EU, U.S. data transfer pact expected by summer, EU Commission says after Meta fine
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: 1 min

BRUSSELS, May 22 (Reuters) - The European Commission expects to finalise a data transfer pact with the United States by summer, a spokesman said on Monday after the Irish privacy regulator gave Meta Platforms (META.O) five months to stop transferring users' data across the Atlantic. "We expect this data protection framework between the EU and the U.S. to be fully functionable by the summer. This will guarantee stability and legal certainty," a Commission spokesman told a daily news conference. Reporting by Foo Yun Chee in Brussels and Bart Meijer in Amsterdam;Our Standards: The Thomson Reuters Trust Principles.

☆ Hedge funds piled into these stocks in the first quarter
▼ + stars: | 2023-05-22 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

The Wall Street firm analyzed hundreds of 13F filings last week to find the most popular stocks hedge funds picked up over the volatile quarter. Hedge funds piled into Victoria's Secret in the first quarter, buying the dip in the lingerie retailer, which has seen its shares fall 29% this year. Hedge funds also increased their ownership in financial names Western Alliance and Western Union last quarter. To be sure, it's possible that some of the hedge funds were covering their short bets in this position. A number of biotech names were also high-conviction bets for hedge funds, including Syneos Health , Horizon Therapeutics and Ginkgo Bioworks.

☆ This company models itself after Warren Buffett's Berkshire Hathaway. Analysts say it can beat the market too
▼ + stars: | 2023-05-21 | by ( Yun Li | ) www.cnbc.com time to read: +4 min

Founded in 1930 and with a market value today of $18 billion, Markel is first and foremost a specialty insurance company focused on niche markets like livestock and dude ranches. Some Wall Street analysts have praised Markel's recent performance against both peers and the broader market. Markel has returned 16.1% annually over the past three years while the S & P 500 has returned 12.4%, according to FactSet. "Given the favorable insurance market conditions in many of MKL's product lines, we believe the company's P/B multiple may expand if it can maintain solid profitability." Markel also has its appeal to Berkshire, which took a $600 million stake in Markel in early 2022.

☆ Hedge funds piled into these A.I. stocks during the first quarter
▼ + stars: | 2023-05-21 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Securities filings released this week signaled that many hedge funds also appear to be catching the AI bug. Betting on AI heavyweights Alphabet popped up as one of the most common AI plays among big investors in the first quarter. Microsoft bet billions on AI capabilities, funneling another multibillion-dollar investment in January into ChatGPT maker OpenAI. Beyond Alphabet and Microsoft Outside heavyweight giants Alphabet and Microsoft, many hedge funds beefed up other AI-related holdings in the first quarter. His Nvidia bet equaled roughly $1.4 billion at the end of March.

☆ US to sign strategic pacts with two Pacific states, hopes for third in weeks
▼ + stars: | 2023-05-20 | by ( David Brunnstrom | ) www.reuters.com time to read: +3 min

WASHINGTON, May 20 (Reuters) - The United States will sign new strategic pacts with the Pacific island states of Palau and Micronesia early next week and hopes to do so with the Marshall islands in coming weeks, the U.S. presidential envoy negotiating the deals said. As anticipated, he was unable to conclude the deal with the Marshall Islands. "We have made progress over my three-day visit to Marshall Islands and we hope to sign an agreement with the Marshall Islands in the coming weeks," he said. Chinese diplomats have been courting the region and China's construction and mining companies have expanded their business in many Pacific island nations. Yun said last month "topline" agreements would provide the three COFA states with a total of about $6.5 billion over 20 years.

☆ EU antitrust regulators quiz cloud rivals on Microsoft's request for customer data
▼ + stars: | 2023-05-19 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, May 19 (Reuters) - EU antitrust regulators are asking Microsoft's (MSFT.O) rivals what kind of customer data they are required to provide to the U.S. tech giant as part of their Azure cloud contracts, six months after a trade group complained about its cloud computing practices. Cloud Infrastructure Services Providers in Europe (CISPE), whose members include Amazon (AMZN.O), alleged last November that Microsoft's new contractual terms imposed on Oct. 1 together with other practices were harming the European cloud computing ecosystem. In a questionnaire sent to cloud providers seen by Reuters, the European Commission asked recipients for a list of contractual clauses requiring these companies to report information about their European customers to Microsoft. The EU watchdog asked if Microsoft may have used the information to go directly to the recipients' customers. Microsoft, hit by more than 1.6 billion euros ($1.8 billion) in EU fines in the previous decade for various antitrust violations, declined to comment.

☆ G7 leaders gather on China's doorstep to seek unified response to Beijing
▼ + stars: | 2023-05-19 | by ( Nectar Gan | ) edition.cnn.com time to read: +8 min

‘Economic coercion’Another important theme of the summit will be economic security, including how to counter China’s economic pressure tactics. As the G7 summit gets underway, Chinese officials will be closely watching from Beijing and will not hide their displeasure, experts say. In the lead-up to the summit, Beijing has already berated a statement by G7 foreign ministers. Similarly, Beijing also lashed out at accusations of its “economic coercion,” claiming it is the “victim of US economic coercion” rather than a perpetrator. And while China is not invited to Hiroshima, it is hosting its own summit with Central Asia countries, experts noted.

☆ EU telecoms regulators' group criticises forcing Big Tech to pay 5G rollout
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: 1 min

BRUSSELS, May 19 (Reuters) - The EU telecoms regulators' group BEREC on Friday criticised a push by telecoms providers to get Big Tech to help pay for the rollout of 5G and broadband in Europe, saying it doubted whether such a move would help the bloc meet its connectivity targets. The Body of European Regulators for Electronic Communications (BEREC) said a mandatory financial fee may lead to higher costs for consumers and impact Europe's net neutrality rules. The comments were part of BEREC's feedback - submitted on Friday - to the European Commission which is looking into the issue. Reporting by Foo Yun Chee; Editing by Sudip Kar-GuptaOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest moves midday: Foot Locker, Catalent, Occidental Petroleum & more
▼ + stars: | 2023-05-19 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in midday trading Friday. Foot Locker — The footwear retailer tanked 25.7% after it missed both top and bottom lines during the fiscal first-quarter. Disney — The media conglomerate fell nearly 2% in midday trading after Macquarie Research downgraded shares to neutral from outperform. Farfetch — The e-commerce company added 17.6% in midday trading after Farfetch reported a revenue beat for the first quarter. Western Alliance , PacWest — shares of the regional banks dipped more than 4% each, giving back some of their sharp gains from this week.

☆ Warren Buffett bought more Occidental shares in each of the last six trading days
▼ + stars: | 2023-05-19 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett's Berkshire Hathaway bought more shares of Occidental Petroleum in each of the last six trading days, boosting its stake in the Houston-based oil-and-gas producer to 24.4%, according to regulatory filings. The Omaha-based conglomerate purchased a total of of 5.6 million shares for $327.2 million over the past six sessions at an average price of $58 a share. Berkshire now owns 217.3 million shares with a market value of nearly $12.7 billion. Shares of Occidental rose nearly 2% in premarket trading Friday. Berkshire owns $10 billion of Occidental preferred stock, and has warrants to buy another 83.9 million common shares for $5 billion, or $59.62 each.

☆ China-Central Asia Summit: Ukraine war weakens Russian influence
▼ + stars: | 2023-05-18 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +8 min

Xi will present visiting Central Asian leaders with “a series of proposals” on the long-term development of ties and sign agreements, Chinese officials said this week. It is “of great interest to Central Asia nowadays to cooperate with China as one of its important alternative markets,” he added. However, Khitakhunov said, Central Asian leaders would be just as keen to have discussions about trade, investment and joint projects with Western players like the European Union. Central Asian countries have also seen and cracked down on popular protests and unrest in recent years. Like China, Central Asia leaders have typically avoided condemning Russia in forums like the UN, for example abstaining on major General Assembly resolutions calling for the withdrawal of Russian troops.

☆ Stocks making the biggest moves premarket: Walmart, Take-Two Interactive, Bath & Body Works and more
▼ + stars: | 2023-05-18 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Sale signs inside the Bath and Body Works store in Edmonton. Walmart also reported stronger-than-expected adjusted earnings and revenue, according to Refinitiv. Take-Two Interactive Software — The video game company surged 14% after posting better-than-expected revenue for its fiscal fourth quarter. Bath & Body Works — The retailer of body care and fragrance saw its stock surge nearly 10% in premarket after the company posted stronger-than-expected earnings and revenue for the latest quarter. Bath & Body Works also raised its full-year earnings guidance.

☆ US home prices fall by most in 11 years but sales are down
▼ + stars: | 2023-05-18 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Sales had shown some life, rising in February after a full year of declines due to surging mortgage rates, but that momentum has since cooled. Annually, sales were down 23% from a year ago and the seasonally adjusted annualized sales pace dropped from 5.57 million units a year ago to 4.28 million in April. Mortgage rates were rising in February and pushing toward 7% in March when many of these April closings went into contract. But the current sales pace is down 33% from the cyclical peak of a 6.34 million unit pace in January 2022. In the South prices were down 0.6% to $357,900 and in the West prices have fallen 8% from a year ago to $578,200.

☆ Home sales fell in April as buyers contended with high prices, fluctuating mortgage rates
▼ + stars: | 2023-05-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Sales of previously owned homes fell 3.4% in April from March to a seasonally adjusted, annualized pace of 4.28 million units, according to the National Association of Realtors. "The combination of job gains, limited inventory and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand." There were 1.04 million homes for sale at the end of April, an increase of 1% compared with April of last year. At the current sales pace, that represents a 2.9-month supply. While sales were lower at all price points compared with April 2022, they were down most sharply for homes priced above $500,000.

☆ These U.S. stocks have the most to lose — and gain — from China
▼ + stars: | 2023-05-18 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Goldman Sachs analyzed company 10-K filings to determine the geographic revenue exposure of each stock in the S & P 500. They found a number of stocks with revenue exposure to Greater China of over 40%. If China continues to show an uneven path of recovery in the wake of its stringent Covid restrictions being lifted, these stocks could be hurt. Companies that generate a significant amount of sales from Greater China were exclusively in the chip industry, according to Goldman. Monolithic Power Systems is on the top of the list with 65% of its 2022 revenue derived from Greater China, according to Goldman.

☆ U.S. existing home sales post second straight monthly decline
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +3 min

WASHINGTON, May 18 (Reuters) - U.S. existing home sales fell for a second straight month in April, with prices rising in roughly half of the country, which together with possibly higher mortgage rates could delay a housing market recovery. Existing home sales dropped 3.4% to a seasonally adjusted annual rate of 4.28 million units last month, the National Association of Realtors said on Thursday. Economists polled by Reuters had forecast home sales would fall to a rate of 4.30 million units. Home resales, which account for a big chunk of U.S. housing sales, tumbled 23.2% on a year-on-year basis in April. The housing market has taken the biggest hit from the Federal Reserve's fastest monetary policy tightening campaign since the 1980s.

REUTERS/Dado RuvicMay 17 (Reuters) - Meta Platforms Inc (META.O) is set to face a record European Union privacy fine related to data transfer of Facebook's EU users to U.S. servers for failing to comply with a warning by a top EU court, two sources familiar with the matter said. The penalty will be higher than the previous record 746 million euros ($821.20 million) fine for Amazon.com Inc (AMZN.O), according to the sources. Meta declined to comment, while the Irish Data Protection Commission (DPC) and the European Commission did not immediately respond to Reuters' requests for comment. EU regulators led by Ireland's Data Protection Commissioner Helen Dixon have been finalising a ban on the legal tool used by Facebook to transfer European user data because of concerns U.S. intelligence agencies could access the information. Europe's highest court ruled in 2020 that an EU-U.S. data transfer agreement was invalid, citing surveillance concerns.

☆ Broadcom offers VMware interoperability remedies to address EU concerns
▼ + stars: | 2023-05-17 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, May 17 (Reuters) - U.S. chipmaker Broadcom (AVGO.O) has offered interoperability remedies in an effort to address European Union antitrust concerns over its $61 billion VMware (VMW.N) bid, people familiar with the matter said. Broadcom submitted its proposal on Tuesday, a European Commission filing showed. The EU competition enforcer, which did not provide details in line with its policy, extended its deadline for a decision to July 17. Broadcom may restrict competition in some hardware components which interoperate with VMware's virtualisation software, the Commission warned the company last month as it laid out its concerns. "While we maintain that this deal does not present any competition issues, we have made a proposal to address fully the concerns expressed by the European Commission," said Broadcom.

☆ Broadcom offered remedies to address EU antitrust concerns over VMware deal -sources
▼ + stars: | 2023-05-17 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, May 17 (Reuters) - Broadcom (AVGO.O) has offered interoperability remedies in an attempt to address EU antitrust concerns about its $61 billion bid for VMware (VMW.N), people familiar with the matter said. Broadcom submitted its proposal on Tuesday, a European Commission filing showed on Wednesday. The EU competition enforcer, which did not provide details in line with its policy, extended its deadline for a decision to July 17. On Wednesday, Broadcom reiterated its aim of closing the VMware transaction in the 2023 fiscal year, and added it was making progress with various regulatory filings regarding this deal around the world. "While we maintain that this deal does not present any competition issues, we have made a proposal to address fully the concerns expressed by the European Commission," said Broadcom.

☆ Stocks making the biggest moves midday: Tesla, Western Alliance, Target & more
▼ + stars: | 2023-05-17 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Musk said that although he expects an economic downturn for the next 12 months, Tesla is well-positioned for the long run. Western Alliance — Western Alliance popped 15% after the regional bank said deposit growth so far this quarter surpassed $2 billion as of May 12. Target — Shares of the big-box retailer rose more than 2% after the company topped Wall Street's earnings expectations for its fiscal first quarter. It also topped expectations for first-quarter comparable sales, per StreetAccount, but its revenue missed estimates. Keysight Technologies — Shares popped more than 7% after Keysight Technologies topped earnings expectations for the fiscal second quarter.

☆ Korean Air's Asiana bid may restrict competition -EU regulators
▼ + stars: | 2023-05-17 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, May 17 (Reuters) - Korean Air Lines's (003490.KS) proposed acquisition of rival Asiana (020560.KS) may restrict competition in passenger and cargo air transport services between Europe and South Korea, EU antitrust regulators said on Wednesday. The European Commission said it had sent a statement of objections outlining its concerns, confirming a Reuters story last week. The EU competition enforcer said it had sought feedback from rival airlines, potential market entrants and customers on the potential impact of the deal. "The transaction may reduce competition in the provision of passenger transport services on four routes between South Korea and France, Germany, Italy and Spain," it said in a statement. It said the deal may also reduce competition in the provision of cargo transport services between all of Europe and South Korea.

☆ Stocks making the biggest premarket moves: Western Alliance, TJX, Wynn, Tesla & more
▼ + stars: | 2023-05-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves in premarket trading:Western Alliance — Shares popped 12% premarket after Western Alliance said its deposit growth for the current quarter exceeded $2 billion as of May 12, up from the $1.8 billion in deposit growth for the quarter through May 9. Target also said it expects sales to remain sluggish in the current quarter, marked by a single digit decrease in comparable sales. Zions Bancorporation — The Salt Lake City-based bank added 4.7% as regional banks moved higher in premarket trading, led by Western Alliance. It guided for between $2.00 and $2.06 EPS for the current quarter, above analysts' forecast of $1.96. Doximity — The medical software stock dropped nearly 10% premarket, one day after the company issued weak guidance for the current quarter.

☆ An under-the-radar hedge fund is the best stock picker in tech. Here are its latest plays
▼ + stars: | 2023-05-17 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

In the hedge fund industry, tech investors like the "Tiger Cubs" Philippe Laffont and Chase Coleman grab a lot of attention, but the best stock picker in the sector lately is far less well-known. It is derived by comparing the performance of equities in the fund based on regulatory filings with that of a sector exchange-traded fund. Shannon River has $2.1 billion in asset under management, recently disclosed $443 million in long equity positions. The hedge fund, founded in 2003 by managing partner Spencer Waxman , runs a concentrated portfolio, with its top 10 positions accounting for 82% of the disclosed portfolio in the first quarter. Nice Ltd. , an enterprise software provider, was another top pick for Shannon River.

☆ Stanley Druckenmiller piles into these A.I. plays and other technology stocks
▼ + stars: | 2023-05-17 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Billionaire investor Stanley Druckenmiller bought into a few stocks tied to artificial intelligence last quarter, while piling into a handful of other names in the tech sector, according to a new regulatory filing. Druckenmiller said last week these two bets were his way of getting exposure to the booming AI space. He thinks that AI could be a fruitful opportunity for investors, especially when the economy comes out of what he thinks is an imminent downturn. The investor also built a sizable stake in Alphabet, another AI play, making it one of his top 10 holdings. Amazon was another new bet for Druckenmiller, who built an $84 million stake at the end of March.

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