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Australian dollars are seen in an illustration photo February 8, 2018. The two Antipodean currencies, often used as liquid proxies for the Chinese yuan, were flat after slumping in the previous session in the wake of the news. The Australian dollar was trading at $0.6643 early on Tuesday and the New Zealand dollar dipped 0.01% to $0.5979. In the broader market, currency moves were subdued as traders looked to central bank meetings in the U.S. and Japan next week. In cryptocurrencies, bitcoin fell 0.7% to $67,665, retreating from an over one-month top hit in the previous session.
Persons: Daniel Munoz, China's, Rodrigo Catril, Joe Biden's, NAB's, bitcoin, Rae Wee, Stephen Coates Organizations: REUTERS, New, New Zealand, National Australia Bank, NAB, Trump, U.S, Treasury, Thomson Locations: SINGAPORE, New Zealand, China, U.S, Japan
China surprises with cuts to key rates to support weak economy
  + stars: | 2024-07-22 | by ( ) www.cnbc.com   time to read: +3 min
China surprised markets by lowering a key short-term policy rate and its benchmark lending rates on Monday, in efforts to boost growth in the world's second-largest economy. Minutes later, China cut benchmark lending rates by the same margin at the monthly fixing. Following the rate cuts, China's yuan dropped to a near two-week low of 7.2750 per dollar before paring some losses. He expects more rate reductions in China after the Fed enters its rate cut cycle. China's rate cuts are aimed at "strengthening counter-cyclical adjustments to better support the real economy," the PBOC said in a statement.
Persons: Larry Hu, Ju Wang, Zhang Zhiwei, Pan Gongsheng Organizations: People's Bank of, People's Bank of China, Macquarie, Greater China FX, BNP, Federal Reserve, Xinhua, Fed Locations: People's Bank of China, Beijing, China
Analyst Mauricio Serna also raised his price target to $20 from $13, indicating 57.6% upside potential from where shares closed on Thursday. Barclays also lowered its price target to $47 from $55, indicating 11.4% downside from Thursday's close. Analyst Benjamin Swinburne has a $780 price target on shares, indicating shares could rise 20% from Thursday's close. Cahall raised his price target to $758 from $726, suggesting nearly 18% upside potential from the stock's close price on Thursday. His new price target of $190, up from $107, implies upside of 20% from Thursday's close.
Persons: Morgan Stanley, Mauricio Serna, Serna, — Hakyung Kim, Barclays downgrades Molson Coors, Lauren Lieberman, BUD YTD, Hakyung Kim, Benjamin Swinburne, Swinburne, Doug Anmuth, Anmuth, Wells, Steven Cahall, Cahall, Arm Holdings Morgan Stanley, Lee Simpson, Simpson, GenAI, Fred Imbert Organizations: CNBC, Netflix, Arm Holdings, UBS, Barclays downgrades, Barclays, bearish, Molson Coors, NFLX's, Holdings, ARM Locations: Serna, Thursday's, Wells Fargo
LONDON — The British pound on Wednesday broke above the $1.30 level against the U.S. dollar for the first time in a year, as investors bank on a coming period of growth-friendly policies and political stability under the newly elected Labour government. Sterling was 0.5% higher against the U.S. dollar at $1.303 at 1:04 p.m. in London (8:04 a.m. U.K. inflation came in at the Bank of England's 2% target for a second straight month, figures published earlier Wednesday showed. However, the inflation print slightly reduced market bets on an August rate cut from the central bank due to the stickiness of the key services print. The U.K. currency has also been supported by the recent landslide parliamentary victory for the Labour Party, according to analysts.
Persons: Sterling, Joe Tuckey Organizations: U.S, Labour, Bank of England's, Labour Party Locations: London
Surprise: Idris ElbaThe lead acting categories were virtually surprise free, which makes sense when you consider that the comedy series and drama series categories were even more surprise free. The one really unexpected nomination was for Elba’s performance as a professional negotiator trying to get a hijacked airliner safely to the ground in the surprisingly popular Apple TV+ potboiler “Hijack.” Never bet against Stringer Bell. (Performers who were thought to have a better chance included Cosmo Jarvis for “Shogun” and Colin Farrell for “Sugar.”)Snub: Kelsey GrammerIf there were a category for Lead Actor in a Comedy Rebooted After 20 Years, Grammer would have been a shoo-in for “Frasier” on Paramount+. Snub: A few people in ‘The Bear’ and ‘Shogun’“The Bear” received the most comedy nominations ever in a single year and on the drama side, “Shogun” received the most of any series this year. As well as FX’s presumptive winners in their series categories did, however, they did not sweep the nominations to quite the extent they could have: Oliver Platt and Matty Matheson of “The Bear” did not receive bids for comedy supporting actor and Moeka Hoshi and Fumi Nikaido of “Shogun” were shut out for drama supporting actress.
Persons: Idris Elba, Stringer Bell, Cosmo Jarvis, , Colin Farrell, , Kelsey Grammer, Grammer, Frasier ”, D’Pharaoh Woon, Matt Berry, Larry David, Jeremy Allen White, Steve Martin, Martin, , Shogun ”, Oliver Platt, Matty Matheson, Moeka Hoshi Organizations: Apple, Paramount Locations: Indigenous Oklahoma,
Yen jumps on suspected intervention, sterling hits one-year high
  + stars: | 2024-07-17 | by ( ) www.cnbc.com   time to read: +4 min
The yen rose sharply on Wednesday in what traders suspected was likely the result of yet another intervention from Japanese authorities to prop up the battered currency from multidecade lows. The euro was last down 0.8% at 171.15 yen, while sterling fell 0.76% to 203.75 yen. Combined with the estimated amount spent a day earlier, Japan is suspected to have bought nearly 6 trillion yen via intervention last week. That sent traders paring back bets of a rate cut from the Bank of England in August, providing a small boost to sterling , which was last up 0.43% to $1.3029. But the more important data is the inflation data, and that's telling the market that the Fed is in a position to cut fairly soon."
Persons: Geoff Yu, Masato Kanda, Michael Brown, Kyle Rodda Organizations: Mellon, Kyodo, Bank of Japan, Bank of England, Monetary, MPC, Tuesday's, Federal Reserve, New Zealand, Reserve Bank of New Locations: London, Tokyo, Japan, Reserve Bank of New Zealand
The risk-sensitive Australian dollar fell 0.18% to $0.6771, while the New Zealand dollar slid 0.35% to $0.6097. Under a Trump presidency, market analysts expect a more hawkish trade policy, less regulation and looser climate change regulations. Against the dollar, the yen was last 0.3% lower at 158.36, having strengthened to a roughly one-month high of 157.30 per dollar on Friday. "The confirmed FX intervention undertaken by the MOF in April and May proved that policymakers are prepared to be canny about choosing the timing of their moves," said Jane Foley, head of FX strategy at Rabobank. "In order to make more 'bang for their buck', FX intervention in quiet conditions or after the release of softer U.S. economic data seems like a sensible move.
Persons: Donald Trump, Jack Ablin, It's, Trump, Rong Ren Goh, Jane Foley Organizations: Trump, Cresset, New Zealand, Eastspring Investments, Cash U.S, Investors, . Bank of Japan, Finance, Analysts, Rabobank Locations: Asia, Japan, U.S, Tokyo
Jeff Bridges says that he's "feeling great now," three years after his cancer went into remission. He stars in the second season of "The Old Man" on FX, opposite John Lithgow. AdvertisementJeff Bridges is more than ready to go ahead with the season two premiere of his FX series "The Old Man," three years after he contracted COVID-19 while undergoing chemotherapy. Bridges appeared on Wednesday at the Television Critics Association summer press tour alongside his "Old Man" costar John Lithgow and executive producers Jonathan Steinberg, Dan Shotz, and Warren Littlefield. Bridges spoke about the show's upcoming second season and gave an update on his health.
Persons: Jeff Bridges, Bridges, COVID, John Lithgow, , Jonathan Steinberg, Dan Shotz, Warren Littlefield Organizations: Service, Television, Association, Business
Learn moreThe Real Housewives that started it all are back, and the new season promises lots more of the OC's signature drama. We've compiled everything you need to know about where to watch The Real Housewives of Orange County, no matter where you are. The Real Housewives of Orange County, or RHOC as it's known by fans, returns for Season 18 tonight. Where to watch The Real Housewives of Orange County in the USSeason 18 of The Real Housewives of Orange County will air on Thursdays at 9 p.m. Season 18 main castShannon Storms BeadorHeather DubrowTamra JudgeGina KirschenheiterEmily SimpsonJennifer PedrantiKatie GinellaThe Real Housewives of Orange County Season 18 trailerBravo released a three-minute sneak peek of Season 18 last month, wherein viewers can glimpse some of the shenanigans the ladies get up to this season.
Persons: We've, Shannon Storms, Katie Ginella, Alexis Bellino, we've, Peacock, ExpressVPN, Heather Dubrow, Gina Kirschenheiter Emily Simpson Jennifer Pedranti Katie Ginella, Bravo Organizations: Business, Housewives, Real Housewives, Bravo, NBC, The Real Housewives, Amazon, Orange Locations: Orange County, London, RHOC, Australia
The Chinese yuan made up 99.6% of Russian foreign exchange market in June, Bloomberg reported. This comes after the dollar and euro were barred from Russia's main exchange. One expert predicted this would happen, claiming the yuan would become Russia's main trade currency "once and for all." AdvertisementAverage daily volumes in the foreign exchange market contracted by close to a third in the month's second half, the bank report said. AdvertisementHowever, a surge of Russian demand for the Chinese currency has created a yuan liquidity shortage, Bloomberg separately reported.
Persons: , Moex, Alexandra Prokopenko Organizations: Bloomberg, Service, of, Moscow Exchange, Treasury, Carnegie Russia Eurasia Center, Bank of Locations: of Russia, Moscow, Russia, Beijing, Bank of Russia
Here are Monday's biggest calls on Wall Street: UBS reiterates Nvidia as buy UBS raised its price target on Nvidia to $150 per share from $120. Stifel upgrades Ecolab to buy from hold Stifel said it's bullish on shares of the food safety company. KBW upgrades Charles Schwab to outperform from market perform KBW said it's getting bullish on shares of Charles Schwab. Wells Fargo reiterates Meta as overweight Wells raised its price target on Meta to $625 per share from $593. Wells Fargo reiterates Roblox as overweight Wells raised its price target on the stock to $43 per share from $41 ahead of earnings on August 1.
Persons: Stifel, it's, Morgan Stanley, Charles Schwab, KBW, Guggenheim, ServiceNow, Wells, Riley, Emerson, Redburn, Wolfe, JPM, Raymond James, Gilead, Bumble, TD Cowen, Oppenheimer, Jefferies, Baird, Wedbush, RBLX Organizations: UBS, Nvidia, Taiwan Semiconductor, Meta, PNC, Bank of America, underperform Bank of America, Medicines, NSC, Apple, JPMorgan, Disney Locations: 2H24, Columbia, Norfolk, Asia
Why markets are 'sanguine' about French election results
  + stars: | 2024-07-08 | 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 EmailWhy markets are 'sanguine' about French election resultsElsa Lignos, RBC global head of FX strategy, joins 'Money Movers' to discuss the market implications of the election results in France, Macron's gamble on the snap poll, and much more.
Persons: Elsa Lignos, Macron's Organizations: RBC Locations: France
The Labour party's pledge, for example, to increase taxes on the compensation that private equity fund managers received raised a few eyebrows, and led to questions on what this could mean more broadly. In a note Friday, analysts at Jefferies said, despite concerns raised by a strong showing for the right-wing Reform UK Party, the Labour Party's U.K. election win would help make the U.K. appear "relatively stable." "A widely predicted Labour win in the UK could usher in an era of greater stability for the UK … which should help bolster investor sentiment towards the UK," she said. "U.K. bank stocks in the end are one of the biggest proxies for U.K. economic growth," he said. If results are as expected, attention will shift away from the U.K. election quickly, Shreyas Gopal, strategist, and Sanjay Raja, senior economist at Deutsche Bank, said in a note published Wednesday.
Persons: Vuk Valcic, hasn't, Jefferies, James McManus, Susannah Streeter, Hargreaves Lansdown, McManus, Liz Truss, Streeter, Richard Donnell, Nutmeg's McManus, CNBC's Silvia Amaro Friday, Mark Fielding, Fielding, Shreyas Gopal, Sanjay Raja, BoE, Francesco Pesole, Pesole Organizations: City of, Labour Party, Conservatives, U.S ., Labour, CNBC, Stock, Reform UK Party, Hargreaves, Deutsche Bank, ING, Bank of England, ECB Locations: Bishopsgate, City, City of London, London, France
Yen drops to 38-year low, U.S. dollar slumps after weak data
  + stars: | 2024-07-04 | by ( ) www.cnbc.com   time to read: +5 min
A report indicating that the U.S. services sector contracted last month and factory orders fell also weighed on the dollar. The dollar was last up 0.1% at 161.64, after earlier falling to a session low below 161 following weak U.S. data. The yen also hit an all-time low of 174.48 against the euro . The euro rose to a three-week high against the dollar, and was last up 0.3% at $1.0781. Further pressuring the dollar was a weak U.S. services report from the Institute for Supply Management.
Persons: Sterling, Helen, , Shunichi Suzuki, Jonas Goltermann, nonfarm Organizations: U.S ., Federal Reserve, European Central Bank, Bank of Japan, Monex USA, U.S, Finance, ADP, Reuters, Capital Economics, Institute for Supply Management, PMI, Fed Locations: United States, Washington ., U.S
Insider Today: Delta's bougie new lounge
  + stars: | 2024-06-29 | by ( Joi-Marie Mckenzie | ) www.businessinsider.com   time to read: +7 min
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. On the agenda:This story is available exclusively to Business Insider subscribers. The highly anticipated lounge — which comes in at nearly 40,000 square feet — offers high-class perks like a wellness center, terrace, and full-service restaurant. BI's reporter got a tour, and says it's the best lounge of its kind. AdvertisementMore of this week's top reads:The Insider Today team: Joi-Marie McKenzie, editor in chief of life, in New York.
Persons: , Tyler Le, Lisa, Nicole, Malorie, bearable, Emily Stewart, BI's Madison Hoff, Ayelet Sheffey, Ben Wigert, Amy Hardison, She's, Bryan Johnson, Hardison, Gareth Cattermole, playbook Taylor Swift, Travis Kelce, It's, Taylor Swift, Taylor Rains, John F, Kate Dehler, niacinamide, Abanti Chowdhury, Celine Dion, Rebecca Zisser, Joi, Marie McKenzie, Jordan Parker Erb, Dan DeFrancesco, Lisa Ryan, Grace Lett, Amanda Yen Organizations: Service, Business, Creative, Air Lines, Kennedy International Airport, BI, Hulu, realtors, Shark Locations: newsrooms, New York City, London, New, Manhattan, New York, Chicago
"The Bear" and "The Mole" both returned with new seasons this week. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . FX's critically acclaimed dramedy starring Jeremy Allen White as a young chef in Chicago returned for its third season. This story is available exclusively to Business Insider subscribers.
Persons: Lily Gladstone, , they're, FX's, Jeremy Allen White Organizations: Netflix, realtors, Service, Business Locations: Chicago
The season 3 finale of FX's "The Bear" teases more episodes to come. The show was reportedly renewed for a fourth season in March. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This story is available exclusively to Business Insider subscribers.
Persons: weren't, , Carmen, Berzatto's, Jeremy Allen White Organizations: Service, Business
All 10 episodes of season three of FX's "The Bear" were released on Wednesday. The new season is packed with notable celebrity guest stars and cameos. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Advertisement"The Bear" is back for another season of kitchen chaos and celebrity cameos. This story is available exclusively to Business Insider subscribers.
Persons: Jamie Lee Curtis, Joel McHale, Will Poulter, , Carmen, Berzatto's, Jeremy Allen White, Daniel Boulud, Thomas Keller, René Redzepi, Christina Tosi Organizations: Service, Business
'Yen is the weakest currency out there,' FX strategist says
  + stars: | 2024-06-28 | 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 Email'Yen is the weakest currency out there,' FX strategist saysValentin Marinov, head of G10 FX research at Credit Agricole, discusses the Yen and the outlook for Japanese equites.
Persons: Valentin Marinov Organizations: Credit Agricole
In ‘The Bear,’ Abby Elliott Follows a New Recipe
  + stars: | 2024-06-27 | by ( Alexis Soloski | ) www.nytimes.com   time to read: +1 min
Abby Elliott knows her way around a comedy. “I kind of went into it like, Oh, should I do a voice?” Elliott said. That could be fun.”That show was “The Bear,” which returns for its third season on Thursday, on Hulu. Set largely in the fraught kitchen of a Chicago restaurant, it stars Jeremy Allen White as a troubled chef. “The Bear” is a comedy only in the classical sense, in that it emphasizes human foibles and does not end in disaster.
Persons: Abby Elliott, , ” Elliott, , Jeremy Allen White, Elliott, ideation Organizations: Upright Citizens Brigade, FX, Hulu Locations: Chicago
Battered yen pinned near multi-decade low amid resilient dollar
  + stars: | 2024-06-27 | by ( ) www.cnbc.com   time to read: +2 min
The yen languished near a 38-year low on Thursday and struggled on the weaker side of 160 per dollar, keeping markets on alert for any signs of intervention from Japanese authorities to prop up the currency. The yen languished near a 38-year low on Thursday and struggled on the weaker side of 160 per dollar, keeping markets on alert for any signs of intervention from Japanese authorities to prop up the currency. In the broader market, the dollar was on the front foot and stood near an eight-week high against a basket of currencies, helped in part by a weaker yen and as it rose in step with U.S. Treasury yields. In a carry trade, an investor borrows in a currency with low interest rates and invests the proceeds in higher-yielding assets. Analysts said while the risk of intervention has increased, Japanese authorities could be holding out for Friday's release of the U.S. personal consumption expenditures price index before entering the market.
Persons: Boris Kovacevic Organizations: U.S, Treasury, Ministry of Finance Locations: Japan, Tokyo
The 10-episode third season of FX's "The Bear" was released in full Wednesday night. The new episodes pick up immediately after the events of the season 2 finale. Most critics agree that the series is still one of the best on TV, but season 3 is flawed. AdvertisementThe reviews are in for season three of FX's "The Bear," and critics are torn. The new episodes pick up immediately after the events of the season two finale.
Persons: , Christopher Storer, Chef Carmen Berzatto, Jeremy Allen White, Carmy Organizations: Service, Business Locations: Chicagoland
CNBC Daily Open: Micron slides, Amazon's $2 trillion
  + stars: | 2024-06-27 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
A trader works on the floor of the New York Stock Exchange (NYSE) during morning trading on March 4, 2024 in New York City. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Micron slidesShares of Micron fell almost 8% in extended trading on Wednesday as its revenue forecast failed to top analysts' expectations. The stock rose 3.9% on Wednesday.
Persons: Sanjay Mehrotra, Annie Palmer, Elliott Management, Shunichi Suzuki, Australia's, Arjun Jayaraman Organizations: New York Stock Exchange, CNBC, Dow Jones, Nasdaq, Nvidia, Micron, Apple, Microsoft, Southwest Airlines, Delta, U.S ., Finance, CSI Locations: New York City, Shein, Asia, Pacific, India
CNN —A posted sign in a kitchen reads “Every Second Counts,” but “The Bear” is clearly in no hurry during its third season, proceeding at the slow-cooked pace of a show simmered in accolades and Emmys. The latest season’s first episode nicely sets the table for the nine episodes to come, playing almost like a visual poem while reintroducing the characters. Ricky Staffieri, Jeremy Allen White and Matty Matheson in "The Bear." What “The Bear” has lost is the element of surprise that greeted its arrival. “The Bear” launched its third season June 26 on Hulu.
Persons: CNN —, “ Barry ”, , Jackie ”, “ Ted Lasso, , Christopher Storer, Ricky Staffieri, Jeremy Allen White, Matty Matheson, Chuck Hodes, Carmy, Calvin Klein, Storer Organizations: CNN, Hulu Locations:
Steady dollar sends yen to the brink of 160
  + stars: | 2024-06-26 | by ( ) www.cnbc.com   time to read: +2 min
The dollar was firm on Wednesday and trading on the precipice of the 160 yen barrier as investors turned cautious and counted down to the release of U.S. price data at the end of the week. The dollar was firm on Wednesday and trading on the precipice of the 160 yen barrier as investors turned cautious and counted down to the release of U.S. price data at the end of the week. The Australian dollar dipped 0.1% to $0.6640 and the New Zealand dollar similarly slipped to $0.6115, with small moves reflecting thin trade. Sterling was steady at $1.268, while bitcoin has recovered somewhat from a dip below $60,000 this week to trade at $61,668. "The yen moves more, and yuan moves are more controlled, but they seldom move in opposite directions," said Societe Generale strategist Kit Juckes.
Persons: Pat Bustamante, Lisa Cook, Michelle Bowman, Bowman, bitcoin, Kit Juckes Organizations: Canadian, Westpac, Federal, Fed, New Zealand, Citi, Sterling, Generale Locations: Asia, U.S, China
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