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☆ New IPOs fizzle out: What's behind the tumbles
▼ + stars: | 2023-10-12 | 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 EmailNew IPOs fizzle out: What's behind the tumblesCNBC’s Deirdre Bosa reports on developments from new initial public offerings.

Persons: Deirdre Bosa

A view shows a Russian one rouble coin in front of a screen in this illustration picture taken August 22, 2023. By 1125 GMT, the rouble was 1.8% weaker against the dollar at 102.18 , its weakest point since March 23, 2022. The Russian currency tumbled to a record low 121.5275 in the weeks after Moscow's February 2022 invasion of Ukraine. The rouble had lost 1.9% to trade at 107.76 versus the euro and shed 2.1% against the yuan to 14.01 . The rouble-based MOEX Russian index (.IMOEX) was 1.3% higher at 3,184.6 points, a near one-month high.

Persons: Maxim Shemetov, rouble, Alexei Antonov, Alexander Marrow, Angus MacSwan, Mark Potter Organizations: REUTERS, Bank of Russia, Reuters, Brent, Thomson Locations: Russian, Israel, Gaza, Ukraine

☆ Puma tumbles as analysts flag possible earnings disappointment
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

[1/2] A pair of Puma sports shoes is shown at an event in Berlin, Germany February 21, 2019. Analysts at brokerage Stifel said Puma's third-quarter earnings before interest and tax might decline by a low double-digit rate compared with last year, a worse performance than consensus expectations for a 6% decline. The drop in Puma's shares put them on course for their worst day since March 2020. Puma said it was fully on track to achieve its full-year guidance, while declining to comment on its share price movement. Puma is targeting EBIT of between 590 million euros and 670 million euros for 2023, from 641 million euros in 2022.

Persons: Annegret, Stifel, Puma, overstock, Jefferies, Danilo Masoni, Helen Reid, Linda Pasquini, Alexander Huebner, Susan Fenton, Jane Merriman Organizations: REUTERS, Nike, Adidas, Puma, RBC, Thomson Locations: Berlin, Germany, North America, China, U.S, London, Gdansk, Munich

☆ NZ central bank holds rates, signals higher hurdle to further hikes; kiwi tumbles
▼ + stars: | 2023-10-04 | by ( Lucy Craymer | ) www.reuters.com time to read: +3 min

View of an entrance to the Reserve Bank of New Zealand in Wellington, New Zealand November 10, 2022. “Interest rates are constraining economic activity and reducing inflationary pressure as required,” the central bank said in a statement. The past RBNZ rate hikes have sharply slowed New Zealand’s economy but recent data showed it was tracking above central bank expectations at 0.9% quarterly growth. The central bank releases a comprehensive update of economic indicators and the forecast official cash rate track when it publishes its quarterly Monetary Policy Statement (MPS), which is due on Nov. 29. “The Bank appears content to wait for restrictive policy settings to fully feed through to the real economy,” analysts at Capital Economics in a note.

Persons: Lucy Craymer, ”, Kelly Eckhold, “ Organizations: WELLINGTON, Reuters, Reserve Bank of New, REUTERS, Bank of New Zealand, New Zealand, Westpac NZ, U.S . Federal Reserve, Capital Economics Locations: Reserve Bank of New Zealand, Wellington , New Zealand, Global, New Zealand

☆ House of Representatives tumbles into chaos as fight for new speaker erupts
▼ + stars: | 2023-10-04 | by ( Erica Star Domena | Tamara Lindstrom | ) www.businessinsider.com time to read: 1 min

The House is paralyzed after far-right Republicans forced Kevin McCarthy out as speaker. A new battle is on as Republicans scramble to replace him.

Persons: Kevin McCarthy

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. On its first day as the front-month, Brent futures for December delivery settled $1.49, or 1.6%, lower at $90.71 a barrel, or down about 5% from where the November contract expired on Friday. Analysts said some traders took profits after crude prices rose nearly 30% to 10-month highs in the third quarter. Higher interest rates along with a stronger dollar, which makes oil more expensive for holders of other currencies, could dent oil demand. A Reuters survey showed OPEC oil output rose for a second straight month in September despite cuts by Saudi Arabia.

Persons: Agustin Marcarian, Brent, Gelber, Edward Moya, Scott DiSavino, Paul Carsten, Yuka Obayashi, Emily Chow, Marguerita Choy, David Gregorio Our Organizations: REUTERS, U.S ., . West Texas, New York Mercantile, Intercontinental Exchanges, U.S . Commodity Futures Trading Commission, Associates, U.S, . Federal Reserve, World Bank, ING, Organization of, Petroleum, Reuters, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, U.S, Europe, Germany, Britain, China, Iraq, Saudi Arabia, OPEC, Russia, New York, London, Tokyo

☆ TSX tumbles to near seven-month low as commodity-linked stocks fall
▼ + stars: | 2023-10-02 | by ( Siddarth S | ) www.reuters.com time to read: +2 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. Rate-sensitive utilities (.GSPTTUT) fell nearly 3%, leading declines amid a dramatic run-up in 10-year U.S. Treasury yields that hit 16-year highs. "U.S. Treasury yields continue to march higher and that's just crushing the dividend-paying stocks like utilities in Canada," said Douglas Porter, chief economist of BMO Capital Markets. The S&P Global Canada Manufacturing Purchasing Managers' Index (PMI) fell to a seasonally adjusted 47.5 last month, from 48.0 in August. Reporting by Siddarth S in Bengaluru; Editing by Shailesh Kuber and Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Douglas Porter, Eric Provost, Siddarth, Shailesh Kuber, Shweta Agarwal Organizations: Toronto Stock Exchange, REUTERS, TSX, Treasury, Toronto Stock, Materials, Brent, U.S . West Texas, BMO Capital Markets, Data, P Global Canada Manufacturing, Laurentian Bank, Thomson Locations: Toronto , Ontario, Canada, U.S, Bengaluru

☆ Danger, 'pothole' ahead: Economic growth slowing to a near-halt to end the year
▼ + stars: | 2023-09-30 | by ( Jeff Cox | ) www.cnbc.com time to read: +6 min

Be it the United Auto Workers strike , the impending government shutdown or the resumption of deferred student loan payments , ominous barriers to growth have been lining up. "The economic headwinds are blowing, and they're blowing harder and harder," said Mark Zandi, chief economist at Moody's Analytics. JPMorgan Chase CEO Jamie Dimon recently cautioned clients that the Fed may have to take rates a good deal higher yet. Still, that's well rate above the central bank's 2% target, posing another potential headwind to growth. Despite the looming slowdown, consumers, who are pivotal to U.S. growth, have managed to hang in there.

Persons: Mark Zandi, Goldman Sachs, Goldman, Ronnie Walker, Alec Phillips, tumbles, Sam Stovall, JPMorgan Chase, Jamie Dimon, We're, Liz Ann Sonders, Charles Schwab, Jerome, Powell, They've Organizations: United Auto Workers, Moody's, UAW, Atlanta, JPMorgan, University of Michigan's, Commerce Department Locations: U.S

☆ Coal makes a quiet resurgence in the clean energy era
▼ + stars: | 2023-09-27 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

CNN —As momentum shifts toward clean energy, coal has had some unexpected staying power. A new report by the International Energy Agency found that global coal demand hit an all-time high in 2022 amid the energy crisis, eclipsing the previous record set in 2013. For example, Panasonic built a new electric vehicle plant in Kansas to aid its transition to clean energy. Why it matters: Coal, the highest carbon emitting and dirtiest energy source, is the single biggest contributor to human-created climate change. The Hollywood writers’ strike is overThe Hollywood writers’ strike is finally over after 148 days.

Persons: Goldman Sachs, Goldman, “, Dow tumbles, It’s, Stocks, Krystal Hur, ”, Bill Adams, Moody’s Organizations: CNN Business, Bell, CNN, Commodities, Bloomberg, International Energy Agency, IEA, Panasonic, Federal Reserve, Dow Jones, Nasdaq, Fed, Silicon Valley Bank, Signature Bank, Comerica Bank, Government, Fitch, Hollywood, Writers Guild of America, WGA, SAG Locations: Ukraine, Europe, United States, Kansas

WASHINGTON (AP) — The confidence of American consumers slipped this month, particularly about the future, as expectations persist that interest rates will remain elevated for an extended period. The Conference Board, a business research group, said Tuesday that its consumer confidence index fell to 103 in September from 108.7 in August. Most troubling was the decline in the index measuring future expectations, which tumbled to 73.7 in September from 83.3 in August. Confidence improved late in the spring as inflation eased in the face of 11 interest-rate hikes by the Federal Reserve. America’s employers added 187,000 jobs in August, evidence of a slowing but still-resilient labor market despite the high interest rates the Federal Reserve has imposed.

Persons: Dana Peterson Organizations: WASHINGTON, Conference Board, Target, Home, Federal Reserve Locations: U.S, United States

☆ Dow tumbles nearly 400 points, notching biggest one-day drop since March
▼ + stars: | 2023-09-26 | by ( Krystal Hur | ) edition.cnn.com time to read: +3 min

New York CNN —Stocks tumbled Tuesday after a slew of economic data stoked fears about the US economy’s cloudy outlook and further interest rate hikes from the Federal Reserve. The Dow Jones Industrial Average fell 388 points, or 1.1%, its biggest one-day decline since March. The stock market remains in a bull market, however — it would need to fall 20% from its peak to enter bear territory. “The Fed will see the reacceleration of house prices as a reason to keep interest rates higher for longer,” said Bill Adams, chief economist at Comerica Bank. JPMorgan Chase CEO Jamie Dimon said Tuesday in an interview with the Times of India that he is preparing the bank’s clients for a 7% interest rate scenario, further spooking investors.

Persons: Stocks, ”, Bill Adams, paring, Brent, JPMorgan Chase, Jamie Dimon, Moody’s Organizations: New, New York CNN, Federal Reserve, Dow Jones, Nasdaq, Comerica Bank, Fed, Silicon Valley Bank, Signature Bank, West Texas, JPMorgan, Times, Fitch Locations: New York, Times of India

☆ Dollar reigns as Europe's central banks spring some surprises
▼ + stars: | 2023-09-21 | by ( Marc Jones | ) www.reuters.com time to read: +5 min

"It punctures the balloon on terminal rates and also creates more second guessing on the quality of the (economic) landings". With a crucial Bank of Japan meeting still to come this week, Japan's 10-year government bond yield rose to its highest in a decade. Ben Luk, senior multi-asset strategist at State Street Global Markets said the overall tone of the Fed's meeting on Wednesday, while not overly hawkish, included two surprises. The median forecast for the federal funds rate is 5.1% by year-end, up from 4.6% estimated in June. Additional reporting by Xie Yu in Hong Kong Editing by Shri Navaratnam and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: BoE, Bond, John Hardy, Hardy, Goldman Sachs, Tom Hopkins, Ben Luk, Wall, Brent, clawing, Gold, Xie Yu, Shri Navaratnam, Tomasz Janowski Organizations: Sterling, Swiss, U.S . Federal Reserve, Dealers, Swiss National Bank, Bank of England, Saxo Bank, BRI Wealth Management, Treasury, Reuters Graphics, Apple, Nvidia, Japan's Nikkei, of Japan, State Street Global Markets, Thomson Locations: Europe, Britain, Sweden, Norway, Turkey, U.S, Asia, Pacific, Japan, Saudi Arabia, Russia, Hong Kong

☆ Morgan Stanley: Buy these 37 stocks that can provide strong growth with a soft landing as well as protection if the market tumbles in a recession
▼ + stars: | 2023-09-19 | by ( Mark Reeth | ) www.businessinsider.com time to read: +4 min

Fears of a recession this spring eventually gave way to confidence that the economy could stick a soft landing. How to invest for the rest of 2023Sentiment has been the driving force behind stock-market gains this year, Wilson wrote. The solution, Wilson wrote, is to gain exposure to both ends of the spectrum. To that end, Wilson compiled 37 stocks that Morgan Stanley analysts are overweight on. All the stocks are among the top 1,000 by market cap, are classified as growth stocks, and have low volatility, as measured by trailing 252-day volatility that is below the market median.

Persons: Morgan Stanley, Mike Wilson, Wilson, homebuilding

The pace of new construction slowed in August amid high mortgage rates and weakening demand, the federal government reported on Tuesday. Housing starts fell 11.3% in August to an annual rate of 1.28 million, the lowest since the summer of 2020. Builders typically pull permits in anticipation of demand, but housing starts occur when lots are ready to be cleared following deposits on future purchases. “The combination of high interest rates, high pricing, and limited inventory has continued to plague the housing market. “And on the supply-side front, builders continue to grapple with shortages of construction workers, buildable lots and distribution transformers, which is further adding to housing affordability woes.

Persons: ”, Kelly Mangold, Alicia Huey, Ksenia Potapov Organizations: Housing, Real Estate Consulting, National Association of Home Builders, First American Financial Corp, “ Locations: Birmingham , Alabama

☆ 'Shark Tank' investor Kevin O'Leary warns of a 3-pronged financial disaster as soaring interest rates bite
▼ + stars: | 2023-09-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Higher rates are hitting regional banks, commercial real estate, and small businesses, he says. "We've got the pressure at the regional banks, commercial real estate collapse, and small business not getting any capital," the "Shark Tank" investor told "Kudlow" in a recent interview. The Federal Reserve has rushed to crush historic inflation by hiking interest rates from nearly zero to north of 5% since last spring. Many small businesses and CRE developers rely heavily on debt financing from smaller banks, meaning higher rates and a credit crunch pose serious threats to them. He cautioned in another recent interview that the Fed was likely to lift rates higher than 6%, sending residential mortgage rates from a little over 7% today to above 8%.

Persons: Kevin O'Leary, We've, it's, O'Leary, CRE, hasn't Organizations: Service, Federal Reserve, Bank, Wall Street titans, JPMorgan Locations: Wall, Silicon

☆ Evergrande stock tumbles after Chinese police detain staff at its wealth management unit
▼ + stars: | 2023-09-18 | by ( Laura He | ) edition.cnn.com time to read: +5 min

The state-owned Shanghai Securities Journal reported that one of the detainees is the general manager and legal representative of Evergrande Wealth, citing an unnamed source. CNN has reached out to Evergrande and Evergrande Wealth for comment about the investigation, but hasn’t received a response. Of that amount, 34 billion yuan ($4.7 billion) was still unpaid by the end of last year. Multiple protestsProblems at Evergrande’s wealth unit first became widely known in August 2021, when it stopped issuing financial products due to “difficulty” in repaying them. Sayaka Nanbu/APTo appease its creditors, Evergrande Wealth subsequently proposed several repayment plans.

Persons: “ Du, hasn’t, Evergrande, Sayaka Nanbu Organizations: Hong Kong CNN, Hong, Police, Evergrande, Shanghai Securities Journal, CNN, Shenzhen government’s, Evergrande’s Locations: Hong Kong, Shenzhen, Evergrande’s Shenzhen, Shanghai, United States

☆ Wall Street tumbles, Treasury yields gain as focus turns to Fed
▼ + stars: | 2023-09-16 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

The S&P 500 and the Nasdaq reversed their weekly advances, while the blue-chip Dow ended the week nominally higher. European stocks closed higher, extending a rally sparked by the European Bank signaling an end to its rate-hiking cycle, and logging a weekly gain. The pan-European STOXX 600 index (.STOXX) rose 0.23% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.63%. Emerging market stocks rose 0.33%. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) closed 0.58% higher, while Japan's Nikkei (.N225) rose 1.10%.

Persons: Brendan McDermid, Dow, TW, Chuck Carlson, Robert Pavlik, Sterling, Brent, Stephen Culp, Naomi Rovnick, Kevin Buckland, Nick Zieminski, Diane Craft, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Treasury, Nasdaq, Semiconductor, SOX, Reuters, University of Michigan, Federal Reserve, Horizon Investment, Financial, Dakota Wealth, Dow Jones, Bank, Japan's Nikkei, Thomson Locations: New York City, U.S, Philadelphia, Hammond , Indiana, Fairfield , Connecticut, Asia, Pacific, Japan, London, Tokyo

☆ Inflation outlook tumbles to lowest since early 2021, survey shows
▼ + stars: | 2023-09-15 | 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 EmailInflation outlook tumbles to lowest since early 2021, survey showsCNBC's Rick Santelli reports on the mid-month read for consumer sentiment, five to ten year inflation outlook, and more.

Persons: Rick Santelli

☆ Oracle tumbles as strong cloud competition, Cerner weakness dent forecast
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

3D printed clouds and figurines are seen in front of the Oracle cloud service logo in this illustration taken February 8, 2022. The company was on track to lose about $30 billion in market value, based on its premarket share price of $115. "We continue to believe high single-digit growth might be unsustainable for Oracle given Cerner integration risks and formidable data center competition," D.A. Most analysts, however, were positive on the company and attributed the share price decline to Oracle's rally in the run-up to earnings. But they highlighted strong deferred revenue, AI backlog commentary and some positive signs in the cloud business as positives.

Persons: Dado Ruvic, Safra Catz, D.A, Davidson, Gil Luria, Aditya Soni, Krishna Chandra Organizations: Oracle, REUTERS, Amazon Web Services, Google, Barclays, Thomson Locations: Bengaluru

☆ Dollar firmer on solid US data; China's yuan tumbles to 16-year low
▼ + stars: | 2023-09-07 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. China's onshore yuan , on the other hand, slid to a 16-year low versus the greenback, under pressure from a property slump, weak consumer spending, and shrinking credit growth in the world's second-largest economy. Against a basket of currencies including the euro and sterling, the dollar rose 0.2% to 105.03, after earlier touching a fresh six-month peak. The index also climbed to a six-month high on Tuesday, as the U.S. services sector unexpectedly gained steam in August. ONSHORE YUAN HITS 2007 LEVELSThe onshore yuan sank to 7.3299 per dollar, its weakest since December 2007.

Persons: Florence Lo, Brad Bechtel, BoE, Andrew Bailey, Gertrude Chavez, Dreyfuss, Joice Alves, Rae Wee, Zhou, Sharon Singleton, Chizu Nomiyama, Nick Zieminski, Andrea Ricci Organizations: U.S, REUTERS, Federal Reserve, Jefferies, Reuters, New Zealand, European Central Bank, Bank of England, Thomson Locations: U.S, New York, China, Beijing, Japan, Bank, London

☆ Toronto stocks extend losses for third day as BlackBerry tanks
▼ + stars: | 2023-09-07 | by ( Siddarth S | ) www.reuters.com time to read: +2 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. ET (1419 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 90.43 points, or 0.45%, at 20,136.53. Both the U.S.- and Canadian-listed shares of BlackBerry (BB.TO), tumbled over 15% after the technology company forecast a 21.4% decline in second-quarter revenue, due to weakness in its cybersecurity segment. Technology stocks (.SPTTTK) slumped 1.8%, leading sectoral declines and hitting their lowest levels in more than a month. Peyto Exploration & Development (PEY.TO) shares fell 2.4%, after the natural gas firm agreed to buy Spanish energy company Repsol's (REP.MC) assets in Canada for $468 million.

Persons: Chris Helgren, Peyto, Morningstar, Siddarth, Tasim Zahid, Shilpi Majumdar Organizations: Toronto Stock Exchange, REUTERS, Spain's, Toronto Stock, BlackBerry, Peyto, Development, U.S, Thomson Locations: Toronto , Ontario, Canada, Toronto, U.S, Bengaluru

☆ Apple tumbles, drags tech stocks lower as fears grow over China iPhone curbs
▼ + stars: | 2023-09-07 | by ( Aditya Soni | ) www.reuters.com time to read: +3 min

A customer talks to sales assistants in an Apple store as Apple Inc's new iPhone 14 models go on sale in Beijing, China, September 16, 2022. Apple suppliers and companies with large China exposure including Broadcom (AVGO.O), Qualcomm (QCOM.O) and Texas Instruments (TXN.O) fell between 1.4% and 4.7%. The moves by Beijing also come at a time when Apple is grappling with a decline in iPhone sales, with China being a bright spot in what was an otherwise disappointing quarterly earnings report last month. The sanctions had hammered Huawei's sales in its home country and allowed Apple to take some market share from the national favourite. Apple could, however, see a demand boost after an event next week where it is expected to unveil its iPhone 15 line-up, as well as new smartwatches.

Persons: Thomas Peter, D.A Davidson, Tom Forte, chipmaker SMIC, Aditya Soni, Jaspreet Singh, Shounak Dasgupta Organizations: Apple, REUTERS, company's, Broadcom, Qualcomm, Texas, Reuters, Beijing, planemaker Boeing, Street, HK, Huawei, Bofa Global Research, Thomson Locations: Beijing, China, Washington, The U.S, U.S, Kirin, Bengaluru

☆ Nvidia's forward PE ratio tumbles to lowest in eight months
▼ + stars: | 2023-08-28 | by ( Noel Randewich | ) www.reuters.com time to read: +2 min

Courtesy NVIDIA/Handout via REUTERS Acquire Licensing RightsAug 28 (Reuters) - Increased analysts' estimates since Nvidia's (NVDA.O) strong quarterly report last week have left the world's most valuable chipmaker trading at its lowest forward earnings multiple in eight months. Nvidia's forward earnings valuation plungesAt that price, Nvidia shares are trading at the equivalent of around 33 times expected earnings over the next 12 months, according to Refinitiv data. That forward PE compares to over 46 a week ago, and it is now at its lowest since December 2022. Price/earnings ratios help investors gauge the value of companies, but relying on analysts' estimates of future earnings creates uncertainty. Following its report, analysts on average expect Nvidia's revenue for the fiscal year ending in January 2024 to reach $53 billion, nearly double the previous year, according to Refinitiv data.

Persons: Price, Ross Mayfield, Cody Acree, It's, Acree, Jensen Huang, Noel Randewich, Diane Craft Organizations: NVIDIA, Handout, REUTERS Acquire, Nvidia, Baird, Benchmark Research, Apple, Thomson Locations: Santa Clara , California

☆ Dollar shines on US economic resilience; Aussie tumbles after employment data
▼ + stars: | 2023-08-17 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

The Australian dollar tumbled after the country's July employment unexpectedly fell while its jobless rate ticked up more than expected. The Aussie sank nearly 1% after the release of the figures, dragging the New Zealand dollar alongside it. The yen bottomed out at 146.565 per dollar in early Asia trade, its lowest level since November, having come under renewed pressure as a result of interest rate differentials between the U.S. and Japan. "We've got the U.S. staying really resilient still, under the weight of high interest rates," said Carol Kong, a currency strategist at Commonwealth Bank of Australia (CBA). "We expect 25-basis-point rate hikes in both September and November, for a peak policy rate of 5.75%," said Wells Fargo economist Nick Bennenbroek of the Bank of England's monetary policy outlook.

Persons: Dado Ruvic, homebuilding, We've, Carol Kong, Kong, Wells, Nick Bennenbroek, Matt Simpson, there's, CBA's, Rae Wee, Gerry Doyle Organizations: REUTERS, Rights, dovish Bank of Japan, Aussie, New Zealand, U.S, Federal Reserve, Commonwealth Bank of Australia, Fed, FX, Bank of England, Bank, Zealand, Reserve Bank of Australia, People's Bank of China, The U.S, Thomson Locations: Asia, Japan, China, CBA's Kong, The

☆ Dollar shines on U.S. economic resilience, Aussie tumbles after employment data
▼ + stars: | 2023-08-17 | by ( ) www.cnbc.com time to read: +4 min

Hundred dollar bills are seen in this photo illustraiton in Warsaw, Poland on Sept. 21, 2022. The Australian dollar tumbled after the country's July employment unexpectedly fell while its jobless rate ticked up more than expected. The Aussie sank nearly 1% after the release of the figures, dragging the New Zealand dollar alongside it. "We've got the U.S. staying really resilient still, under the weight of high interest rates," said Carol Kong, a currency strategist at Commonwealth Bank of Australia, or CBA. "We expect 25-basis-point rate hikes in both September and November, for a peak policy rate of 5.75%," said Wells Fargo economist Nick Bennenbroek of the Bank of England's monetary policy outlook.

Persons: homebuilding, We've, Carol Kong, Kong, Wells, Nick Bennenbroek, Matt Simpson, there's, CBA's Organizations: dovish Bank of Japan, Aussie, New Zealand, U.S, Federal Reserve, Commonwealth Bank of Australia, Fed, FX, Bank of England, Bank, Australian, Zealand, Reserve Bank of Australia, People's Bank of China, The U.S Locations: Warsaw, Poland, Asia, Japan, China, CBA's Kong, The

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