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☆ New York factory activity slumps in May - NY Fed
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, May 15 (Reuters) - The New York Federal Reserve said on Monday its barometer of manufacturing activity in New York State plunged in May, but the survey is extremely volatile, making it harder to interpret. A reading below zero signals the New York manufacturing sector is contracting. Nevertheless, higher interest rates and the rotation of spending back to services from goods is hurting national manufacturing activity. Tighter credit conditions are also seen as a drag. The New York Fed will on Tuesday publish a survey focusing on credit access and credit conditions.

The greenback took an early dive after data showed the New York Federal Reserve's Empire State manufacturing index plunged to -31.8 this month from a reading of 10.8 in April. "The things that have weighed on the dollar recently have not gone away, such as the debt ceiling, even though there has been some progress made." In late morning trading the dollar index , which measures the greenback's value against six major peers, fell 0.2% to 102.48. Analysts have said many factors could be behind the dollar's recent strength, including concerns about U.S. inflation and safe-haven buying driven by fears about the debt ceiling standoff and global economic growth. It earlier jumped to 19.7 for the first time since March 10, when it hit a record high of 19.8 on a volatile trading day.

"And as Washington leaks out increments with rolling disclosure about how the discussions are proceeding ... that probably is bolstering confidence in investors." ET, Dow e-minis were up 51 points, or 0.15%, S&P 500 e-minis were up 7.5 points, or 0.18%, and Nasdaq 100 e-minis were up 20.75 points, or 0.15%. Atlanta Fed President Raphael Bostic said on Monday he does not expect any interest-rate cuts this year as he does not see inflation going down as fast as market participants believe. Chicago Fed President Austan Goolsbee, Minneapolis Fed President Neel Kashkari and Fed Board Governor Lisa Cook are among other Fed officials set to speak later in the day. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ Elon Musk is giving Tesla shareholders reason for bullishness after his big Twitter announcement
▼ + stars: | 2023-05-15 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Wedbush maintained its outperform rating for Tesla, and shared a 12-month price target of $215, or about 27% higher than the current share price. The long wait times for vehicles, according to Piper Sandler, is a bullish sign because it means demand is robust. "The answer is complex, because wait times don't solely reflect consumers' appetite for buying Teslas vs. other cars." In effect, the lengthy wait times should be "interpreted favorably," in Potter's view. Piper Sandler's price target for Tesla is $280 a share, or more than 65% higher from current levels.

☆ Stock futures slip on Sunday night after S&P 500 and Dow post two straight weekly losses: Live updates
▼ + stars: | 2023-05-14 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on February 01, 2023 in New York City. U.S. stock futures fell slightly on Sunday night following back-to-back weekly losses for the Dow Jones Industrial Average and S&P 500. Dow futures fell by 70 points, or about 0.2%. S&P 500 futures and Nasdaq 100 futures dipped 0.21% and 0.27%, respectively. On Monday, investors are watching for the May data for the Empire State Index, which will show how New York State manufacturers feel about the economy.

☆ Jay-Z wants New York City to let him open a casino in Times Square
▼ + stars: | 2023-05-13 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Jay-Z's Roc Nation wants New York City to grant it a gaming license for a casino in Times Square. Roc Nation promised $115 million for Broadway theatre programs if it gets the nod. Roc Nation said its plan includes investing in sanitation and security in the Times Square area and vowed to "protect the interests" of the Broadway theater community. Applicants for the gaming license must pay a non-refundable $1 million fee, according to The New York Times, and be prepared to invest $500 million and an additional $500 million in fees. Roc Nation didn't immediately respond to a request for comment from Insider, made outside normal working hours.

☆ CEOs thought the return to office debate was over. It looks like they were wrong
▼ + stars: | 2023-05-13 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +9 min

Other companies, too, could see reverberations if they enact similar policies, especially if the mandates feel arbitrary, human resources professionals say. That's why companies that want to bring workers back to the office need to focus on reconfiguring workspaces to foster additional collaboration. If your company hasn't yet, maybe don't 'mandate'Many companies are still ironing out their return-to-office policies. JustAnswer, an online source for professional information, has seen a 49% increase in questions related to return-to-office mandates and/or policies in its Employment Law category compared with May 2022. Companies should also evaluate whether across-the-board policies make sense, or whether in-office mandates should be implemented for certain functions only, Kogut said.

☆ Good news for markets next week. Everyone agrees the debt ceiling 'X-date' is not here yet
▼ + stars: | 2023-05-12 | by ( Scott Schnipper | ) www.cnbc.com time to read: +6 min

Good news for markets next week: no default, no credit agency downgrade, no apocalypse. Worrying 2011 precedent Recent history tells investors that stocks will move more violently during a debt ceiling standoff. Retail sales update Debt negotiations aside, investors get updates next week on the state of American consumer spending when April retail sales are reported Tuesday alongside earnings from Home Depot. Deutsche Bank estimates that April retail sales expanded month over month by 0.7%, the market consensus. Credit Suisse is less optimistic, forecasting that April retail sales grew by 0.6%, but, excluding vehicles, were unchanged.

☆ New York Is Full of Empty Offices After Covid. Make Way for the Playground City. - The New York Times
▼ + stars: | 2023-05-10 | by ( Edward L. Glaeser | Carlo Ratti | ) www.nytimes.com time to read: +20 min

We are witnessing the dawn of a new kind of urban area: the Playground City. The transformation toward the Playground City will not happen on its own. To draw people into the Playground City, we need to show, not tell. 6.Engage citizensGovernments should empower citizens to participate directly in making the Playground City. The Playground City sees people as both a means and an end, and it should involve them in the process of its creation.

☆ An Illustrator’s Paris Apartment That Couldn’t Be More Parisian
▼ + stars: | 2023-05-09 | by ( Nancy Hass | Ilyes Griyeb | ) www.nytimes.com time to read: +1 min

PARISIANS ARE OFTEN caricatured as blasé yet, when it comes to their city’s cultural treasures, they can be disarmingly sentimental. New Yorkers may dismiss the Empire State Building as kitsch, but Parisians have an unironic love for the Eiffel Tower and the Arc de Triomphe. There is likewise widespread devotion to the capital’s artisanal past: Many wouldn’t dream, for example, of getting their brass door hardware anywhere but the 19th-century A La Providence on Rue du Faubourg St.-Antoine, or their pencils anywhere but the 136-year-old art supply store Sennelier. Such loyalty to the city’s institutions has a relatively young champion these days: the 38-year-old illustrator Marin Montagut. Raised in Toulouse by antiques dealer parents, he was enamored as a child with images of Paris’s Belle Époque and dreamed of moving to the capital to make art; at 19, he arrived with a single suitcase, a set of watercolors and a few sable brushes.

☆ Trump's rape trial defense? His accuser and her friends have Trump Derangement Syndrome
▼ + stars: | 2023-05-06 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +13 min

Donald Trump's lawyers have tried to undermine E. Jean Carroll, who accuses him of rape. Just moments later, Trump's lawyers rested their case as well, without presenting any evidence. Carroll and her friends, Trump's lawyers suggest, all have Trump Derangement Syndrome. According to Trump's lawyers, the whole lawsuit is a conspiracy schemed up by ardent Trump critic George Conway. AP Photo/John MinchilloTrump's attorney pointed out that Birnbach had said Trump and his allies had symptoms of Trump Derangement Syndrome.

☆ New York poised to pass first statewide law banning natural gas in new buildings
▼ + stars: | 2023-05-02 | by ( Emma Newburger | ) www.cnbc.com time to read: +2 min

The law would likely take effect in 2026 for most new buildings under seven stories and in 2029 for larger buildings. The statewide ban would follow legislation passed by New York City in 2021 that bans natural gas hookups in new buildings by the end of this year. New York was the sixth-largest natural gas consumer among the states in 2020, according to the U.S. Energy Information Administration. And in 2021, the residential sector — where three out of every five households use natural gas for heating — comprised over one-third of the natural gas delivered to New York residents, the agency found. "New York state is leading the way in ending America's devastating addiction to fossil fuels," said Food & Water Watch Northeast Region Director Alex Beauchamp.

☆ Morning Bid: Global pulse picks up, rates creep higher again
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +5 min

A look at the day ahead in U.S. and global markets from Mike DolanWith investors largely assuming recession ahead, an accelerating global economic pulse challenges the narrative and is seeing interest rates tick back higher again as the March banking wobble subsides. With March starts and permits numbers out later, there was also signs of a troughing in the U.S. housing market. Confidence among U.S. single-family homebuilders improved for a fourth straight month in April as a dearth of previously owned homes and falling mortgage rates boosted demand. Wall St futures were higher again on Tuesday, with European bourses and most Asia indices advancing too. With euro zone and UK rate expectations pushing higher too, the dollar slipped back again against the euro and sterling .

SINGAPORE, April 17 (Reuters) - The dollar edged higher on Monday after the April survey of business activity in New York state rose for the first time in five months and bolstered expectations the Federal Reserve will raise interest rates in May. The new orders index rose 47 points to 25.1, while the shipments index added 37 points to 23.9, substantial increases after they had declined in recent months, the Federal Reserve Bank of New York said. "It's the best reading since last July with a big jump in orders and has taken the dollar higher on this," said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York. The outlook of U.S. interest rates relative to the monetary policies and economies of other countries can boost or erode the dollar's value. The Mexican peso lost 0.51% versus the dollar to trade at 18.12, while the Canadian dollar fell 0.31% versus the greenback to 1.34 per dollar.

☆ US homebuilder sentiment improves further; NY state manufacturing rebounds
▼ + stars: | 2023-04-17 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Other data on Monday showed manufacturing activity in New York state increased for the first time in five months. Housing and manufacturing have been hammered by the Federal Reserve's fastest interest rate hiking campaign since the 1980s. The survey's measure of current sales conditions rose two points to 51. The survey's measure of future business conditions rose to 6.6 from 2.9 in March. The capital spending index rose 3.2 points to 16.5, while the technology spending measure fell to 10.3 from 13.3 in March.

☆ Three investors on how to protect your portfolio
▼ + stars: | 2023-04-16 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

New York CNN —Wall Street has been hit with a barrage of complex signals about the economy’s health over the past month. From banking turmoil to weakening jobs data to slowing inflation, and now the start of earnings season, investors have remained largely resilient. So, how should investors protect their portfolios? Investors say there isn’t one asset that Wall Street should pile all their bets on, but there are fundamentals that should underlie their investment strategies. Doug Fincher, portfolio manager at Ionic Capital Management, says investors should brace their portfolios against inflation.

☆ Next week's stock market moves hinge on the longer-term outlook for earnings
▼ + stars: | 2023-04-14 | by ( Scott Schnipper | ) www.cnbc.com time to read: +7 min

Next week's market action could be dictated by how well the latest quarterly reports from corporate America are received. Expectations about the immediate earnings outlook have been down for so long, the actual numbers themselves could look like up to investors. Earnings for all financials in the S & P 500 are actually expected to expand in the first quarter by 4.3%. ET: NAHB Housing Market Index (April) Earnings: Charles Schwab, M & T Bank, State Street, J.B. Hunt Transport Tuesday 8:30 a.m. ET: Philadelphia Fed President Patrick Harker speaks on the economic outlook Earnings: AT & T, American Express, D.R.

☆ Trump faces deposition in New York AG Letitia James' fraud lawsuit
▼ + stars: | 2023-04-13 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

Former US president Donald Trump arrives at Trump Tower in New York on April 12, 2023. Donald Trump said he is being deposed Thursday in New York City as part of the state attorney general's $250 million civil lawsuit alleging widespread fraud by the former president and his company. Trump announced on social media overnight that he had "just arrived in Manhattan for a deposition in front of" New York Attorney General Letitia James as part of the sweeping lawsuit. Trump is "not only willing but also eager to testify before the Attorney General today," his attorney, Alina Habba, told CNBC in a statement. James filed the civil fraud lawsuit last September against Trump, three of his adult children, the Trump Organization and others.

☆ These are the 9 most expensive states to start a business—No. 1 isn't New York
▼ + stars: | 2023-04-13 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +4 min

Louisiana, the ranking's third-most expensive state, has the least amount of commercial space available per 100,000 people of any state. It also has a relative dearth of available talent: Louisiana is bottom three among all U.S. states in terms of labor force participation rate, at 69.2%, and only 26.4% of its post-college-age workers have at least a bachelor's degree. And the state's business environment appears to leave something to be desired. Its business survival rate of 0.54 is the country's fifth-worst, according to 2021 data from the U.S. Bureau of Labor Statistics. Something like labor force participation rate may be less obvious: Having a large population of eligible workers at your disposal can save you time and money when recruiting new employees.

☆ Homebuyers who fled to Miami hoping to escape high taxes are in for a rude awakening
▼ + stars: | 2023-04-06 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +4 min

New Yorkers moved to Miami in droves during the pandemic — fleeing high taxes in the Empire State. But property taxes in Miami were among the fastest rising in the US last year, a new report found. Overall, the South saw much higher property tax hikes than the Northeast, the data show. Florida's unique property tax lawsFor many people in Florida, this uptick came as a big surprise, Insider previously reported. So, even if their home values skyrocket as newcomers flock to the region, the higher tax bills may still be within their means.

☆ CNBC Daily Open: Reality sinks in
▼ + stars: | 2023-04-06 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Such a yield-curve inversion is seen by many on Wall Street as a signal that a recession is near. And we'll see what European leaders have to say as they visit Beijing to denounce Russia's invasion, following Chinese President Xi Jinping's visit with Russian President Vladimir Putin. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ Starbucks' olive oil-infused coffee drinks are making their US debut despite some skepticism
▼ + stars: | 2023-03-22 | by ( Nancy Luna | ) www.businessinsider.com time to read: +3 min

Last month, Starbucks launched a new line of olive oil-infused coffee and espresso drinks in Italy. Starbucks Reserve Roasteries in Chicago, Seattle, and New York will be the first stores to offer the olive oil elixirs. Reserve stores like the chain's new Empire State Building location sell premium coffee and espresso drinks. Dousing your morning brew with olive oil may sound unappetizing to some. The Delish food site said the Oleato Iced Shaken Espresso was a terrific choice for iced coffee fans.

☆ My small Christian college on Wall Street is on the brink of going under. It had it coming.
▼ + stars: | 2023-03-18 | by ( Paige Hagy | ) www.businessinsider.com time to read: +8 min

I just graduated from a Christian college on Wall Street, and it's on the verge of going under. The King's College is a tiny, private liberal arts school located in New York City's Financial District. And as an Asian woman who grew up in white, conservative Christian spaces, I didn't feel out of place in a student body that was predominantly white. 'Don't just go to college, come to King's'So how does a small, Christian school end up in the heart of the country's largest city? The King's CollegeThere are two kinds of King's students: those who just go to King's and those who are "King's people."

☆ Morning Bid: Deep breaths as banks calm, but only a bit
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +5 min

The Federal Reserve is considering tougher rules and oversight for midsize banks similar in size to Silicon Valley Bank, which collapsed suddenly last week. Strengthened rules on banks in the $100 billion to $250 billion range could ape those for larger more systemic banks and involve stringent capital and liquidity requirements or beefed up annual "stress tests". Even though reports abounded of depositor flight from the smaller weaker banks to the larger financial firms, stock prices in the sector at large caught a breath. The VIX equity volatility gauge (.VIX) hugged Tuesday's close at 23. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Wholesale prices post unexpected decline of 0.1% in February; retail sales fall
▼ + stars: | 2023-03-15 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Wholesale prices posted an unexpected decline in February, providing some encouraging news on inflation as the Federal Reserve weighs its next move on interest rates. On a 12-month basis, the index increased 4.6%, well below the downwardly revised 5.7% level from the previous month. Hiring edged lower as did the prices index. The news comes a day after the Labor Department said consumer prices rose another 0.4% in February, bringing the annual inflation rate to 6%. Despite the downward drift in the annual inflation rate, and recent banking industry turmoil, financial markets still expect the Federal Reserve to increase interest rates when it meets next week.

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