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☆ Fact-Checking Nikki Haley on the Campaign Trail
▼ + stars: | 2023-06-17 | by ( Linda Qiu | ) www.nytimes.com time to read: +1 min

Nikki Haley, the former governor of South Carolina, was the first prominent candidate to announce a challenge to former President Donald J. Trump’s bid for the Republican presidential nomination. Since entering the race in February, Ms. Haley has weighed in on social issues and tapped into her experience as a former United Nations ambassador under Mr. Trump to criticize current U.S. foreign policy. Sex and gender issuesWhat Ms. Haley SAID“Roe v. Wade came in and threw out 46 state laws and suddenly said abortion any time, anywhere, for any reason.”— in a CNN town hall in JuneThis is exaggerated. Ms. Haley is overstating the scope of the landmark ruling Roe v. Wade, which established a constitutional right to abortion. That is not the same as “any time,” as Ms. Haley said.

Persons: Nikki Haley, Donald J, Trump’s, Haley, Trump, “ Roe, Wade, ” Organizations: Republican, United Nations, Mr, CNN Locations: South Carolina

☆ Australia May employment blows past expectations, piling pressure on RBA
▼ + stars: | 2023-06-15 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

The bond yield curve, which was already inverted to signal risks of a recession, inverted further after the jobs report, with the spread between ten-year and three-year government bond yields turning negative. "The labour market remains very tight, which will contribute to stronger wage growth over 2023," said Sean Langcake, head of macroeconomic forecasting for Oxford Economics Australia. "The RBA has maintained a hawkish tone following the June rate rise, expressing concerns over the persistence of underlying inflation. Job advertisements were mostly steady in May after three months of declines and remained 52% above pre-COVID levels. Reporting by Stella Qiu; Editing by Muralikumar Anantharaman and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Sean Langcake, Langcake, Philip Lowe, Stella Qiu, Muralikumar Anantharaman, Sonali Paul Organizations: SYDNEY, Australian Bureau of Statistics, Reserve Bank of Australia, Oxford Economics, Thomson Locations: Oxford Economics Australia

☆ Australia's visa overhaul leaves Chinese millionaires in limbo
▼ + stars: | 2023-06-15 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

[1/2] Chinese and Malaysian tourists take photographs of the Sydney Opera House from a viewing area located on Sydney Harbour, Australia, October 4, 2016. Similar investment visa schemes have been scrapped in Canada, Britain and Singapore as governments conclude they do not create jobs and could be a means to park speculative money. It said a new migration strategy would be released later this year, which would include "radically reshaping" the BIIP programme. "I just don't think the investor programme is on their radar at the moment - they might overhaul it down the track. BIIP holders say they are curtailing business investment given the uncertainty, postponing life decisions and in some cases selling properties in Australia.

Persons: David Gray SYDNEY, Paul Wang, Wang, Tony Le Nevez, Tan, Stella Qiu, Praveen Menon, William Mallard Organizations: Sydney Opera House, REUTERS, Innovation, Investment, Labor, Department of Home Affairs, Henley & Partners Australia, Thomson Locations: Malaysian, Sydney Harbour, Australia, Beijing, Canada, Britain, Singapore, Sydney, Melbourne, United States

☆ Stocks edge higher, dollar sags eyeing Fed pause
▼ + stars: | 2023-06-14 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +4 min

On an annual basis, consumer prices rose 4%, the smallest in more than two years, slowing from April's 4.9%. That has crystallised traders' views that the Fed is unlikely to hike rates later on Wednesday. S&P 500 futures and Nasdaq futures were both up 0.2%, setting Wall Street for further gains after U.S. stocks rallied to 14-month highs overnight. That supported the euro , which was up 0.1% to $1.0850, hovering just below Tuesday's three-week high of $1.08235. German two-year bond yields touched a fresh high since March ahead of Thursday's European Central Bank rates decision.

Persons: Richard McGuire, Jim Reid, Stocks, Yoruk Bahceli, Stella Qiu, Jacqueline Wong, Sharon Singleton, Chizu Organizations: Sterling, U.S . Federal, U.S, CPI, Nasdaq, Rabobank, Deutsche Bank, Bank of, Thursday's European Central Bank, Brent, International Energy Agency, Tokyo's Nikkei, Thomson Locations: London, Asia

☆ Asian shares up, dollar wobbly as US inflation data reinforces Fed pause bets
▼ + stars: | 2023-06-14 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

The much-watched U.S. CPI report overnight showed prices barely rose in May, with just a 0.1% increase from the prior month. On an annual basis, consumer prices rose 4%, the smallest in more than two years, slowing from April's 4.9%. Short-dated German yields jumped to a 3-month high overnight as investors looked to the rate decision from the European Central Bank on Thursday. Oil prices were lower in early trade after receiving a 3% boost on China's policy rate cut. U.S. crude futures were off 0.5% to $69.12 per barrel, while Brent crude futures fell 0.4% to $74.02 per barrel.

Persons: China's, Tony Sycamore, Jerome Powell, Stella Qiu, Shri Navaratnam Organizations: Nikkei, Federal Reserve, U.S, CPI, Fed, Tokyo's Nikkei, Bank of Japan, Nasdaq, IG, Bank of England, European Central Bank, Brent, Thomson Locations: China, Hong Kong, SYDNEY, Asia, Pacific, Japan

☆ Australian businesses, consumers at risk of sharp slowdown ahead
▼ + stars: | 2023-06-13 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

"There is a growing risk that the RBA's attempts to maintain an even keel 'run aground,'" said NAB Chief Economist Alan Oster. The survey, however, pointed to persistent price pressures, with the measure of labour costs and purchase costs accelerating, in a concern for the RBA. NAB on Tuesday raised its call on peak rates in the current cycle, adding two more quarter-point hikes to 4.6%. Markets are now pricing the risk of two more hikes, and see rates staying elevated for the remainder of the year. CONSUMERS UNDER THE PUMPData from Westpac and Commonwealth Bank of Australia (CBA) also points to the strains consumers are feeling as high living costs and surging mortgage rates erode spending power.

Persons: Alan Oster, Bill Evans, Belinda Allen, Stella Qiu, Kim Coghill, Jamie Freed Organizations: NAB, RBA Westpac, SYDNEY, National Australia Bank, Reserve Bank of Australia, Westpac, Commonwealth Bank of Australia, Melbourne Institute, CBA, Thomson

☆ Trump’s Misleading Defenses in the Classified Documents Case
▼ + stars: | 2023-06-13 | by ( Linda Qiu | ) www.nytimes.com time to read: +2 min

What Mr. Trump Said“I was supposed to negotiate with NARA, which is exactly what I was doing until Mar-a-Lago was raided by gun-toting F.B.I. The court-approved search of Mr. Trump’s Florida residence unfolded after he repeatedly resisted the government’s requests that he return the material, even after being subpoenaed. What Mr. Trump Said“Biden sent 1,850 boxes to the University of Delaware, making the search very, very difficult for anybody. Unlike presidential documents, which must be released to the archives once a president leaves office, documents from members of Congress are not covered by the Presidential Records Act. What Mr. Trump Said“When caught, Hillary then deleted and acid-washed.

Persons: Trump Said “, Lago, F.B.I, Trump Said “ Biden, Joseph R, Biden, Hillary Organizations: NARA, Mar, Presidential, University of Delaware, The New York Times Locations: Trump’s Florida

☆ Australia recession risk heightens after RBA warns of bumpy path to low inflation
▼ + stars: | 2023-06-09 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

For a year, Reserve Bank of Australia Governor Philip Lowe has been talking of successfully navigating a narrow path to lower inflation while keeping unemployment near 50-year lows. He expects quarterly growth to average just a 0.1% over the next four quarters, with a 50% chance that the economy would enter a recession. Jonathan Kearns, chief economist at investment firm Challenger and a former RBA executive, says the risk of trying to hold on to job gains was that higher inflation expectations hardened and kept the actual inflation rate high. And pushing rates higher is increasing the chance that Australia goes into a recession," said Kearns, who headed the RBA's domestic markets department until earlier this year. A survey of union officials cited by Lowe showed that medium-term inflation expectations have risen to a 3-4% range.

Persons: Philip Lowe, Lowe, Paul Bloxham, HSBC's, Bloxham, Jonathan Kearns, Kearns, Ivan Colhoun, Stella Qiu, Shri Navaratnam Organizations: CBA, HSBC, SYDNEY, Reserve Bank of Australia, Global Commodities, Commonwealth Bank of Australia, Challenger, National Australia Bank, Thomson Locations: Australia, New Zealand

☆ Australia Q1 economy grows at slowest pace in 1-1/2 years
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: 1 min

SYDNEY, June 7 (Reuters) - Australia's economy grew at the weakest pace in 1-1/2 years last quarter as high prices and rising interest rates sapped consumer spending, and emerging signs suggest a further slowdown ahead amid a deceleration in global growth. Data from the Australian Bureau of Statistics on Wednesday showed real gross domestic product (GDP) rose 0.2% in the first quarter, easing from 0.5% in the previous quarter and under forecasts of 0.3%. Annual growth was at 2.3%, also missing forecast for 2.4%. Reporting by Stella Qiu Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Stella Qiu, Shri Navaratnam Organizations: SYDNEY, Australian Bureau, Statistics, Thomson

☆ Australia Q1 GDP growth hits weakest pace in 1-1/2 years as consumers struggle
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +2 min

Data from the Australian Bureau of Statistics on Wednesday showed real gross domestic product (GDP) rose 0.2% in the first quarter, easing from 0.5% in the previous quarter and under forecasts of 0.3%. Annual growth came in at 2.3%, also missing forecasts for 2.4% expansion. The report contained initial signs that domestic price pressures are easing and evidence that households are saving less to meet high costs of livings and rising mortgage rates. Household consumption rose only a meagre 0.2% in the March quarter, contributing 0.1% percentage points to GDP, mostly from spending on essential goods and services. Reporting by Stella Qiu Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Price, Philip Lowe, Stella Qiu, Shri Navaratnam Organizations: SYDNEY, Australian Bureau, Statistics, Reserve Bank of Australia, Thomson

☆ Australia cenbank warns of more hikes ahead after raising rates to 11-yr high
▼ + stars: | 2023-06-06 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

"The omission of this sentence reads hawkish in our view and may spell further rate hikes ahead from the RBA." Adam Boyton, head of Australian economics at ANZ, expects the RBA to raise interest rates by another quarter-point in August. In the policy statement, Lowe said the latest rate increase will "provide greater confidence that inflation will return to target within a reasonable timeframe." The RBA has increased interest rates by a whopping 400 basis points since May last year, the most aggressive tightening cycle in its modern history. "As the RBA takes rates higher, the risk of a greater slowing in the economy is rising," said Tapas Strickland, head of market economics at NAB.

Persons: Prashant Newnaha, Adam Boyton, Lowe, Tapas Strickland, Stella Qiu, Shri Navaratnam Organizations: SYDNEY, Reserve Bank of Australia, Securities, Australian, ANZ, Graphics Global, Federal, NAB, Thomson Locations: Asia, Australia

☆ Australia's current account surplus widens in Q1, small drag on GDP
▼ + stars: | 2023-06-06 | by ( Stella Qiu | ) www.reuters.com time to read: +2 min

SYDNEY, June 6 (Reuters) - Australia's current account surplus widened in the March quarter, helped by strong exports of resources and travel services, with net exports proving to be a much smaller drag on growth than first thought. Data from the Australian Bureau of Statistics on Tuesday showed the current account surplus widened to A$12.3 billion ($8.14 billion) in the first quarter, from a revised surplus of A$11.7 billion the previous quarter. It also beat forecasts of a A$15 billion surplus. "Exports of travel services recorded the highest quarterly increase on record as more international students came to Australia for on-campus learning," said Kim. Analysts had forecast GDP to rise 0.3% in the first quarter from the previous quarter, and up 2.4% for the year.

Persons: Grace Kim, Kim, Stella Qiu, Kim Coghill Organizations: SYDNEY, Australian Bureau, Statistics, International Statistics, ABS, Analysts, Reserve Bank of Australia, Thomson Locations: Australia

☆ Shares steady on June hike hiatus hopes
▼ + stars: | 2023-06-05 | by ( Lawrence White | ) www.reuters.com time to read: +4 min

Japan's Nikkei (.N225) had earlier surged 2.1% to stand above 32,000 for the first time since July 1990. "With Saudi Arabia protecting oil prices from sliding too low ... we think oil markets are now more prone to a shortfall later this year," said Vivek Dhar, a mining and energy commodities strategist at Commonwealth Bank of Australia. The greenback also rose 0.1% on the Japanese yen to 140.26 while the euro eased 0.1% to $0.1069. Markets see a sizeable chance - about 40% - that the RBA could surprise with a quarter-point hike on Tuesday, after a minimum wage hike that economists feared could further stoke inflationary pressures. Additional reporting by Stella Qiu, Editing by Sam Holmes, Kim Coghill, Ed Osmond and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Issei Kato, Brent, Vivek Dhar, Fitch, Stella Qiu, Sam Holmes, Kim Coghill, Ed Osmond, Chizu Organizations: Nikkei, REUTERS, LONDON, Federal Reserve, Saudi, Japan's Nikkei, Nasdaq, Commonwealth Bank of Australia, Treasury, AAA, U.S, Bank of Canada, Reuters, BOC, Thomson Locations: Tokyo, Japan, Saudi Arabia, Asia, Pacific, China, U.S, United States, Australia, Canada

☆ Asian shares extend global rally
▼ + stars: | 2023-06-05 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

Brent oil rose 1% to $76.89 a barrel, giving up some of its earlier gains to as high as $78.73, while U.S. crude climbed 1.2% to $72.61 a barrel, after hitting a session high of $75.06. Oil prices have recently come under pressure amid heightened concerns about China's slowing economic recovery. "With Saudi Arabia protecting oil prices from sliding too low ... we think oil markets are now more prone to a shortfall later this year," said Vivek Dhar, a mining and energy commodities strategist at Commonwealth Bank of Australia. S&P 500 futures dipped 0.1% and Nasdaq futures dropped 0.3% in Asian hours, after a strong rally on Friday, driven by a mixed U.S. jobs report, a resolution to the debt-ceiling issue and the prospect of a U.S. rate pause this month. The U.S. dollar remained elevated on Monday at 104.14 against its major peers, after gaining 0.5% on Friday on the jobs report.

Persons: Brent, Vivek Dhar, Hong, Fitch, Himani Sarkar, Sam Holmes Organizations: Nikkei, Saudi, Commonwealth Bank of Australia, bbl, Japan's Nikkei, Nasdaq, Treasury, AAA, U.S, Bank of Canada, Reuters, BOC, Thomson Locations: SYDNEY, U.S, Saudi Arabia, OPEC, China, Asia, Pacific, Japan, United States, Australia, Canada

Mr. Kennedy said he now had “about 50 people” working for his campaign. Instead, he has used his campaign platform — and his famous name — to promote misinformation and ideas that have little traction in his party. Asked during the discussion by David Sacks, a top DeSantis donor who is also close to Mr. Musk, “what happened to the Democratic Party,” Mr. Kennedy spent nine uninterrupted minutes attacking Mr. Biden as a warmonger and claimed that their party was under the control of the pharmaceutical industry. “I think the Democratic Party became the party of war,” Mr. Kennedy said. “I attribute that directly to President Biden.” He added, “He has always been in favor of very bellicose, pugnacious and aggressive foreign policy, and he believes that violence is a legitimate political tool for achieving America’s objectives abroad.”

Persons: “, ”, we’ve, Kennedy, Marianne Williamson, Biden, renominating, David Sacks, ” Mr, Mr Organizations: Democratic, Democratic Party Locations: Mexican, Ukraine, America

☆ Australia hikes minimum wage as living costs surge
▼ + stars: | 2023-06-02 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

REUTERS/Steven Saphore/File PhotoSYDNEY, June 2 (Reuters) - Australia will raise the minimum wage by 5.75% from July 1 as families grapple with soaring living costs, a decision that businesses and some economists say risks further stoking inflation and interest rates. The independent Fair Work Commission (FWC) on Friday decided on a 5.75% pay rise for workers on awards with wages linked to movement in the minimum wage. It also made a technical reclassification for the national minimum wage, which the union says will take the increase to 8.6% for the lowest-paid employees, about 0.7% of the workforce. "Following several recent developments, including the outcome of today's minimum wage decision, we are adding a 25bp hike to our RBA profile in June and another 25bp in July." "Today's increase means these workers can keep their heads above water and not have to cut back even further."

Persons: Steven Saphore, Lin Ong, Philip Lowe, Taylor Nugent, Adam Hatcher, Hatcher, Andrew McKellar, Sally McManus, Stella Qiu, Shri Navaratnam Organizations: REUTERS, RBC Capital Markets, Reserve Bank of Australia, National Australia Bank, Australian Chamber of Commerce and Industry, Australian Council of Trade Unions, Thomson Locations: Sydney, Australia, Lincoln

☆ Australia first-quarter business investment hits 7-year high, outlook solid
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

[1/4] Pedestrians walk in front of a crane and scaffolding on a construction site in central Sydney, Australia, May 31, 2018. REUTERS/David GraySYDNEY, June 1 (Reuters) - Australian business investment rose to a seven-year high in the first quarter, helped by a jump in spending on mining, manufacturing and transport, while firms affirmed plans for solid spending in the year ahead. First-quarter investment by Australia's huge mining sector climbed 1.7%, accelerating from a rise of 0.7% in the previous quarter. The capital spending figures will feed into data on gross domestic product (GDP) due next week. Construction work done came in better-than-expected, although residential building remained soft, likely making a flat contribution to Q1 GDP growth.

Persons: David Gray SYDNEY, Sean Langcake, Stella Qiu, Jacqueline Wong, Edwina Gibbs Organizations: REUTERS, Australian Bureau, Statistics, Oxford Economics Australia, Reserve Bank of Australia, Thomson Locations: Sydney, Australia

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, May 26, 2023. U.S. President Joe Biden and top congressional Republican Kevin McCarthy reached a tentative deal on Saturday to raise the federal government's $31.4 trillion debt ceiling, aiming to stop the U.S. from defaulting on its debt. The deal is expected to provide only short-term relief for markets, as worries linger about inflation and further rate increases. European stock indexes initially opened higher, then faltered, with Europe's STOXX 600 down 0.1% on the day (.STOXX). If the debt ceiling deal passes through Congress, then market attention will return to the U.S. Federal Reserve's plans for rates, according to Samy Chaar, chief economist at Lombard Odier.

☆ Stocks rise on US debt ceiling deal but China drags
▼ + stars: | 2023-05-29 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

S&P 500 futures rose 0.3% while Nasdaq futures firmed 0.5%. After weeks of negotiations, congressional Republican McCarthy and Biden agreed on Saturday to avert an economically destabilising default by suspending the $31.4 trillion debt ceiling until 2025. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.2%, with falls in Chinese and Hong Kong shares offsetting gains seen elsewhere. U.S. shares rallied at the end of last week on hopes of a debt ceiling deal and bets on artificial intelligence firms. Elsewhere in the currency markets, the dollar index - a measure of the greenback against its major peers - was a touch lower at 104.17 as risk-sensitive currencies staged a rebound.

☆ Asian shares, US futures rise on debt ceiling deal
▼ + stars: | 2023-05-29 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

The positive news lifted S&P 500 futures 0.2% in Asia while Nasdaq futures firmed 0.4%. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) gained 0.3%, after a 1.1% drop the previous week. Two-year yields hit a 2-1/2 month high of 4.6390% on Friday on markets bets of higher Federal Reserve rates for longer. U.S. shares rallied at the end of last week on hopes of a debt ceiling deal and on optimism about artificial intelligence. However, it is still not too far from a two month high hit on Friday.

☆ A Climactic Opening
▼ + stars: | 2023-05-29 | by ( Lauren Jackson | ) www.nytimes.com time to read: 1 min

Today is something of a curtain raiser for the U.S. National Parks system, ushering in its busiest season. Last year, nearly 312 million people visited the parks, hiking across the Grand Canyon, posting Instagram stories from Joshua Tree and waiting for Old Faithful by Yellowstone’s rainbow pools. On Memorial Day last year, so many people headed to the sites that many of their parking lots were full by midmorning. At Bryce Canyon National Park in Utah, home to 50-million-year-old rock formations, park rangers start clearing the way for visitors weeks ahead of the busy season. Similar preparation plays out at the system’s parks around the country.

☆ Debt Ceiling Deal Includes New Work Requirements for Food Stamps
▼ + stars: | 2023-05-29 | by ( Linda Qiu | ) www.nytimes.com time to read: +1 min

One of the most contentious issues surrounding talks over raising the debt limit has been whether the Biden administration would agree to stricter work requirements for people seeking food stamps and other safety net assistance. The deal reached this weekend includes something of a compromise: It increases work requirements for the Supplemental Nutrition Assistance Program and cash welfare but does not alter requirements for Medicaid. It also expands food stamp access for veterans, homeless people and young adults transitioning out of the foster care system. Speaker Kevin McCarthy is championing inclusion of work requirements as a win, but more conservative members have criticized the compromise as not going far enough. Representative Chip Roy, Republican of Texas, called the work requirements “weak” while Representative Dan Bishop, Republican of North Carolina, characterized the deal as a “betrayal.”

The majestic peaks, desert blooms and geological wonders of the United States’ national parks have beckoned to billions since Yellowstone was established in 1872. Nearly 312 million people visited last year, signaling a return to prepandemic levels. Spring and summer months are particularly packed at the hundreds of sites managed by the National Park Service. To prepare for peak season at Bryce Canyon National Park in Utah — essentially, an island of crimson rock spires perched at about 8,000 feet — rangers begin restoring trails and training staff before the snows even melt.

☆ $38.8 Billion in U.S. Treasury? For These Billionaires, That’s Nothing.
▼ + stars: | 2023-05-26 | by ( Linda Qiu | ) www.nytimes.com time to read: +1 min

The Treasury Department said its cash balance fell to $38.8 billion as of Thursday, as the United States inched toward running out of cash to pay its bills. Just how empty is the Treasury cash coffer? For comparison, $38.8 billion is on par with the gross domestic product of Bahrain and Paraguay and lower than the net worth of more than two dozen of the wealthiest people in the world. Here is a list of people with higher net worths than the U.S. cash reserves, according to Bloomberg News’s Billionaire Index as of Thursday. Forbes, though, estimates his net worth at $94.5 billion.)

☆ Markets on edge as US debt ceiling talks approach crunch time
▼ + stars: | 2023-05-22 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

A failure to lift the debt ceiling would trigger a default, sparking chaos in financial markets and a spike in interest rates. In early trade on Monday, S&P 500 futures lost 0.1% while Nasdaq futures were flat. On Friday, reports that debt ceiling negotiations had reached an impasse rattled markets even as Federal Reserve Chairman Jerome Powell said U.S. interest rates might not need to rise as much given the tighter credit conditions from the banking crisis. In Asia, China is expected to keep its key lending rates unchanged on Monday even as the ongoing economic recovery disappointed. U.S. crude futures were up 0.1% to $71.6 per barrel, while Brent crude futures rose 0.2% to $75.75 per barrel.

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