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Headline British consumer price inflation fell to 7.9% year-on-year in June, against expectations for 8.2%, in the latest downside surprise for a major economy after more than 18 months of central banks cranking interest rates higher. The BoE now had "the green light" for a 25 basis point (bps) rate rise next month, Pantheon Macroeconomics chief UK economist Samuel Tombs said, after markets had previously priced a further 50 bps hike. "Profit taking in sterling should not be a surprise," added Kenneth Broux, head of FX and rates corporate research at Societe Generale in London. The 10-year yield, a benchmark for debt costs in the Euro-zone, fell 5 bps to 2.35% . Futures trading indicated Wall Street's S&P 500 and Nasdaq 100 share indices would open steady later in the day.

Persons: Sterling, BoE, Samuel Tombs, Kenneth Broux, Germany's, Klaas, Chris Weston, Sam Holmes, Bernadette Baum Organizations: LONDON, Headline, Sterling, . Federal, Bank of England, Macroeconomics, Societe Generale, European Central Bank, ECB, Pepperstone, Nasdaq, Bank of, Thomson Locations: SYDNEY, London ., disinflation, Europe, Melbourne

[1/3] Pound notes and change are seen inside a cash resgister in a coffee shop in Manchester, Britain, Septem,ber 21, 2018. REUTERS/Phil Noble/LONDON/SINGAPORE, July 19 (Reuters) - Sterling slid on Wednesday after lower-than-expected British inflation data suggested the Bank of England might not have to raise rates quite as high as expected, while the latest dovish comments from the Bank of Japan caused the yen to soften. ,That was the British currency's lowest in a week against the dollar, as it continued to roll off a 15-month high of $1.3144 hit Thursday. Bank of Japan Governor Kazuo Ueda said on Tuesday there was still some distance to sustainably achieving the central bank's 2% inflation target, signalling his resolve to maintain ultra-loose monetary policy for the time being, in contrast to the hawkishness at other major central banks. Economists polled by Reuters expect the Fed to deliver a 25-basis-point rate hike at its upcoming policy meeting this month, with a majority betting that will bring an end to the central bank's current monetary tightening cycle.

Persons: ber, Phil Noble, Sterling, “, Kenneth Broux, Kazuo Ueda, Alun John, Rae Wee, Shri Navaratnam, Sam Holmes, Sharon Singleton Organizations: REUTERS, LONDON, Bank of England, Bank of Japan, Societe Generale, New Zealand, Federal, Reuters, Thomson Locations: Manchester, Britain, SINGAPORE, British, Asia Pacific, London, Singapore

☆ The dollar's troubles are far from over - expect a slump toward 2020 lows, a Societe Generale analyst says
▼ + stars: | 2023-07-19 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

The US dollar could extend its slide toward lows last tested near the end of 2020, according to a Societe Generale analyst. "I would expect the Dollar Index to closer but not all the way to, the lows at the end of 2020," he said in a note. The currency's troubles may be far from over, according to a Societe Generale analyst. The decline comes as US inflation rapidly cools, fueling bets the Federal Reserve could soon stop raising interest rates, or even start cutting them. The prospect of lower interest rates tend to make a currency less attractive to international investors who seek higher yields.

Persons: Kit Juckes Organizations: Societe Generale, Service, Reserve Locations: Wall, Silicon

☆ Reactions: UK inflation cools in June, pound drops
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +6 min

Sterling dropped broadly, falling against the dollar, the euro and the yen, as interest-rate futures showed investors no longer expect UK rates to peak above 6%. COMMENTS:KEVIN BRIGHT, GLOBAL LEADER, CONSUMER PRICING PRACTICE, MCKINSEY & COMPANY, LONDON:"Inflation dipped more than expected; but the gulf between the UK and the Eurozone inflation levels remains. Despite most categories seeing a decline, food & non-alcoholic beverage inflation at 17.3% remains only 1.8% below its peak in March 2023. "Continued rising prices, higher interest rates and below inflation wage growth – are a triple blow to household budgets. NEIL BIRRELL, CHIEF INVESTMENT OFFICER, PREMIER MITON INVESTORS, LONDON:"Some good news on UK inflation at last, coming in below expectations for June and most importantly the core inflation rate fell more than thought.

Persons: Sterling, BoE, KEVIN, JOE TUCKEY, JORDAN, NOMURA, CHRIS BEAUCHAMP, Andrew Bailey, JEREMY BATSTONE, CARR, RAYMOND JAMES, ” KENNETH BROUX, It's, JOSEPH CALNAN, NEIL BIRRELL, Amanda Cooper, Andrew Heavens, Catherine Evans Organizations: Bank of England's, Reuters, Reuters Graphics Reuters, MCKINSEY, COMPANY, LONDON, Bank of England, JORDAN ROCHESTER, CPI, IG GROUP, Bank of, SOCIETE GENERALE, U.S, EMEA, Thomson Locations: homebuilders, Bank of England, EUROPEAN

☆ Dollar gains as pound tumbles on cooling UK inflation
▼ + stars: | 2023-07-19 | by ( ) www.cnbc.com time to read: +3 min

The U.S. dollar bounced on Wednesday after inflation in the United Kingdom cooled more than economists expected in June, sending the pound sharply lower against other major currencies. Before Wednesday's data, investors had assigned a roughly 60% chance that the BoE would hike rates on Aug. 3 by a half-percentage point. "The dollar is catching a reprieve because it's the inflation data that's really dictating sentiment, the dollar was whacked by cooler inflation last week and now it's the pound's turn today," Manimbo added. Fed funds futures traders are pricing in 33 basis points of additional tightening with the benchmark rate expected to peak at 5.40% in November. The New Zealand dollar was volatile, briefly spiking after consumer inflation came in slightly above expectations in the second quarter, before falling to last trade down 0.4% at $0.6250.

Persons: Joe Manimbo, BoE, Manimbo, Sterling, Kenneth Broux, Kazuo Ueda Organizations: U.S, Bank of England, Reuters, Bank of, Societe Generale, Federal Reserve, Bank of Japan, New Zealand Locations: Zealand, United Kingdom, May's, Convera, Washington ,, Bank of England

☆ Societe Generale obtains France's first crypto licence
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 19 (Reuters) - French bank Societe Generale (SOGN.PA) has become the first company in France to obtain a license for crypto services, as a growing number of mainstream financial companies embrace crypto globally this year. Societe Generale's crypto unit, Forge, is licensed as of Tuesday to offer services, including crypto custody, trading and sales, according to the website of France's AMF market regulator. A slew of crypto firms, including the world's biggest exchange Binance, have already registered with the AMF. Licensed firms, however, are subject to more onerous rules in areas including corporate governance, IT and compliance. Crypto markets have rallied in 2023, spurred by growing interest in the volatile asset class by major U.S. financial firms including BlackRock and Fidelity.

Persons: Tom Wilson, Sharon Singleton Organizations: Societe Generale, Societe, France's AMF, AMF, BlackRock, Fidelity, Thomson Locations: France, London

☆ East Coast mayors call for more office-to-apartment conversions
▼ + stars: | 2023-07-15 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +2 min

Mayors in cities across the U.S. want to loosen rules that can slow the pace of office-to-residential conversions. In some instances, cities have offered generous tax abatements to developers who build new housing. Prominent investors Societe Generale and KKR have worked with developers like Philadelphia-based Post Brothers to finance institutional-scale office conversions in expensive central business districts. Many experts believe local governments will alter zoning laws and building codes to make these conversions easier over the years. Watch the video above to learn how cities are getting developers to convert more offices into apartments.

Persons: Muriel Bowser, Erica Williams, Eric Adams, Michael Pestronk, Dan Garodnick Organizations: DC, Societe Generale, KKR, Brothers, Post, New York City's Department of, Planning Locations: U.S, Washington, DC, New York City, Philadelphia

☆ A top Wall Street strategist says the stock-market rally is due for a reversal as a bubble forms — and warns investors not to equate surging prices with a healthy underlying economy
▼ + stars: | 2023-07-15 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Plus, falling inflation means weaker pricing power, and therefore weaker revenue growth, Kantrowitz said. If you look at long-term earnings growth, we're sitting near record-low levels. Long-term growth expectations, shown in gray, are near all-time lows. The PEG ratio takes into account longer-term future earnings, as opposed to the more present-based price-to-earnings ratio. He added: "For all intents and purposes, the PEG ratio has never been higher in a normalized backdrop."

Persons: Piper Sandler's Michael Kantrowitz, Michael Kantrowitz, Piper Sandler, Kantrowitz, David Rosenberg, Rosenberg, downturns, Albert Edwards, Edwards, I'm Organizations: PMI, Treasury, Generale

☆ Tumbling US dollar a boon to risk assets across the globe
▼ + stars: | 2023-07-14 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +5 min

NEW YORK, July 14 (Reuters) - Cooling U.S. inflation is accelerating a decline in the dollar, and risk assets around the world stand to benefit. Because the dollar is a linchpin of the global financial system, a wide range of assets stand to benefit if it continues falling. Raw materials, which are priced in dollars, become more affordable to foreign buyers when the dollar declines. "For markets, the weaker dollar and its underlying driver, weaker inflation, is a balm for everything, especially for assets outside the U.S.," said Alvise Marino, foreign exchange strategist at Credit Suisse. Reuters GraphicsIn the world of monetary policy, the dollar's decline may be a relief to some countries, as it removes the urgency for them to support their falling currencies.

Persons: Russell, Alvise Marino, Karl Schamotta, Paresh Upadhyaya, Upadhyaya, Kenneth Broux, Helen, pare, it's, Saqib Iqbal Ahmed, Dhara Ranasinghe, Ira Iosebashvili, Leslie Adler Organizations: YORK, U.S, Federal Reserve, Investment, Goldman Sachs, Credit Suisse, Treasury, Fed, Colombian, Kazakhstan tenge, Uruguayan, Reuters Graphics, Traders, Generale, stoke, Monex USA, Thomson Locations: U.S, Polish, Corpay, Kazakhstan, Japan, Swedish

Only 13 senators backed 42-year-old Pita, with the rest voting against him or abstaining, which his party said indicated some were acting under duress. "There are forces from the old power to pressure the Senate - from the old power to some capitalists who do not want to see a Move Forward government," party secretary general Chaithawat Tulathon said in a television interview. "Since the senators were uncomfortable in electing the PM, why not switch off this power?" he said, adding the party would attempt to limit the Senate's powers by amending an article of the constitution, which could take a month. He can run again if nominated in the next vote, which takes place on July 19, the house speaker confirmed.

Persons: Pita Limjaroenrat, Chaithawat Tulathon, Pita, Vijay Vikram Kannan, Juarawee, Rae Wee, Tom Westbrook, Martin Petty Organizations: Senate, Harvard, Constitutional Court, Senators, Societe Generale, Thomson Locations: BANGKOK, Pita, Thailand, Asia, Singapore, Bangkok

Outbound shipments from the world's second-largest economy were projected to have fallen 9.5% year-on-year, following a drop of 7.5% in May, according to the median forecast of 30 economists in the poll finalised on Wednesday. That is less than half the rates typical throughout recent decades and creates the feel of an economy in recession. One-third of respondents to the trade poll forecast that exports in June dropped by a double-digit percentage, as in January. Imports in June are expected to have shrunk by 4.0%, after a fall of 4.5% in May, reflecting persistently weak domestic demand. China's trade data will be released on Thursday.

Persons: Premier Li Qiang, Susobhan Sarkar, Devayani, Joe Cash, Edmund Klamann Organizations: BEIJING, Societe Generale, Imports, Fitch, Premier, Thomson

☆ Will inflation come down this year? Investors seek clues in corporate results
▼ + stars: | 2023-07-11 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

It’s not just in the United States, either. Coming up: Two major measures of inflation in the United States are out this week — the Consumer Price Index on Wednesday and Producer Price Index on Thursday. On Friday morning, earnings reports for the second quarter kick off with JPMorgan Chase, Wells Fargo, Citi and BlackRock all reporting. Her Many Horses joined Wells Fargo in 2018 as senior vice president in middle market banking to focus on rebuilding the bank’s Native American banking effort. Wells Fargo Native American Banking is the leading provider of capital and financial services to Native American and Alaska Native markets, according to a statement from the company.

Persons: they’re, Jerome Powell, Christine Lagarde, ”, Albert Edwards, Edwards, it’s, Lael Brainard, Price, Michael Barr, Barr, ” Barr, Elisabeth Buchwald, Wells Fargo, Dawson, “ Dawson, Ruth Jacks, Wells Organizations: New, New York CNN, Federal, Kansas City Fed, Monetary Fund, European Central Bank, Societe, National Economic Council, JPMorgan Chase, Citi, BlackRock, Rosebud Sioux, Wells, Wells Fargo Commercial Banking, American Banking Locations: New York, United States, Wells Fargo, Wells, Dawson, Rosebud, South Dakota, American, Alaska

☆ 'Tourflation'? Taylor Swift, Beyoncé and Bruce Springsteen could be making inflation worse
▼ + stars: | 2023-07-11 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +4 min

Beyoncé performs onstage during the “RENAISSANCE WORLD TOUR” at PGE Narodowy on June 27, 2023 in Warsaw, Poland. "One of the things of course that struck me is how enormously high prices for concerts, for gigs have become," he told CNBC Make It. "I suspect that there is an impact on inflation overall from concert prices becoming more expensive. That's not necessarily due to one particular artist," he said, adding that concert prices themselves do, however, appear to have increased. Taylor Swift performs onstage during night one of Taylor Swift | The Eras Tour at Nissan Stadium on May 05, 2023 in Nashville, Tennessee.

Persons: Beyoncé, Kevin Mazur, Taylor Swift, Bruce Springsteen, Elton John, Harry Styles, Ed Sheeran, Natalie Merchant, Klaus Baader, It's, Filip Andersson, Andersson, it's, Philip Shaw, haven't, Baader, John Shearer, Shaw Organizations: PGE, Getty, Ticketmaster, U.K, Societe Generale, CNBC, Danske Bank, Nissan Locations: Warsaw, Poland, U.S, Sweden, Stockholm, Swedish, Nashville , Tennessee

☆ CNBC Daily Open: Monetary policy divergence
▼ + stars: | 2023-07-11 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Vcg | Visual China Group | Getty ImagesThis 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. The United States and China, the world's largest economies, are on divergent monetary policy paths that are spelling some headaches. Beijing has so far cut rates in June and pledged "targeted and coordinated policy, which would be implemented in a timely manner." Complicating the macro watch for everybody, Nomura said other central banks in Asia could start cutting rates even earlier than the Fed.

Persons: Kokou Agbo, Nomura Organizations: Pudong Lujiazui Financial, Visual China, Getty, CNBC, PPI, Societe Generale Locations: Shanghai, China, United States, Beijing, U.S, Asia

☆ This is 'the end of the beginning' of the battle against inflation, economist says
▼ + stars: | 2023-07-10 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Drew Angerer | Getty Images News | Getty ImagesCentral banks are at "the end of the beginning" in their battle against inflation, as several factors keep core prices persistently high, according to top Societe Generale economist Kokou Agbo-Bloua. U.S. inflation cooled in May to an annual 4%, its lowest annual rate in more than two years, but core inflation rose by 0.4% month-on-month and 5.3% year-on-year. In assessing the current state of global policymakers' efforts to tame inflation, Agbo-Bloua quoted former British Prime Minister Winston Churchill's remarks in a 1942 speech: "Now this is not the end. It is not even the beginning of the end. He suggested that this has helped to keep the labor market resilient, which will likely extend this lag time.

Persons: Jerome Powell, Drew Angerer, Kokou Agbo, Bloua, Winston Churchill's, we're Organizations: Federal Reserve, Federal, Market, Getty, Societe Generale, British, CNBC Locations: Washington ,, Ukraine, Agbo

☆ 'I've seen this show before': A renowned market bear who called the dot-com bubble warns a recession is still barreling toward the US economy — and stocks are due to suffer as misguided optimism fuels
▼ + stars: | 2023-07-08 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

There's a fairly simple way to characterize Societe Generale strategist Albert Edwards' latest note to clients. Bears are boys who cried wolf (recession), and investors are the shepherd who have become sick of the ongoing warnings and have stopped heeding their calls. Societe GeneraleAll of this optimism is likely a mistake, Edwards said as he doubled down on his recession call. In an May note, Edwards said "recession is a done deal," citing The Conference Board's Leading Economic Index, which has been at recessionary levels for months now. The indicators takes into account variables like manufacturing activity, stock performance, consumer confidence, housing market activity, and bond market activity.

Persons: Albert Edwards, Edwards, downgrades, —, I'm, Michelle Cluver, Jason Draho, Neil Dutta, Ian Shepherdson Organizations: Societe Generale, Bears, Generale All, Generale, Investors, Bureau of Labor Statistics, X, Federal Reserve, UBS, Macro

BENGALURU, July 6 (Reuters) - The U.S. dollar will hold its ground against most major currencies for the rest of the year despite expectations of narrowing interest rate differentials as the U.S. economy stays resilient, according to FX strategists polled by Reuters. "The tightness of the U.S. labour market may help the economy and the dollar in the very short term," said Kit Juckes, chief FX strategist at Societe Generale. "Even if we see (interest) rate convergence, it seems unlikely a new major euro uptrend will start without stronger growth." Indeed, a majority of common contributors showed the dollar view against most major currencies for the coming six months has been either upgraded or kept unchanged from a month ago. "The dollar is getting a tailwind from the Fed ... the current strength is on a repricing of the Fed (rate) higher," said John Hardy, head of FX strategy at Saxo Bank.

Persons: Jerome Powell, Kit Juckes, Jonas Goltermann, Sterling, John Hardy, Indradip Ghosh, Shaloo Srivastava, Sarupya Ganguly, Anitta Sunil, Veronica Khongwir, Hari Kishan, Ross Finley, Matthew Lewis Organizations: U.S, Reuters, Federal Reserve, European Central Bank and Bank of England, Societe Generale, Futures Trading Commission, Capital Economics, Saxo Bank, Thomson Locations: BENGALURU, U.S, Europe, Asia, Britain, Bengaluru

☆ Bank of Canada to raise rates 25 basis points on July 12, possibly the last
▼ + stars: | 2023-07-06 | by ( Milounee Purohit | ) www.reuters.com time to read: +3 min

So the BoC will press ahead and hike the overnight rate by 25 basis points to 5.00% on July 12, according to 20 of 24 economists in the June 28-July 6 Reuters poll. That would amount to 475 basis points in total since March 2022, taking the overnight rate to a new 22-year high. Inflation is not expected to fall to the central bank's 2% target at least until 2025, according to the poll. The central bank was predicted to keep rates on hold at 5.00% until Q2 2024, said a majority of economists. Rates staying high for longer is expected to boost the Canadian dollar, one of the best performers among G10 currencies this year.

Persons: Priscilla Thiagamoorthy, Claire Fan, Kit Juckes, Milounee Purohit, Vijayalakshmi Srinivasan, Ross Finley, Andrea Ricci Organizations: Bank of Canada, Reuters, BoC, BMO Capital Markets, Gross, RBC Economics, Canadian, U.S, Societe Generale, Thomson Locations: BENGALURU

LONDON, July 5 (Reuters) - Dismissal of this year's much-scorned equity market rally as the frothy preserve of a handful of AI-fuelled stocks may be both misleading and also one of its strengths. Or, put another way, if you remove the top 10 stocks, the other 490 would only have gained 4%. And an eye-popping 75% surge in the high-octane 10-stock FANG+TM index (.NYFANG) - mega cap U.S. digital and tech stocks including Apple, Microsoft, Nvidia and Tesla - underlines that. In short, they're hard to avoid unless you dodge either U.S.-listed companies or equity markets altogether. "While stock market investments may be risky in the short run, when viewed against inflation they have offered far more certainty in the long run," he told clients.

Persons: Russell, Andrew Lapthorne, Japan's, Germany's DAX, Italy's, Duncan Lamont, Lamont, Mike Dolan, Mark Potter Organizations: Nasdaq, Apple, Microsoft, Nvidia, Tesla, H1 Stock, Japan's Nikkei, MIB, McKinsey, Bank, Big Tech, Reuters, Twitter, Thomson Locations: Europe, Japan, U.S, United States

☆ Take Five: Summer strife
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +5 min

1/ TIME FOR SOME NON-FARMInvestors betting on resiliency of the U.S. economy have found solace in the solid labor market. Economists polled by Reuters expect 200,000 new jobs were created in June, a slowdown from recent monthly growth. The jobs report comes after the Federal Reserve skipped raising rates in June after lifting them at 10 straight meetings. No doubt central banks have had some success in quelling inflation with rate rises. Still with the inflation fight far from over, expect companies to now face greater scrutiny from policymakers and consumers alike.

Persons: Lewis Krauskopf, Kevin Buckland, Naomi Rovnick, Amanda Cooper, Karin Strohecker, Jerome Powell, Tuesday's, Wagner, Vladimir Putin's, Dhara Organizations: Reuters, Federal Reserve, CHINA BLUES, Societe Generale, The Reserve Bank of Australia, Aussie, Reuters Graphics Reuters, IMF, Thomson Locations: United States, China, Japan, Lewis, New York, Tokyo, London, U.S, Beijing, Ukraine, Russia

With economic and monetary policy outlooks varying, currency moves are increasingly out of sync with each other. More pain is also anticipated for the yuan, trading near seven-month lows, as well as smaller Asian currencies. It's continuing to weaken against some European currencies and also Latin American currencies," he said. MULTI-LAYERED CRISISKit Juckes, head of FX strategy at Societe Generale, said the focus on monetary policy differences was also a result of uncertainties elsewhere. "We've got a one-in-a-100-years pandemic and once-in-75-years war and a-once-in-25-years energy crisis all thrown into the mix together," said SocGen's Juckes.

Persons: Yen, Pound, Jordan Rochester, Nomura, Lee Hardman, Hardman, Juckes, Morgan Stanley reckons, We've, SocGen's, You’ve, Dhara Ranasinghe, Alun John, John Stonestreet Organizations: The Bank of, European Central Bank, Reuters Graphics Rochester, Societe Generale, Bank of Japan, Thomson Locations: Europe, COVID, Ukraine, The Bank of Japan, United States, Beijing, Scandinavia

SL Green announced on Monday that it had sold the building at 245 Park Avenue to a U.S. subsidiary of Japanese real estate developer Mori Trust Co Ltd at a $2 billion valuation, sending its stock up nearly 20%. The transaction is a "significant milestone" for SL Green given that it represents nearly half of the planned asset sales for 2023 and more than covers the company's share of redevelopment costs, said BTIG analysts, who reiterated their "buy" rating. Analysts at Scotiabank, who rate SLG a "sector underperform", hiked their price target for the company's shares, calling the transaction "positive." SL Green's stock jumped 11% on Tuesday to a high of $31.35 per share. SL Green took control of 245 Park Avenue last year after lenders seized the building from HNA Group.

Persons: Angelo Gordon, Chibuike Oguh, Lisa Shumaker Organizations: YORK, Green Realty, SL Green, Mori Trust, Barclays, Green, Scotiabank, Grand, Ares Management, Societe Generale, HNA Group, Thomson Locations: New York City, U.S, Manhattan, New York

☆ SocGen chairman: Reducing inflation will impact the economy
▼ + stars: | 2023-06-27 | 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 EmailSocGen chairman: Reducing inflation will impact the economyLorenzo Bini Smaghi, the chairman of the board, Societe Generale, says the impact of lower inflation on the real economy could be stronger than expected.

Persons: Lorenzo Bini Smaghi Organizations: Societe Generale

SL Green Realty said it sold the building at 245 Park Avenue, which has 1.8 million-square-foot of office space, to a U.S. affiliate of Japanese real estate developer Mori Trust Co Ltd. Its sale represents a slight discount to the $2.21 billion that China's HNA Group paid to acquire the building in 2017 when New York City's commercial real estate market was at its peak. SL Green took control of 245 Park Avenue last year after lenders seized the building from HNA Group. Jesse Keenan, sustainable real estate professor at Tulane University, said the transaction is a speculative investment that suggests the deep downturn in the New York commercial real estate market may have bottomed out. SL Green Realty was the biggest gainer among listed REITs, leading its peers Vornado Realty Trust (VNO.N), Office Properties Income Trust (OPI.O), and Boston Properties Inc (BXP.N).

Persons: Kohn Pedersen Fox, Angelo Gordon, Jesse Keenan, Keenan, Vornado, Chibuike Oguh, Herbert Lash, Lisa Shumaker, Lance Tupper, Michelle Price Organizations: YORK, SL Green Realty Corp, Big, SL Green Realty, Mori Trust, Kohn Pedersen Fox Associates, Grand, Ares Management, Societe Generale, HNA, Green, HNA Group, Tulane University, New York, Green Realty, Vornado Realty, Income, Boston Properties Inc, Thomson Locations: New York City, U.S, Manhattan, New York

☆ Officine Generale loosens classic styles at Paris Fashion Week
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

[1/5] Designer Pierre Maheo gestures next to models who present his creations for the fashion brand Officine Generale as part of its Menswear ready-to-wear Spring/Summer 2024 collection show during Men's Fashion Week in Paris, France, June 23, 2023. REUTERS/Gonzalo FuentesPARIS, June 23 (Reuters) - French fashion label Officine Generale showed a breezy lineup of relaxed tailoring on the runway on Friday as part of Paris Fashion Week. "The goal was to really manage to work on looser, more supple shapes for suit jackets," the label's founder and designer, Pierre Maheo, said. The collection, which included looks for men and women, featured slouchy trousers and dressy jackets, lightweight overcoats and cotton trousers with elastic waists. Paris Fashion week's menswear shows, which wind up on June 25, feature dozens of labels ranging from some of the biggest fashion names like LVMH-owned Louis Vuitton and Dior, as well as Hermes, to smaller, emerging brands.

Persons: Pierre Maheo, Gonzalo Fuentes PARIS, Louis, Mimosa Spencer, Sandra Maler Organizations: Generale, REUTERS, Monnaie, Left Bank, Paris, Louis Vuitton, Dior, Thomson Locations: Paris, France, United States, New York

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