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☆ Futures edge higher as tech and growth stocks gain; focus on jobs data
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +3 min

Oil prices extended gains on Tuesday, with investor attention shifting to demand trends and the impact of higher prices on the global economy. Energy firms Chevron Corp (CVX.N), Exxon Mobil Corp (XOM.N) and Occidental Petroleum Corp (OXY.N) were set to extend gains, rising between 0.5% and 0.9% premarket. Among stocks, Virgin Orbit Holdings Inc (VORB.O) tanked 25% after the satellite launch company filed for Chapter 11 bankruptcy on failing to secure long-term funding. Etsy Inc (ETSY.O) gained 3.8% after Piper Sandler upgraded the consumer e-commerce platform's stock to "overweight". Reporting by Ankika Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Markets brush off OPEC as factories stall
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +5 min

A look at the day ahead in U.S. and global markets from Mike DolanRelatively calm world markets have brushed off OPEC's latest twist and focussed more squarely on stalled global manufacturing and edgy U.S.-China relations. Crude oil prices held much of Monday's pop higher on the surprise weekend production cut by the Organization of Petroleum Exporting Countries. But Brent crude remains below levels seen just before the Silicon Valley Bank bust last month and is still tracking year-on-year declines of 20%. Strikingly, both short and long-term inflation expectations embedded in the Treasury markets , have barely budged since the OPEC news. McCarthy, the third-most-senior U.S. leader after the president and vice president, is due to host a meeting in California on Wednesday with Tsai.

☆ Mitt Romney calls new bike lanes 'the height of stupidity' as bicyclists press Congress to make roads safer and e-bikes cheaper
▼ + stars: | 2023-04-03 | by ( Eliza Relman | ) www.businessinsider.com time to read: +5 min

Sen. Mitt Romney said making room for bike lanes is "the height of stupidity" and opposes e-bike credits. "Removing automobile lanes to put in bike lanes is, in my opinion, the height of stupidity, it means more cars backing up, creating more emissions." "There is a widespread suspicion on the right today that liberals want to take away their way of life," Carney told Insider. That is in the background of the mind of every conservative, and so when they hear more bike lanes, they think, 'Okay, what is that code for?'" Carney told attendees at the annual National Bike Summit in Washington last week to frame their efforts as building safer and more interconnected communities.

There are uncertainties," Boston Fed President Susan Collins said in an interview with Bloomberg Television on Friday. Richmond Fed President Thomas Barkin struck a similar note last week. "When you raise rates there's always the risk of the economy softening faster than it might have otherwise. "People will continue to spend as long as they get paid," said Yelena Shulyatyeva, senior U.S. economist with BNP Paribas. It will, but only at the point at which they stop getting paid" because of a slowing economy and rising unemployment.

☆ U.S. lawmakers introduce bipartisan bill to help news media negotiate with Big Tech
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, March 31 (Reuters) - A bipartisan group of U.S. lawmakers reintroduced a bill to allow news organizations to join together to negotiate ad rates with tech giants such as Alphabet Inc's (GOOGL.O) Google. The measure would allow news broadcasters and publishers with fewer than 1,500 full-time workers to jointly negotiate ad rates -- many of which face financial struggles. The bill was introduced by Democratic Senator Amy Klobuchar, chair of the Senate Judiciary Committee's antitrust subcommittee, along with Senator John Kennedy, a Republican. The News/Media Alliance, a media trade association, praised the bill it says will protect and sustain local journalism. Reporting by Diane Bartz; additional reporting by David Shepardson; Editing by Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

☆ Indexes jump on inflation data; Nasdaq posts best qtr since 2020
▼ + stars: | 2023-03-31 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

The quarterly gains came despite a sharp sell-off in bank stocks following the collapse of two regional banks earlier this month and worries about a potential bigger financial crisis. The S&P 500 financial sector (.SPSY) was the quarter's worst-performing sector, posting a 6.1% drop, while the KBW regional bank index (.KRX) fell 18.6% for the period. For the quarter, the Nasdaq jumped 16.8% in its biggest quarterly percentage increase since the three months ended June 2020. The S&P 500 gained 7% and the Dow rose 0.4% in the quarter, based on the latest available data. The S&P 500 posted 19 new 52-week highs and no new lows; the Nasdaq Composite recorded 81 new highs and 131 new lows.

☆ Fed's Collins says latest inflation data doesn't change policy path yet
▼ + stars: | 2023-03-31 | by ( Michael S. Derby | ) www.reuters.com time to read: +4 min

"Where I am right now is, it doesn't really change how I've been thinking about where we are and what we have left to do" on the monetary policy front. In separate remarks on Thursday, Collins said Fed forecasts released last week projecting one more 25-basis-point rate hike were reasonable at the time. In her Reuters interview, however, Collins said the future of monetary policy remains very much subject to change due to the unpredictable nature of incoming data. "Even if there was a significant softening in the jobs report that comes in on Friday (April 7), that's really one month, and recent months have been quite strong. Pointing to the usage of the Fed's discount window, which has been historically shunned by banks, Collins said there appeared to be a "bit less stigma" to using some of the available facilities, adding "that is reassuring."

☆ Stocks climb and U.S. yields fall after inflation data
▼ + stars: | 2023-03-31 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

On the heels of the inflation data, Boston Federal Reserve president Susan Collins said it remains "early days yet" for the central bank in determining whether the Fed has hiked rates enough to lower inflation to its 2% target. The pan-European STOXX 600 index (.STOXX) rose 0.66% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 0.75%. Expectations the Fed may be nearing the end of its rate hiking cycle have helped send U.S. Treasury yields lowerrecently. The dollar pared some gains against the euro in the wake of the U.S inflation data, as investors see the Fed pausing its rate hiking cycle before the European Central Bank. The dollar index rose 0.117%, with the euro down 0.25% to $1.0874.

Among major S&P 500 sectors, technology (.SPLRCT) has quarterly gains of about 20%, while the financials index (.SPSY) is set for its worst quarter since June. A closely watched Commerce Department report on Friday showed U.S. consumer spending rose moderately in February, while inflation also cooled. Limiting gains, Micron Technology (MU.O) dropped 2.7% after news that China was set to review the chipmaker's products sold in the country. Advancing issues outnumbered decliners by a 5.73-to-1 ratio on the NYSE and by a 2.76-to-1 ratio on the Nasdaq. The S&P index recorded 14 new 52-week highs and no new low, while the Nasdaq recorded 57 new highs and 98 new lows.

☆ Morning Bid: Dogged inflation shades rebound
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +4 min

But for most major stock and bond investments beyond the banking sector itself, the quarter remained a pretty upbeat one overall. "Inflation remains too high and recent indicators reinforce my view that there is more work to do," said Boston Fed chief Susan Collins. Futures markets are still broadly split on the chances of another Fed hike in May, but leaned a bit more on Friday to one more quarter point move. But core inflation, excluding energy and unprocessed food, ticked up as forecast to a new record high for the bloc at 7.5%. Germany said import price inflation fell to its lowest in two years at 2.8% in February.

☆ Stocks rise and dollar falls while oil rallies
▼ + stars: | 2023-03-31 | by ( Sinéad Carew | ) www.reuters.com time to read: +4 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 30, 2023. Economists polled by Reuters expect core prices rose by 0.4% in February and posted an annual increase of 4.7%. The U.S. dollar slipped to a one-week low against the euro as German inflation data helped lift the common currency. MSCI's gauge of stocks across the globe (.MIWD00000PUS) closed up 0.72% while emerging market stocks (.MSCIEF) rose 0.67%. Gold prices gained with a weaker dollar and lower bond yields driving demand for the precious metal, while investors waited for U.S. inflation data to gauge the Fed's next move.

But with the Fed targeting 2% annual inflation, central bankers will likely be wary about declaring victory too soon. Potentially worrisome to central bank policymakers may be continued pressure in services inflation, excluding housing, a measure that Fed Chair Jerome Powell has said he is watching carefully. That stickiness could prompt the Fed to do more and risk an "overshoot on rate hikes and a deeper, more scarring recession," she said. Traders also were betting more heavily that the Fed would start cutting rates as soon as July, with the policy rate seen reaching the 4.25%-4.50% range by the end of this year, based on interest-rate contract pricing. Fed policymakers earlier this month signaled that most of them expect one more quarter-of-a-percentage-point increase this year and, contrary to market expectations, they don't plan to deliver any interest rate cuts until 2024.

☆ Treasury yields rise as investors await key inflation data
▼ + stars: | 2023-03-31 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +1 min

ET, the 10-year Treasury yield was trading at around 3.5715% after rising by around two basis points. The yield on the 2-year Treasury was up by more than four basis points to 4.1431%. U.S. Treasurys climbed on Friday as investors awaited fresh inflation data and comments from Federal Reserve officials that could provide hints about future central bank monetary policy. The data could provide hints about whether the economy is cooling and inflationary pressures are easing, which is likely to affect Fed monetary policy. Investors will be scanning fresh comments from Fed officials slated to speak on Friday.

☆ Futures rise as bank fears ebb, focus shifts to key inflation data
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

Investors will now watch out for February data on the personal consumption expenditures (PCE) price index - the Fed's preferred inflation gauge - that is due on Friday for further clues on the central bank's rate-hike trajectory. Traders' bets are still tilted towards a pause in rate hikes in May, with rate cuts expected soon after that. Final estimates for quarterly U.S. economic growth are expected to confirm gross domestic product likely remained unchanged at 2.7% in the fourth quarter. ET, Dow e-minis were up 145 points, or 0.44%, S&P 500 e-minis were up 15.75 points, or 0.39%, and Nasdaq 100 e-minis were up 32.5 points, or 0.25%. Reporting by Amruta Khandekar; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: World markets leaving March like a lamb
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanIn like a lion, out like a lamb. Farmers' almanacs suggest a stormy and turbulent start to March means it's likely to end calm and serene - and so it appears with world financial markets this year. The evidence is sketchy so far and the impact on lending and credit generally will be examined forensically from here. That U-turn in thinking during the month saw wild swings in the bond and rates markets, where key volatility gauges (.MOVE) hit their highest since the 2008 crash. (.CESIUSD)Elsewhere, European markets continued to advance on Thursday, with banking stocks (.SX7P) up another 2% and credit default swaps on many banks lower too.

☆ Fed Pres. Susan Collins says she believes 'some additional tightening' is needed to fight inflation
▼ + stars: | 2023-03-30 | 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 EmailFed Pres. Susan Collins says she believes 'some additional tightening' is needed to fight inflationCNBC's Steve Liesman joins 'Halftime Report' to discuss Fed officials latest comments on rates, stabilizing the banking system and the state of inflation.

☆ Fed's Collins leans toward one more rate hike then hold for rest of year
▼ + stars: | 2023-03-30 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Collins said she supported the Fed’s decision last week to raise its overnight target rate by 25 basis points to between 4.75% and 5.00%. That the Fed is not on track for more rate rises owes to troubles in the banking system, which has contributed uncertainty to the monetary policy outlook, the official said. “While the banking system remains strong and resilient, recent developments will likely lead banks to take a somewhat more conservative outlook and tighten lending standards, thus contributing to slowing the economy and reducing inflationary pressures,” Collins said. “These developments may partially offset the need for additional rate increases.”The Fed bank leader said the Fed is monitoring market conditions and “is prepared to use all tools at its disposal in keeping the banking system safe and sound.”In her remarks, Collins said that she views the banking system as resting on solid footing. As the Fed moved toward its last meeting, regional bank failures spurred fears about financial sector liquidity as authorities worked to ease those worries, while banks drew historic amounts of liquidity from the Fed.

☆ Stock futures are little changed as investors come off winning day: Live updates
▼ + stars: | 2023-03-29 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Traders work on the floor of the New York Stock Exchange (NYSE) on February 27, 2023 in New York City. Stock futures were little changed Wednesday night. S&P 500 futures and Nasdaq-100 futures were also near their flatlines. Regional banks, closely followed since Silicon Valley Bank's collapse earlier this month, also finished the session higher, with the SPDR S&P Regional Banking ETF (KRE) adding around 1%. Boston Federal Reserve President Susan Collins, Richmond Fed President Thomas Barkin and Minneapolis Fed President Neel Kashkari are all slated to speak in the afternoon.

☆ Bank fears will likely lead to even more market volatility in the week ahead
▼ + stars: | 2023-03-24 | by ( Patti Domm | In | ) www.cnbc.com time to read: +8 min

Market turbulence could reign supreme once again in the week ahead, as investors worry about the potential for more trouble rippling through the banking system. The broader market was initially under pressure Friday as investors became jittery about Deutsche Bank . "The market is saying: 'You, the Fed, do not appreciate the slowdown that is going to hit us,'" Chandler said. "The market is going to do a lot better and it held onto its gains despite all the things that rocked the market. He added that market concern about banks has risen, and there is concern credit tightening will hurt the economy.

☆ U.S. judge in Texas will soon rule on the abortion pill mifepristone. Here's what could happen
▼ + stars: | 2023-03-17 | by ( Spencer Kimball | ) www.cnbc.com time to read: +7 min

The Alliance For Hippocratic Medicine wants Judge Kacsmaryk to nullify the FDA's medical approval of mifepristone, which would effectively ban the abortion pill across the US. Senate Judiciary Committee | YouTubeA Texas judge will soon issue a pivotal ruling in a closely watched case challenging the Food and Drug Administration's approval of the abortion pill mifepristone. It's also possible that Kacsmaryk could order the agency to impose tighter restrictions on access to mifepristone but stop short of completely halting sales. Abortion rights groups and legal experts expect the judge will rule against the FDA in some form. Possible injunctionIf Kacsmaryk issues an order to withdraw mifepristone from the market, there are several ways such a ruling could be drafted.

☆ Dozens of Senate Republicans oppose overturning the law that made the disastrous 2003 Iraq invasion possible
▼ + stars: | 2023-03-16 | by ( Bryan Metzger | John Haltiwanger | ) www.businessinsider.com time to read: +7 min

The Senate began the process on Thursday to repeal the 1991 and 2002 Iraq War AUMFs. "It should be easy to remove," quipped Republican Sen. Rand Paul of Kentucky, a supporter of repeal. "I don't want to do anything that reduces the President's ability to kill somebody like Soleimani," said Republican Sen. Rick Scott of Florida. For Sen. Paul, repealing the Iraq War AUMFs — which he called "symbolic" — isn't going far enough. The 2001 AUMF opened the door for the invasion of Afghanistan, launching the longest war in US history.

The Alzheimer's Association and the pharmaceutical industry say the drug companies are not directly involved in the campaign. But the Alzheimer's Association says patients simply don't have the time to spare. The agency did not address the Alzheimer's Association campaign. Association members have met 30 times with staffers for the state's 20 members of Congress, Ryan Schiff, the chapter's public policy manager, said. Spokespeople for all three companies said they do not work with the Association on its campaign to expand Medicare coverage of the drugs.

☆ Senate confirms Eric Garcetti as U.S. ambassador to India
▼ + stars: | 2023-03-15 | by ( Sahil Kapur | Frank Thorp V | ) www.cnbc.com time to read: +3 min

The Senate voted 52-42 on Wednesday to confirm former Los Angeles mayor Eric Garcetti to be the next U.S. ambassador to India. The long-delayed Garcetti nomination grew unusually contentious and sparked some last-minute drama. Several Democrats voted against advancing his nomination, but enough Republicans backed Garcetti to give the U.S. its first permanent ambassador to India under President Joe Biden, more than two years into his term. "The United States-India relationship is extremely important, and it's a very good thing we now have an ambassador," Senate Majority Leader Chuck Schumer, D-N.Y., said. But a group of Republicans voted yes and helped secure the necessary support, including Sens.

☆ Citing 'death threats,' Texas judge asked attorneys to keep news of hearing on legality of abortion pill quiet
▼ + stars: | 2023-03-14 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

The Alliance For Hippocratic Medicine wants Judge Kacsmaryk to nullify the FDA's medical approval of mifepristone, which would effectively ban the abortion pill across the US. But Kacsmaryk asked the attorneys to not to publicize the hearing, citing security concerns. Those present at the Friday conference call included lawyers from the Justice Department, the abortion pill maker Danco Laboratories, and a group that opposes abortion called the Alliance Defending Freedom. A group of physicians who oppose abortion called the Alliance for Hippocratic Medicine asked Kacsmaryk in November to order the Food and Drug Administration to withdraw its approval of the abortion pill mifepristone. The abortion pill has become the central flashpoint in the legal battle over access to abortion in the wake of the Supreme Court's ruling that overturned Roe v. Wade last June.

☆ Biden's funding wish list quickly runs into headwinds as Republicans slam it as 'completely unserious' and 'a roadmap to fiscal ruin'
▼ + stars: | 2023-03-09 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

President Joe Biden released his budget proposal for fiscal year 2024 on Thursday. The budget, which amounts to more of a wish list of priorities than viable policy, has already sparked pushback. "President Biden just delivered his budget to Congress, and it is completely unserious," he wrote on Twitter. "Let's be clear – the budget put forward by President Biden today will not be enacted," Capito said. "I want to make it clear, I'm willing to meet with the Speaker anytime, tomorrow if he has his budget," Biden said.

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