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Spike in Treasury yields clouds Biden, Fed hopes for smooth return to normal

ReutersOctober 10, 20230

By Howard Schneider WASHINGTON (Reuters) – Even as the U.S. economy bounds along, rising interest rates on government bonds could threaten the plans of elected officials and central bankers who thought they had set the stage for a steady period of ongoing growth, low unemployment and gradually falling inflation. A sustained rise in interest rates could not just slow the economy more than Federal Reserve officials feel is needed to lower inflation, but saddle the Biden administration with higher borrowing costs and larger deficits that put top priorities at risk, throw a new wrinkle into the 2024 presidential election, and

US new vehicle sales to rise for sixth month; UAW strike clouds Oct outlook – report

ReutersSeptember 28, 20230

(Reuters) – New vehicle sales in the United States are projected to rise for a sixth consecutive month in September on strong demand, according to an industry report, though the strike by United Auto Workers’ (UAW) union has clouded the outlook going forward. U.S. new vehicle sales, including retail and non-retail transactions, are estimated to reach 1,309,900 units in September, a 13.8% jump from a year earlier, a joint report by J.D. Power and GlobalData showed on Thursday. The impact of the UAW strike has had negligible effect on September sales, according to the report. “However, depending on the duration

In AI push, Telenor hires Google Cloud’s Amol Phadke as CTO

ReutersAugust 22, 20230

OSLO (Reuters) – Norwegian telecoms firm Telenor has recruited Google Cloud’s Amol Phadke as its new Chief Technology Officer (CTO) to strengthen its AI activities, Telenor said on Tuesday. Phadke most recently headed Google Cloud’s telecom business and has previously worked for British Telecom, Alcatel-Lucent and Accenture’s network services unit. “He knows the challenges that a legacy business such as ours has, and it’s important that Telenor will continue to be on the forefront of the technology change,” Telenor CEO Sigve Brekke told Reuters in an interview. Telenor partnered up with Google Cloud in 2021 to digitalise its global operations

NYC Weather Report: Sun, Clouds and Passing Storms on Wednesday

Jessica WoodsJuly 19, 20230

NEW YORK, NY – New York City residents can expect a mix of sun, clouds, and a chance of showers and thunderstorms over the next couple of days. Here’s the latest weather forecast for the city. Wednesday will see a 30 percent chance of showers and thunderstorms. The day will be partly sunny, with a high temperature near 84 degrees Fahrenheit. The wind will be light and variable, initially coming from the north at around 5 mph and gradually shifting throughout the afternoon. As the evening sets in on Wednesday, there will be a 20 percent chance of showers and

PNC Financial’s interest income forecast trim clouds upbeat quarter

ReutersJuly 18, 20230

(Reuters) – PNC Financial Services Group on Tuesday cut its forecast for full-year net interest income (NII), casting a shadow over the lender’s second-quarter earnings beat. Shares of the bank fell nearly 3.5% in premarket trading as it estimated NII to rise 5% to 6% in 2023 from last year, compared to its previous forecast of 6% to 8% growth. The cut in full-year expectations for NII – the difference between the interest banks earn on loans and pay out on deposits – came even as PNC reported a 15% jump in NII to $3.51 billion. The rate increases by

‘Dark Clouds’: Indian Prime Minister Modi Warns Of China Threat In Speech To US Congress

The Daily CallerJune 22, 20230

‘Dark Clouds’: Indian Prime Minister Modi Warns Of China Threat In Speech To US Congress Arjun Singh on June 22, 2023 Indian Prime Minister Narendra Modi warned Congress of the threat China poses to the Indo-Pacific in an address to a joint meeting of both houses during his state visit on Thursday. India has been courted by the United States, across the Obama, Trump and Biden administrations, as an ally in efforts to counter the Chinese Communist Party, with the country under Modi’s leadership being inducted by the U.S. into the Quadrilateral Security Dialogue, a naval security forum also consisting

Marketmind: U.S. default risk clouds Korea, Indonesia rate decisions

ReutersMay 24, 20230

By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. The central banks of South Korea and Indonesia announce interest rate decisions on Thursday, against a backdrop of growing nervousness across world markets that the U.S. could be sleepwalking to an unprecedented and catastrophic default. Bank of Korea and Bank Indonesia are both expected to keep their benchmark policy rates on hold at 3.50% and 5.75%, respectively, and keep them there into the third quarter before diverging. Economists surveyed by Reuters expect BOK to cut rates in the fourth quarter, and BI to

Investors look past US tech sector as uncertain environment clouds outlook

ReutersMay 19, 20230

By Lisa Pauline Mattackal and Divya Chowdhury MUMBAI (Reuters) – Investors are looking beyond the U.S. technology sector’s bounceback this year for longer-term returns, as higher interest rates and an uncertain macroeconomic picture could present further headwinds, fund managers and strategists said. The tech-heavy Nasdaq Composite has jumped 21% this year, more than doubling the S&P 500’s 9% rise, boosted by stronger-than-expected earnings and cost-cutting measures from major companies, along with expectations that the U.S. Federal Reserve’s hiking cycle is nearing an end. Longer term, other sectors are likely to offer better returns at more attractive valuations, said Abigail Yoder,

Storm clouds gather over highly indebted companies, Moody’s says

ReutersApril 19, 20230

By Matt Tracy WASHINGTON (Reuters) – Credit ratings agency Moody’s Investors Service Inc said on Wednesday it has pushed more highly indebted companies to the bottom of its junk ratings barrel and that debt defaults are also on the rise as financing conditions tighten. The number of companies rated B3 negative or lower by Moody’s rose to 227 in the first quarter of 2023, a 4% increase from the fourth quarter of 2022 and a full third more than the first quarter of 2022, according to two reports from the agency. That is the highest quarterly figure since August 2021

Feeling poorer: Property slump hurting Chinese consumers, clouds recovery

ReutersApril 14, 20230

By Liangping Gao and Marius Zaharia BEIJING/HONG KONG (Reuters) – Liu Baoxiang, who runs a mahjong parlour in a city on China’s rust belt, no longer splurges on extravagant fashion items after seeing the two flats he owns lose roughly a third of their value over the past two years. “I was previously considered wealthy in the area,” said Liu, who also owns some commercial property in the northeastern city of Liaoyuan. “I used to buy mink coats in the tens of thousands of yuan, but I’ve hardly purchased any and haven’t travelled lately.” While pockets of China’s property market,

Sarepta slides as FDA about-turn on panel clouds gene therapy approval path

ReutersMarch 17, 20230

By Aditya Samal (Reuters) -Shares of Sarepta Therapeutics Inc slumped as much as 21% on Friday on uncertainty over its gene therapy for Duchenne muscular dystrophy after the U.S. health regulator reversed its decision on a panel meeting. The U.S. Food and Drug Administration planned to hold a meeting of its independent experts to review the gene therapy, the company said late on Thursday, less than a month after saying it would not do so. “This change adds drama to the equation,” said Baird analyst Brian Skorney. The FDA’s inconsistency may be a signal of more internal debate than previously

ECB goes big on rates but bank turmoil clouds outlook for central banks

ReutersMarch 16, 20230

LONDON (Reuters) – The European Central Bank on Thursday stuck with plans for a big interest rate increase, keeping up the pace of its monetary tightening to contain inflation even as markets wobble. The collapse last week of Silicon Valley Bank in the U.S. has highlighted banks’ vulnerabilities to sharply higher rates, while a rout in Credit Suisse shares added to market turmoil. The turbulence could strengthen the case for major central banks to slow the pace or pause of rate increases ahead. Overall, 10 big developed economies have raised rates by a combined 3,165 basis points (bps)

DAVID BLACKMON: Biden’s Energy Secretary Shows Yet Again That Her Head Is In The Clouds

The Daily CallerMarch 11, 20230

DAVID BLACKMON: Biden’s Energy Secretary Shows Yet Again That Her Head Is In The Clouds David Blackmon on March 11, 2023 Just two days after Energy Secretary Jennifer Granholm seemed to have evolved in her thinking about energy to a more realistic posture, she fell back into the fantasy world thinking that has defined her time at DOE. On Wednesday at the CERAWeek 2023 conference in Houston, Granholm made news by praising America’s oil and gas producers for stepping up to help the country’s allies in Europe during their time of need over the last year. Granholm also acknowledged that “we

Defense firms set to post higher sales, McCarthy’s election clouds outlook

ReutersJanuary 23, 20230

By Nathan Gomes (Reuters) – Defense companies are expected to post higher fourth-quarter sales, according to analysts, bolstered by easing supply chain bottlenecks and increased defense outlays as the Pentagon and its allies step up spending to aid Ukraine in its conflict against Russia. However, Republican Kevin McCarthy’s election as the speaker of the U.S. House of Representatives and his promise to curb spending have clouded the near-term outlook for weapon makers, analysts have said. A slew of analysts has cut price targets on defense contractors since the beginning of the year, with some flagging a risk to defense outlay

Stumbling Treasury rally clouds bond market outlook for 2023

ReutersDecember 30, 20220

By Davide Barbuscia NEW YORK (Reuters) – U.S. government bond investors hurting after the biggest annual decline in the history of the asset class are riding out yet another selloff, as worries over persistent inflation cloud the prospects for an expected 2023 rebound. Heavyweights such as Amundi, Vanguard and BlackRock turned bullish on bonds in recent weeks, on expectations that inflation has peaked and that a potential recession next year could push the Federal Reserve to end its most aggressive rate hiking cycle in decades. Many investors have followed suit. December’s BofA Global Research survey showed fund managers were the

Taiwan Nov export orders plunge, China’s COVID surge clouds outlook

ReutersDecember 20, 20220

TAIPEI (Reuters) – Taiwan’s export orders contracted at the worst rate in more than a decade in November, hit by a plunge in China demand and generally weaker global consumer spending because of inflation and interest rate hikes. The island’s export orders last month, a bellwether for global technology demand, were 23.4% lower than a year earlier at $50.14 billion, the Ministry of Economic Affairs said on Tuesday. That was higher than analysts’ expectations of an 11.2% decline. November’s drop – the steepest since March 2009, when the fall was 24.3% – followed October’s annual contraction of 6.3%. November was

European banks cash in on rising rates as clouds gather

ReutersOctober 26, 20220

By Tom Sims, John O’Donnell and Jesús Aguado FRANKFURT (Reuters) – Some of Europe’s largest banks warned of growing risks as the economy fizzles after posting stronger-than-expected profits on Wednesday, helped by a trading boom in volatile markets and higher interest rates. The boost from the rising cost of borrowing, kept at rock bottom since the financial crash more than a decade ago, is a relief for banks, although it risks causing other problems, like hitting demand for loans and bursting property price bubbles. In Germany, Deutsche Bank posted a better-than-expected jump in third-quarter profit as a trading boom at

Digital ad market shows ‘signs of life’ but economy clouds 2023 outlook

ReutersOctober 19, 20220

By Sheila Dang and Katie Paul (Reuters) – When Snap Inc kicks off the third-quarter earnings season for tech and social media companies on Thursday, investors are expecting modest revenue growth across most of the sector as results will be compared with a difficult 2021 when Apple Inc privacy changes began to upend the advertising industry. But a possible recession next year makes forecasting 2023 financials a guess at best, say some analysts, while investors are wary of reading too deeply into “signs of life” like ad spending around the fall shopping season as indicators of future performance. The challenging

Tesla steps up job ads as recession clouds gather

ReutersOctober 17, 20220

By Noel Randewich (Reuters) – While Elon Musk may be worried about the economy, job openings on Tesla’s website suggest the world’s most valuable car maker is hiring employees at a quick pace, in nearly every category of job. Tesla this week listed over 6,900 jobs on its career website, almost a 50% surge since mid-June, when Reuters began tracking the data. That compares to a 2022 peak of over 7,400 job ads in May, according to data similarly tracked by Thinknum Alternative Data and hedge fund Snow Bull Capital. GRAPHIC – Tesla job ads rebound after July slowdown https://graphics.reuters.com/TESLA-JOBS/zdvxolzngpx/chart.png

Dire performance of new Hong Kong listings clouds prospects for IPO pickup

ReutersAugust 5, 20220

By Scott Murdoch HONG KONG – The majority of stocks listed in Hong Kong since the start of last year are trading well below their initial selling prices, data showed, leaving investors out of pocket and dimming prospects for a pick up in share sales for rest of 2022. Of 132 initial public offerings (IPOs) and secondary listings on the city’s stock exchange since the start of 2021 – collectively raising $47.6 billion – 111 are currently trading in the red, showed data from analytics firm Dealogic. Markets have been ravaged over the past two years by a storm of

Analysis-Pelosi’s Taiwan visit clouds Boeing’s China reset hopes

ReutersAugust 3, 20220

By Jamie Freed, Norihiko Shirouzu and Tim Hepher (Reuters) – Boeing Co faced added uncertainty over crucial plane deliveries to China on Wednesday as a visit to Taipei by U.S. House of Representatives Speaker Nancy Pelosi angered Beijing and risked stoking Sino-U.S. trade tensions. With the highest-level U.S. visit to Taiwan in 25 years pushing rhetoric to new levels, experts cautioned it was too early to say exactly how the row will play out for Boeing, which historically relies on China for a quarter of jetliner sales. But the visit will do nothing to ease near-term industrial and political gridlock

ISAAC: Biden’s Head Is In The Clouds On Energy Policy And The American People Are Paying For It

The Daily CallerJuly 31, 20220

ISAAC: Biden’s Head Is In The Clouds On Energy Policy And The American People Are Paying For It Jason Isaac on July 30, 2022 It’s no secret that President Joe Biden has a bone to pick with the fossil fuel industry. Unfortunately, many Americans — including those who supported Biden’s candidacy — are now learning the hard way just how much their lives depend on the oil and gas they love to hate. Gas prices are still averaging well over $4, and the recent news that America’s emergency oil reserves ended up in China, rather than on our shores where

Amid clouds on economic horizon, Spain’s jobless rate stays below 3 million mark

ReutersJuly 28, 20220

(Reuters) – Spain’s jobless number remained below three million for the second month running, falling to 12.48% in the April to June period of 2022 compared to 13.65% three months earlier, data from the National Statistics Institute showed on Thursday. The quarterly unemployment rate fell to its lowest level since the third quarter of 2008, when the rate was 11.23%. A total of 2.9 million people remain out of work while 20.5 million are in employment. The rise in employment in the second quarter came entirely from the private sector, which hired 397,600 people, while 14,300 people were shed in

CARTER: Democrats’ Heads Are In The Clouds When It Comes To Lowering Drug Prices

The Daily CallerJuly 11, 20220

CARTER: Democrats’ Heads Are In The Clouds When It Comes To Lowering Drug Prices Rep. Buddy Carter on July 10, 2022 Republicans have a plan to combat high prescription drug prices, without reverting to socialist price controls. When I was a practicing pharmacist, I witnessed seniors trying to decide whether to pay for their medicine or pay for their groceries. I witnessed mothers crying because they couldn’t afford their children’s medicine. No parent, no person, should ever be forced to make that decision. On that point, my Democrat colleagues and I seem to agree. But good intentions do not always

Fans take BYD to task as recall confusion clouds Chinese EV maker’s image

ReutersJune 30, 20220

SHANGHAI – Customers of China’s BYD Co Ltd, the world’s biggest electric vehicle (EVs) maker by sales, have taken the unusual step of urging regulators to expand a battery replacement recall to safeguard the reputation of a national champion. Two BYD customers told Reuters they and others questioned why BYD had instructed dealers to replace batteries in their cars which were not subject to the recall. Though compensated, the customers said they wanted BYD to be more transparent. The Shenzhen-based automaker did not respond to Reuters’ requests for comment. BYD has been a major beneficiary in the auto industry’s rapid