Asia shares hit 15-month high as traders wait for CPI
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Asian shares hit a 15-month high as traders await U.S. inflation data. MSCI's broadest index of Asia-Pacific shares outside Japan reached its highest level since early 2023. The focus this week is on Wednesday's U.S. CPI figures, with expectations for core CPI to slow from 3.8% in March to 3.6% in April. The dollar remained firm ahead of the data. Japanese bonds were squeezed as the central bank reduced its bond buying program. Hong Kong's Hang Seng index surged 30% from January's lows and rose nearly 20% in a month. New Zealand's inflation expectations dropped, and Australia's government is expected to announce another surplus in its annual budget. The central bank of Japan made its first cut to bond buying operations since December, signaling a hawkish stance. Oil and gold prices remained steady.

#AsiapacificShares #UsInflationData #Cpi #Dollar #JapaneseBonds #HangSengIndex #NewZealandInflationExpectations #AustraliaBudget #OilPrices #GoldPrices

https://www.investing.com/news/economy/asia-shares-hit-15month-high-as-traders-wait-for-cpi-3438511 

 Asian stocks skittish amid mixed China cues; earnings, US CPI awaited
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Asian stocks were skittish due to mixed China cues and anticipation of earnings reports and US CPI data. Chinese stocks were pressured by the prospect of more US trade tariffs, but a rally in Chinese property stocks helped offset bigger losses. Chinese inflation picked up pace in April, signaling some strength in spending, but Chinese inflation shrank for a 19th consecutive month. Hong Kong's index rose 0.5% supported by a rally in property stocks. Broader Asian markets traded lower, with Japan's Nikkei 225 shedding 0.1% and the ASX 200 and South Korea's index falling 0.1% and 0.2% respectively. Major Asian earnings reports are expected this week, including SoftBank Group Corp., Sony Corp., Baidu Inc., and Tencent Holdings Ltd.

#AsianStocks #ChinaCues #Earnings #UsCpi

https://www.investing.com/news/stock-market-news/asian-stocks-skittish-amid-mixed-china-cues-earnings-us-cpi-awaited-3436132 

 Chinese companies win more bids to explore for Iraq oil and gas
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Chinese companies have won five more bids to explore Iraqi oil and gas fields, bringing the total number of licenses won by Chinese companies to 10. The licensing round, which is Iraq's sixth, aims to increase output of natural gas for domestic use. No bids were made on at least six fields with gas potential. Notably, no U.S. oil majors have been involved in the bidding process. Chinese companies that won bids include CNOOC, ZhenHua, Anton Oilfield Services, Sinopec, and Geo-Jade.

#China #Iraq #OilAndGasExploration #LicensingRound

https://www.investing.com/news/economy/chinese-companies-win-more-bids-to-explore-for-iraq-oil-and-gas-3436006 

 Street calls of the week: Micron upgraded, downgrade for ZoomInfo
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Baird upgraded Micron to Outperform with a $150 price target. Wolfe upgraded Insulet to Outperform with a $200 price target. Goldman downgraded ZoomInfo to Sell with a $12 price target. Raymond James upgraded Cheesecake Factory to Outperform with a $42 price target. BofA Securities upgraded Bumble to Buy with a $14 price target.



https://www.investing.com/news/stock-market-news/street-calls-of-the-week-micron-upgraded-downgrade-for-zoominfo-3435918 

 U.S. deeply alarmed by Georgia's foreign agent bill, Sullivan says
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The United States expressed deep alarm over democratic backsliding in Georgia and urged the country to support the people's Euro-Atlantic aspirations. The bill in question, which would require organizations receiving more than 20% of their funding from abroad to register as 'agents of foreign influence,' has sparked a political crisis in Georgia. The ruling Georgian Dream party supports the bill, claiming it promotes transparency and national sovereignty, while opposition groups and civil society have called for its withdrawal. The European Union has warned that the bill could hinder Georgia's integration efforts. U.S. National Security Advisor Jake Sullivan accused Georgian Dream of trying to break with the West and isolate Georgians from the United States and Europe.

#Georgia #ForeignAgentBill #DemocraticBacksliding #EuroatlanticAspirations #RulingParty #OppositionGroups #EuropeanUnion #UsNationalSecurityAdvisor #GeorgianDream

https://www.investing.com/news/world-news/us-deeply-alarmed-by-georgias-foreign-agent-bill-sullivan-says-3435712 

 US judge blocks rule capping credit card late fees at $8
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A federal judge in Texas has blocked the Consumer Financial Protection Bureau's new rule capping late fees on credit cards at $8. The rule was scheduled to take effect on Monday but was blocked by U.S. District Judge Mark Pittman in Fort Worth. The rule had been opposed by the U.S. Chamber of Commerce, the American Bankers Association, and other business groups. Judge Pittman, appointed by former President Donald Trump, issued a preliminary injunction against the rule, stating that the agency exceeded its authority.



https://www.investing.com/news/economy/us-judge-blocks-rule-capping-credit-card-late-fees-at-8-3435551 

 Microsoft hit with $242 million US verdict in Cortana patent lawsuit
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Microsoft has been ordered to pay $242 million to patent owner IPA Technologies after a federal jury in Delaware found that Microsoft's Cortana virtual-assistant software infringed an IPA patent. The jury agreed with IPA after a week-long trial that Microsoft's voice-recognition technology violates IPA's patent rights in computer-communications software. IPA is a subsidiary of patent-licensing company Wi-LAN, which is jointly owned by Canadian technology company Quarterhill and two investment firms. Microsoft plans to appeal the verdict.

#Microsoft #IpaTechnologies #Cortana #PatentLawsuit #VoiceRecognition #ComputercommunicationsSoftware #Wilan #Quarterhill #SriInternational #Siri #Apple #Google #Amazon

https://www.investing.com/news/stock-market-news/microsoft-hit-with-242-million-us-verdict-in-cortana-patent-lawsuit-3435484 

 Rio Tinto had considered a bid for BHP-target Anglo American, AFR says
==========

Mining giant Rio Tinto had considered making an offer for Anglo American, which is now a takeover target for BHP Group. Rio's management continued to study the situation but did not make a bid. Rio Tinto declined to comment on the report. Daniel Sullivan, portfolio manager of Janus Henderson Investors' global natural resources fund, suggested that Rio should focus on smaller and lithium miners instead of competing with BHP for Anglo American.



https://www.investing.com/news/stock-market-news/rio-tinto-had-considered-a-bid-for-bhptarget-anglo-american-afr-says-3433533 

 Singapore's OCBC posts record Q1 profit, lifts margin guidance for 2024
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Singapore's second-largest bank, Oversea-Chinese Banking Corp (OCBC), reported a 5% rise in Q1 profit, beating expectations. The bank forecasted its net interest margin for the full year to be at the higher end of a 2.20% to 2.25% range. OCBC also maintained its 2024 targets of low single-digit loan growth, credit costs between 20 to 25 basis points, and a 50% dividend payout ratio. The bank's return on equity for Q1 was 14.7%. OCBC's strong performance follows the trend of other Singapore banks that have exceeded market expectations in the first quarter.

#Ocbc #Q1Profit #MarginGuidance #SingaporeBanks

https://www.investing.com/news/economy/singapores-ocbc-posts-record-q1-profit-lifts-margin-guidance-for-2024-3433503 

 Factbox-Who are the candidates running in the 2024 US presidential election?
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President Joe Biden and former President Donald Trump are the main candidates in the 2024 US presidential election. Trump, who served as president from 2017-2021, has secured enough delegates to clinch the Republican nomination and is running for a third term. He faces 88 charges in four criminal cases related to the 2020 election and other alleged misconduct. Biden, the incumbent president, launched his reelection bid to defend American liberties and protect democracy. Other candidates include Marianne Williamson, Robert F. Kennedy Jr, Cornel West, and Jill Stein.



https://www.investing.com/news/world-news/factboxwho-are-the-candidates-running-in-the-2024-us-presidential-election-3433401 

 Analysis-Economy scars voters in run-up to EU election
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The economic potential of two new EV "gigafactories" in Dunkirk, France, will not stop locals from backing Marine Le Pen's nationalists in the upcoming EU elections due to a surge in prices for food, heating, and other essentials. The surge in prices has led to anger and falling living standards among Europeans, which is expected to dent support for mainstream parties in the EU assembly elections. The European economy has faced COVID-19 shutdowns and a cost-of-living crisis triggered by global inflation and energy price spikes due to the Ukraine war. The mainstream parties' vision of an open economy and net-zero green transition is being challenged as more Europeans conclude that the economic status quo is not working for them. The share of people at risk of poverty or social exclusion has increased to 21.6%, equivalent to 2.9 million people, the first increase in a decade. The rising cost of living has galvanized voters who already support far-right nativist and identity agendas. The EU assembly elections are expected to see gains for radical right groups, with economic dissatisfaction playing a role. However, the far-right's lack of experience in running economies limits their credibility and appeal in some countries. The economic concerns of voters will shape the composition of the EU assembly and the alliances formed after the elections.

#EuElection #Economy #Farright #CostOfLiving #Poverty #SocialExclusion

https://www.investing.com/news/economy/analysiseconomy-scars-voters-in-runup-to-eu-election-3430935 

 Transportation Sector Continues to Flash Caution
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The transportation sector in the US has been underperforming and is a crucial component of the economy, contributing approximately $1.2 trillion (5.4% of the US GDP). It encompasses various modes of transport and employs around 10.68 million Americans. Transportation emissions account for 27% of total US greenhouse gas emissions. The trucking industry is responsible for 72.5% of freight transportation. The sector requires ongoing investment in infrastructure. The Transportation Services Index (TSI) measures the volume of freight and passenger transportation services and can provide insights into economic shifts. Currently, the TSI is far from indicating a recession. Transportation stocks, such as IYT, have been underperforming, potentially signaling investor concerns about a potential recession. The freight TSI tends to be a lead indicator. The recent underperformance of the transportation sector may indicate a normal correction, a soft landing, recession, or stagflation. The article also mentions issues with inflation costs, shortage of construction workers, and accountability of benchmarks and ROI in the implementation of the $1.1 trillion infrastructure bill passed in 2021.

#TransportationSector #UsEconomy #Tsi #FreightTransportation #InvestorSentiment #Infrastructure #Recession

https://www.investing.com/analysis/transportation-sector-continues-to-flash-caution-200648281 

 South Korea's Yoon pledges focus on economy after election shock
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South Korean President Yoon Suk Yeol acknowledges his government's failure to improve people's lives and concedes the crushing election defeat for his ruling party reflects voters' assessment of his two years in office. Yoon pledges to focus on improving the economy and addressing the national emergency of low birth rates. He apologizes for a controversy surrounding his wife accepting a pricey gift and vows to communicate better with the public and parliament. On foreign policy, Yoon says South Korea will maintain its stance to not supply lethal weapons to any country in active conflict, including Ukraine. He acknowledges that Russia-South Korea ties have become uncomfortable due to the war with Ukraine and allegations of North Korean weapons deliveries to Russia.

#SouthKorea #YoonSukYeol #Economy #Election #BirthRates #ForeignPolicy #Russia #Ukraine

https://www.investing.com/news/world-news/south-koreas-yoon-pledges-focus-on-economy-after-election-shock-3430509 

 Morning Bid: Bank of England to test cut assumptions
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The Bank of England is not expected to move interest rates today. Markets price an almost 50-50 chance of a cut in June. Academic Swati Dhingra already voted for a cut in March and some figure on Deputy Governor Dave Ramsden joining her this month. A cut is fully priced for August and last week sterling short positions rose to their largest since January 2023. The European Central Bank has all but promised a cut on June 6. Sweden and Switzerland have already cut rates. In Asia, Chinese trade data showed growth in exports and imports. Bank of Japan minutes showed a hawkish shift in April. Governor Kazuo Ueda told parliament on Thursday that the central bank was watching the sliding yen closely. U.S. President Joe Biden vowed to withhold weapons from Israel if its forces make a major invasion of Rafah in southern Gaza. Israel continued tank and aerial strikes on southern Gaza. Key developments that could influence markets on Thursday include the Bank of England policy meeting.

#BankOfEngland #InterestRates #MarketExpectations #Cut #June #SwatiDhingra #DaveRamsden #Sterling #EuropeanCentralBank #Sweden #Switzerland #China #Exports #Imports #BankOfJapan #KazuoUeda #Yen #Israel #Gaza

https://www.investing.com/news/economy/morning-bid-bank-of-england-to-test-cut-assumptions-3430498 

 Dollar holds its ground as key inflation data looms
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The dollar held tight ranges against most peers on Thursday as traders awaited key U.S. inflation data for cues on Federal Reserve policy. The focus on the massive interest rate gap between Japan and the U.S. helped the dollar make some gains on the yen. Last week's Fed policy meeting and downside surprise in U.S. job growth have markets increasing bets for two rate cuts this year. Japan's top currency diplomat Masato Kanda reiterated a warning that Tokyo is ready to take action in the currency market. The big question for investors is whether the Bank of England suggests that a rate cut could come in June. Bitcoin fell 0.21% to $61,436.49.

#Dollar #Inflation #FederalReserve #InterestRates #Yen #BankOfEngland #RateCut #Bitcoin

https://www.investing.com/news/economy/dollar-holds-its-ground-as-key-inflation-data-looms-3430425 

 Trade association survey shows 79% of US biotech companies contract with Chinese firms
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A recent survey by the Biotechnology Innovation Organization (BIO) found that 79% of 124 US biotech companies have at least one contract or product agreement with a manufacturer based in China or owned by China. The survey also revealed that 74% of the respondents have contracts with Chinese companies for pre-clinical and clinical services, while 30% have contracts for manufacturing approved medicines. The trade group warned that decoupling from China-based or China-owned biomanufacturing could harm millions of US patients. The survey comes as bills are being considered in the US Senate and House of Representatives that could restrict business with Chinese biotech companies on national security grounds.

#Biotech #China #TradeAssociation #Survey #Manufacturing #Legislation

https://www.investing.com/news/stock-market-news/trade-association-survey-shows-79-of-us-biotech-companies-contract-with-chinese-firms-3430368 

 Ex-correctional official sent to US prison for payments from Galleon's Rajaratnam
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A former correctional counselor at a federal prison in Massachusetts, William Tidwell, has been sentenced to two years in prison for accepting over $90,000 in payments from a wealthy inmate, identified as Galleon Group hedge fund founder Raj Rajaratnam, in exchange for favorable treatment. Tidwell pleaded guilty to charges of receiving payments in violation of his official duties, making false statements to a bank, and committing identity theft. He was ordered to forfeit the $90,000 and pay a $10,000 fine. Rajaratnam, who was convicted of insider trading in 2011, has not been charged in relation to Tidwell's case.

#Corruption #InsiderTrading #Prison #Payments #GalleonGroup #RajRajaratnam

https://www.investing.com/news/world-news/excorrectional-official-sent-to-us-prison-for-payments-from-galleons-rajaratnam-3429488 

 US Federal Election Commission gives Trump 45 more days to file personal financial disclosures
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The U.S. Federal Election Commission has granted Republican presidential candidate Donald Trump a 45-day extension to file personal financial disclosures. Trump had been due to submit a report on his personal financial situation to the Federal Election Commission on May 15, but a legal representative for Trump requested an extension citing the complexities of his financial holdings. With the extension, Trump's financial disclosure should be received by the Federal Election Commission by July 1.

#UsFederalElectionCommission #DonaldTrump #FinancialDisclosures

https://www.investing.com/news/world-news/us-fec-gives-trump-45-more-days-to-file-personal-financial-disclosures-3429424 

 Will Housing Inflation Keep Interest Rates Higher for Longer?
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Housing prices in the US are showing resilience despite the Federal Reserve's tightening policy and before rate cuts have arrived. After the Fed began raising interest rates in early 2022, housing prices initially took a hit, but they have since revived and are increasing more than 6% a year. This revival in housing prices is notable because it is happening before the Fed has started cutting rates. The rise in housing prices is also contributing to the sticky inflation problem the Fed is facing. Once the Fed starts cutting rates, it could further strengthen the housing inflation. The challenge for the central bank is to set policy when housing prices remain resilient while economic growth is slowing. There is also a shortage of affordable housing and high interest rates in the US, which is exacerbating the housing supply and demand imbalance. US Treasury Secretary Janet Yellen believes that shelter costs, which have been pushing up inflation, will come down, but there is no sign of that happening yet.

#HousingInflation #InterestRates #FederalReserve #EconomicGrowth #Inflation

https://www.investing.com/analysis/will-housing-inflation-keep-interest-rates-higher-for-longer-200648263 

 AB InBev shares rise as analysts flag easing impact of U.S. Bud Light boycott
==========

AB InBev shares rise as analysts expect the impact of the U.S. boycott of Bud Light to ease. Revenues in the U.S. dropped by 9.1% in the first quarter, primarily due to slipping Bud Light volumes. However, analysts believe that future figures will include the boycott's impact, potentially making comparative numbers easier. AB InBev expects full-year earnings before interest, tax, depreciation, and amortization to grow in line with its medium-term outlook of between 4% to 8%. The company's shares rose in early trading on Wednesday.

#AbInbev #BudLight #Boycott #Revenues #Analysts

https://www.investing.com/news/stock-market-news/ab-inbev-shares-rise-as-analysts-flag-easing-impact-of-us-bud-light-boycott-3427444 

 Morning Bid: Pondering the path of Fed policy
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The Federal Reserve and the enigmatic path of U.S. interest rates continue to dominate the market's attention. Fed Chair Jay Powell suggested last week that the bias is still towards easing, and further tightening is not a topic of discussion as of now. The lack of conviction among investors is clear in the differing directions for the dollar and Treasury yields this week, with the former pushing higher while long-term rates retreat. The Riksbank is widely expected to embark on its rate-cutting cycle today, after signalling at its last meeting an intention to ease either this month or next. The Bank of England announces policy on Thursday, and while no change is predicted this week, dovish bets have risen recently. Wednesday's data calendar is light in Europe, consisting mainly of some German factory numbers. The corporate calendar is heavy by comparison though, featuring earnings from such names as AB Inbev, BMW, and Continental.

#FederalReserve #UsInterestRates #JayPowell #Riksbank #BankOfEngland #GermanFactoryNumbers #Earnings

https://www.investing.com/news/economy/morning-bid-pondering-the-path-of-fed-policy-3427217 

 German economy likely to stagnate in 2024, IW forecasts
==========

Germany's economy is forecasted to stagnate in 2024, according to German economic institute IW. Manufacturing and the construction sector remain stuck in recession, while consumption is expected to be the only bright spot as it picks up with easing inflation. Investment is depressed due to the geopolitical situation and high interest rates. Germany's unemployment rate is likely to increase to 6% on average for the year. Foreign trade is expected to remain weak. The German government forecasts 0.3% GDP growth this year.



https://www.investing.com/news/economy/german-economy-likely-to-stagnate-in-2024-iw-forecasts-3427167 

 Vertiv executive sells over $63,000 in company stock
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Edward Cui Yibin, the President of Greater China for Vertiv Holdings Co, sold 668 shares of the company's Class A Common Stock for a total value exceeding $63,000. The sale took place on May 4, 2024, at a price of $94.39 per share. The transaction was made to cover tax withholding obligations related to the vesting and settlement of Restricted Stock Units (RSUs) and dividend-equivalent stock units (DSUs). After the sale, Edward Cui Yibin's remaining stake in Vertiv Holdings Co includes a combination of shares, RSUs, and DSUs, totaling 19,451.66 units. The filing was signed on May 7, 2024, by Robert M. Wolfe, as attorney-in-fact. Vertiv Holdings Co is a company in the electronic components sector, headquartered in Columbus, Ohio, and traded on the New York Stock Exchange under the ticker symbol VRT. The sale of stock for tax obligations does not necessarily indicate a change in the executive's view of the company's prospects. Vertiv Holdings Co has a market capitalization of $35.55 billion and has seen impressive revenue growth of 15.27% over the last twelve months as of Q1 2024. The company's stock has experienced significant appreciation, with a one-year price total return of 529.94%.

#VertivHoldingsCo #StockSale #EdwardCuiYibin #RestrictedStockUnits #TaxObligations

https://www.investing.com/news/company-news/vertiv-executive-sells-over-63000-in-company-stock-93CH-3426848 

 Vertiv Holdings EVP sells over $4.3 million in company stock
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Anders Karlborg, the Executive Vice President of Manufacturing, Logistics, and Operational Excellence at Vertiv Holdings Co, sold a total of 44,206 shares of Class A Common Stock, realizing over $4.3 million from the sales. The shares were sold in multiple transactions dated May 3, 2024, with prices ranging from $93.29 to $94.75 per share. On the same day, Karlborg also acquired 46,206 shares of Vertiv Holdings Co's stock at a price of $12.05 per share. After these transactions, Karlborg's total direct holdings in Vertiv Holdings Co adjusted to 22,497.69 shares.

#VertivHoldings #AndersKarlborg #StockSale

https://www.investing.com/news/company-news/vertiv-holdings-evp-sells-over-43-million-in-company-stock-93CH-3426846 

 Shenandoah Telecommunications director buys $3.97k in stock
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Leigh Ann Schultz, a director of Shenandoah Telecommunications Co/Va/ (NASDAQ:SHEN), purchased 278 shares of common stock at a price of $14.27 per share, totaling approximately $3,967. This increases Schultz's direct holdings in the company to 20,652 shares. The purchase demonstrates a continued investment in Shenandoah Telecommunications by one of its directors.

#ShenandoahTelecommunications #StockPurchase #Director #LeighAnnSchultz

https://www.investing.com/news/company-news/shenandoah-telecommunications-director-buys-397k-in-stock-93CH-3426847 

 US explores AI to train immigration officers on talking to refugees
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The Department of Homeland Security (DHS) is piloting artificial intelligence to train officers who review applicants for refugee status in the United States. The AI program will help officers practice interviewing refugees by acting like refugees themselves. The goal is to address the labor-intensive nature of training officers and improve their ability to elicit information from reticent refugee applicants. The AI program will not make immigration decisions but will provide officers with country-specific conditions and other information to assist them. The pilot is part of the DHS's broader AI initiatives, which include the development of an interactive app to supplement officer training.

#ArtificialIntelligence #Immigration #Refugees #DepartmentOfHomelandSecurity

https://www.investing.com/news/world-news/us-explores-ai-to-train-immigration-officers-on-talking-to-refugees-3426802 

 Oil prices edge lower on rising US stockpiles
==========

Oil prices fell in early Asian trading hours on Wednesday after market sources said that data from the American Petroleum Institute showed an increase in U.S. crude and fuel stockpiles, an indicator of weak demand. Brent crude oil futures fell 21 cents, or 0.3%, to $82.95 a barrel. U.S. West Texas Intermediate crude futures fell 13 cents, or 0.2%, to $78.25 a barrel. U.S. crude stocks rose by 509,000 barrels in the week ended May 3. Gasoline and distillate fuel inventories also rose. Official U.S. government data on stockpiles is due at 1430 GMT. Both benchmarks fell marginally in the previous session on signs of easing supply tightness. The EIA updated its forecasts for 2024 and now expects world oil and liquids output to grow more this year than earlier projections, and demand to grow less than it previously thought. Hopes of a ceasefire in Gaza have also put pressure on oil prices in recent sessions. The U.S. believes negotiations on a Gaza ceasefire should be able to close the gaps between Israel and Hamas. U.S. Central Intelligence Agency Director Bill Burns will travel to Israel on Wednesday for talks with the Israeli Prime Minister Benjamin Netanyahu and other top officials. Also weighing on oil, the U.S. dollar edged higher on Wednesday. A stronger greenback dampens oil demand by making it more expensive for investors holding other currencies.

#OilPrices #UsStockpiles #CrudeOil #FuelStockpiles #Demand #BrentCrudeOil #WestTexasIntermediateCrude #Gasoline #DistillateFuel #Eia #GazaCeasefire #Israel #Hamas #UsDollar

https://www.investing.com/news/commodities-news/oil-prices-edge-lower-on-rising-us-stockpiles-3426800 

 Bank of America investment banker dies
==========

An investment banker at Bank of America has died of natural causes. The person died of "acute coronary artery thrombus," according to the New York Office of the Chief Medical Examiner. The individual's name and age were not disclosed. The banker was part of the financial institutions group (FIG) team and was a former member of the U.S. Green Beret special forces. The person died on Thursday.



https://www.investing.com/news/stock-market-news/bank-of-america-investment-banker-dies-3422894 

 US must support critical mineral projects in risky nations, White House adviser says
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White House senior adviser for energy and investment, Amos Hochstein, stated that the United States and its allies must encourage mining projects in countries like the Democratic Republic of Congo and Zambia to ensure a reliable global supply of critical minerals for clean energy and combatting climate change. Hochstein emphasized the need for Western finance to support projects in countries with poor labor and environmental standards and less stable political systems. He called for collaboration between the US, G7 nations, Australia, South Korea, and Saudi Arabia to unlock capital for these projects and incentivize countries to improve their communities and quality of life. The US International Development Finance Corporation, Export-Import Bank of the United States, World Bank, and International Monetary Fund could play a role in facilitating this collaboration.

#CriticalMinerals #MiningProjects #CleanEnergy #ClimateChange #UnitedStates #DemocraticRepublicOfCongo #Zambia #WesternFinance #Collaboration #Capital #Incentives

https://www.investing.com/news/commodities-news/us-must-support-critical-mineral-projects-in-risky-nations-white-house-adviser-says-3422543 

 Aldi urges suppliers to cut costs and go green amid U.S. expansion
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Aldi U.S. is urging its suppliers to drive down costs, increase production, bring operations closer to stores, and focus on sustainability to sharpen its competitive edge. The supermarket chain is adding 800 stores by the end of 2028, mainly in the north and southeast United States. Over 90% of products sold by Aldi are private-label, putting it in intense competition with other grocers expanding their own private-label food brands. Aldi is offering support to suppliers by aiding in establishing additional production lines or facilities and securing more long-term supply contracts.

#Aldi #UsExpansion #Costcutting #Sustainability #PrivatelabelProducts

https://www.investing.com/news/stock-market-news/aldi-urges-suppliers-to-cut-costs-and-go-green-amid-us-expansion-3421709 

 US financial regulators restart work on long-delayed compensation rules
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US financial regulators, including the Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Federal Housing Finance Agency, have resumed work on a long-delayed rule-writing project to make executive compensation plans at financial firms more sensitive to risk. The proposed rule would bar incentive-based plans that do not account for risks or allow pay to be clawed back or forfeited. The renewed effort is a repeat of a 2016 proposal and aims to adopt new rules prescribed as part of the 2010 Dodd-Frank financial reform law. The proposed rules are aimed at ensuring that leaders of financial institutions are not encouraged to take on excessive risk in a bid to boost their personal compensation. The plan would apply to banks with more than $1 billion in assets, with firms having more than $250 billion in assets facing the strictest requirements. The Bank Policy Institute, which represents larger banks, dismissed the plan as "purely political." The National Credit Union Administration is expected to adopt the proposal in the near future, and the Securities and Exchange Commission also has it on its rule-making agenda. The Federal Reserve has not announced any plans to issue the rule as well. The agencies that issued the proposal said they would be receiving comments on their own websites.

#UsFinancialRegulators #CompensationRules #DoddfrankFinancialReformLaw

https://www.investing.com/news/economy/us-financial-regulators-restart-work-on-longdelayed-compensation-rules-3421691 

 EU clears Nippon Steel's $14.9 billion purchase of U.S. Steel
==========

The European Commission has approved Japan's Nippon Steel's $14.9 billion acquisition of U.S. Steel, despite opposition from U.S. President Joe Biden and some lawmakers. U.S. Steel shareholders voted in favor of the deal in April. The Department of Justice has requested more details on the merger as part of an antitrust review. The acquisition will help Nippon Steel move towards 100 million metric tons of global crude steel capacity.

#Eu #NipponSteel #UsSteel #Acquisition #AntitrustReview

https://www.investing.com/news/stock-market-news/eu-clears-nippon-steels-149-billion-purchase-of-us-steel-3420807 

 Yen poised for best week in over a year; dollar waits on US jobs data
==========

The yen is on track for its best week in over a year, with a weekly gain of over 3%, its largest since December 2022. Tokyo is suspected to have intervened to support the yen this week with around 9.16 trillion yen ($59.79 billion). The dollar has lost ground against most of its peers and is headed for its worst week in nearly two months. Traders are awaiting US nonfarm payrolls data to guide the dollar's next moves. The euro and sterling are also set to gain for the week.

#Yen #Dollar #UsJobsData #Tokyo

https://www.investing.com/news/economy/yen-poised-for-best-week-in-over-a-year-dollar-waits-on-us-jobs-data-3416628 

 US to require new cars to have emergency braking systems by 2029
==========

The National Highway Traffic Safety Administration (NHTSA) announced that nearly all new passenger cars and trucks sold in the United States will be required to have automatic emergency braking systems by September 2029. The rule aims to save at least 360 lives annually and prevent at least 24,000 injuries. The NHTSA is requiring all cars and trucks to be able to stop and avoid striking vehicles in front of them up to 62 miles per hour. The rule also requires the system to apply brakes automatically up to 90 mph when collision with a lead vehicle is imminent, and up to 45 mph when a pedestrian is detected. Some small-volume manufacturers will be allowed to comply by September 2030. The rule comes as traffic deaths have spiked following the COVID-19 lockdowns. In 2023, U.S. traffic deaths fell by 3.6%, but they remain significantly above pre-pandemic levels. The fatality rate in 2023 was higher than any pre-pandemic year since 2008. In 2022, the number of pedestrians killed rose 0.7% to 7,522, the most since 1981. In 2016, 20 automakers voluntarily agreed to make automatic emergency braking standard on nearly all U.S. vehicles by 2022. In December 2023, the Insurance Institute for Highway Safety said all 20 automakers had equipped at least 95% of vehicles with AEB.

#CarSafety #EmergencyBrakingSystems #TrafficDeaths #Nhtsa

https://www.investing.com/news/economy/us-to-require-new-cars-to-have-emergency-braking-systems-by-2029-3404996 

 Yellen says U.S. economy not likely weakening, all options open on China's overcapacity
==========

U.S. Treasury Secretary Janet Yellen stated that the U.S. economy is performing well and that the weaker-than-expected data on first-quarter output does not indicate a weakening economy. Yellen mentioned that the GDP growth for the first quarter could be revised higher after more data is available and that inflation will ease to more normal levels. She also discussed the issue of China's excess industrial capacity and stated that all options are open to respond to the threat it poses to manufacturers in various countries. Yellen mentioned that the Biden administration is completing a review of unfair trade tariffs on Chinese imports and that no option is off the table. Additionally, Yellen discussed a proposal to use the interest earnings from frozen Russian assets to aid Ukraine, stating that it could win broad support from G7 allies and that the approach does not involve outright confiscation of the assets.

#JanetYellen #UsEconomy #China #IndustrialCapacity #Gdp #Inflation #Tariffs #Russia #Ukraine

https://www.investing.com/news/economy/yellen-says-economy-performing-well-inflation-will-ebb-3397981 

 Meta earnings, IBM to acquire HashiCorp, U.S. GDP ahead - what's moving markets
==========

U.S. stock futures retreat on Thursday as investors assess earnings from Meta Platforms and look ahead to a fresh U.S. economic growth reading. Meta Platforms unveils mixed first-quarter earnings and announces its acquisition of cloud software firm HashiCorp in a $6.4 billion deal. IBM reports mixed first-quarter results and announces its agreement to acquire cloud software provider HashiCorp for $6.4 billion. The U.S. economy is expected to have slowed in the opening three months of 2024, but remain resilient in the face of high interest rates and persistent inflationary pressures. Oil prices rise slightly as traders digest middling cues from U.S. inventory data and geopolitical tensions in the Middle East.

#StockMarket #MetaPlatforms #Ibm #UsGdp #OilPrices

https://www.investing.com/news/stock-market-news/meta-earnings-ibm-to-acquire-hashicorp-us-gdp-ahead--whats-moving-markets-3396669 

 US business activity cools in April; inflation measures mixed
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US business activity cooled in April to a four-month low due to weaker demand, while rates of inflation eased slightly even as input prices rose sharply. S&P Global's flash US Composite PMI Output Index fell to 50.9 this month from 52.1 in March, reflecting weaker growth in both the manufacturing and services sectors. Employment fell for the first time since June 2020, with the reduction focused on services. The survey suggests that the US economy lost momentum at the beginning of Q2 compared to Q1. The Fed is expected to leave its policy rate unchanged at its next meeting.

#UsBusinessActivity #InflationMeasures #EconomicIndicators #FederalReserve

https://www.investing.com/news/economic-indicators/us-business-activity-cools-in-april-inflation-measures-mixed-3391117 

 Fed to cut rates in September and maybe once more this year
==========

A majority of 100 economists polled by Reuters predict that the U.S. Federal Reserve will wait until September to cut its key interest rate. Half of the economists forecast that there will be only two cuts this year, while about a third predict more. This change in outlook follows evidence of persistent strength in the U.S. labor market and stronger-than-expected inflation data. Fed Chair Jerome Powell's remarks also dimmed hopes for rate cuts anytime soon. Financial markets are expecting the first reduction in September and one more in either November or December. Last month, a two-thirds majority of economists expected the first rate cut in June. Just over half of economists surveyed, 54 out of 100, predicted the first decrease in the federal funds rate to happen in September. The outlook for various inflation measures was upgraded from last month, but none of these measures are expected to reach 2% until at least 2026. While there was no majority on how many rate cuts would be delivered this year, half of the participants saw two quarter-percentage-point cuts, 34 said more than two, 12 saw only one reduction, and four said none. A 60% majority of economists said the chances were high or very high that the Fed would hold rates steady for the remainder of this year. The U.S. economy is forecast to expand at an average of 2.3% this year, up from the 2.1% forecast last month.

#FederalReserve #InterestRates #Economists #Inflation #LaborMarket

https://www.investing.com/news/economy/fed-to-cut-rates-in-september-and-maybe-once-more-this-year-3390844 

 US Q1 GDP Growth Looks Set for Slowdown in Thursday’s Release
==========

The US economy is expected to post a softer growth in the first quarter, with estimates indicating a 2.0% increase in GDP. This marks another quarter of decelerating growth. Despite the slowdown, most estimates suggest that the economy will continue to expand at a healthy pace. However, some analysts worry that the delay in interest rate cuts by the Federal Reserve could lead to trouble later in the year. The key debate is whether the economy will stabilize at a softer pace of growth or decelerate further. Consumer spending remains solid, which supports the positive economic view. Real personal consumption growth has remained resilient despite the Fed's monetary policy tightening campaign. The forecast for Q1 spending is expected to dip slightly, but not enough to indicate a waning of consumer spending.

#UsQ1Gdp #EconomicGrowth #FederalReserve #ConsumerSpending

https://www.investing.com/analysis/us-q1-gdp-growth-looks-set-for-slowdown-in-thursdays-release-200647868 

 Mexico economy to keep growing steadily after June presidential vote: Reuters poll
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Mexico's economy is expected to continue growing steadily after the June presidential election, in line with the performance of the United States. The fiscal front will become more challenging for the new government, with concerns about the impact on inflation. Leading the electoral race is ruling party candidate Claudia Sheinbaum, who has promised fiscal discipline but has yet to offer detailed plans. Gross domestic product (GDP) is forecasted to rise 2.2% this year and 1.9% in 2025, driven by good macro results in the U.S. and increased remittance flows. Mexico's overall fiscal deficit is set to end 2024 at 5.9% of GDP, the highest in IMF public finances data series starting in 2015. The deficit is expected to be reduced to 3.0% in 2025 if goals set by the current economic team are met. The Mexican benchmark rate is expected to be cut by 50 basis points each quarter this year, ending 2024 at 9.50% and 2025 at 7.50%. Some members of the central bank have called for a cautious policy due to fiscal doubts, elevated inflation, and the U.S. Federal Reserve's switch to a more vigilant stance on the start of an easing cycle.

#Mexico #Economy #PresidentialVote #Gdp #Inflation #FiscalDeficit #CentralBank

https://www.investing.com/news/economy/mexico-economy-to-keep-growing-steadily-after-june-presidential-vote-reuters-poll-3388335 

 Asia stocks edge up, oil and gold retreat on tempered Mideast fears
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Asian stocks recovered losses as Middle East conflict fears eased. Gold and the safe-haven dollar pulled back. Iran said it had no plan to retaliate following an Israeli drone attack. MSCI's Asia-Pacific shares rose 0.93%. Japan's Nikkei added 0.48%. Australia's benchmark gained 0.96% and South Korea's climbed 1.04%. Hong Kong's jumped 2.26%. Mideast tensions stayed on the market's radar. U.S. stock futures added 0.26%. Bond yields rose back toward multi-month highs. The 10-year U.S. Treasury yield added as much as 9 basis points to 4.658%. The dollar eased 0.07% to 106.03. Gold slid 0.6% to $2,376.40. Crude oil fell as traders put the focus back on fundamentals. WTI crude futures fell 0.6% to $86.75 a barrel. The article was published on April 21, 2024, at 10:42 PM.

#AsiaStocks #Oil #Gold #MiddleEast #Investors #Iran #Israel #Msci #Nikkei #Australia #SouthKorea #HongKong #UsStockFutures #BondYields #UsTreasuryYield #Dollar #Gold #CrudeOil

https://www.investing.com/news/economy/asia-stocks-edge-up-oil-and-gold-retreat-on-tempered-mideast-fears-3387752 

 IMF's Gopinath says high U.S. demand fueling growth, higher interest rates
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The United States needs to raise revenues to bring down high budget deficits even though they are helping to fuel global growth by stoking domestic U.S. demand, according to International Monetary Fund (IMF) First Deputy Managing Director Gita Gopinath. Gopinath stated that U.S. deficits are projected to rise for years with one of the world's steepest curves for debt. While the deficits are supporting growth and demand in the U.S., they are also leading to higher interest rates and a stronger dollar, which are creating complications for the rest of the world.

#Imf #GitaGopinath #UsDemand #Growth #InterestRates

https://www.investing.com/news/economy/imfs-gopinath-says-high-us-demand-fueling-growth-higher-interest-rates-3387530 

 US House to vote on long-awaited $95 billion Ukraine, Israel aid package
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The Republican-controlled US House of Representatives is set to vote on a $95 billion legislative package providing security assistance to Ukraine, Israel, and Taiwan. The package includes $60.84 billion for Ukraine, $26 billion for Israel, and $8.12 billion for the Indo-Pacific. The bill also includes measures such as sanctions, a threat to ban TikTok, and the potential transfer of seized Russian assets to Ukraine. The House is expected to pass the bill despite objections from some hardline Republicans who argue that the US cannot afford further Ukraine aid given its rising national debt.



https://www.investing.com/news/economy/us-house-to-vote-on-longawaited-95-billion-ukraine-israel-aid-package-3387472 

 US to withdraw military personnel from Niger, source says
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The United States will withdraw its troops from Niger, according to a source familiar with the matter. An agreement was reached between U.S Deputy Secretary of State Kurt Campbell and Niger's leadership. There were a little over 1,000 U.S. troops in Niger as of last year, operating out of two bases. The U.S. military has used a drone base known as Air Base 201 to target Islamic State militants and an al Qaeda affiliate in the Sahel region. Last year, Niger's army seized power in a coup, leading to the new authorities in Niger ending military deals with the United States and France and fostering closer ties with Russia. The withdrawal of troops will be discussed in the coming days, and diplomatic and economic relationships between the U.S. and Niger will continue despite this step. The New York Times reported that more than 1,000 American military personnel will leave Niger in the coming months. Last month, Niger's ruling junta revoked a military accord that allowed U.S. military personnel and civilian staff on its soil. The Pentagon is seeking clarification about the way forward and continues to communicate with Niger's ruling military council. The decision to withdraw troops comes amid growing concerns over democratic backsliding in West and Central Africa.

#Us #Niger #MilitaryWithdrawal #DiplomaticRelations #Security #Russia

https://www.investing.com/news/world-news/us-to-withdraw-military-personnel-from-niger-source-says-3387433 

 US equity funds see sharp outflows as investors brace for extended high rates
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U.S. equity funds experienced significant outflows as investors anticipated prolonged restrictive interest rates due to stubborn inflation in the U.S. economy. In the seven days leading up to April 17, investors sold a net $21.15 billion worth of U.S. equity funds, the largest outflow in a week since December 21, 2022. U.S. large-cap equity funds saw the biggest outflow in a week since February 7, with $11.59 billion worth of net selling. Small-, multi-, and mid-cap funds also experienced net disposals of $2.71 billion, $2.13 billion, and $526 million, respectively. Additionally, U.S. investors sold consumer discretionary, healthcare, and gold & precious metal funds worth a net $701 million, $651 million, and $447 million, respectively, but purchased around a net $281 million worth of financial sector funds. U.S. bond funds recorded a weekly outflow of $3.83 billion, the largest net selling since mid-December. Money market funds also saw significant outflows, with $118.1 billion worth of net selling, the largest weekly outflow since at least July 2020.

#UsEquityFunds #Outflows #HighRates #Inflation #Investors

https://www.investing.com/news/economy/us-equity-funds-see-sharp-outflows-as-investors-brace-for-extended-high-rates-3386798 

 NFIB Sends Economic Warning: Slower Growth Ahead Amid Hiring Freeze, Falling Wages
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The latest National Federation of Independent Business (NFIB) survey shows a decline in small business confidence, with the lowest level in 11 years, indicating a potential recessionary economy. Higher borrowing costs and tighter lending standards impede business growth for small businesses. The decline in capital expenditures (CapEx) plans by small businesses suggests slower rates of private investment and economic growth. Rising concerns about poor sales and the cost of labor indicate a lack of demand and potential economic slowdown. The decline in sales expectations and actual sales of small businesses suggests weaker retail sales and slower economic growth. Small businesses' plans to increase employment are declining sharply, indicating a lack of demand. As employee compensation decreases amid rising living costs, consumption and economic growth rates slow down. The NFIB survey provides an economic warning that should not be dismissed.

#Nfib #SmallBusinesses #EconomicWarning #BusinessConfidence #HiringFreeze #FallingWages #CapitalExpenditures #PrivateInvestment #EconomicGrowth #SalesExpectations #RetailSales #Employment #ConsumerSpending

https://www.investing.com/analysis/nfib-sends-economic-warning-slower-growth-ahead-amid-hiring-freeze-falling-wages-200647787 

 NFIB Sends Economic Warning: Slower Growth Ahead Amid Hiring Freeze, Falling Wages
==========

The latest National Federation of Independent Business (NFIB) survey shows a decline in small business confidence, with the lowest level in 11 years, indicating a potential recessionary economy. Higher borrowing costs and tighter lending standards impede business growth for small businesses. The decline in capital expenditures (CapEx) plans by small businesses suggests slower rates of private investment and economic growth. Rising concerns about poor sales and the cost of labor indicate a lack of demand and potential economic slowdown. The decline in sales expectations and actual sales of small businesses suggests weaker retail sales and slower economic growth. Small businesses' plans to increase employment are declining sharply, indicating a lack of demand. As employee compensation decreases amid rising living costs, consumption and economic growth rates slow down. The NFIB survey provides an economic warning that should not be dismissed.

#Nfib #SmallBusinesses #EconomicWarning #BusinessConfidence #HiringFreeze #FallingWages #CapitalExpenditures #PrivateInvestment #EconomicGrowth #SalesExpectations #RetailSales #Employment #ConsumerSpending

https://www.investing.com/analysis/nfib-sends-economic-warning-slower-growth-ahead-amid-hiring-freeze-falling-wages-200647787 

 Fed to cut US rates 'at some point, but no hurry, Mester says
==========

Cleveland Federal Reserve Bank President Loretta Mester expects price pressures to ease further this year, allowing the Fed to reduce borrowing costs, but only when it is "pretty confident" inflation is heading sustainably to its 2% goal. Inflation so far this year has run higher than expected, with the personal consumption expenditures price index running at 2.5%, and core PCE at near 3% over the last six months on an annualized basis. Mester's comments mark a retreat from her expectation just two weeks ago that the Fed will likely begin cutting the policy rate from its current 5.25%-5% range "later this year." Other Fed officials have made similar rhetorical pivots away from guidance on the timing of rate cuts, with Fed Chair Jerome Powell on Tuesday signaling rates may stay higher for longer. Financial markets have adjusted their expectations accordingly, with traders now pricing a first rate cut in September and only a 50-50 chance of one more quarter-point cut before the end of this year.

#FederalReserve #UsInterestRates #LorettaMester #Inflation #MonetaryPolicy

https://www.investing.com/news/economy/fed-to-cut-us-rates-at-some-point-but-no-hurry-mester-says-3383504 

 US agencies to probe unfair practices in airline loyalty programs in hearing
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The U.S. Department of Transportation and Consumer Financial Protection Bureau will hold a public hearing on May 9 to investigate unfair practices in airline loyalty programs. The hearing will include regulators, airline executives, consumer advocates, and banking officials. Allegiant Air and Breeze Airways will represent the airline industry. The Transportation Department has been scrutinizing the frequent flyer programs of major U.S. airlines for potential deceptive or unfair practices. In addition, the Department of Transportation is reviewing how the 10 largest U.S. airlines collect, handle, and use the personal information of passengers.



https://www.investing.com/news/economy/us-agencies-to-probe-unfair-practices-in-airline-loyalty-programs-in-hearing-3378756 

 US Treasury sees progress on multilateral bank reforms, but more to do
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The US Treasury has praised the progress made by multilateral development banks (MDBs) on reforms to expand their lending capacity to help countries address climate change and other challenges. The Treasury official highlighted a report by the Inter-American Development Bank and World Bank on callable capital as an important step towards increasing lending. The official also mentioned recent positive developments at the African Development Bank and the Inter-American Development Bank, but emphasized that more work is needed. The next steps include engaging with credit rating agencies and increasing callable capital at the African Development Bank.

#UsTreasury #MultilateralDevelopmentBanks #Reforms #LendingCapacity #ClimateChange #CallableCapital #InteramericanDevelopmentBank #WorldBank #AfricanDevelopmentBank

https://www.investing.com/news/economy/us-treasury-sees-progress-on-multilateral-bank-reforms-but-more-to-do-3378751 

 US workers seeking record wages to consider new jobs, New York Fed says
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The lowest wage Americans said they were willing to accept to take a new job reached a record high in March, according to new data from the New York Federal Reserve. The average reservation wage was $81,822, up from $73,391 in the previous report. The increase was driven by men, respondents over the age of 45, and those without college degrees. The report also found declining satisfaction with wage and non-wage compensation in March, while satisfaction with promotion opportunities held steady. Despite workers seeking higher wages, employers were offering lower starting wages, with the average offer at $73,668 in March compared to $79,160 in November.

#UsWorkers #Wages #NewYorkFed

https://www.investing.com/news/economy/us-workers-seeking-record-wages-to-consider-new-jobs-new-york-fed-says-3378743 

 US retail sales beat expectations in March
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U.S. retail sales increased 0.7% in March, beating expectations, with a surge in online sales. The report follows strong employment gains in March and suggests the Federal Reserve may delay cutting interest rates. Despite higher inflation and borrowing costs, spending continues to hold up, particularly among lower-income households benefiting from the robust labor market. Retail sales excluding automobiles, gasoline, building materials, and food services increased 1.1% in March. Core retail sales, which closely correspond with consumer spending, likely remained sufficient to support the economy in the first quarter, with growth estimated as high as a 2.4% annualized rate.

#UsRetailSales #Economy #FederalReserve #OnlineSales

https://www.investing.com/news/economy/us-retail-sales-beat-expectations-in-march-3378346 

 IRS says beats US tax filing season service goals, needs funding sustained
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The Internal Revenue Service (IRS) has announced that it exceeded its goals for speeding assistance to taxpayers and cutting phone hold times to three minutes during the tax filing season. The IRS achieved this despite answering nearly one million more calls than the previous year. The agency has hired over 5,000 staff to assist taxpayers and handle digitization of paper filings. However, IRS Commissioner Danny Werfel stated that the agency does not have adequate resources to sustain hiring for taxpayer services and auditing of complex business partnerships while modernizing its systems, and will need annual operating budget increases in future years. U.S. Treasury Secretary Janet Yellen emphasized the need for Congress to provide the IRS with the necessary resources to maintain its momentum.

#Irs #TaxFiling #Taxpayers #Funding #TaxAgency

https://www.investing.com/news/economy/irs-says-beats-us-tax-filing-season-service-goals-needs-funding-sustained-3377624 

 Gold rises, oil choppy after Iran attacks Israel
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Gold prices rose on Monday as safe haven bids increased after Iran's retaliatory attack on Israel. Iran launched explosive drones and missiles at Israel in retaliation for a suspected Israeli attack on its consulate in Syria on April 1. The threat of open warfare between the two countries and the potential involvement of the United States has left the region on edge. Oil prices were choppy in response to the attack. Gold rose 0.7% to $2,359.92 an ounce, while oil prices were volatile. U.S. stock futures ticked higher after major indexes ended lower on Friday. The dollar held steady, and U.S. Treasury yields edged slightly lower. The market is closely watching for further developments and potential counter-responses from Israel.

#Gold #Oil #Iran #Israel #MiddleEast #Conflict

https://www.investing.com/news/economy/gold-rises-oil-choppy-after-iran-attacks-israel-3377423