China says it reserves right to take measures against US planned investment curbs
==========

China's commerce ministry expresses grave concern and firm opposition to US proposed rules for curbing certain investments in China. China reserves the right to take corresponding measures and urges the US to stop politicizing and weaponizing economic and trade issues. The US issued draft rules on Friday for banning or requiring notification of certain investments in AI and other technology sectors in China that could threaten US national security.

#China #Us #InvestmentCurbs #CommerceMinistry #TradeIssues #NationalSecurity

https://www.investing.com/news/economy-news/china-says-it-reserves-right-to-take-measures-against-us-planned-investment-curbs-3492968 

 BOJ debated need for timely rate hike at June meeting, summary shows
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The Bank of Japan (BOJ) debated the need for a timely interest rate hike at its June meeting, according to a meeting summary. One policymaker called for an increase without delay to address risks of inflation overshooting expectations. The discussion reflects the board's growing awareness of heightened inflationary pressure in the Japanese economy. The BOJ may consider raising interest rates as early as its next policy meeting on July 30-31. Some board members were cautious about an imminent rate hike, citing the need to assess whether rising wages will boost consumption. The BOJ has hinted at raising short-term rates to levels that neither cool nor overheat the economy. Japan's core inflation hit 2.5% in May, exceeding the BOJ's 2% target. The weak yen complicates the BOJ's policy path, as it helps keep inflation above target but pushes up households' living costs. The BOJ's monetary policy is based on trend inflation and wage developments, not short-term foreign exchange market developments. Market participants are divided on whether the BOJ will raise rates in July or later in the year.

#BankOfJapan #InterestRateHike #Inflation #JapaneseEconomy

https://www.investing.com/news/economy-news/boj-debated-need-for-timely-rate-hike-at-june-meeting-summary-shows-3492956 

 EU tariffs on China not a 'punishment', says German economy minister
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Germany's Economy Minister Robert Habeck stated that proposed European Union tariffs on Chinese goods are not punitive measures, but rather intended to level the playing field. The EU is considering imposing hefty duties on imports of Chinese-made electric vehicles (EVs) to address what it sees as excessive subsidies. Habeck's visit to China is the first by a senior European official since the proposal was made. China has warned that escalating tensions over EVs could lead to a trade war. Habeck clarified that the EU does not use punitive tariffs like the US, Brazil, and Turkey, but rather employs countervailing duty measures to compensate for advantages granted to Chinese companies by Beijing. The European Commission has spent nine months examining whether Chinese companies have unfairly benefited from subsidies. Habeck made these remarks during a climate and transformation dialogue in Beijing, where he met with Zheng Shanjie, chairman of China's National Development and Reform Commission.

#Eu #China #Tariffs #ElectricVehicles #Subsidies #TradeWar

https://www.investing.com/news/economy-news/eu-tariffs-on-china-not-a-punishment-says-german-economy-minister-3492739 

 Chances of 'no landing' grows by the day: Bank of America
==========

Bank of America economists predict increasing chances of a 'no landing' scenario for the US economy, where it avoids recession and significant slowdown. They attribute this to factors such as strong growth in the labor force, catch-up effect in employment, supportive fiscal policies, and domestic manufacturing investment. However, they expect the tailwind from these forces to gradually fade, leading to a slowdown in real GDP growth from 3.1% in 2023 to 2.1% in 2024, 2.0% in 2025, and 1.8% in 2026. The bank also foresees moderately restrictive financial conditions, tighter bank lending standards, diminishing wealth effects, and a strong dollar. Despite the projected slowdown, economists believe the unemployment rate will remain low, with risks in both directions. BofA expects inflation to decelerate but remain sticky due to slow decline in services inflation. They anticipate the Federal Reserve to begin cutting rates in December quarterly to a terminal of 3.5-3.75% in 2026, with the main risk being inflation remaining sticky enough to keep the Fed on hold for longer than expected.

#UsEconomy #BankOfAmerica #GdpGrowth #UnemploymentRate #Inflation #FederalReserve

https://www.investing.com/news/economy/chances-of-no-landing-grows-by-the-day-bank-of-america-3491791 

 Japan imposes trade curbs on China-based firms for supporting Russia's war in Ukraine
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Japan has imposed trade restrictions on China-based companies as part of a fresh round of sanctions against individuals and groups supporting Russia's war on Ukraine. The sanctions also target firms in India, Kazakhstan, and Uzbekistan. This is the first time Japan has imposed sanctions on China-based firms in connection with the war in Ukraine. The targeted firms include Hong Kong-based Asia Pacific Links Ltd and China-based Yilufa Electronics Limited. The sanctions prohibit Japanese companies from exporting to the targeted firms. The US has also broadened its sanctions on Russia, including targeting China-based companies selling semiconductors to Moscow. Beijing and Moscow are taking steps to ensure bilateral payments are made, potentially exposing some Chinese financial firms to sanctions.

#Japan #China #Russia #Ukraine #Sanctions #Trade #War

https://www.investing.com/news/economy-news/japan-imposes-trade-curbs-on-chinabased-firms-for-supporting-russias-war-in-ukraine-3491332 

 S&P 500 closes lower after record high, weighed by chips stocks, economic data
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The S&P 500 and Nasdaq closed lower on Thursday, with the S&P 500 hitting the crucial 5,500-point mark for the first time ever. Market bellwether Nvidia retreated from earlier gains, while investors evaluated recent economic data and commentary from Federal Reserve officials to determine the timing of interest-rate cuts this year. Shares of Nvidia dropped 3.54% after rising earlier in the session. The chipmaker dethroned Microsoft on Tuesday to become the most valuable public company. Dell and Super Micro Computer also declined after an initial increase, following news that they received server orders for Elon Musk's AI startup. The number of Americans filing new claims for unemployment benefits declined last week, but the overall number of people on benefits rolls reached the highest level since January, indicating that the U.S. job market continues to cool. Another set of data showed U.S. single-family homebuilding fell in May amid continued high mortgage rates. Energy and utilities were the biggest gainers among the 11 S&P 500 sector indexes, while technology led the decline. Minneapolis Fed President Neel Kashkari said it would take a year or two to get inflation back to 2%, as wage growth might still be too high, spurring worries of interest rates staying elevated for longer. The Dow Jones Industrial Average rose 0.77%, the S&P 500 lost 0.25%, and the Nasdaq Composite lost 0.79%.

#S&p500 #Nasdaq #ChipsStocks #EconomicData

https://www.investing.com/news/economy-news/sp-nasdaq-futures-climb-as-nvidia-stretches-rally-3489655 

 S&P 500 turns lower after topping 5,500 for first time ever
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The S&P 500 fell 0.4% after reaching an all-time high of 5,505.23. Nvidia lost gains and ceded its position as the most valuable company to Microsoft. Rival chipmaker AMD traded up 4% after being flagged as a top pick. Accenture stock rose 7% after forecasting annual revenue growth above estimates. Trump Media & Technology Group stock fell 13% after a ruling allowing investors to swap derivatives for shares. Housing starts slumped 5.5% in May. Fed officials expressed caution about rate cuts. FOMC member is set to speak later in the session.



https://www.investing.com/news/stock-market-news/us-stock-futures-climb-higher-nvidia-remains-in-demand-3489633 

 Switzerland leads big central banks in rate cuts as US Fed lags
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Switzerland's central bank, the Swiss National Bank, has lowered borrowing costs again to 1.25%, surprising some analysts. Sweden's Riksbank is expected to hold borrowing costs steady at 3.75% in its next rate decision. The Bank of Canada has already cut rates by 25 bps to 4.75% and is expected to make two more cuts this year. The European Central Bank (ECB) recently cut rates for the first time in five years to 3.75% but is not expected to cut rates again soon. The Bank of England left rates unchanged at 5.25% but money markets expect almost 50 bps of cuts by year-end. The US Federal Reserve held rates steady at 5.25% to 5.5% but traders expect around 45 bps of cuts for 2024. The Reserve Bank of New Zealand may cut rates in October, while the Reserve Bank of Australia is not expected to lower borrowing costs until well into 2025. Norway's central bank held rates at 4.5% and expects borrowing costs to stay there until 2024. The Bank of Japan raised rates out of negative territory in March and may raise rates again in July if economic data allows.

#Switzerland #CentralBanks #RateCuts #UsFederalReserve #SwissNationalBank #Riksbank #BankOfCanada #EuropeanCentralBank #BankOfEngland #UsFederalReserve #ReserveBankOfNewZealand #ReserveBankOfAustralia #Norway'sCentralBank #BankOfJapan

https://www.investing.com/news/economy-news/switzerland-leads-big-central-banks-in-rate-cuts-as-us-fed-lags-3490577 

 Asian stocks hold on to gains; BoE in focus
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Asian stocks are holding on to gains as traders wait for more U.S. policy clues. The Bank of England (BoE) is expected to keep rates unchanged at its upcoming meeting. The MSCI Asia-Pacific index is near a two-year high, boosted by tech stocks. The index is on track for a 4% rise in June. The Nikkei fell 0.63%, while stocks in China were also lower. China left benchmark lending rates unchanged, despite the economy remaining wobbly. The pound is steady ahead of the BoE meeting, with most economists expecting rate cuts in August. Markets have priced in 43 basis points of easing from the BoE this year. The Swiss National Bank is expected to cut its key policy rate by 25 basis points for a second straight meeting. Norway's central bank is likely to keep its key policy interest rate unchanged. Nvidia has led a rally in tech stocks, making it the most valuable company in the world. U.S. markets were closed on Wednesday, with Nasdaq futures up 0.25% in early trading on Thursday. Investors are looking for fresh cues on when the Federal Reserve will start its policy easing cycle. The dollar and euro are steady, while the yen is weighed down by the interest rate differential between Japan and the United States. Oil prices are mixed, with Brent crude steady and WTI crude slightly lower. 

#AsianStocks #BankOfEngland #TechStocks #InterestRates #FederalReserve #Currencies #OilPrices

https://www.investing.com/news/economy-news/asian-stocks-hold-on-to-gains-boe-in-focus-3489379 

 Fundamentals expected to continue driving U.S. equities higher - UBS
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UBS analysts believe that fundamental drivers will continue to push U.S. equities higher. The S&P 500 and Nasdaq Composite recently reached record highs, with Nvidia becoming the world's most valuable company. Softer-than-expected U.S. retail sales data for May suggests a 'soft landing' scenario for the economy, which is positive for equities. Market pricing indicates potential interest rate cuts from the Federal Reserve, which could support growth and small-cap stocks. The spike in enthusiasm around artificial intelligence (AI) is expected to drive broader gains in equities, with big tech and key AI segments likely to benefit. Nvidia's rise has already contributed to a 14% jump in the S&P 500 this year. UBS analysts anticipate a semiconductor-led AI rally in the second half of the year and beyond.

#UsEquities #S&p500 #NasdaqComposite #FundamentalDrivers #RetailSales #FederalReserve #InterestRateCuts #ArtificialIntelligence #BigTech #AiRally

https://www.investing.com/news/stock-market-news/fundamentals-expected-to-continue-driving-us-equities-higher--ubs-3489060 

 Putin and Kim embrace in North Korea, vow new multi-polar world
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Russian President Vladimir Putin and North Korean leader Kim Jong Un embraced and shared their thoughts on developing their nations' relations during Putin's visit to Pyongyang. The visit is likely to reshape Russia-North Korea relations as both countries face international isolation. The partnership between the two countries is seen as an engine for accelerating the building of a new multi-polar world. Putin praised North Korea for resisting U.S. economic pressure and promised to develop alternative trade and settlement mechanisms not controlled by the West. He also issued a presidential order to sign a comprehensive strategic partnership treaty with North Korea, which would include security issues.

#Putin #KimJongUn #NorthKorea #Russia #MultipolarWorld

https://www.investing.com/news/world-news/putin-and-kim-embrace-in-north-korea-vow-new-multipolar-world-3488813 

 Embraer sees India, Saudi Arabia, EU, US as strategic defense markets
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Brazilian planemaker Embraer sees India, Saudi Arabia, the European Union, and the United States as strategic markets for its defense unit. India has an open tender to buy military planes, while Saudi Arabia is currently in 'early engagement' with Embraer to replace its aging fleet of C-130 Hercules. Embraer expects Saudi Arabia to make a decision in two to four years, with a potential purchase of up to 25 units. Embraer also aims to expand its presence in Portugal, Hungary, the Netherlands, Austria, the Czech Republic, South Korea, and Sweden. The company is exploring opportunities for mergers or acquisitions in the US and pitching the C-390 to the US Marines, Air Force, and special forces. Embraer emphasizes that its defense business is 100% US- and NATO-oriented and has no relationship with China.

#Embraer #DefenseMarket #India #SaudiArabia #EuropeanUnion #UnitedStates #C390Millennium #MilitaryPlanes #C130Hercules #MergersAndAcquisitions #UsMarines #UsAirForce #SpecialForces #UsnatoRelationship #China

https://www.investing.com/news/economy-news/embraer-sees-india-saudi-arabia-eu-us-as-strategic-defense-markets-3488805 

 Asia shares brace for China data, euro pressure
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Asian share markets were mostly softer on Monday ahead of a slew of Chinese economic news, while political uncertainty in Europe soured risk appetites and kept the euro on the defensive. Analysts expect annual growth in China's retail sales picked up to 3.0% in May, from 2.3%, with some upside risk thanks to holidays that month. Industrial output is seen slowing a little to 6.0%, from 6.7%, with growth in urban investment steady. There was also talk the People's Bank of China (PBOC) could cut a key lending rate by 10 basis points, in part due to surprisingly weak bank lending data released on Friday. Japan's Nikkei slipped 1.7%, with investors now facing a six-week wait to hear details of the Bank of Japan's next tightening steps. S&P 500 futures were flat, while Nasdaq futures edged up 0.1% after a run of record finishes. Analysts at Goldman Sachs have raised their year-end target for the S&P 500 to 5,600, from 5,200 and the current 5,431. The main U.S. data of the week will be retail sales for May on Tuesday, where a 0.4% bounce is expected after a 0.3% drop in April, while markets have a holiday on Wednesday. At least 10 policy makers from the Federal Reserve are due to speak this week and will no doubt address the market's wagers for two rate cuts this year. Central banks in Australia, Norway and the UK are all expected to hold rates steady at meetings this week, though the Swiss National Bank (SNB) might well ease given the recent strength of the Swiss franc. Markets have boosted the probability of a cut to 75% as political uncertainty in France drove the euro to a four-month trough at 0.9505 francs on Friday. French markets endured a brutal sell-off last week ahead of a snap election that might give a majority to the far right, with risks to the country's fiscal position and the stability of the euro zone. That left the euro pinned at $1.0706, after shedding 0.9% last week to touch a six-week low of $1.06678. The dollar was a shade firmer on the yen at 157.54, after briefly spiking above 158.00 on Friday when the BOJ said it would start tapering bond buying a little later than many had wagered on. In commodity markets, gold held at $2,326 an ounce, after bouncing 1.7% last week. Oil prices eased a touch after rallying 4% last week amid hopes for stronger demand from the U.S. driving season. Brent crude dipped 17 cents to $82.45 a barrel, while U.S. crude also fell 17 cents to $78.28 per barrel.



https://www.investing.com/news/economy-news/asia-shares-brace-for-china-data-euro-pressure-3486083 

 Asia shares brace for China data, euro pressure
==========

Asian share markets were mostly softer on Monday ahead of a slew of Chinese economic news, while political uncertainty in Europe soured risk appetites and kept the euro on the defensive. Analysts expect annual growth in China's retail sales picked up to 3.0% in May, from 2.3%, with some upside risk thanks to holidays that month. Industrial output is seen slowing a little to 6.0%, from 6.7%, with growth in urban investment steady. There was also talk the People's Bank of China (PBOC) could cut a key lending rate by 10 basis points, in part due to surprisingly weak bank lending data released on Friday. Japan's Nikkei slipped 1.7%, with investors now facing a six-week wait to hear details of the Bank of Japan's next tightening steps. S&P 500 futures were flat, while Nasdaq futures edged up 0.1% after a run of record finishes. Analysts at Goldman Sachs have raised their year-end target for the S&P 500 to 5,600, from 5,200 and the current 5,431. The main U.S. data of the week will be retail sales for May on Tuesday, where a 0.4% bounce is expected after a 0.3% drop in April, while markets have a holiday on Wednesday. At least 10 policy makers from the Federal Reserve are due to speak this week and will no doubt address the market's wagers for two rate cuts this year. Central banks in Australia, Norway and the UK are all expected to hold rates steady at meetings this week, though the Swiss National Bank (SNB) might well ease given the recent strength of the Swiss franc. Markets have boosted the probability of a cut to 75% as political uncertainty in France drove the euro to a four-month trough at 0.9505 francs on Friday. French markets endured a brutal sell-off last week ahead of a snap election that might give a majority to the far right, with risks to the country's fiscal position and the stability of the euro zone. That left the euro pinned at $1.0706, after shedding 0.9% last week to touch a six-week low of $1.06678. The dollar was a shade firmer on the yen at 157.54, after briefly spiking above 158.00 on Friday when the BOJ said it would start tapering bond buying a little later than many had wagered on. In commodity markets, gold held at $2,326 an ounce, after bouncing 1.7% last week. Oil prices eased a touch after rallying 4% last week amid hopes for stronger demand from the U.S. driving season. Brent crude dipped 17 cents to $82.45 a barrel, while U.S. crude also fell 17 cents to $78.28 per barrel.



https://www.investing.com/news/economy-news/asia-shares-brace-for-china-data-euro-pressure-3486083 

 Yemen's Houthis say they attacked two ships and American destroyer
==========

Yemen's Houthi military spokesperson, Yahya Saree, announced that the Houthis attacked two civilian ships and an American destroyer in the Red Sea and Arabian Sea. The attacks included ballistic missiles fired at the American destroyer, naval missiles at a ship called the Captain Paris, and drones at a ship called the Happy Condor. The targets were not confirmed to be hit. The attacks were carried out in support of Palestinians in Gaza. The Houthis, who control Yemen's capital and most populated areas, have launched numerous attacks on international shipping in the Red Sea region since November. The attacks have disrupted global trade and led to retaliatory strikes by the US and UK. The United Kingdom Maritime Trade Operations (UKMTO) reported that a vessel south of Yemen's al Mukha had reported two explosions nearby, but the ship and crew were safe and continuing their journey.

#Yemen #Houthis #Ships #AmericanDestroyer #RedSea #ArabianSea #Palestinians #Gaza

https://www.investing.com/news/commodities-news/yemens-houthis-say-they-attacked-two-ships-and-american-destroyer-3486065 

 South Korea, US warn against North Korea-Russia military ties ahead of Putin visit
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South Korea and the United States have held an emergency phone call over a possible impending visit by Russian President Vladimir Putin to North Korea. South Korea's vice foreign minister, Kim Hong-kyun, expressed concerns that Putin's visit should not result in deeper military cooperation between Pyongyang and Moscow in violation of U.N. Security Council resolutions. The U.S. Deputy Secretary of State Kurt Campbell pledged continued cooperation to tackle potential regional instability and challenges caused by the trip. The two sides agreed to resolutely respond through airtight cooperation to North Korea's provocations against South Korea and actions that escalate tensions in the region. Putin is expected to visit North Korea in the coming days, and preparations for a possible parade in Pyongyang's Kim Il Sung Square have been observed. The United States is concerned about the impact of Russia's support for North Korea and is closely monitoring the situation.

#SouthKorea #UnitedStates #NorthKorea #Russia #VladimirPutin #MilitaryCooperation #UnSecurityCouncilResolutions #RegionalInstability #Provocations #Tensions

https://www.investing.com/news/world-news/south-korea-us-hold-emergency-phone-call-ahead-of-putin-visit-to-north-korea-3484381 

 Fed decision ahead, U.S. inflation data looms large - what's moving markets
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U.S. stock futures were broadly muted on Wednesday, as investors geared up for a much-anticipated Federal Reserve interest rate decision and the release of fresh inflation data out of the world's largest economy. The Federal Reserve is preparing to unveil its latest forecast for interest rates over the remainder of 2024 and beyond. Fed officials are widely tipped to leave interest rates at a more than two-decade high of 5.25% to 5.5% on Wednesday, meaning the central bank's outlook for future borrowing costs will be in the spotlight. The Labor Department's latest consumer price index, which is scheduled to be released around thirty minutes before the Fed gathering wraps up, could present a last-minute wrinkle in the central bank's policy projections. Economists forecast that annualized headline price growth in May matched the previous month's pace, but slowed on a monthly basis.

#FederalReserve #InterestRates #InflationData #StockFutures #EconomicForecast

https://www.investing.com/news/economy-news/fed-decision-ahead-us-inflation-data-looms-large--whats-moving-markets-3480607 

 Commodities, energy stocks on sale after dip in oil prices: Wells Fargo
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Wells Fargo suggests that the recent dip in oil prices presents a buying opportunity for commodities and energy stocks. They believe that investors should take advantage of the weakness in oil prices to add exposure to commodities and the energy equity sector. Wells Fargo expects a rebound in oil prices and notes that oil has fallen 16% from its recent highs but has now breached oversold levels. They anticipate that oil prices may find support in the high $60s or low $70s. The demand for oil is expected to be supported by economic growth, with the U.S. economy likely to avoid a hard landing. International growth is also starting to recover, which should help soften any deterioration in oil demand. On the supply side, concerns about OPEC phasing out production cuts later this year have been a drag on sentiment. However, Wells Fargo believes that it will take some months for this to happen, giving additional time for economies outside the U.S. to continue improving.



https://www.investing.com/news/stock-market-news/commodities-energy-stocks-on-sale-after-dip-in-oil-prices-wells-fargo-3480198 

 Country Garden's Hong Kong liquidation hearing further adjourned to July
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The Hong Kong High Court has further adjourned the liquidation hearing of Chinese property developer Country Garden to July 29. The hearing was originally adjourned to June 11 from May, as Country Garden requested more time to prepare evidence. The company's shares have been suspended from trading since April 2. Country Garden is in the process of an offshore debt restructuring after defaulting on $11 billion of offshore bonds last year. The developer is working with advisers, an ad hoc group of bondholders, and a group of bank lenders on due diligence to review its balance sheet. Ever Credit Limited filed the petition against Country Garden in February for non-payment of a $205 million loan. Country Garden plans to present a debt restructuring proposal in the second half of this year.



https://www.investing.com/news/stock-market-news/country-gardens-hong-kong-liquidation-hearing-further-adjourned-to-july-3475086 

 Column-The wiggle room around 2% inflation targets :Mike Dolan
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The recent interest rate cuts by the European Central Bank and the Bank of Canada indicate that hitting 2% inflation targets precisely is not a precondition for central bank moves. The central banks cut interest rates despite headline inflation rates still being above 2.0% targets. Many policymakers and economists doubt the wisdom of exact point targeting and argue that getting inflation to within one-tenth of one percentage point of a fairly arbitrary goal may not be worth the potential damage to the economy. Central banks also have a degree of latitude around their targets, and their formal targets are not always as rigid as they seem. The Bank of Canada, for example, has a 2% target as a mid-point of a 1%-3% "inflation-control range." The European Central Bank has adopted a more symmetric target around 2% "over the medium term." The Federal Reserve has shifted towards long-term averaging of inflation in assessing its target. The bias from here will likely be more restrictive policy on average in the years ahead, but some cuts may still be necessary. The opinions expressed in the article are those of the author, Mike Dolan.

#Inflation #CentralBanks #InterestRates #EconomicPolicy

https://www.investing.com/news/economy-news/columnthe-wiggle-room-around-2-inflation-targets-mike-dolan-3475052 

 US business travel is back but it looks different, hotel CEOs say
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Business travel has returned to the United States, with companies booking trips at higher levels and prices than before the pandemic. However, long-haul international business travel is still being avoided in favor of U.S. trips. Small- and medium-sized enterprises have led the recovery, but large corporate bookings are also rising. Hyatt Hotels CEO Mark Hoplamazian stated that the company's corporate accounts in April are up 12% year-to-date, and total business travel is up 6% year-over-year. Pricing for large corporate accounts is up about 5% to 8% for the next 12 months. The rebound in business travel is also driving a recovery in group business travel, with strong demand for future bookings. Marriott International CEO Anthony Capuano noted that the group segment is currently the strongest performing segment. Overall, hotel CEOs agree that while business travel is back, it looks different with a shift towards domestic travel and a focus on smaller and closer meetings.



https://www.investing.com/news/stock-market-news/us-business-travel-is-back-but-it-looks-different-hotel-ceos-say-3470219 

 Futures lower, JOLTS ahead, GameStop surges - what's moving markets
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U.S. stock futures slip following a volatile session on Monday. Traders are looking ahead to the release of key job openings data, which could provide a fresh glimpse into the state of the U.S. labor market. GameStop shares move higher in after-hours trading, suggesting an extension in a Monday rally in the videogame retailer that was fueled by the return of stock influencer Keith Gill to social media website Reddit. U.S. futures dip. U.S. stock futures hovered below the flatline on Tuesday following choppy trading in the previous session. By 03:30 ET (07:30 GMT), the contract had shed 76 points or 0.2%, S&P 500 futures had fallen by 14 points or 0.3%, and Nasdaq 100 futures had dipped by 69 points or 0.4%. The main averages on Wall Street posted a mixed close on Monday, in a session marked by a glitch in the New York Stock Exchange that led to heavy volatility in the shares of Warren Buffett's Berkshire Hathaway, miner Barrick Gold, and the halting of trading in at least 60 stocks. Tech stocks delivered a late rally, while shares in energy firms faltered. U.S. Treasury yields touched two-week lows after manufacturing data showed activity in the sector had slowed for the second consecutive month, pointing to possible weakening in wider economic growth. Traders also increased their bets that the Federal Reserve will choose to begin ratcheting down interest rates from more than two-decade highs in September, according to CME Group's closely-monitored FedWatch Tool. In a note, analysts at ING said the manufacturing figures, along with separate numbers suggesting a decline in construction industry spending, "[indicate] that monetary policy is restrictive and is acting as a brake on economic activity." U.S. job openings data ahead. Investors will have the chance to parse through new U.S. job openings data on Tuesday, as they attempt to piece together the picture of labor demand in the world's largest economy. Economists expect the Labor Department's Job Openings and Labor Turnover Survey -- also known as the JOLTS report -- to have slipped to 8.37 million in April, down from a three-year low of 8.488 million in the preceding month. A decline could be a sign of easing labor market conditions in the U.S. -- a trend that may boost hopes for Fed rate reductions later this year. In theory, a cooldown in demand for workers could defuse some upward pressure on wages and, by extension, inflation. GameStop shares surge. Shares in GameStop rose by more than 8% in extended hours trading, as stock influencer Keith Gill appeared to hold on to gains in his holdings of the videogame retailer following a sharp rally on Monday. GameStop, which was the focal point of a rally in so-called "meme stocks" in 2021, advanced by 21% on Monday. The jump came after Gill, who is known online as "DeepF-------Value" and "Roaring Kitty", posted a screenshot on social media site Reddit which showed he had made a $116 million bet on the videogame retailer. After the closing bell on Monday, Gill posted another screenshot indicating that he held on to his stake of 5 million GameStop shares, or roughly 1.8% of its publicly available stock, and 120,000 call options. Several media sources have said they have been unable to independently verify the validity of the screenshots. Meanwhile, E-Trade, the investment platform Gill uses, is holding internal talks over whether to ban him from the service due to concerns over market manipulation, the Wall Street Journal reported. Illumina to spin off Grail cancer testing unit. Shares in Illumina edged slightly higher in after-hours trading following a decision by the gene sequencing firm to spin off its Grail cancer testing division. California-based Illumina said its board had approved a spin out of Grail. The move is expected to take place on June 24, with the unit being listed on the Nasdaq as "GRAL." "Today's announcement marks a milestone for Illumina and signals an important step forward for the company, since the divestiture of Grail is one of our 2024 priorities," Illumina Chief Executive Jacob Thaysen said in a statement. Last year, U.S. trade regulators ordered Illumina to divest Grail, arguing its $8 billion purchase of the business would dent competition in the market for possibly life-saving cancer testing. European Commission antitrust authorities had also previously slapped a 432 million euro fine on Illumina for implementing the Grail merger without the bloc's permission. Oil extends declines. Crude prices fell Tuesday, extending losses from the previous session, after a group of major producers signaled an increase in supply later this year.

#StockMarket #Gamestop #LaborMarket #JobOpenings #KeithGill #JoltsReport #Illumina #GrailCancerTestingUnit #CrudeOilPrices

https://www.investing.com/news/economy/futures-lower-jolts-ahead-gamestop-surges--whats-moving-markets-3469184 

 Australia stocks higher at close of trade; S&P/ASX 200 up 0.77%
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Australia stocks closed higher with the S&P/ASX 200 up 0.77%. The best performers were Pointsbet Holdings Ltd, Healius Ltd, and Austal Ltd, while the worst performers were Silver Lake Resources Ltd, Clinuvel Pharmaceuticals Ltd, and St Barbara Ltd. Falling stocks outnumbered advancing ones on the Sydney Stock Exchange. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 1.54%. Gold futures and crude oil prices fell, while the AUD/USD and AUD/JPY currency pairs experienced slight changes. The US Dollar Index Futures was down 0.03%.

#Australia #StockMarket #S&p/asx200 #Stocks

https://www.investing.com/news/stock-market-news/australia-stocks-higher-at-close-of-trade-spasx-200-up-077-3467034 

 Pakistan inflation slows to 11.8% in May, lowest in 30 months
==========

Pakistan's consumer price index (CPI) in May rose 11.8% from a year earlier, the lowest reading in 30 months and below the finance ministry's projections. Month-on-month consumer prices fell 3.2%, the biggest drop in more than two years. The finance ministry expects inflation to hover between 13.5% and 14.5% in May and ease to 12.5% to 13.5% by June 2024. The actual readings have come in even lower due to a sharper dip in food prices.



https://www.investing.com/news/economy-news/pakistan-inflation-slows-to-118-in-may-lowest-in-30-months-3467037 

 Washington Post executive editor Sally Buzbee steps down
==========

Sally Buzbee, the executive editor of the Washington Post, has stepped down from her role. She is the first woman to lead the newspaper's newsroom. Matt Murray, the former Editor in Chief of the Wall Street Journal, will replace her until the November 2024 presidential election. After that, Robert Winnett of the Telegraph Media Group will become the newspaper's editor.

#SallyBuzbee #WashingtonPost #MattMurray #RobertWinnett

https://www.investing.com/news/economy-news/washington-post-executive-editor-sally-buzbee-steps-down-3466945 

 Ukraine's Zelenskiy in the Philippines to meet with Marcos
==========

Ukrainian President Volodymyr Zelenskiy will have a bilateral meeting with Philippine President Marcos Jr. at the presidential palace in Manila on Monday. Zelenskiy traveled to Manila from Singapore, where he made an unscheduled appearance at the Shangri-La Dialogue conference. Zelenskiy addressed the last day of the forum, asking for support and participation at a summit in Switzerland planned for June 15-16 aimed at bringing peace to Ukraine. Russia has not been invited and China has confirmed it will not attend. Zelenskiy has urged U.S. President Joe Biden to attend, but Washington has not confirmed who it will send.



https://www.investing.com/news/world-news/ukraines-zelenskiy-in-the-philippines-to-meet-with-marcos-3466943 

 Trump says if he is jailed that could be 'breaking point' for Americans
==========

Donald Trump said he would accept home confinement or jail time after his conviction by a New York jury last week but that it would be "tough" for the public to accept. Trump did not elaborate on what he thought might happen if that point is reached. Trump has used his conviction to step up his fundraising efforts but has not otherwise sought to mobilize his supporters. The RNC and the Trump campaign raised $70 million in the 48 hours after the verdict. Trump has vowed to appeal his conviction by the New York jury. Trump still faces three other criminal cases, although they are not likely to come to trial before the election. Biden has sought to defend the nation's justice system, saying it is "reckless" and "dangerous" to call the verdict "rigged." Trump attorney Will Scharf told ABC News' "This Week" that he does not expect Trump to "end up being subject to any sentence whatsoever" and planned to take the case to the Supreme Court.

#DonaldTrump #JailTime #Conviction #Fundraising #Rnc #CriminalCases #JoeBiden #SupremeCourt

https://www.investing.com/news/world-news/trump-says-if-he-is-jailed-that-could-be-breaking-point-for-americans-3466845 

 Australia home prices continue to climb, Sydney back at record high
==========

Australian home prices rose 0.8% in May, the sixteenth straight month of growth, with prices up 8.3% from a year earlier. The sustained squeeze on supply of affordable homes in most major capital cities has pushed prices up nationwide. Sydney saw a 0.6% growth, equaling the record high set in January 2022. Melbourne prices nudged higher by 0.1% in May. The available housing supply remains well below average, leading to upward pressure on prices. A Reuters poll predicts that Australian home price rises will outpace overall inflation over the next two years.

#Australia #HomePrices #Sydney #HousingMarket

https://www.investing.com/news/economy-news/australia-home-prices-continue-to-climb-sydney-back-at-record-high-3466834 

 Veteran Trader Peter Brandt Makes Sensational Bitcoin Fiat Argument
==========

Peter Brandt, a veteran trader, argues for the eventual decline of fiat currencies and highlights Bitcoin's growing significance. Brandt compares Bitcoin against the total U.S. money stock (M1) and draws parallels between Bitcoin's performance and the Dow Jones Industrial Average during the Great Stagflation of the 1970s. He identifies an inverted head and shoulders pattern in Bitcoin's chart, suggesting a potential upward price movement. Brandt acknowledges skepticism but presents multiple references to support his argument. The identified pattern could signify a fundamental shift in the concept of money. At the time of writing, BTC was trading at $67,722.

#Bitcoin #FiatCurrencies #PeterBrandt #TechnicalAnalysis #InvertedHeadAndShouldersPattern

https://www.investing.com/news/cryptocurrency-news/veteran-trader-peter-brandt-makes-sensational-bitcoin-fiat-argument-3466828 

 Netanyahu aide: Biden's Gaza plan 'not a good deal' but Israel accepts it
==========

An aide to Prime Minister Benjamin Netanyahu confirmed that Israel had accepted a framework deal for winding down the Gaza war proposed by U.S. President Joe Biden. However, the aide described the deal as flawed and in need of more work. The deal includes a truce and the return of some hostages held by Hamas, followed by negotiations for an open-ended cessation of hostilities. Israel's conditions, including the release of all hostages and the destruction of Hamas as a terrorist organization, have not changed. Netanyahu is under pressure to keep his coalition government intact, as far-right partners threaten to leave if they deem the deal to spare Hamas. Hamas has provisionally welcomed the Biden initiative but wants a guaranteed end to the Gaza offensive, withdrawal of all invading forces, free movement for Palestinians, and reconstruction aid.

#Israel #Gaza #BenjaminNetanyahu #JoeBiden #Hamas

https://www.investing.com/news/world-news/netanyahu-aide-bidens-gaza-plan-not-a-good-deal-but-israel-accepts-it-3466792 

 South Africa awaits election results, coalition race begins
==========

South Africans await confirmation of a historic election outcome that will dismantle a 30-year ANC majority. The ANC's support dropped to 40% in the recent election, down from 57.5% in 2019. The ANC must now share power, likely with a major political rival, to maintain its position. Political parties will have two weeks to form a new ruling coalition after the official announcement of results. The ANC had won every national election since 1994, but its support has dwindled due to economic stagnation and rising unemployment. The Democratic Alliance received 21.8% of the votes, while the new party uMkhonto we Sizwe (MK) led by former President Jacob Zuma secured 14.6%. The Economic Freedom Fighters (EFF) received 9.5% of the votes. The DA and the Inkatha Freedom Party are discussing their next steps, but no coalition talks have begun yet. MK is considering challenging the results in court.

#SouthAfrica #Elections #Anc #Coalition #DemocraticAlliance #UmkhontoWeSizwe #EconomicFreedomFighters

https://www.investing.com/news/economic-indicators/south-africa-awaits-election-results-coalition-race-begins-3466790 

 At Shangri-La Dialogue, Ukraine's allies - and Zelenskiy - push for more defence aid
==========

At the Shangri-La Dialogue global defence forum in Singapore, Ukraine's allies expressed their commitment to providing military assistance to Ukraine as it faces renewed attacks by Russia. Germany's chief of defence, General Carsten Breuer, highlighted the need for air defences and artillery ammunition to counter the Russian attacks. Ukrainian President Volodmyr Zelenskiy attended the forum to gather support for a peace summit planned for June 15-16 in Switzerland. Zelenskiy emphasized the importance of establishing a just peace and called for the withdrawal of Russian troops and the restoration of Ukraine's 1991 borders. While no new pledges of military assistance were announced at the forum, U.S. Defense Secretary Lloyd Austin reaffirmed the U.S. commitment to supporting Ukraine. Lithuania's Prime Minister Ingrida Simonyte called on countries in the Indo-Pacific region to provide more assistance to Ukraine, emphasizing that the conflict is a global imperative. The need for air defence systems and Western weapons has become more acute for Ukraine due to Russia's mobilization of conscripted soldiers in 2023. However, experts caution that Russia's manpower advantage may limit the impact of renewed military assistance. The Shangri-La Dialogue was organized by the International Institute of Strategic Studies and took place from June 2-4, 2024.

#Ukraine #DefenseAid #ShangrilaDialogue #RussiaukraineConflict

https://www.investing.com/news/world-news/at-shangrila-dialogue-ukraines-allies--and-zelenskiy--push-for-more-defence-aid-3466785 

 5 big analyst AI moves: Apple reiterated as Top Pick, C3.ai stock upgraded
==========

Bank of America reiterated Apple stock as their Top Pick, maintaining a price target of $230. Needham downgraded UiPath stock from Buy to Hold. C3.ai saw its shares upgraded by Northland analysts from Market Perform to Outperform, with a target price of $35. Mizuho lifted its price targets on several chipmakers including Micron Technology, Qualcomm, Seagate Technology PLC. Loop Capital reiterated a Buy rating on Dell Technologies shares and lifted their price target from $125 to $185.

#Apple #C3ai #Uipath #Chipmakers #DellTechnologies

https://www.investing.com/news/stock-market-news/5-big-analyst-ai-moves-apple-reiterated-as-top-pick-c3ai-stock-upgraded-3466782 

 Australia seeks military talks with China, ties with Philippines
==========

Australia has requested military talks with China and is strengthening its relationship with the Philippines, according to Deputy Prime Minister Richard Marles. The request for military talks with China comes as Australia seeks to address recent encounters with China's military that it deemed unsafe and unprofessional. Australia is also looking to enhance its strategic relationship with the Philippines, particularly in the context of the disputed South China Sea. Marles expressed optimism about the growing relationship between Australia and the Philippines and the potential for further growth.

#Australia #China #Philippines #MilitaryTalks #SouthChinaSea

https://www.investing.com/news/world-news/australia-seeks-military-talks-with-china-ties-with-philippines-3466780 

 China makes historic landing on far side of the moon
==========

China's space agency announced that it successfully landed an uncrewed spacecraft on the far side of the moon. The mission, called Chang'e-6, aims to retrieve rocks and soil from the lunar surface. This is China's second mission to the far side of the moon and elevates its space power status. The landing took place in the South Pole-Aitken Basin, and the craft landed at 6:23 a.m. Beijing time. The mission involves engineering innovations, high risks, and great difficulty. China launched the Chang'e-6 probe nearly a month ago from the Wenchang Space Launch Center.

#China #MoonLanding #SpaceExploration

https://www.investing.com/news/world-news/china-lands-uncrewed-spacecraft-on-far-side-of-the-moon-3466768 

 Chinese defence minister, Ukraine's Zelenskiy dominate Shangri-La Dialogue's last day
==========

Chinese defence chief Dong Jun will discuss global security at the Shangri-La Dialogue, but may be overshadowed by Ukrainian President Volodmyr Zelenskiy. Dong is expected to address China's positions on the South China Sea and Taiwan. In response to US Defense Secretary Lloyd Austin's speech, Chinese Lieutenant General Jing Jianfeng criticized the US Indo-Pacific strategy. Zelenskiy is scheduled to speak on 'Reimagining Solutions for Global Peace and Regional Stability' and drum up support for a Ukraine peace conference. Russia has not sent a delegation to the Shangri-La Dialogue since invading Ukraine in 2022.

#China #Ukraine #ShangrilaDialogue #DongJun #VolodmyrZelenskiy #SouthChinaSea #Taiwan #LloydAustin #JingJianfeng #Russia #UkrainePeaceConference

https://www.investing.com/news/world-news/chinese-defence-minister-ukraines-zelenskiy-dominate-shangrila-dialogues-last-day-3466769 

 Michael Saylor Breaks Silence on Bitcoin Dropping Below $68,000
==========

Michael Saylor, co-founder of MicroStrategy, tweeted about Bitcoin dropping below $68,000. The sudden decline in Bitcoin's price was influenced by macroeconomic factors, including a small rise in the personal consumption expenditures (PCE) price index. The price decline resulted in three consecutive red candles, with Bitcoin falling from $68,608 to $67,712. A small rebound occurred, pushing the price slightly higher. Additionally, a major Japan-based cryptocurrency exchange, DMM Bitcoin, experienced a massive hack, with over $300 million worth of crypto stolen. This was the largest hack of a crypto trading platform since 2022 and the seventh largest in the history of the crypto industry.



https://www.investing.com/news/cryptocurrency-news/michael-saylor-breaks-silence-on-bitcoin-dropping-below-68000-3466763 

 Delaware judge lets more than 70,000 Zantac lawsuits go forward
==========

A Delaware judge has ruled that more than 70,000 lawsuits over discontinued heartburn drug Zantac can proceed, allowing expert witnesses to testify that the drug may cause cancer. Former Zantac makers GSK and Boehringer Ingelheim had argued that the expert witnesses' opinions lacked scientific support. GSK, Pfizer, and Sanofi disagreed with the decision and plan to appeal, stating that there is no reliable evidence showing Zantac caused cancer. The lawsuits stem from the detection of the cancer-causing chemical NDMA in some Zantac pills in 2019. The U.S. FDA requested the drug be pulled from the market in 2020.

#Zantac #Lawsuits #Cancer #Gsk #Pfizer #Sanofi #Ndma #Fda

https://www.investing.com/news/stock-market-news/delaware-judge-lets-more-than-70000-zantac-lawsuits-go-forward-3466711 

 Can Trump be president despite his criminal conviction?
==========

The U.S. Constitution does not explicitly address criminal convictions as a disqualification for presidential candidates, so legally, Trump can run for president despite his conviction. Historical precedents show that candidates have run for office while facing legal issues, such as Eugene V. Debs in 1920. The guilty verdict in Trump's hush money case could impact the election, as opinion polls suggest a conviction could cost him votes, particularly among Republicans and independents.

#DonaldTrump #President #CriminalConviction #UsConstitution #Election

https://www.investing.com/news/stock-market-news/can-trump-be-president-despite-his-criminal-conviction-432SI-3466637 

 Russia eases forex sales requirements for contracts in roubles
==========

The Russian government has softened requirements for mandatory sales of foreign currency for exporters if more than half of the value of their contracts is paid in roubles. President Vladimir Putin signed the decree in October mandating the reintroduction of capital controls, affecting companies in the fuel, energy, metal, chemical, timber, and grain industries. Certain Russian exporters were required to deposit no less than 80% of foreign currency earnings with Russian banks and then sell at least 90% of those proceeds on the domestic market within two weeks. The government commission on foreign investments may drop the foreign currency sales requirements for companies if more than half of the value of their foreign contracts are settled in roubles. The central bank has expressed doubts over the controls' efficacy, disagreeing publicly with the government over the issue. The controls were introduced as the rouble tumbled past the 100 mark against the dollar and authorities sought to wrest back control of the foreign exchange market. The government has argued that the controls reduce rouble depreciation risk. The central bank believes that high interest rates of 16% and strong export revenues were more impactful in supporting the rouble.

#Russia #ForexSales #Contracts #Roubles #CapitalControls #Exporters #Currency #CentralBank

https://www.investing.com/news/economy-news/russia-eases-forex-sales-requirements-for-contracts-in-roubles-3466634 

 American Airlines faces strike threat as union negotiations stall
==========

The Association of Professional Flight Attendants (APFA) has asked American Airlines workers to prepare for strike action after contract negotiations failed to produce an agreement. The union believes the National Mediation Board (NMB) will bring the parties together for a last-ditch effort in the next two weeks. Lawmakers in the U.S. have urged the NMB to help flight attendants reach contract deals. Flight attendants at United Airlines, American Airlines, and Frontier are among those still working to reach new contract deals.

#AmericanAirlines #FlightAttendants #UnionNegotiations #StrikeThreat #ContractDeals

https://www.investing.com/news/stock-market-news/american-airlines-faces-strike-threat-as-union-negotiations-stall-3466628 

 Factbox-US officials who have resigned to protest Biden's Gaza policy
==========

At least eight U.S. administration officials have resigned to protest President Joe Biden's support for Israel during the Gaza war. They accuse Biden of turning a blind eye to Israeli atrocities in the Palestinian enclave. The officials include Josh Paul, director of the State Department's bureau of political military affairs; Harrison Mann, a U.S. Army major and Defense Intelligence Agency official; Tariq Habash, a Palestinian American; Annelle Sheline from the State Department's human rights bureau; Hala Rharrit, an Arabic language spokesperson for the State Department; Lily Greenberg Call, the first Jewish political appointee to resign; Alexander Smith, a contractor for USAID; and Stacy Gilbert from the State Department's Bureau of Population, Refugees and Migration.

#Gaza #Israel #JoeBiden #Resignations #UsOfficials

https://www.investing.com/news/world-news/factboxus-officials-who-have-resigned-to-protest-bidens-gaza-policy-3466486 

 U.S. stocks mixed at close of trade; Dow Jones Industrial Average up 1.51%
==========

The Dow Jones Industrial Average closed up 1.51% at the end of the trading day. The S&P 500 index increased by 0.80%, while the Nasdaq Composite declined by 0.01%. The top performers on the Dow Jones Industrial Average were Salesforce Inc, Unitedhealth Group, and Goldman Sachs. The worst performers were Amazon.com Inc, Apple Inc, and Microsoft Corporation. On the S&P 500, the top performers were Caesars Entertainment Corporation, VF Corporation, and Salesforce Inc. The worst performers were Paycom Software, Apple Inc, and Super Micro Computer Inc. On the NASDAQ Composite, the top performers were Novo Integrated Sciences Inc, Brand Engagement Network Inc, and Portage Biotech Inc. The worst performers were Webuy Global Ltd, Smart for Life Inc, and Sify Technologies Limited. The CBOE Volatility Index was down 10.71%. Gold futures and crude oil prices declined, while the US Dollar Index Futures was down 0.06%.

#UsStocks #DowJonesIndustrialAverage #S&p500 #NasdaqComposite

https://www.investing.com/news/stock-market-news/us-stocks-mixed-at-close-of-trade-dow-jones-industrial-average-up-151-3466343 

 U.S. stocks mixed at close of trade; Dow Jones Industrial Average up 1.51%
==========

The Dow Jones Industrial Average closed up 1.51% at the end of the trading day. The S&P 500 index increased by 0.80%, while the Nasdaq Composite declined by 0.01%. The top performers on the Dow Jones Industrial Average were Salesforce Inc, Unitedhealth Group, and Goldman Sachs. The worst performers were Amazon.com Inc, Apple Inc, and Microsoft Corporation. On the S&P 500, the top performers were Caesars Entertainment Corporation, VF Corporation, and Salesforce Inc. The worst performers were Paycom Software, Apple Inc, and Super Micro Computer Inc. On the NASDAQ Composite, the top performers were Novo Integrated Sciences Inc, Brand Engagement Network Inc, and Portage Biotech Inc. The worst performers were Webuy Global Ltd, Smart for Life Inc, and Sify Technologies Limited. The CBOE Volatility Index was down 10.71%. Gold futures and crude oil prices declined, while the US Dollar Index Futures was down 0.06%.

#UsStocks #DowJonesIndustrialAverage #S&p500 #NasdaqComposite

https://www.investing.com/news/stock-market-news/us-stocks-mixed-at-close-of-trade-dow-jones-industrial-average-up-151-3466343 

 Dow Jones Down Over 2% in Last 5 Days: 3 Stocks That Offer a Buying Opportunity
==========

The Dow Jones Industrial Average (DJIA) has slumped by -3.99% in the last five days, reaching 38,111. This is seen as a reaction to a strained economy, with sticky inflation confirmed by the Commerce Department's report. Procter & Gamble (PG) is a stock that offers a buying opportunity, as it is more resistant to inflation and has reported an increase in organic sales and net earnings growth. Broadcom Inc (AVGO) is another stock to consider, as it has a strong growth thesis and has diversified into enterprise-grade software. Verizon Communications Inc (VZ) is popular among investors due to its high dividend yield and positive Q1 earnings. The author advises consulting a financial advisor before making any investment decisions.

#DowJones #Stocks #BuyingOpportunity #Inflation #Procter&Gamble #BroadcomInc #VerizonCommunicationsInc

https://www.investing.com/analysis/dow-jones-down-over-2-in-last-5-days-3-stocks-that-offer-a-buying-opportunity-200648887 

 Agency approves plan to hike US stamp prices to 73 cents
==========

The U.S. Postal Service (USPS) has been approved to raise prices of first-class mail stamps to 73 cents from 68 cents, effective July 14. The plan, announced in April and approved by the Postal Regulatory Commission, will raise overall mailing services product prices by 7.8%. USPS is also seeking an average 25% price hike for high-volume shippers to enter packages for regional delivery through its Parcel Select service. Stamp prices have increased by 36% over the last four years. USPS expects its new pricing policy to generate $44 billion in additional revenue by 2031. First-class mail volume fell 6.1% in the 12 months ending Sept. 30, 2023, to 46 billion pieces, the lowest volume since 1968. First-class mail is the highest revenue-generating mail class, accounting for $24.5 billion, or 31% of USPS 2023 revenue. USPS is in the middle of a 10-year restructuring plan announced in 2021 to eliminate $160 billion in predicted losses over the next decade.

#Usps #StampPrices #MailingServices #ParcelSelect #Revenue #MailVolume

https://www.investing.com/news/stock-market-news/agency-approves-plan-to-hike-us-stamp-prices-to-73-cents-3466237 

 As bets on sooner Fed rate cuts dwindle, one analyst sticks with call for July cut
==========

Many on Wall Street have given up hope for sooner rate cuts, but one analyst, Steve Englander, continues to bet on a rate cut as soon as July. Englander, Head of Global G10 FX Research and North America Macro Strategy, points to recent slowing in the economy and inflation data that suggest the disinflation trend is alive. About 14% of traders expect the Fed to cut rates in July. The latest core PCE data, released Friday, showed inflation slowed more than expected in April. Englander expects more slowing in the coming months. He believes that a large chunk of the Q1 labor market strength was due to undocumented immigrants getting employment authorization. Recent data showing weakened consumer spending in April adds credence to Englander's outlook. Despite this, some Fed members are leaning into the central bank's higher rates for longer stance.

#FederalReserve #InterestRates #RateCuts #Economy #Inflation #LaborMarket #ConsumerSpending

https://www.investing.com/news/economy-news/as-bets-on-sooner-fed-rate-cuts-dwindle-one-analyst-sticks-with-call-for-july-cut-3466210 

 Asia stocks gain, dollar drifts as inflation tests await
==========

Asian stocks rose on Friday, poised for the fourth month of gains, while the dollar drifted lower. Investors are awaiting inflation readings from Europe and the U.S. that will likely dictate the path of interest rates globally. The U.S. economy grew more slowly than expected in the first quarter, weighing on Treasury yields and the dollar. Market pricing puts a September rate cut by the Federal Reserve at a coin toss. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.55%, while Japan's Nikkei was up 0.20%. China stocks also rose, with the blue-chip index up 0.23% and Hong Kong's Hang Seng index spiking 1.3% higher. The upturn in China's markets came even as the nation's manufacturing activity unexpectedly fell in May. Traders are also watching for any hints of intervention from the Tokyo authorities as the Japanese yen flirts with levels that led to suspected bouts of intervention in April and early May. The yen was last at 156.74 per dollar. The euro last fetched $1.0828 ahead of an inflation report from the euro zone that is set to influence the European Central Bank's policy path. Oil prices eased after a surprise build in U.S. gasoline stocks weighed on the market. Gold prices rose 0.12%.

#AsiaStocks #Dollar #Inflation #InterestRates

https://www.investing.com/news/economy-news/asia-stocks-gain-dollar-drifts-as-inflation-tests-await-3464847