Fed Rate Cut Expectations Bolstered by Upcoming Inflation Report
Business

Fed Rate Cut Expectations Bolstered by Upcoming Inflation Report

Thursday's highly anticipated June CPI release will likely shape market sentiment regarding potential Federal Reserve rate cuts. Recent economic data, including rising unemployment, suggests both inflation and economic growth are cooling. Federal Reserve Chairman Jerome Powell acknowledged a more balanced risk outlook for inflation and recession in his testimony to Congress this week. He hinted at the possibility of rate cuts without waiting for inflation to hit the 2% target. Economists forecast a 0.1% monthly increase and a 3.1% annual increase in the consumer price index. The core consumer price index, excluding volatile food and energy prices, is forecast to rise 0.2% from May and 3.4% year-on-year. Market observers like Matt Brenner of MissionSquare Retirement believe that inflation ...
Japan’s Nikkei hits record highs, Asian stocks rise on tech rally, rate-cut hopes
News

Japan’s Nikkei hits record highs, Asian stocks rise on tech rally, rate-cut hopes

Fueled by a surge in technology stocks and rising expectations of a Federal Reserve rate cut, Asia-Pacific markets rose on Thursday. The highlight was Japan's Nikkei 225 index, which topped the 42,000 mark for the first time ever. The Nikkei rose nearly 1%, with technology stocks leading the charge. The broader Topix also hit new highs, rising 0.7%. This rally mirrored the performance of U.S. tech giants the day before, with chipmakers such as Taiwan Semiconductor Manufacturing Company (TSMC) and Nvidia posting significant gains. However, a separate report from Japan pointed to a potential weakness in the economy. Orders for basic machinery unexpectedly fell for a second straight month, potentially signaling a weakening in capital spending. That could pose a challenge to the Bank of Japan...
China Inflation Cools Further as Deflation Fears Rise
Business

China Inflation Cools Further as Deflation Fears Rise

China's consumer inflation continued its downward trend in June, rising just 0.2% year-on-year, according to data released Wednesday. That was lower than analysts' expectations and adds to concerns about potential deflation in the world's second-largest economy. A Reuters poll had forecast a 0.4% rise in consumer prices in June. Meanwhile, the producer price index, which tracks factory-gate inflation, fell 0.8% from a year earlier, in line with forecasts. This subdued inflation is in stark contrast to the situation in many other countries struggling with rising prices. Weak domestic demand in China appears to be the main culprit. “The risk of deflation has not disappeared,” noted Zhiwei Zhang, chief economist at Pinpoint Asset Management, who pointed to sluggish domestic consumption as a ...
Calf Strain Prevents Durant from Debuting with U.S. Team; Leonard Hopes to Return
Sports

Calf Strain Prevents Durant from Debuting with U.S. Team; Leonard Hopes to Return

Team USA's quest for Olympic gold begins Wednesday night, but they'll be without Kevin Durant. The superstar forward is out with a calf strain he suffered before he even began training camp. Durant has not participated in any full-contact drills or friendlies and missed Tuesday's practice. However, there is optimism for a quick return. Coach Steve Kerr says Durant is feeling good and they are taking things day by day with the possibility of him rejoining the team for the exhibition games in Abu Dhabi. Meanwhile, there is some positive news on another front. Kawhi Leonard, who has been battling knee inflammation, is expected to play in Wednesday's game against Canada. Jayson Tatum also returned to the team Tuesday after missing initial practice for personal reasons. Team USA will have a st...
Barcelona: Protests against mass tourism
News

Barcelona: Protests against mass tourism

Barcelona, ​​Spain – Tensions between residents and tourists in Barcelona reached boiling point this weekend. Protests against mass tourism saw hotel and restaurant entrances blocked in Barceloneta, with calls for an immediate reduction in visitor numbers. Reasons for discontent Residents blame the influx of tourists for the rising cost of living, crowded public spaces and a loss of local identity. Rent prices have skyrocketed, forcing many residents to abandon their neighborhoods. Measures to address the problem Barcelona Mayor Jaume Collboni has announced that Airbnb-style short-term rentals will be banned by 2028, potentially freeing up 10,000 apartments for long-term rentals. Change of feeling While most residents still see tourism as economically beneficial, many are now concerned ab...
Sun Valley Summit: Tech, Media Giants Gather to Discuss Streaming Strategy
Business

Sun Valley Summit: Tech, Media Giants Gather to Discuss Streaming Strategy

This week, media and tech giants will gather in Sun Valley to discuss the future of streaming and explore potential strategic alliances. Allen & Co.’s annual conference, known as “billionaires’ summer camp,” kicks off Tuesday at a ski lodge in Idaho. Since 1983, the event has been the birthplace of major media deals and a space for industry leaders to discuss the future of their businesses and the broader economy. The guest list for Sun Valley includes media leaders like Warner Bros. Discovery’s David Zaslav; Disney’s Bob Iger and his potential successors Dana Walden, Alan Bergman, Josh D’Amaro and Hugh Johnston; as well as Netflix co-CEOs Ted Sarandos and Greg Peters; along with tech titans like Amazon’s Andy Jassy and Jeff Bezos; and Apple CEO Tim Cook. While these moguls are regular gu...
Trump-Influenced RNC Platform Emphasizes Social Security, Medicare, Softens Language on Abortion
News

Trump-Influenced RNC Platform Emphasizes Social Security, Medicare, Softens Language on Abortion

On Monday, the Republican National Committee (RNC) adopted a new platform, heavily influenced by former President Donald Trump. The revised platform introduces significant changes to previous GOP positions on marriage and abortion, while making ambitious economic promises. Key economic commitments include ending inflation, transforming the United States into a manufacturing powerhouse, and implementing deep tax cuts for workers. The platform aligns with Trump's pledges to maintain funding for Social Security and Medicare, two widely supported but expensive government programs. The new 16-page platform, much shorter than those from the 2016 and 2020 cycles, passed by a vote of 84 to 18, according to a person familiar with the proceedings. It reflects a shift toward Trump’s populis...
GlobalFoundries Seeks Talent Amid Growing Chip Demand
Business

GlobalFoundries Seeks Talent Amid Growing Chip Demand

The semiconductor industry is actively seeking workers in a competitive labor market, driven by growing demand for talent and the need for funding from the CHIPS and Science Act, which aims to stimulate domestic manufacturing. The U.S. economy is expected to face a shortage of about one million workers by 2030, as generative AI further fuels demand in the industry. A 2023 study by the Semiconductor Industry Association predicts a shortage of 67,000 computer scientists, engineers, and technicians in the U.S. chip industry by 2030, while the entire U.S. economy is projected to face a gap of 1.4 million such workers. A separate study by Deloitte suggests that the talent shortage in the semiconductor industry could worsen due to the global economic climate and ongoing supply chain issues. Glo...
Bronny James Out With Knee Swelling At California Classic
Sports

Bronny James Out With Knee Swelling At California Classic

Bronny James was sidelined from the Los Angeles Lakers’ second game of the California Classic on Sunday due to swelling in his left knee, just one day after he scored four points in his NBA Summer League debut. The son of Lakers star LeBron James was seen in uniform at the end of the bench during the first half of the game against Golden State, with a white armband on his left leg. He appeared to favor his knee a couple of times. In his debut on Friday night, James played 22 minutes in a 108-94 loss to Sacramento, making two nine-point field goals, missing all three of his 3-point attempts and grabbing two rebounds. After a season at the University of Southern California, James was selected by the Lakers with the 55th overall pick.
Boeing admits guilt in criminal fraud linked to 737 Max disaster
News

Boeing admits guilt in criminal fraud linked to 737 Max disaster

Boeing has agreed to plead guilty to a criminal fraud charge linked to the tragic 737 Max crashes, the Justice Department announced Sunday. This comes months after U.S. prosecutors accused the aerospace giant of violating a 2021 settlement that had previously shielded it from criminal prosecution. As part of the settlement, Boeing will pay a $243.6 million fine and appoint an independent compliance monitor for a three-year probationary period. Boeing also is required to invest at least $455 million in compliance and safety programs, according to a U.S. Attorney's Court filing Sunday night. The settlement agreement awaits approval from a federal judge to go into effect. The agreement also calls for Boeing's board of directors to meet with the families of the crash victims. Boeing faced a d...