Bank stocks rising interest rates

- A + A (Aug 10): Norway’s inflation exceeded forecasts for a fourth straight month, hitting a new 34-year high and adding pressure on Norges Bank to deliver a bigger interest rate hike this month than it has flagged earlier. Consumer prices rose 6.8% in July from a year earlier, the fastest pace since July 1988, according to data from Statistics Norway on Wednesday. Underlying inflation, the measure followed by the central bank, rose to an annual 4.5% — the highest on record. The median estimate in the analyst poll for core price growth was 3.8%, while Norges Bank had projected a pace of 3.2%. The data triggered revisions by several banks in their forecasts on Norway’s rate path, with Norges Bank now seen delivering another half-point interest rate hike from 1.25% at its interim meeting next week and possibly also at its September meeting. While Norwegian policy makers have been among the most aggressive in raising rates among the holders of major currencies, … [Read more...] about Norway inflation at 34-year high boosts rate-hike pressure

- A + A BEIJING (Aug 10): The People's Bank of China (PBOC) has said it will safeguard the economy against inflation threats, pledging to avoid massive stimulus and excessive money printing to spur growth. The central bank will both support economic growth and ensure stable prices, the PBOC said in its quarterly monetary policy report released on Wednesday. At the same time, it will provide stronger and higher-quality support to the real economy, it said. "Structural inflation pressure may increase in the short term, and the pressure of imported inflation remains," the PBOC said. "We can't lower our guards easily." The PBOC's warnings came on the same day official data showed inflation accelerated in July to 2.7%, the highest level in two years, largely driven by food prices as pork costs surged. Weak consumer demand kept overall price pressures in check though. The central bank said consumer price index (CPI) will likely exceed 3% in some months during the … [Read more...] about China’s central bank warns of inflation risks as CPI climbs

- A + A KUALA LUMPUR (Aug 10): Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended marginally lower on Wednesday as concerns over rising output and higher stock levels continue to weigh on prices, a dealer said. The Malaysian Palm Oil Board (MPOB), in its report released on Wednesday, said Malaysia’s CPO stocks for July 2022 rose 2.79% to 905,946 tonnes from 881,315 tonnes recorded in June 2022. Overall, palm oil stocks increased 7.71% to 1.77 million tonnes from 1.65 million tonnes in the preceding month. The report also said that CPO output increased by 1.84% to 1.57 million tonnes in July versus 1.55 million tonnes in June. Palm oil exports rose by 10.72% month-on-month to 1.32 million tonnes in July from 1.19 million tonnes in June. Palm oil trader David Ng said the report indicated an increase of 1% and 7% in production and stock levels respectively last month and this would put pressure on prices. “Weaker crude oil prices are also … [Read more...] about CPO futures end marginally lower on higher output, stocks

(Image: Reuters) The COVID-19 test positivity rate (TPR) in 144 districts in India has breached the 10 percent mark yet again while 159 districts are reporting a positivity rate between 5 percent and 10 percent. As per the World Health Organisation, a TPR of under 5 percent is a sign of the pandemic being under control, and adequate public health measures are recommended for districts falling beyond this category. On August 10, India reported 16,047 new coronavirus cases, which was more than 25 percent higher than the previous day, and 54 new deaths which included 6 backlog fatalities. The total number of active cases, however, dropped by over 3,500. The highest TPRs are being reported from several districts in Andhra Pradesh, Arunachal Pradesh, Assam, Delhi, Haryana, Kerala and Mizoram. Delhi on Tuesday registered 2,495 new cases and a TPR of 15.41 percent, the highest since January this year. However, the country’s top health administrators are still calling the rise … [Read more...] about COVID-19 test positivity rate shoots over 10% in 144 districts; watching hospitalisation, death patterns in states, says govt

Share to Twitter Share to Linkedin Topline Nikola CEO Mark Russell will retire at the end of the year, the floundering electric and Hydrogen fuel cell vehicle maker announced Wednesday morning, sending its stock surging in pre-market trading. Key Facts Russell will be replaced January 1, 2023, by Michael Lohscheller, the head of Nikola Motors and former CFO of Volkswagen’s North America division. Shares of Nikola rose 5.6% to $7.35 in pre-market trading Wednesday, still down a whopping 88.8% from its all-time high of $65.90 in June 2020. Russell replaced Nikola founder Trevor Milton as the company’s top executive after Milton resigned in September 2020 following fraud accusations. Key Background Nikola went public on June 4, 2020, at $37.55 per share before surging 75% within a week of trading. Briefly hailed as a rival to Tesla, the company’s fall from grace was just as swift as its meteoric rise. In September 2020, … [Read more...] about Nikola Shares Jump On News Of CEO Mark Russell’s Retirement

Donald Trump to Be Deposed Wednesday by New York Attorney General … WSJ Donald Trump is set to be deposed Wednesday by the New York attorney general’s office in its civil-fraud investigation into the financial dealings of the former president and his company. “In New York City tonight,” Mr. Trump wrote on his social-media platform, Truth Social, just after midnight. “Seeing racist N.Y.S. Attorney General tomorrow, for a continuation of the greatest Witch Hunt in U.S. history! My great company, and myself, are being attacked from all sides. Banana Republic!” A spokeswoman for New York Attorney General Letitia James declined to comment. A lawyer for Mr. Trump didn’t respond to a request for comment. Police exodus ‘crisis’: Officers are ditching the job at a rate ‘never seen before’ … FOX NEWS Law enforcement officers are leaving their jobs “at a rate we’ve never seen before,” with some departments seeing decreases by as many as hundreds of members compared to the … [Read more...] about Editor Daily Rundown: Donald Trump to Be Deposed Wednesday by New York Attorney General

Share to Twitter Share to Linkedin GEP and the North Carolina State University (NCSU) Supply Chain Resource Cooperative surveyed supply chain, procurement and IT professionals across a range of industries to gain insight into their priorities and strategies regarding supply chain resilience and optimization. The survey’s results suggest a series of misalignments where gaps in process, technology and information flow can be a drag on productivity and optimization. Of the professionals surveyed, 59% saw the gap between procurement/sourcing and supply chain to be a major disconnect, and the most pressing pain point. But the vision of a truly integrated supply chain has proven difficult to realize. A multi-enterprise supply chain networks (MSCN) is a key technology for improved collaboration across an extended supply chain. A MSCN is a collaborative solution for supply chain processes built on a public cloud – many-to-many architecture – which supports a community … [Read more...] about The Power Of The Network: Spend Management Vs. ERP Procurement

Share to Twitter Share to Linkedin Topline As rapid inflation continues to fuel recession fears, new data showed consumer prices rose 8.5% in the 12 months ending in July—slowing down for the first time in months in a potential sign that the Federal Reserve's efforts to cool the economy may finally be working. Key Facts Economists were expecting prices to rise 8.7% on an annual basis after they spiked 9.1% in June. Overall prices were unchanged from June—better than economist expectations calling for a 0.2% increase and much lower than the previous month’s increase of 1.3%, according to data released by the Labor Department on Wednesday. The better-than-feared data was the result of a steep 7.7% decline in gasoline prices, which helped offset increases in food and shelter prices, the government said. Core inflation, which excludes volatile food and energy prices, rose 0.3% against an expectation of 0.5%; prices for airline fares, used … [Read more...] about Inflation Spiked 8.5% In July—Slowing For The First Time In Months As Gas Prices Fall From Recent Highs

- A + A KUALA LUMPUR (Aug 10): Bursa Malaysia closed lower on Wednesday (Aug 10) in sync with regional bourses, as risk appetites were affected by the US inflation data amidst the ongoing corporate earnings season. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 5.35 points to 1,492.33 from Tuesday’s close of 1,497.68, weighed down by selling in selected index-linked counters, led by Hartalega Holdings Bhd. The benchmark index, which opened 1.96 points easier at 1,495.72, remained in negative territory throughout the day, moving in a tight range between 1,490.22 and 1,496.25. The broader market was negative as losers beat gainers 601 to 242, while 395 counters were unchanged, 1,047 untraded and eight others suspended. Total turnover decreased to 2.17 billion units worth RM1.68 billion from 2.52 billion units worth RM1.26 billion on Tuesday. Malacca Securities Sdn Bhd analyst Kenneth Leong said the key index turned lower on profit-taking in heavyweights, … [Read more...] about Bursa ends lower on weak risk appetite

- A + A NEW YORK (Aug 10): US inflation decelerated in July by more than expected, reflecting lower energy prices, which may take some pressure off the Federal Reserve (Fed) to continue aggressively hiking interest rates. The consumer price index (CPI) increased 8.5% from a year earlier, cooling from the 9.1% June advance that was the largest in four decades, Labor Department data showed on Wednesday. Prices were unchanged from the prior month. A decline in gasoline offset increases in food and shelter costs. So-called core CPI, which strips out the more volatile food and energy components, rose 0.3% from June and 5.9% from a year ago. The core and overall measures came in below forecast. The data may give the Fed some breathing room, and the cooling in gas prices, as well as used cars, offers respite to consumers. But annual inflation remains high at more than 8% and food costs continue to rise, providing little relief for President Joe Biden and the … [Read more...] about US inflation runs cooler than forecast, easing pressure on Fed