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- A + A (May 16): As spiraling inflation spreads across the globe, emerging-market bonds from Turkey to Thailand are feeling the brunt. Local-currency debt from developing nations -- which is far more sensitive to a country’s domestic inflationary pressures than dollar denominated equivalents — has slumped almost 9% this year, the most since at least 2008, according to a Bloomberg index. There’s unlikely to be any relief soon as central bankers around the world attempt to control surging prices by raising interest rates even more aggressively — potentially risking growth in doing so. That certainly wasn’t the plan. Many developing economies led the charge in rate hikes last year, getting ahead of policy makers in the US and hoping to avoid a redux of the 2013 taper tantrum. But with inflation raging in the US and the strong dollar pressuring currencies elsewhere, these countries are now making a new rulebook. Policy makers across emerging nations are either … [Read more...] about Bond traders reel as inflation hits world’s emerging local debt

Today News Africa White House correspondent Simon Ateba hit back at the White House Correspondents Association (WHCA) threatening to suspend or expel him for interrupting Friday’s White House press briefing. Ateba derailed White House press secretary Jen Psaki’s last briefing as he talked over two reporters, including Associated Press reporter Zeke Miller. After one of the reporters confronted the Today Africa News reporter, Psaki stepped in and ordered him to respect the fellow White House reporters. White House Correspondents Association President and CBS News Radio White House correspondent Steven Portnoy addressed Ateba’s interruptions in a Monday email obtained by the Daily Caller threatening to enact their right to suspend him from the briefing room. “Your disruptive behavior at last Friday’s briefing interrupted your colleagues and reflected poorly on the press corps,” he said. “There is no right of any reporter to be called on by any official. Preventing your … [Read more...] about ‘It’s Disgusting’: Reporter Hits Back After WHCA Threatens To Expel Him For Interrupting Psaki’s Last Briefing

Jeff Bezos said US President Joe Biden's plans for larger spending were largely thwarted by Senator Joe Manchin. Jeff Bezos has criticised US President Joe Biden's take on inflation again. The Amazon founder said that the administration tried hard to inject more stimulus into an already inflationary economy. "Inflation is a regressive tax that most hurts the least affluent. Misdirection doesn’t help the country," Bezos tweeted. He was reacting to a tweet by an NGO which appeared to disagree with Biden's claims that this year, the government is on track to cut the deficit by $1.5 trillion – the biggest one-year decline ever. Joe Biden also claimed that under his predecessor Donald Trump, the deficit increased every year. The Twitter user Neoliberal then pointed out, "The deficit is decreasing because we’re not doing pandemic aid anymore, and federal receipts are up because of inflation. Congress, or the Biden administration, didn’t do anything to lower the deficit." … [Read more...] about Jeff Bezos hits out at Joe Biden again: ‘Misdirection doesn’t help the country’

Tony Gamal-Gabriel (AFP) Baghdad, Iraq   ● Tue, May 17, 2022 2022-05-17 00:52 0 e16ff64e7ecc29b417414912230c6080 2 Environment Iraq,sandstorm,hospitalized,people,environment,health Free Another sandstorm that descended Monday on climate-stressed Iraq sent at least 4,000 people to hospital with breathing problems and led to the closure of airports, schools and public offices across the country. It is the eighth dust storm since mid-April to hit Iraq, which has been battered by soil degradation, intense droughts and low rainfall linked to climate change. The last one earlier this month led to the death of one person, while more than 5,000 others had to be hospitalised for respiratory problems. On Monday, a thick cloud of dust enveloped the capital Baghdad in an orange glow and blanketed many other cities including the Shiite shrine city of Najaf to the south, and Sulaimaniyah in the northern Kurdish autonomous region, AFP correspondents said. Yellow … [Read more...] about Thousands hospitalised as latest sandstorm brings Iraq to standstill

This will be a big week for the retail sector, with fresh data and earnings due. On Tuesday, the Commerce Department is likely to show retail sales were up 0.8% in April, following a 0.6% gain the month before. The data comes after the University of Michigan’s Consumer Sentiment Index slumped to its lowest level in nearly 11 years in May, as worries about inflation persist. Also on Tuesday, Walmart is expected to report a fall in first-quarter profit, hurt by higher shipping and other supply chain costs. On Wednesday, Target is similarly expected to report a fall in first-quarter earnings hurt by higher shipping, warehousing and labor costs. Comments on consumer demand and inflation will also be in focus. Home improvement chains Home Depot and Lowe’s will post their results on Tuesday and Wednesday, respectively. Analysts are projecting a decline in first-quarter revenue as higher mortgage rates and prices weigh on customers. So far this year, Walmart ( WMT ) shares are … [Read more...] about Markets to Focus on Retail Stock Earnings

U.S. equity markets are mixed following strong earnings from Amazon.com, Inc. ( AMZN ) that lifted the Nasdaq while a blowout jobs report pushed bond yields higher by fueling fears of bigger interest rate hikes by the Federal Reserve. Key Takeaways Tech shares are rising, boosted by Amazon and Snap, as the Nasdaq aims for its first weekly gain this year. A blowout jobs report pushed bond yields higher by fueling fears of bigger interest rate hikes by the Federal Reserve. Crude oil's price surge continued, with the price crossing $93 per barrel. The Nasdaq , helped by Snap Inc. ( SNAP ) and Amazon, is set for its first weekly close higher this year. The S&P 500 is also higher, while the Dow Jones is little changed. The yield on the 10-year Treasury note is skyrocketing nine basis points (BPS) to 1.92% after the Labor Department reported that many more jobs were created in January than expected (more below). That's prompting speculation that … [Read more...] about Markets Mixed as Amazon, Snap Fuel Tech, Dow Drops on Rate Worries

U.S. equity markets wavered to begin the new month, reflecting investors' uncertainty over issues ranging from the impact of corporate earnings to how Fed rate hikes will shape the economy this year. UPS Inc. ( UPS ) is the best-performing stock in the S&P 500 on its earnings news. Better-than-expected earnings are also lifting shares of Exxon Mobil Corp. ( XOM ). That’s boosting shares of other energy companies as well. Shares of cruise lines, airlines, and other travel-related companies are advancing on decreasing omicron variant case numbers. Key Takeaways U.S. equity markets wavered to begin the new month, with all three major indexes fluctuating between green and red. The quit rate fell for the first time since Dec. 2020. Ups and downs reflect investors' uncertainty over issues ranging from the impact of corporate earnings, Fed rate hikes, and ongoing supply chain and pandemic concerns. The yield on the 10-year Treasury note has widened and narrowed … [Read more...] about Stocks Fluctuate to Begin Month as Investors Digest Data, Earnings

Federal Reserve President Jerome Powell told Congress while the Fed still plans to hike interest rates to combat inflation, the economic impact from the invasion of Ukraine remains “highly uncertain,” and policymakers will need to be “nimble” in responding to new information. Key Takeaways Stocks are moving higher, gaining back ground lost yesterday, despite the Federal Reserve saying interest rates will move higher this month. ADP reported private-sector jobs jumped more than anticipated last month. Ford, Chevron, Hewlett-Packard Enterprises, and AutoZone are among companies gaining today. Solid economic and corporate news is edging stocks higher. All three major indices are up more than 1%, clawing back some of yesterday's losses. Almost all of the stocks in the Dow are rising. Shares of Chevron Corp. ( CVX ) and other energy companies are higher as the fighting in Ukraine increases concerns about disruptions in oil supplies. Oil futures reached the highest … [Read more...] about Market Wrap: Powell Sticks to Rate Hike, Ford Announces EV Move, AutoZone Soars

Stocks fell further this afternoon as the Fed's James Bullard said he'd like to see rates a full percentage point higher by July. Bullard backs at least a half-point hike on the way to a full point gain before July, the Federal Reserve Bank of St. Louis president told Bloomberg News in an interview today. Bullard votes on monetary policy. Key Takeaways Stocks fell further this afternoon as the Fed's James Bullard said he'd like to see rates a full percentage point higher by July. Stocks had been pulling back from the morning's steep declines as strong corporate earnings from Walt Disney and Mattel partially offset stronger-than-expected inflation data. The Consumer Price Index report released today revealed an annual inflation rate of 7.5%, higher than expected and the largest increase in 40 years. Bond yields rose to their highest since July 2019. Today's Market Movers Stocks had pulled back from the morning's steep declines, with some indexes moving … [Read more...] about Stocks’ Decline Steepens on Bullard’s Rate Hike Comments, Inflation Data

Stocks are falling after hiring in January blew past expectations, raising concerns that the Federal Reserve will lift interest rates aggressively to prevent the economy from overheating. The U.S. added 467,000 jobs last month, the Labor Department reported today. That crushed economists' expectations for 150,000 hires, driving stocks lower despite Amazon.com, Inc. ( AMZN ) gaining after a solid earnings report . Key Takeaways Stocks are falling for a second day after January hiring crushed expectations and raised concerns that the Federal Reserve will lift interest rates aggressively. Amazon is gaining around 10% and Snap more than 40% after reporting solid earnings growth. The yield on the 10-year Treasury note jumped past 1.9%, its highest in more than a year. Crude oil soared past $90 per barrel. The Dow Jones Industrial Average , S&P 500 , and Nasdaq indexes are all lower, following big declines in each yesterday. Crude oil soared past $90 per … [Read more...] about Stocks Drop as Blowout Jobs Report Increases Rate-Hike Jitters