U.S. consumer prices increased in April, which could allow the Federal Reserve to keep interest rates unchanged for a while. Personal income rose 0.5% in the month after ticking up 0.1% in March. Savings increased to $990.3 billion in April from $963.7 billion in March. Personal consumption expenditures (PCE) index increased 0.3% last month after […] Read more
California Gov. Gavin Newsom, in his revised state budget, proposes a record $213.5 billion spending plan for the next fiscal year — that’s a 2% increase over his January budget. But the Democratic governor cautions about an inevitable recession and estimates the next downturn could result in a $70 billion hit to California’s coffers. Newsom’s […] Read more
The drop in earnings for men is the biggest challenge facing the economy, according to Stephen Moore, the man President Donald Trump has said he wants to nominate to the Federal Reserve board. Speaking Tuesday with CNBC’s “Squawk Box, ” Moore faced questions about past writings, some of which have been classified as sexist by […] Read more
A Beijing district court ruled Wednesday that a blog operator must apologize and pay more than 200,000 yuan ($29,851) to real estate developer Soho China for reputational damage. That’s after a blog run by the operator, Zhuhai Shengun Network Technology, claimed that one of the developer’s properties brought bad luck to its tenants due to […] Read more
Tesla — Tesla plans to unveil its Model Y SUV on March 14. CEO Elon Musk tweeted that the vehicle will cost about 10 percent more than the Model 3 and have slightly less range. Separately, Tesla paid off a $920 million convertible bond in cash late Friday. The settlement was in cash because Friday’s […] Read more
There will not be a recession this year despite a slowdown in economic activity worldwide, a top executive at Carlyle Group told CNBC Wednesday. Global growth has lost some steam compared to last year, with the International Monetary Fund (IMF) downgrading its forecasts for this year. At the same time, geopolitical risks have grown, from […] Read more
U.S. negotiators are reportedly demanding China not devalue the yuan as a condition for any potential trade deal. Such a measure is likely to encounter little resistance from the Chinese: It’s actually in Beijing’s interest to have a stronger currency, experts told CNBC. The yuan’s exchange rate against the dollar has been a repeated complaint […] Read more
Markets have lowered their bar for what kind of U.S.-China trade headlines they’d cheer, a J.P. Morgan Asset Management global market strategist, Hannah Anderson, said Friday. Markets have been on edge for months about trade tensions between the world’s two largest economies. An American delegation led by Treasury Secretary Steven Mnuchin and U.S. Trade Representative […] Read more
Raymond James is telling investors to scale back their positions in payments company Square. The firm downgraded the stock to “underperform” from “market perform,” citing a lack of growth opportunities on the horizon and its move into banking as a negative catalyst for the stock. The shares fell nearly 4 percent in premarket trading following […] Read more
Chipmaker Nvidia was a major beneficiary of the crypto-boom last year. But by now, the party is over and the hangover is starting to set in. In its disappointing earnings report Thursday, Nvidia executives outlined a drop in revenue for the current quarter based on lack of demand for its gaming cards. Cryptocurrency mining had […] Read more
