16 June

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Asia on tenterhooks for Fed, oil keeps climbing By Reuters

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By Wayne Cole SYDNEY (Reuters) - Asian shares were subdued on Wednesday with investors wary of any hint of hawkishness from the U.S. Federal Reserve given lofty asset valuations rely so heavily on an endless supply of super-cheap money. A looming data dump on Chinese retail sales and industrial production offered another reason for caution, with some modest slowdown in annual growth expected. Moves were modest, except in the oil market where prices hit the highest since April 2019 on a potent mix of post-pandemic demand and restricted production. MSCI's broadest index of Asia-Pacific shares outside...

16 June

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U.S. Senators want Commerce Dept to list tech to keep away from China By Reuters

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By David Shepardson WASHINGTON (Reuters) - A group of 10 Republican U.S. senators on Tuesday urged Commerce Secretary Gina Raimondo to direct her department to work faster to identify new American technologies that China's government could misuse if exported to that country. The letter led by Senator Tom Cotton and seen by Reuters urged the department to identify "emerging and foundational technologies" as required under a 2018 law. "We remain concerned that U.S. businesses export sensitive technologies to ostensibly civilian Chinese firms or accept investment from them only for these Chinese firms to promptly hand over...

16 June

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Digital euro might suck away 8% of banks’ deposits – Morgan Stanley By Reuters

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By Marc Jones LONDON (Reuters) - A digital euro could suck away 8% of euro zone banks' customer deposits, analysts at Morgan Stanley (NYSE:MS) have estimated, although the share may be far higher in some of the smaller countries in the 19-nation bloc. The European Central Bank is expected to speed up work on a digital euro in the coming months and although a formal launch could be a few years away, economists are looking at potential implications. With 90% of the world's central banks now working on digital currencies, a key question...

16 June

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Freeport-McMoRan Drops as Copper Prices Sink By Investing.com

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By Christiana Sciaudone Investing.com -- Freeport-McMoRan (NYSE:FCX) dropped more than 7% as copper prices dropped. Copper prices hit the lowest since April 26 over fears that Chinese authorities are taking measures that could curb the rally in commodities, according to Mining.com. China renewed a pledge to step up monitoring of commodity prices as domestic producer inflation hit the highest in more than 12 years. The market expects the nation to release state reserves of copper, aluminum and zinc.Electric vehicles that are becoming increasingly common require copper, and are helping drive demand. Sales over the past...

16 June

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All Eyes on Fed, Housing, Biden Meets the ‘Killer:’ 3 Things to Watch By Investing.com

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By Christiana Sciaudone Investing.com -- U.S. stocks spent almost the entire day in the red, with a drop in retail sales and an uptick in producer prices weighing on sentiment a day ahead of the Federal Reserve rate decision. The Fed's regular meeting began today, and the central bank is expected to announce unchanged interest rates and monthly bond purchases on Wednesday. But what we're all really looking for is any evidence of the bank's thinking on inflation and possible bond-buying tapering. Data earlier today showed that wholesale inflation jumped to record levels, a week after...

16 June

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Big Tech critic Khan becomes U.S. FTC chair By Reuters

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By David Shepardson, Nandita Bose and Diane Bartz WASHINGTON (Reuters) - Lina Khan, an antitrust researcher focused on Big Tech's immense market power, was sworn in on Tuesday as chair of the U.S. Federal Trade Commission, a victory for progressives seeking a clampdown on tech firms who hold a hefty share of a growing sector of the economy. Hours earlier, the U.S. Senate had confirmed Khan, with bipartisan support. She recently taught at Columbia Law School. Previously, as a staffer for the House Judiciary Committee's antitrust panel, she helped write a massive report alleging abuses of...

16 June

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Refillable revolution – UK supermarket Asda expands reuse scheme By Reuters

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By James Davey LONDON (Reuters) - British supermarket group Asda is to extend its trial of a refill scheme that allows shoppers to replenish their own containers after sales of several products in an initial pilot store outsold packaged alternatives, it said on Wednesday. Asda, Britain's third-biggest grocer by sales after market leader Tesco (LON:TSCO) and Sainsbury's, said it would expand its refill proposition to four more stores by the end of the year, having launched the concept last year at its store in Middleton, Leeds, northern England. Britons have become increasingly aware of...

16 June

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Exclusive: GM to boost spending on electric vehicles 30%, add two new battery plants – sources By Reuters

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By David Shepardson WASHINGTON (Reuters) - General Motors Co (NYSE:GM) will boost global spending on electric and autonomous vehicles to $35 billion through 2025, a 30% jump over its most recent forecast as it pursues EV leadership, people briefed on the matter told Reuters. As part of that spending, the No. 1 U.S. automaker will build two additional U.S. battery plants and move ahead some of its EV investments, said the sources, who asked not to be identified. In November, GM upped its spending plans from $20 billion, a figure that was announced in March before...

16 June

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S&P 500 Snaps 3-Day Win Streak as Fed Meeting Gets Underway By Investing.com

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By Yasin Ebrahim Investing.com – The S&P 500 snapped a three-day winning streak Tuesday after hitting an intraday record even as some on Wall Street suggest that the Federal Reserve is unlikely to spring a hawkish surprise. The S&P 500 fell 0.2%, after hitting an intraday record high of 4,257.19. The Dow Jones Industrial Average was down 0.27%, or 93 points, and the Nasdaq Composite was down 0.71%. The Federal Reserve's two-day meeting is expected to culminate Wednesday in an unchanged decision on interest rates and monthly bond purchases. But fresh clues on the central bank's thinking...

16 June

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Citi CFO Mason warns of mixed year for bank even as recovery continues By Reuters

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(Reuters) - Citigroup (NYSE:C) Inc’s finance chief Mark Mason on Tuesday predicted a strong economic recovery this year as more people get vaccinated, but cautioned that may not translate into better profits for the bank because of a slowdown in institutional businesses and higher expenses. "It's been a consumer-led recovery," the CFO said, particularly "driven by the significant take up that we've seen as it relates to vaccinations." The bank, however, does not expect a sizeable uptick in corporate loan growth for the rest of the year, Mason warned, even as consumer...

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Asia on tenterhooks for Fed, oil keeps climbing By Reuters

U.S. Senators want Commerce Dept to list tech to keep away from China By Reuters

Digital euro might suck away 8% of banks’ deposits – Morgan Stanley By Reuters

Freeport-McMoRan Drops as Copper Prices Sink By Investing.com

All Eyes on Fed, Housing, Biden Meets the ‘Killer:’ 3 Things to Watch By Investing.com

Big Tech critic Khan becomes U.S. FTC chair By Reuters

Refillable revolution – UK supermarket Asda expands reuse scheme By Reuters

Exclusive: GM to boost spending on electric vehicles 30%, add two new battery plants – sources By Reuters

S&P 500 Snaps 3-Day Win Streak as Fed Meeting Gets Underway By Investing.com

Citi CFO Mason warns of mixed year for bank even as recovery continues By Reuters

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