Consumer Price Index Surpasses Expectations to Hit Nearly 13 High Jump of 5%
(Bureau of Labor Statistics) US consumer prices rose by 5% year over year in May, the fastest in almost 13 years, beating an estimate of 4.7%. The highest consumer price…
Unemployment Claims Carve Pandemic-Low for Ninth Straight Week
(US Labor Department) Jobless claims in the United States of America fell further on Thursday to mark a fresh low since the COVID-19 pandemic hit. Seasonally adjusted initial claims dropped…
China Great Wall Asset Management Executive Faces Prove Over Corruption
(Yahoo! Finance) Bad-debt executive Hu Xiaogang is under China’s investigation on suspected involvement in an industry scandal. Xiaogang is a vice president of state-run China Great Wall Asset Management Co.,…
Here is Why Investors are Now Most Overweight on UK Stocks in 7 Years
(Reuters) Global investors, who have largely ignored UK equities since Brexit, are now most “overweight” on the stocks in seven years. With UK vaccinations allowing economic reopening, investors are betting…
GameStop Surges 12% after Appointment of Former Amazon Executives as CEO, CFO
(CNBC) GameStop stock jumped more than 12% on news that Amazon’s former executive Matt Furlong will be its new CEO from June 21. Another former e-commerce retailer’s executive Mike Recupero…
Top Investors Want More Ambition in Greenhouse Gas Control ahead of G-7 Summit
(Bloomberg) Investors controlling about $41 trillion of assets are calling upon the G-7 countries and governments to set more ambitious goals in greenhouse gas control. The investors, led by DWS…
Wage-Spiral Inflation Reignited as Average Pay Jump Exceeds Expectations
(St. Louis Fed) A 0.5% jump in hourly wages in May, more than expected 0.2%, is raising inflationary concerns that have gripped financial markets. Analysts are interpreting the jump in…
China Blocks Crypto Exchanges Including Binance in Crackdown of Digital Assets
(UToday) Crypto exchanges that include Binance, Huobi, and OKEx were blocked from China’s search engines on Wednesday. The move is seen as a continuation of Beijing’s crackdowns on cryptocurrencies. The…
China’s Producer Price Index up by 9% in May as Commodity Prices Increase
(CNBC). China experienced an increase in production costs as the producer price index rose to 9% in May, the fastest since the 2008 index of 9.13%. Building, iron, and steel…
U.S. to Boost Tech after Senate Approves $250 Billion Spending Bill
(Wall Street Journal) U.S. Senate has passed a $250 billion spending on technology research and development to boost competition with China and other countries. The $250 billion bill is a…
Retail Frenzy Pushes Drugmaker Stock 925% Despite Having No Product to Show
(Bloomberg) Optimism of Alzheimer drug has fueled a 925% surge in drugmaker Cassava Sciences Inc. this year. The company is yet to debut a product in the market after 20…
Americans are Yet to Spend as much as 70% of Stimulus Pay-BofA CEO
(CNN Business) Bank of America CEO Brian Moynihan says Americans are yet to spend 65%-70% of stimulus cash. Moynihan says consumer spending has jumped about 20% from 2019 levels to…
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