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Business Recorder
6 days ago
- Business
- Business Recorder
Stocks, dollar show resilience in Asia as oil gains
SYDNEY: Asian markets kept their nerve on Monday and oil prices climbed anew as the conflict between Israel and Iran showed no sign of cooling, adding geopolitical uncertainty to the world's economic troubles in a week packed with central bank meetings. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. Yet there was no sign of panic among investors with currency markets calm and Wall Street stock futures steadying after an early dip. Oil did add 1% to last week's 13% surge in an inflationary pulse that, if sustained, should make the Federal Reserve even less likely to cut interest rates when it meets on Wednesday. Futures imply almost no chance of a reduction in the 4.25% to 4.5% rate band, and scant prospect of a move in July either. Markets will be particularly sensitive to any change in the Fed's 'dot plot' path for rates. 'The Committee will release a new set of economic forecasts, and we expect that the interest rate forecast 'dots', which last showed a median expectation of two cuts this year, will instead look for only one cut this year,' said Michael Feroli, head of U.S. economics at JPMorgan. Markets are still wagering on two easings by December, with a first move in September seen as most likely. Data on U.S. retail sales on Tuesday will also be a hurdle, as a pullback in autos could drag the headline down even as core sales edge higher. A market holiday in Thursday, means weekly jobless claims figures are out on Wednesday. For now, investors were waiting on developments and MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1%. Japan's Nikkei firmed 0.8% and South Korean stocks added 0.5%. Chinese blue chips added 0.1% as data showed retail sales rose 6.4% in May to handily top forecasts, while industrial output was in line with expectations. S&P 500 futures rose 0.1% and Nasdaq futures gained 0.2%, recovering from an early dip. Exposed to oil European markets were more pressured by the region's reliance on oil imports and EUROSTOXX 50 futures slipped 0.2%, while DAX futures lost 0.3%. FTSE futures were little changed. Yields on 10-year Treasuries were a shade higher at 4.41%, showing little sign of safe haven demand. Stocks slide, oil and gold jump after Israel strikes Iran In currency markets, the dollar firmed 0.2% on the Japanese yen to 144.39 , while the euro dipped 0.1% to $1.1530 . The spike in oil prices is a negative for the yen and euro at the margin as both Japan and the EU are major importers of energy, while the United States is an exporter. Currencies from oil exporters Norway and Canada both benefited, with the Norwegian crown hitting its highest since early 2023. 'We should expect that economies with a positive energy trade balance should see their currencies benefiting from the shock to oil prices,' noted analysts at Deutsche Bank. 'It's notable the dollar is in this category, highlighting how the U.S. has moved from a net energy-importer to a net exporter in recent years.' Central banks in Norway and Sweden meet this week, with the latter thought likely to trim rates. The Swiss National Bank meets on Thursday and is considered certain to cut by at least a quarter point to take rates to zero, with some chance it may go negative given the strength of the Swiss franc. The Bank of Japan holds a policy meeting on Tuesday and is widely expected to hold rates at 0.5%, while leaving open the possibility of tightening later in the year. There is also speculation it could consider slowing the rundown of its government bond holdings from next fiscal year. In commodity markets, gold was getting the safe-haven bid from Mid-East tensions and rose 0.5% to $3,450 an ounce . Oil prices were underpinned by fears the Israeli-Iran conflict could spread and disrupt exports from the region, particularly through the vital Strait of Hormuz. Brent climbed 72 cents to $74.95 a barrel, while U.S. crude rose 84 cents to $73.82 per barrel.
Kuwait Times
13-06-2025
- Entertainment
- Kuwait Times
Rapper Kendrick Lamar lands the biggest wins at the 2025 BET Awards
Kendrick Lamar was the top winner on Monday at the BET Awards, an awards ceremony honoring Black actors, singers and sports stars. The "30 For 30" rapper won the best male hip hop artist award, best album of the year as well as the video of the year award for 'Not Like Us." The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. Lamar and filmmaker Dave Free also took home the video director of the year award at the event, which was held at the Peacock Theater in Los Angeles and broadcast on the BET cable channel. "BET has always made sure they're representing the culture right and always put me in the midst of the cycle of what we represent," Lamar said on stage when accepting his award. Host comedian Kevin Hart opened the ceremony by recognizing the BET Awards' 25th anniversary and all of the "history that has been made" on the stage. The ceremony traversed the evolution of Black music, starting with a performance by R&B artist Ashanti that featured a compilation of songs, including her 2002 song "Foolish." Additional performances included other 2000s songs "Ballin'" by Mustard, "1 Thing" by Amerie and "Like You" by Bow Wow. Hart led with jokes while also highlighting the BET Ultimate Icon Award winners of the night, including Kirk Franklin, Mariah Carey, Jamie Foxx and Snoop Dogg. The special award was given to those that have paid homage to music, entertainment, advocacy and community impact. Presented by Stevie Wonder, Foxx accepted his award and reflected on his recovery journey after having a stroke in 2023. "I gotta be honest, when I saw the in memoriam, I was like, 'Man, that could have been me'," he said. Another honor included the best female hip hop artist award for rising rapper Doechii. "Trump is using military forces to stop protest," Doechii said in her acceptance speech, addressing the anti-ICE protests in Los Angeles, where the National Guard and U.S. Marines are being deployed. "I want y'all to consider what kind of government it appears to be, when every time we exercise our democratic rights to protest, the military is deployed against us," she added.--AFP
Business Recorder
08-05-2025
- Sport
- Business Recorder
Fognini says this Italian Open will be his last
Former world number nine Fabio Fognini said this year's Italian Open in Rome will be his last appearance at the ATP Masters 1000 event. The 37-year-old Italian will face Briton Jacob Fearnley in the first round on Thursday, marking his 18th main draw appearance at the tournament, having reached the quarter-finals in 2018. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. 'I think it's a good time to say goodbye in this beautiful city, special city,' Fognini, who first played at the Italian Open in 2006, told the Tennis Channel on Wednesday. Sinner happy to return after doping ban but keeping expectations low for Italian Open 'Since I was a kid I was coming here to say, 'Oh let's see, let's hope to play one day'. And now I'm in the opposite (end of my career). 'But I'm here with a smile on my face because I know that I had a really difficult time during my, I don't know, 20 years in Rome and I would like to enjoy the last lap.' Fognini has won eight of his nine ATP singles titles on clay, including the 2019 Monte Carlo Masters. He said one of his fondest memories in Rome was beating then world number one Andy Murray in straight sets in 2017.
Reuters
07-05-2025
- Business
- Reuters
US railroad Amtrak cutting 450 positions, $100 million in annual costs
Travelers line up to board Amtrak trains inside the Daniel Patrick Moynihan Train Hall at Pennsylvania Station ahead of the Thanksgiving holiday in Manhattan in New York City, New York, U.S., November 21, 2023. REUTERS/Mike Segar/File Photo Purchase Licensing Rights , opens new tab May 7 (Reuters) - U.S. passenger railroad Amtrak said on Wednesday it is eliminating 450 positions as it aims to cut annual costs by $100 million as future support from Congress remains uncertain. Amtrak said through a reduction-in-force process, and cutting of open positions, Amtrak has eliminated approximately 450 roles that combined with other recent cost cuts "will help Amtrak save $100 million annually." The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. Reporting by David Shepardson; Editing by Chris Reese Our Standards: The Thomson Reuters Trust Principles. , opens new tab Share X Facebook Linkedin Email Link Purchase Licensing Rights
Reuters
07-05-2025
- Business
- Reuters
Netflix to revamp TV app interface, launch AI-powered search for iOS users
Smartphone with Netflix logo is placed on a keyboard in this illustration taken April 19, 2022. REUTERS/Dado Ruvic/File Photo Purchase Licensing Rights , opens new tab May 7 (Reuters) - Netflix (NFLX.O) , opens new tab said on Wednesday it plans to revamp its TV app interface and introduce generative AI to the iOS mobile platform, allowing users to ask for content in natural and everyday language. The updates arrive as the streaming giant seeks to maintain and expand its market share amid growing uncertainties and concerns about a potential U.S. recession curbing consumer spending. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. Netflix is planning to redesign its TV app homepage, provide more tailored recommendations to subscribers, and reposition the search and "My List" options to the top of the interface for easier accessibility. Advertisement · Scroll to continue In addition, Netflix is preparing to roll out upgrades to its mobile experience in the coming weeks, with plans to test a vertical feed showcasing clips of shows and movies, allowing users to tap to watch the full version. The AI-infused search option for mobile users will allow members to search for content using natural, conversational phrases like "I want something funny and upbeat". Reporting by Kritika Lamba and Harshita Mary Varghese in Bengaluru; Editing by Vijay Kishore Our Standards: The Thomson Reuters Trust Principles. , opens new tab Share X Facebook Linkedin Email Link Purchase Licensing Rights
