More Signs Point to U.S. Economic Recovery Losing Momentum | Investing News

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(Reuters) – U.S. retail foot traffic is slackening and growth in the number of shifts worked by hourly employees has ground to a halt, a clutch of high-frequency data showed this week, offering the latest evidence the economic recovery that appeared so promising two months ago is rapidly losing momentum.

Weekly data that Reuters follows from sources ranging from the New York Federal Reserve to mobility tracking and small business payroll service providers shows that after big upticks in May and June, activity growth stalled in July as COVID-19 spread rapidly in key areas of the country across the South and Southwest. That recent flat-lining trend has persisted as August began.

Graphic – The economy in real time: https://fingfx.thomsonreuters.com/gfx/mkt/yxmvjrxrzvr/Pasted%20image%201596729676868.png

Time management firm Kronos https://www.kronos.com/about-us/newsroom/update-us-workforce-activity, for instance, reported that shifts worked in the week ended Aug. 2 were essentially unchanged nationally but fell in 19 states, primarily in the Midwest. The

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Trending Market News Wednesday: Facebook, Denbury, L Brands

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The major U.S. indices were rising Wednesday, breaking out of the recent volatile trading with all three major indices spending the majority of the session in the green. 

The Dow Jones Industrial Average was up 0.36% while the Nasdaq and S&P 500 both rose about 1%. 

Here are some of the Wall Street stories you may have missed today. 

Victoria’s Secret Parent Cuts Costs

The stock price of Victoria’s Secret parent L Brands  (LB) – Get Report jumped more than 30% after the price targets on the shares were upgraded by six analyst firms. Deutsche Bank raised its price target 68% to $27 a share. 

L Brands unveiled a plan to cut $400 million in annualized costs as it prepares to spin off Victoria’s Secret after failing to sell the company earlier this year.

As part of the cost-cutting measures, L Brands will lay off 15% of its

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As Pandemic Rages On, World Economic Recovery Looks Ever More Shaky: Reuters Poll | Investing News

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BENGALURU (Reuters) – The world economic outlook has dimmed again, with still-rising coronavirus infections and the risk of renewed lockdowns increasing the chances that any rebound will reverse course, according to Reuters polls of over 500 economists globally.

Over 17 million people have been infected worldwide by the coronavirus and more than two-thirds of a million people have died. That has forced governments to impose strict lockdown measures to curb the spread of the virus, keeping citizens at home and businesses closed and spurring recessions that aren’t over yet.

Surging cases in the United States, where related deaths have surpassed 150,000, have led several states to reimpose restrictions. Most economists, long-term investors and even Fed Chair Jerome Powell have clearly said the economic outlook depends significantly on the course of the virus.

The Fed has pledged endless stimulus to support the world’s No. 1 economy, which was a major growth

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Stock Market News: Fed Keeps Rates Near Zero

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Here’s what you need to know:

Video

transcript

transcript

Economy’s Path Forward Is ‘Extraordinarily Uncertain,’ Powell Says

Federal Reserve Chair Jerome H. Powell said a full recovery was unlikely until Americans felt safe to “re-engage in a broad range of activities.”

The current economic downturn is the most severe in our lifetimes. It will take a while to get back to the levels of economic activity and employment that prevailed at the beginning of the year. And it will take continued support from both monetary and fiscal policy to achieve that. As we have emphasized throughout the pandemic, the path forward for the economy is extraordinarily uncertain, and will depend in large part on our success in keeping the virus in check. Indeed, we have seen some signs in recent weeks that the increase in virus cases and the renewed measures to control it are starting to weigh on

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Megadeal: Mexico moves to launch world’s largest oil hedge | News

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Mexico has asked top Wall Street banks to submit quotes for its giant oil hedging programme, sources familiar with the matter said on Friday, while trading in crude oil options has increased this week in advance of the megadeal.

The finance ministry has asked banks for price quotes, one source with direct knowledge of the matter said, signalling the beginning of the process to execute the hedge. The ministry was not immediately available for comment.

Every year, Mexico buys as much as one billion dollars in financial contracts, the world’s largest oil hedge programme, to protect its oil revenues. Bankers and officials on both sides of the deal expect a smaller hedge this year because the options used to protect oil profits are more expensive than last year.

The oil market crashed earlier this year, with the United States crude benchmark falling to negative $40 a barrel in April. It

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Oil up on Strong Economic Data, U.S.-China Tensions Cap Gains | Investing News

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NEW YORK (Reuters) – Oil prices rose on Friday, lifted by some supportive economic data, but tensions between the United States and China limited gains.

Brent crude futures

rose 3 cents to settle at $43.34 a barrel. U.S. West Texas Intermediate (WTI) crude

futures rose 22 cents to settle at $41.29 a barrel.

For the week, Brent rose 0.5%, while U.S. crude rose 1.7%.

Ahead of the weekend, market participants had their eye on Tropical Storm Hanna, forecast to cross to Baffin Bay, 46 miles (74 km) south of Corpus Christi, Texas, on Saturday afternoon or evening.

So far, energy companies said there have been no evacuations of workers or shutdowns of production from offshore platforms in the northern Gulf of Mexico.

Lifting market sentiment, Euro zone business activity grew in July for the first time since the coronavirus pandemic hit, according to IHS Markit’s flash Composite Purchasing Managers’ Index

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U.S. Economic Outlook Darkens, Job Recovery Risks Reversing: Reuters Poll | Investing News

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By Indradip Ghosh and Shrutee Sarkar

BENGALURU (Reuters) – The U.S. economic outlook has darkened in the past month amid renewed lockdowns in some states from surging coronavirus cases, according to economists in a Reuters poll who warned of a high risk the job recovery underway reverses by year-end.

U.S. coronavirus cases approached 4 million on Thursday, with over 2,600 new cases every hour on average, the highest rate in the world, and some state governments have reimposed restrictions aimed at curbing the spread of the virus.

That has raised concerns about the sustainability of the recent rebound in hiring and other economic data, as the world’s largest economy, which was propping up global growth before the pandemic, climbs out of a deep hole.

The July 13-22 poll showed the economy contracted 33.8% last quarter on an annualised basis but while it was expected to bounce back with 17.8% growth

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This demographic tends to rely on news to make money decisions

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Older Americans are putting overwhelming faith in news to inform their financial decisions as compared to the younger generation, according to the first installment of the new Yahoo Finance-Harris poll.

Eighty-one percent of people ages 55 years and older say their money and investment decisions are influenced by the coverage of current events. Only 25% of people between 18 and 34 years old use the news as an information source for their financial decisions.

The results stem from a poll of 2,033 respondents, conducted from June 15 to 17. Yahoo Finance has teamed up with Harris to produce monthly insights on consumer and workplace trends

Fifty-five percent of U.S. adults get their news from social media, according to a 2019 Pew Research Report, up from 47% in 2018. And Facebook (FB) is the top destination among its peers, with 52% of all U.S. adults getting their news from the platform.

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News from around our 50 states

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Alabama

Elmore: A fourth inmate has died after testing positive for COVID-19 as the number of virus cases in the state prison system continues to rise. Robert Stewart, 80, died at a hospital Sunday, the Alabama Department of Corrections said in a statement. Stewart began exhibiting symptoms of the virus June 8 and got treatment at the Staton Correctional Facility infirmary before being transferred to a local hospital, where he died. Officials decided Thursday to test all inmates in the infirmary for the coronavirus, and 13 tested positive, the Corrections Department said. They have been isolated, the statement said. The prison system says that since the pandemic began, a total of 41 inmates and 122 staff members and contract workers have tested positive. Inmate advocates and health experts have expressed concerns that the state’s overcrowded prisons would become a breeding ground for a deadly outbreak and urged the state to

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Fox News and 25 More Companies That Faced Public Backlash

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No matter how great the product or how strong the marketing, no company is immune to public backlash. For decades, consumers have used their wallets to make a statement, from the political to the personal.

And in the social media age, negative news spreads faster than ever. Here are 26 examples of companies that faced outrage for actions that range from launching thoughtless advertising campaigns to producing dangerous chemicals. Find out what these companies did that inspired public outcry.

Last updated: June 15, 2020. Pictured: Tucker Carlson speaks onstage during Politicon 2018 at Los Angeles Convention Center on October 21, 2018.

Host Tucker Carlson, in the June 8 edition of his Fox News program “Tucker Carlson Tonight,” said about the growing anti-racism protests across the country, “This may be a lot of things, this moment we’re living through, but it is definitely not about black lives, and remember that when … Read More