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Business consumer economic growth Heidi Heitkamp Wall Street 

U.S. regulators, lawmakers support Volcker rule revamp at hearing

June 22, 2017 By Pete Schroeder WASHINGTON (Reuters) – U.S. financial regulators and lawmakers who appeared at a congressional hearing on Thursday generally agreed that the Volcker rule, which restricts banks’ ability to make bets with their own money, needs to be reconsidered. The rule should focus only on banks that do a lot of trading, said Federal Reserve Governor Jerome Powell, who leads banking regulation for the central bank. “We believe we have the authority to draw a line between those with the big trading books (and other banks),”…

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Asia Business consumer Wall Street XAU 

Asia stocks shake off Wall St. blues, sterling steady pre-Brexit talks

June 19, 2017 By Nichola Saminather SINGAPORE (Reuters) – Asian stocks rose on Monday, shaking off Wall Street’s subdued performance on Friday, and sterling was steady after a van rammed into worshippers leaving a London mosque, killing at least one person, as markets braced for the start of Brexit talks. European stock markets were set for a strong start to the week, with financial spreadbetter CMC Markets expecting Britain’s FTSE 100 to open 0.6 percent higher, France’s CAC 40 to be up 0.3 percent and Germany’s DAX 0.2 percent. MSCI’s…

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Business consumer election New York Snap Inc 

Tech to see bump in growth weighting in Russell rejig

June 17, 2017 By Chuck Mikolajczak NEW YORK (Reuters) – The largecap technology sector is expected to see a bump in its growth weighting when index provider FTSE Russell completes the annual refresh of its benchmarks next Friday, a move that could lift tech shares targeted in the rejig. The increased significance of tech comes on the heels of an around twenty percent gain in the sector this year which led to a pullback over the last week. FTSE Russell finalizes its annual refresh of its widely-followed indexes on June…

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consumer James Saft Money rates tax cuts Top News 

Chance of Fed hitting ‘terminal rate’ looking terminal: James Saft

June 15, 2017 By James Saft (Reuters) – The main thing terminal about the Federal Reserve’s ‘terminal’ interest rate projections are the chances of rates actually making it that high in the foreseeable future. As expected, the Fed hiked on Wednesday by 25 basis points to 1.0-1.25 percent, but did so against an inflation and consumer backdrop which casts grave doubt that it will actually be able to reach the 3 percent ‘terminal’ rate it sees as a future baseline. Arguing that recent shortfalls in inflation were “transitory,” the Fed…

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Bank Indonesia consumer economic growth Economy month Top News 

Late night Ramadan shopping shows Indonesia’s economic spirits brightening

June 15, 2017 By Gayatri Suroyo JAKARTA (Reuters) – Indonesia’s economic spirits are rising judging by the line of women outside a packed Furla bag shop for a traditional midnight Ramadan sale at a Jakarta mall. The Muslim holy month, due to end in late June, is half over, and how much shopping Indonesians do during Ramadan is regarded as a reliable sign of the mood in an economy where private consumption accounts for 57 percent of gross domestic product. “I will be shopping more this year because I’ve just…

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Business consumer economic growth month spending 

Weak U.S. retail sales, consumer prices put spotlight on Fed

June 14, 2017 By Lucia Mutikani WASHINGTON (Reuters) – U.S. retail sales in May recorded their biggest drop in 16 months and consumer prices unexpectedly fell, suggesting a softening in domestic demand that could limit the Federal Reserve’s ability to continue raising interest rates this year. The Fed is expected to increase borrowing costs later on Wednesday, but the signs of moderate consumer spending and retreating inflation pressures could worry policymakers who have previously viewed the softness as transitory. “It won’t stop the Fed from hiking interest rates later today,…

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consumer Economy election spending Top News UK 

UK consumer spending falls for first time in nearly 4 years: Visa

June 12, 2017 LONDON (Reuters) – British consumers cut their spending for the first time in nearly four years last month, figures from credit card firm Visa showed, as households turned more cautious even before last week’s shock election result. Consumer spending in May was 0.8 percent lower than in the same month in 2016 after adjusting for inflation, the first year-on-year fall since September 2013, Visa said on Monday. Sales fell by a hefty 1.9 percent in monthly terms. “Our index clearly shows that with rising prices and stalling…

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China consumer internet spending Tech Top News 

Venture capitalist DST Global sees $4 trillion of new internet firms by 2025

June 9, 2017 By Elzio Barreto HONG KONG (Reuters) – A surge in online consumer spending globally in coming years will create $4 trillion worth of new internet companies by the middle of the next decade, billionaire investor Yuri Milner, founder of venture capitalist DST Global, said on Friday. Milner, an early backer of internet firms Alibaba Group Holding Ltd, Facebook Inc and Twitter Inc, expects the online proportion of global consumer spending to reach 15 percent by 2025 from 6 percent now. That means in eight years’ time, the…

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consumer CPI Economy month National Bureau Top News 

China’s easing factory gate prices hint at broader economic slowdown

June 9, 2017 BEIJING (Reuters) – China’s producer price inflation eased for the third straight month in May on tumbling prices of raw materials, signaling a broader cooling in economic activity as profits are squeezed by slackening domestic demand and rising financing costs. Moderating factory gate inflation in the world’s second-biggest economy could be a further worry for global central banks like the U.S. Federal Reserve and European Central Bank, which are puzzling over why domestic prices have remained sluggish despite improving economic growth. China’s producer price index (PPI) rose…

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Business consumer Ford Credit Maven Gig Ned Ryan 

Ford offering short-term consumer auto leases through Canvas

June 7, 2017 By Paul Lienert DETROIT (Reuters) – Silicon Valley’s latest mobility startup, a short-term vehicle leasing company called Canvas, is backed by old-school muscle: Ford Motor Credit Co, the dealer and consumer financing arm of U.S. automaker Ford Motor Co . From its San Francisco base, Canvas started offering variable-term leases with flexible payment options to Bay area customers in early May, with plans to eventually roll out the service to other cities. Canvas’s roots date back to an earlier startup called Breeze. “Our mission is to identify,…

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