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U.S. stock indexes fall back from recent highs Wednesday as bulls hold their fire ahead of the release of the minutes of the Federal Reserve's last policy meeting later in the session while digesting July retail sales data.
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UK inflation exceeds 10% as bread and milk prices soar CNNUK Inflation Rises 10.1% in July to 40-Year High Bloomberg Markets and FinanceUK inflation hits new 40-year high of 10.1% as food and energy price surge continues CNBCU.K. Inflation Jumps to 10.1 percent, Pushed Higher by Food The New York TimesCost of living latest: Latest inflation figure due as prices rocket BBCView Full Coverage on Google News
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A strong dollar is a thorn in the side of U.S companies with a global footprint. Revenues earned overseas translate into fewer greenbacks here when the dollar is strengthening. And U.S. products become increasingly pricey for consumers abroad. Over the past year, the dollar is up more than 14% against a basket of foreign currencies, as measured by the U.S. Dollar Index (DXY). And if inflation stays high, more rate-hiking from the Federal Reserve to cool the economy and tame prices would likely push the dollar even higher.
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That has started to put a dent into U.S. corporate profits.
During the second quarter earnings season companies including Johnson & Johnson (JNJ), IBM (IBM), Microsoft (MSFT), Netflix (NFLX) and Salesforce.com (CRM) have trimmed their outlooks for business results because of a beefier buck. Companies in the benchmark S&P 500 index generate about 30% of their revenues outside the U.S. according to investment firm LPL Financial. "We estimate that currency took perhaps 2 to 2.5 percentage points out of S&P 500 revenue in the second quarter," says Jeff Buc
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No bear market since at least 1935 has ever ended when inflation and stocks are as high as they are now, Bank of America analysts warn.
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Higher costs sent the shares plunging following the latest investor update.
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U.K. consumer prices are now the highest since the early 1980s.
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The pace of sales at U.S. retailers was unchanged last month as high inflation and rising interest rates forced many to spend cautiously.
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The stock market has been witnessing a rally lately, with robust economic data and a decline in inflation in July boosting investors' sentiment. However, as inflation remains elevated and geopolitical...
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Chargers safety Derwin James signing four-year, $76.5 million extension NFL.comChargers, Derwin James agree to new contract NBC SportsChargers' Brandon Staley just hiked Derwin James' price even higher Bolt BeatChargers coach praises Derwin James as contract talks continue Los Angeles Times
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U.K. Inflation Jumps to 10.1%, Pushed Higher by Food The New York TimesUK Inflation Rises 10.1% in July to 40-Year High Bloomberg Markets and FinanceUK inflation exceeds 10% as bread and milk prices soar CNNShares struggle after hot UK inflation, New Zealand rate hike ReutersUK inflation hits new 40-year high of 10.1% as food and energy price surge continues CNBCView Full Coverage on Google News
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