Latest news with #JeffCox
CNBC
a day ago
- Business
- CNBC
CNBC Daily Open: Good news on U.S. trade and inflation isn't lifting markets
Consumer prices in the U.S. have been benign since February, and the May reading continues that trend, according to the Bureau of Labor Statistics' consumer price index report released Wednesday. Meanwhile, the May jobs report, while better than expected, revised downward the figures for March and April, exposing some weaknesses in the labor market. In ordinary times, the scenario of muted inflation and a job market that's starting to wobble would make cutting interest rates — a move that tends to boost the economy, sending prices and job openings higher — an easy decision for any central bank. But we aren't living in ordinary times, as CNBC's Jeff Cox pointed out. Global trade is still snarled by U.S. President Donald Trump's tariffs. Even though the United States and China seem to have reached an agreement on upholding their earlier trade pact in Geneva, there's no telling if tariff numbers will change, despite reassurances from the White House that they wouldn't. Besides, the current 55% tariff rate is still too heavy to bear for many U.S. importers. The fact that the S&P 500 fell despite the reaffirmed framework between U.S. and China is another sign investors are growing wary of taking trade pronouncements at face value. The volatile tariff situation also means that data since April, and for the foreseeable future, could be fuzzy. "Today's below forecast inflation print is reassuring – but only to an extent," said Seema Shah, chief global strategist at Principal Asset Management. "Tariff-driven price increases may not feed through to the CPI data for a few more months yet, so it is far too premature to assume that the price shock will not materialize." When it's hard to rely on official communication and hard numbers, the U.S. Federal Reserve — and investors everywhere — have to navigate the path ahead a little blinder than usual. S&P breaks streak while Kospi extends gainsU.S. stocks fell Wednesday despite positive news on trade and inflation. The S&P 500 lost 0.27% and the Nasdaq Composite retreated 0.5%, with both snapping a three-day win streak. The Dow Jones Industrial Average was flat. Asia-Pacific markets were mostly down Thursday. Japan's Nikkei 225 slid 0.61% at 1:20 p.m. Singapore time, but South Korea's Kospi added 0.68%, on track for a seven-day winning streak. Potential extension on tariff pauseU.S. Treasury Secretary Scott Bessent said Wednesday the Trump administration is open to extending the 90-day tariff pause beyond July 9 for the U.S.′ top trading partners, as long as they show "good faith" in ongoing trade negotiations. The White House is "working toward deals" with 18 "important trading partners," Bessent said in a congressional hearing. U.S. tariffs on China won't change again: LutnickTrump said in a Truth Social post Wednesday that U.S. duties on China will total 55% — but a White House official clarified with CNBC that the figure comprises the existing 30% blanket tariffs and an additional 25% on specific products. Asked on CNBC's "Money Movers" if the current U.S. tariffs on China are not going to shift again, Commerce Secretary Howard Lutnick replied, "You can definitely say that." Budget deficit in the U.S. growingThe U.S. government debt in May was $316 billion, reversing a surplus in April from tax season receipts. Year-to-date deficit ballooned to $1.36 trillion, 14% higher than a year ago, though the May 2025 total was 9% less than the May 2024 shortfall. Surging financing costs were again a major contributor to fiscal issues, with interest on the $36.2 trillion debt topping $92 billion. Consumer prices in U.S. muted in May The U.S. consumer price index for May came in at 0.1% for the month, putting the annual inflation rate at 2.4%. Economists surveyed by Dow Jones had been looking for respective readings of 0.2% and 2.4%. Excluding food and energy, the core CPI was 0.1% and 2.8% respectively, compared with forecasts for 0.3% and 2.9%. Following the release, U.S. Vice President JD Vance wrote on X that "the refusal by the Fed to cut rates is monetary malpractice." Jamie Dimon sees U.S. economy decliningThe impacts of the pandemic-era government spending and monetary policy that helped support the U.S. economy have faded, and that makes the country vulnerable to a downturn in the coming months, according to JPMorgan Chase CEO Jamie Dimon. "I think there's a chance real numbers will deteriorate soon," Dimon said at a Morgan Stanley conference Tuesday, according to a transcript from FactSet. [PRO] Who could a 'shadow' Fed chair be?Trump may already be eyeing a replacement for the chair of the Fed. That said, Jerome Powell's term doesn't end until May 2026, so any pick would serve as a "shadow" chair who watches over the central bank and telegraphs the moves that the White House wants regarding monetary policy. CNBC's Jeff Cox breaks down the possible candidates and how they might influence markets. China's racing to build its AI ecosystem as U.S. tech curbs bite. Here's how its supply chain stacks up Beijing has mobilized tens of billions of dollars to counter the U.S.' curbs on its purchase of advanced semiconductors used in artificial intelligence development. While China has been able to "brute force" its way into some breakthroughs, it still has a long way to go, according to experts. The task has been made more challenging by the fact that U.S. curbs not only restrict China's access to the world's most advanced chips, but also technology vital for creating an AI chip ecosystem. Those constraints span the entire semiconductor value chain, ranging from design and manufacturing equipment used to produce AI chips to supporting elements such as memory chips.
CNBC
a day ago
- Business
- CNBC
CNBC Daily Open: There's progress on trade and U.S. inflation — but it's harder to rely on such news
Consumer prices in the U.S. have been benign since February, and the May reading continues that trend, according to the Bureau of Labor Statistics' consumer price index report released Wednesday. Meanwhile, the May jobs report, while better than expected, revised downward the figures for March and April, exposing some weaknesses in the labor market. In ordinary times, the scenario of muted inflation and a job market that's starting to wobble would make cutting interest rates — a move that tends to boost the economy, sending prices and job openings higher — an easy decision for any central bank. But we aren't living in ordinary times, as CNBC's Jeff Cox pointed out. Global trade is still snarled by U.S. President Donald Trump's tariffs. Even though the United States and China seem to have reached an agreement on upholding their earlier trade pact in Geneva, there's no telling if tariff numbers will change, despite reassurances from the White House that they wouldn't. The fact that the S&P 500 fell despite the reaffirmed framework between U.S. and China is another sign investors are growing wary of taking trade pronouncements at face value. The volatile tariff situation also means that data since April, and for the foreseeable future, could be fuzzy. "Today's below forecast inflation print is reassuring – but only to an extent," said Seema Shah, chief global strategist at Principal Asset Management. "Tariff-driven price increases may not feed through to the CPI data for a few more months yet, so it is far too premature to assume that the price shock will not materialize." When it's hard to rely on official communication and hard numbers, we might just have to navigate the path ahead a little blinder than usual. S&P breaks streak and FTSE 100 hits recordU.S. stocks fell Wednesday despite positive news on trade and inflation. The S&P 500 lost 0.27% and the Nasdaq Composite retreated 0.5%, with both snapping a three-day win streak. The Dow Jones Industrial Average was flat. The pan-European Stoxx 600 shed 0.27%, but the U.K.'s FTSE 100 climbed 0.13% to close at a record level. U.S. tariffs on China won't change again: LutnickTrump said in a Truth Social post Wednesday that U.S. duties on China will total 55% — but a White House official clarified with CNBC that the figure comprises the existing 30% blanket tariffs and an additional 25% on specific products. Asked on CNBC's "Money Movers" if the current U.S. tariffs on China are not going to shift again, Commerce Secretary Howard Lutnick replied, "You can definitely say that." Consumer prices in U.S. muted in May The U.S. consumer price index for May came in at 0.1% for the month, putting the annual inflation rate at 2.4%. Economists surveyed by Dow Jones had been looking for respective readings of 0.2% and 2.4%. Excluding food and energy, the core CPI came in respectively at 0.1% and 2.8%, compared with forecasts for 0.3% and 2.9%. Following the release, U.S. Vice President JD Vance wrote on X that "the refusal by the Fed to cut rates is monetary malpractice." Jamie Dimon sees U.S. economy decliningThe impacts of the pandemic-era government spending and monetary policy that helped support the U.S. economy have faded, and that makes the country vulnerable to a downturn in the coming months, according to JPMorgan Chase CEO Jamie Dimon. "I think there's a chance real numbers will deteriorate soon," Dimon said at a Morgan Stanley conference Tuesday, according to a transcript from FactSet. Musk makes a U-turn"I regret some of my posts about President @realDonaldTrump last week. They went too far," Elon Musk on Wednesday wrote on X. Both men's public feud was sparked by Musk's opposition to Trump's "One Big Beautiful Bill Act." But tensions seem to have cooled. Musk appears to have deleted some of his social media posts, while Trump said Monday he was planning to retain Musk's Starlink technology at the White House. [PRO] Who could a 'shadow' Fed chair be?Trump might already be eyeing a replacement for the chair of the Federal Reserve. That said, Jerome Powell's term doesn't end until May 2026, so any pick would serve as a "shadow" chair who watches over the central bank and telegraphs the moves that the White House wants regarding monetary policy. CNBC's Jeff Cox breaks down the possible candidates and how they might influence markets. Dollar divorce? Asia's shift away from the U.S. dollar is picking up pace Asia is progressively moving away from the U.S. dollar, as a mix of geopolitical uncertainties, monetary shifts and currency hedging prompt de-dollarization across the region. Recently, the Association of Southeast Asian Nations, or ASEAN, committed to boosting the use of local currencies in trade and investment as part of its newly released Economic Community Strategic Plan for 2026 to 2030. The plan outlined efforts to reduce shocks associated with exchange rate fluctuations by promoting local currency settlements and strengthening regional payment connectivity. Although the shift is more pronounced in Asia, the world has also been cutting its reliance on the greenback, with the share of the dollar in global foreign exchange reserves declining from over 70% in 2000 to 57.8% in 2024.
Yahoo
18-02-2025
- Business
- Yahoo
Embattled aquarium chain SeaQuest appears to close Roseville location
After declaring bankruptcy and failing to sell for a discounted price, interactive aquarium chain SeaQuest appears to have closed its Roseville location at Rosedale Center. SeaQuest Roseville, which was investigated by state and federal agencies, no longer appears on the SeaQuest website and according to Google is 'permanently closed.' 'Champagne corks are popping at PETA now that this blight on Roseville has finally stopped exploiting and endangering animals,' said Brittany Peet, general counsel for Captive Animal Law Enforcement at the People for Ethical Treatment of Animals Foundation, in a news release. The Idaho-based aquarium chain filed for bankruptcy in December where it reported up to $1 million in assets and at least $10 million in liabilities. Bankruptcy court records also showed the aquarium chain had dropped its revenue from $27.1 million in 2022 to $15.2 million in 2023. An August 2024 report from the U.S. Department of Agriculture found that SeaQuest Roseville kept animals in hazardous enclosures, failed to clean accumulated mouse feces and let animals go months without regular visits from a veterinarian, according to PETA. Last month PETA filed a brief objecting to the sale of the business for $80,000 to 'company insider' Jeff Cox, who through Noveen Capital, owns a 4% stake in SeaQuest, according to court records. The motion to sell was withdrawn in January and earlier this month the judge ordered the appointment of a Chapter 11 Trustee to manage SeaQuest's estate. 'The surviving animals at SeaQuest Roseville must be transferred to accredited facilities where they can finally get the care they need and deserve. Management at Rosedale Center must ensure that no other animal-abusing business takes its place,' said Aaron Zellhoefer, Minnesota state director of Humane World for Animals, formerly known as the Humane Society of the United States, in a statement. A Pioneer Press request for comment was not immediately returned from SeaQuest or the Rosedale Center. Business | Future unclear for animals at embattled Roseville aquarium chain after January sale thwarted Business | House DFL, Republicans reach power-sharing deal, ending struggle that stalled session Business | After bankruptcy filing, embattled Roseville aquarium chain to potentially sell for $80K Business | Made in St. Paul: Plastic trash becomes detail collaged portraits by 'junk art junkie' Sonja Dapper Business | Former Washington County Sheriff's Office deputy sues for alleged sexual harassment
Yahoo
06-02-2025
- Business
- Yahoo
Future unclear for animals at embattled Roseville aquarium chain after January sale thwarted
The future of SeaQuest, an interactive aquarium chain that recently filed for bankruptcy, is still undecided after it was not cleared for sale in court last week as proposed. The Idaho-based company, which maintains five locations including one at Roseville's Rosedale Center, had requested an expedited motion to sell for $80,000 to Jeff Cox, the buyer for Z&A Management LLC, but the request was withdrawn, according to the court docket. On Monday, Judge Benjamin P. Hursh ordered the appointment of a Chapter 11 Trustee to manage SeaQuest's estate. Once the trustee is appointed, they shall 'act quickly' to determine a number of things including the potential sale of SeaQuest's assets 'to Jeff Cox, the People for the Ethical Treatment of Animals, or other interested buyers,' according to court documents. Animal rights activists who celebrated the quashed January sale now have a new concern: Where will the animals go? PETA filed a brief last week objecting to the sale of the business to 'company insider' Jeff Cox, who is also part of Noveen Capital, which owns a 4% stake in SeaQuest, according to court records. 'From 2018 to the present, U.S. Department of Agriculture inspectors have cited (SeaQuest's) various locations for at least 131 violations of the Animal Welfare Act, including filthy, infested, or dilapidated enclosures, failure to properly and safely handle animals, and failure to provide basic care or veterinary treatment to animals,' PETA's court filing states. The only Minnesota location, SeaQuest Roseville, is currently home to animals including sea-dwelling fish, fresh water fish, stingrays, a Giant Pacific Octopus, a sloth, an otter, a Goldenchild Cow reticulated python and several birds, according to court documents. The Minnesota Department of Natural Resources conducted an investigation into SeaQuest Roseville and presented its findings to the Ramsey County Attorney's Office for prosecution review, which is still active and ongoing, Public Information Officer Dennis Gerhardstein said in an email last week. SeaQuest did not immediately return a Pioneer Press request for comment. Business | House DFL, Republicans reach power-sharing deal, ending struggle that stalled session Business | After bankruptcy filing, embattled Roseville aquarium chain to potentially sell for $80K Business | Made in St. Paul: Plastic trash becomes detail collaged portraits by 'junk art junkie' Sonja Dapper Business | Former Washington County Sheriff's Office deputy sues for alleged sexual harassment Business | 2025 Pioneer Press Treasure Hunt medallion found at Roseville's Central Park In regards to the appointment of a trustee, 'PETA welcomes this development and looks forward to working with the Chapter 11 Trustee to achieve the best possible outcomes for animals,' a spokesperson for the nonprofit said in an email Wednesday. SeaQuest, which operates five total locations in California, Nevada, Utah and New Jersey in addition to Roseville, filed for Chapter 11 bankruptcy in December. The aquarium chain reported over $15.2 million in revenue for 2023, a sharp decline from the $27.1 million it reported in 2022. According to the Dec. 2 bankruptcy filing, the company has at least $500,000 in assets and between $10 million and $50 million in liabilities.
